Canada's Federated Co-operatives Limited (FCL) put its oil production business up for sale this week, according to a marketing document obtained by Reuters, but the co-op said it plans to keep its Saskatchewan refinery. FCL spokesperson Cam Zimmer did not comment on the reason for offering to sell the production business but said the co-op is committed to owning its Regina, Saskatchewan refinery long-term. FCL, which made C$7.9 billion in sales last year from energy, crop supplies and [Read more]
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Cenovus announces the pricing terms of its pending maximum tender offer
CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced the pricing terms of its previously announced cash tender offer (the “Maximum Tender Offer”) for up to an increased maximum aggregate purchase price of $1,250,000,000 (such increased aggregate purchase price, the “Maximum Aggregate Purchase Price”) of its outstanding 3.800% Notes due 2023 (the “2023 Notes”), its outstanding 4.000% Notes due 2024 (the “2024 Notes”), its outstanding 5.375% Notes due 2025 (the “2025 [Read more]
Canadian oil sands project Syncrude cuts September crude deliveries, say sources
The Syncrude oil sands project in northern Alberta has cut September deliveries after declaring a force majeure earlier this month, two market sources told Reuters on Thursday. Syncrude, which is majority-owned by Suncor Energy, expects to cut 15-20% of deliveries to customers, one source said. Another source said that amounted to 1.5 million barrels for the month. Suncor did not immediately respond to a request for comment. [Read more]
Oil prices rise on tight supply, renewed risk appetite
Oil prices extended gains on Thursday, riding higher on growing fuel demand and a bigger-than-expected draw in U.S. crude inventories as production remains hampered in the Gulf of Mexico after two hurricanes. The market was also supported by a broad plunge back into risk assets as concerns eased over a potential default by huge property developer China Evergrande and its possible fallout on the world's second-largest economy. U.S. West Texas Intermediate (WTI) crude rose 69 cents, or [Read more]
Inclusive Energy announces it has immediate investment capital available and ready to deploy into the North American energy industry
CALGARY, Alberta - Inclusive Energy Ltd., a leader in the oil and gas services sector, is pleased to announce that it has significant private equity capital immediately available and ready to deploy as part of its ongoing initiative to diversify its investments in the North American energy and natural resource industries, including the upstream, midstream, infrastructure, oilfield services and renewables sectors. The capital fund is committed by Inclusive Energy alongside its global partners [Read more]
Inter Pipeline and Brookfield Infrastructure provide update on strategic transaction and executive transition plan
TORONTO and CALGARY, AB - Inter Pipeline Ltd. ("Inter Pipeline" or the "Company") (TSX: IPL) announces the filing of its management information circular dated September 22, 2021 (the "Circular") and related meeting and proxy materials in connection with the previously announced transaction (the "Transaction") with Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: BIP.UN), together with its institutional partners (collectively, "Brookfield Infrastructure"). The Circular and related [Read more]
Inter Pipeline CEO, CFO to step down; Brookfield executives to assume interim roles
Inter Pipeline Chief Executive Officer Christian Bayle and Chief Financial Officer Brian Heagy will step down from their posts on Oct. 28, the Canadian energy infrastructure firm said on Wednesday. Brian Baker and Paul Hawksworth, executives at Brookfield Infrastructure that bought a controlling stake in the pipeline operator last month, will assume the roles of interim CEO and CFO, respectively, Inter Pipeline added. Brookfield Infrastructure had received 65.6% shares of Inter Pipeline in [Read more]
Well of the Week – The beginning of Montney mania
This is the seventh Well of the Week in a series detailing how resource plays (basin-wide plays where hydrocarbons are the continuous phase) have often driven the Canadian oil and gas industry throughout its history. Links to the previous posts are provided at the bottom of the post. Resource Play: Montney Deep Basin Gas Type Well Well UWI: 100/13-05-075-07W6/00 Drilling/Completion Technology: Rotary/Vertical/Hydraulically Fractured The Montney resource play didn't start with Montney [Read more]
Cenovus announces the early tender results and increase of its pending maximum tender offer
CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced the early tender results of its previously announced cash tender offer (the “Maximum Tender Offer”) and that it has increased the maximum aggregate purchase price for the Maximum Tender Offer from up to a maximum aggregate purchase price of $1,000,000,000 to up to a maximum aggregate purchase price of $1,250,000,000 (such increased aggregate purchase price, the “Maximum Aggregate Purchase Price”) of its outstanding [Read more]
Tourmaline announces guidance update, 2022 approved budget and free cash flow allocation strategy; declares special cash dividend
CALGARY, AB - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to announce a guidance update, the approved budget for 2022 and details on its free cash flow ("FCF")(1) allocation strategy, including the declaration of a special cash dividend and an increase in its regular quarterly cash dividend. 2H 2021/2022 EP CAPITAL BUDGET The recently approved 2022 EP capital budget of $1.125 billion is expected to deliver average production of 500,000-510,000 boepd, $3.7 [Read more]