ConocoPhillips and Concho Resources Combination Built Upon Shared Vision to Deliver Superior Returns Through Price Cycles All-Stock Transaction Valued at $9.7 Billion Honors Proven Financial Framework and is Expected to be Accretive on Consensus Key Financial Metrics HOUSTON & MIDLAND, Texas - ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) today announced that they have entered into a definitive agreement to combine companies in an all-stock transaction. Under the terms of [Read more]
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Minnesota judge upholds state decision on Enbridge Line 3 pipeline replacement
A Minnesota judge on Friday ruled that the state's pollution regulator and Enbridge Inc used proper methods for water crossing for its Line 3 oil pipeline replacement, clearing another hurdle for the project that has faced years of delay. Judge James LaFave upheld the draft water quality certificate that Minnesota Pollution Control Agency issued to Enbridge in February, quashing challenges by activist groups and indigenous bands that had raised concerns regarding Enbridge's intentions to [Read more]
Delphi Energy announces completion of restructuring transaction and changes to director and executive personnel
CALGARY, Alberta - Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce the completion of the previously disclosed restructuring which was implemented pursuant to a plan of compromise and arrangement (the “Plan”) under the Companies’ Creditors Arrangement Act (“CCAA”) and the Canada Business Corporations Act (“CBCA”). The Plan was sanctioned by order of the Court of Queen’s Bench of Alberta under the CCAA granted on September 11, 2020. Pursuant to the restructuring, among [Read more]
Canada’s weekly rig count up 5 to 89
Canada’s fleet of active drilling rigs is up 5 this week to 89 according to data from the Canadian Association of Oilwell Drilling Contractors. There are 89 total active drilling rigs, 39 are drilling for natural gas, 36 for oil, and 1 for potash. Drilling activity by province is 53 in Alberta, 18 in Saskatchewan, 17 in British Columbia, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with 37 per cent, Ensign Drilling with 22 per cent, Horizon Drilling [Read more]
Saskatchewan’s Scott Moe concerned about Biden’s opposition to Keystone XL
SASKATOON - Saskatchewan Party Leader Scott Moe says if the Democrats win next month's U.S. election, he has concerns about the future of the Keystone XL pipeline. Moe is himself running for re-election on Oct. 26 and, while on the campaign trail, weighed in on comments about the project made by presidential candidate Joe Biden. Biden has promised to kill the 2,000-kilometre pipeline, which would carry up to 830,000 barrels a day of crude oil from Alberta to Nebraska and travel through [Read more]
U.S. oil and gas rig count rises by most since January
U.S. energy firms this week added the most oil and natural gas rigs since January as producers return to the wellpad with crude prices holding around $40 a barrel over the past several months. The oil and gas rig count, an early indicator of future output, rose for the fifth week in a row, increasing 13 to 282 in the week to Oct. 16, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count fell to a record low of 244 rigs during the week ended [Read more]
AltaGas agrees to pay $715 million to double stake in midstream firm Petrogas
CALGARY - AltaGas Ltd. says it has agreed to pay $715 million in cash to privately held SAM Holdings Ltd. to double its ownership share in oil and gas liquids handling firm Petrogas Energy Corp. to 74 per cent. Calgary-based AltaGas bought a one-third interest in Petrogas for about $440 million in 2013 as part of a transaction that allowed joint venture partner Tokyo-based Idemitsu Kosan Co., Ltd., to also acquire a one-third share. It says Idemitsu Kosan will own about 26 per cent of [Read more]
Oil falls as possible OPEC+ supply boost, COVID-19 spike weigh on sentiment
Oil prices fell on Friday on concerns that major producers will move ahead with plans to ease their supply cuts even as a spike in COVID-19 cases in Europe and the United States is curtailing demand in two of the world's biggest fuel consuming regions. U.S. West Texas Intermediate (WTI) crude futures for November delivery slid 52 cents, or 1.3%, to $40.29 a barrel. Brent crude futures for December dropped 51 cents, or 1.19%, to $42.48 a barrel. Both benchmarks fell slightly the [Read more]
Razor Energy Corp. announces board appointment and resignation
CALGARY, Alberta - Razor Energy Corp. ("Razor" or the "Company") (TSXV: RZE) is pleased to announce the appointment of Mr. Sean Phelan to its Board of Directors, effective October 15, 2020. Mr. Phelan is an independent businessman with over 30 years of finance experience in the oilfield services industry. He was co-founder and Vice President, Finance and Administration for Matrix Drilling Fluids Ltd. from 2004 to 2020 where he was responsible for all accounting, finance, corporate governance, [Read more]
Alberta premier says he’s still hopeful about Keystone, even if Biden elected
Alberta Premier Jason Kenney says he is still hopeful about the future of the Keystone XL pipeline, even if the Democrats win the White House next month. Democratic candidate Joe Biden has promised to kill the project if elected president, but Kenney says his government has been speaking with officials on both sides of the aisle in the U.S. TC Energy has approved construction of the US$8-billion project to transport up to 830,000 barrels a day of oil from Alberta to Nebraska. The [Read more]