CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) will release its planned 2021 capital expenditure and production guidance on Thursday, January 28, 2021. A conference call and webcast to discuss the budget will be held for the investment community at 9 a.m. MT (11 a.m. ET). To participate in the webcast, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 (Toronto) approximately 10 minutes prior to the start. The conference call webcast link will be [Read more]
Headlines
Irving Oil lays off 60 workers from Saint John refinery, citing collapse in demand
SAINT JOHN, N.B. - Irving Oil has laid off 60 workers from its Saint John refinery, saying the pandemic has had an "extreme and serious" impact on its business and industry. The company says it also reduced its contractor workforce to 225 workers from its average first-quarter workforce of about 1,000 earlier this year. Irving Oil says the collapse in demand for motor fuels, jet fuel and other refined products continues to create prolonged and significant challenges. In addition, it [Read more]
Loss of Keystone XL pipeline expected to hurt future oilpatch growth
CALGARY - An industry analyst says Western Canada's oil producers will likely cope better in the short term with Joe Biden's cancelling of the Keystone XL presidential permit this week than they did with the same move by ex-president Barack Obama in 2015. But Phil Skolnick, a New York-based analyst for Eight Capital, agrees with other observers that the end of the pipeline will stifle new investment and production growth in the Canadian oilpatch for years to come. Shortly after being [Read more]
CAODC extremely disappointed with Biden Keystone XL decision
The Canadian Association of Oilwell Drilling Contractors (CAODC) is extremely disappointed with President Biden’s decision to revoke the Keystone XL pipeline’s presidential permit retroactively. The Association supports Premier Kenney’s call for an immediate response from the federal government. “The federal government responded when the previous administration decided to renegotiate the North American Free Trade Agreement (NAFTA) and apply punitive tariffs on our steel and aluminum products. [Read more]
Connacher Oil and Gas Limited provides update and announces pipeline project
CALGARY, AB - Connacher Oil and Gas Limited ("Connacher" or the "Company") is pleased to announce the following: While 2020 was an extremely challenging and unprecedented year for the energy sector, Connacher advanced several key initiatives in the second half of the year to position the Company for the future. Earlier in the year, following the precipitous drop in crude oil prices caused by the COVID-19 pandemic, Connacher significantly reduced production from its Great Divide operations [Read more]
TC Energy to cut 1,000 construction jobs, halt Keystone XL work
TC Energy Corp will eliminate more than 1,000 construction jobs in coming weeks and halt work on the Keystone XL oil pipeline after U.S. President Joe Biden revoked the project's presidential permit, the company said in an email to employees. The line was already under construction in Canada. It would have carried 830,000 barrels of oil per day through the United States to Nebraska. Calgary-based TC Energy separately confirmed the authenticity of the email, sent by KXL President Richard [Read more]
Majority female-owned land surveying firm marks significant ESG milestone
Universal Geomatics Solutions Corp. (UGS) is excited to announce that it has recently become a majority female-owned business, after recent share transactions within its existing shareholder group. This is a significant milestone for Environmental and Social Governance (ESG) at UGS. A purpose-driven company, UGS champions best-in-class initiatives in sustainability for industry. Diversity and inclusion are critical to the company’s ongoing success and UGS is proud that its commitment to equal [Read more]
Baker Hughes says energy downturn to bottom out by first half of 2021
Baker Hughes Co on Thursday joined larger rival Halliburton Co to say the energy industry's worst downturn in decades would be over by the first half of this year. Oil and gas producers have been forced to cut their budget, restructure operations and reduce employees, to tackle the COVID-19 pandemic-led fallout in energy demand and prices. "We believe this macro environment likely translates into a tepid investment environment for oil and gas during the first half of 2021", said Baker [Read more]
TransGlobe Energy Corporation announces an operations update
This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. CALGARY, Alberta - TransGlobe Energy Corporation (“TransGlobe” or the “Company”) announces an operations update. All dollar values are expressed in US dollars unless otherwise stated. UPDATES Production averaged 12.4 MBoepd in Q4, 2020 and 13.5 MBoepd [Read more]
Alberta Premier Jason Kenney’s response to the United State’s decision on Keystone XL
The United States is our most important ally and trading partner. Amongst all of the Canadian provinces, Alberta has the deepest economic ties to the United States with $100 billion worth of exports, and strong social connections that go back over a century. As friends and allies of the United States, we are deeply disturbed that one of President Biden’s first actions in office has been to rescind the Presidential permit for the Keystone XL Pipeline border crossing. My thoughts are with [Read more]