CALGARY, Alberta - Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to announce that it has executed an amending Hangingstone Transportation and Storage Services Agreement (“TSSA”) that resulted in a $44 million prepayment from restricted cash and a ~$5 million reduction to annual tolls. The amended TSSA reduces Hangingstone’s dilbit financial assurances by ~$44 million to ~$27 million. The reduction in financial assurances unlocked restricted cash on the Company’s [Read more]
Headlines
U.S. Southeast braces for fuel price rises after pipeline shutdown
The southeastern United States will be the first to see price rises at the pumps due to the supply disruption caused by the shutdown of the country's top fuel pipeline network - and demand has already picked up as drivers fill their tanks, industry experts said on Sunday. The attack forced Colonial Pipeline to shut down its entire system on Friday. Some smaller lines were restarted Sunday, but Colonial has given no timeline for the restart of its main pipelines. The network ships more than [Read more]
Colonial says main fuel lines remain offline, some smaller lines restart
Colonial said on Sunday its main fuel lines remain offline but some smaller lines between terminals and delivery points are now operational. Neither Raimondo nor the company gave an estimate for a full restart date and Colonial declined further comment on Sunday. U.S. gasoline futures jumped more than 3% to $2.217 a gallon, the highest since May 2018, as trading opened for the week and market participants reacted to the closure. Colonial transports roughly 2.5 million barrels per day of [Read more]
Dutch govt grants $2.4 bln in subsidies to huge carbon storage project
The Dutch government has granted a consortium that includes oil majors Royal Dutch Shell and ExxonMobil around 2 billion euros ($2.4 billion) in subsidies for what is set to become one of the largest carbon capture and storage (CCS) projects in the world, the Port of Rotterdam said on Sunday.Shell and Exxon requested the subsidies in January together with industrial gas suppliers Air Liquide and Air Products for a project which aims to capture CO2 emitted by factories and refineries in the [Read more]
Journey Energy Inc. Returns to Profitability in the First Quarter of 2021
CALGARY, AB, May 7, 2021 /CNW/ - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") announces its financial results for the first quarter of 2021. The complete set of financial statements and management discussion and analysis for the periods ended March 31, 2021 and 2020 are posted on www.sedar.com and on the Company's website www.journeyenergy.ca. Highlights for the first quarter are as follows: Produced 7,577 boe/d with 54% coming from natural gas production; [Read more]
Canada’s weekly rig count up 5 to 61
Canada averaged 61 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 42% are drilling for natural gas, 39% are drilling for oil, 4% for other (helium, hydrogen, geothermal, or potash), and 15% are moving. Drilling activity by province is 69% in Alberta, 19% in BC, 10% in Saskatchewan, and 2% in Ontario. Precision Drilling holds the majority of the Canadian market share with 37%, Ensign Drilling with 15%, Nabors [Read more]
U.S. drillers add oil and gas rigs for second week in a row
U.S. energy firms added oil and natural gas rigs for a second week in a row as higher oil prices prompted some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose eight to 448 in the week to May 7, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That put the total rig count 74 rigs, or 20%, higher than this time last year. It was also up 84% since falling to a record low of [Read more]
TC Energy posts C$1 billion quarterly loss on Keystone XL suspension
Canadian pipeline operator TC Energy on Friday swung to a loss in the first quarter, hit by C$2.2 billion ($1.81 billion) impairment charges related to the suspension of its Keystone XL pipeline project. The pipeline was planned to carry 830,000 barrels per day of heavy crude from Canada's Alberta province to Nebraska in the United States. The company said the charge was related to halting work on the Keystone XL pipeline and a reassessment of related projects like the Heartland Pipeline, [Read more]
Cenovus Energy reports $220M first-quarter profit compared with a loss a year ago
CALGARY - Cenovus Energy Inc. reported a profit of $220 million in its latest quarter compared with a loss of $1.8 billion a year ago. The energy company says the profit amounted to 10 cents per share for the quarter ended March 31 compared with a loss of $1.46 per share in the first three months of 2020. Revenue totalled $9.15 billion, up from $3.96 billion in the same quarter last year before the company acquired Husky Energy Inc. Upstream production was 769,254 barrels of oil [Read more]
Obsidian Energy announces first quarter 2021 results and successful first half development program
Calgary, Alberta - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to report strong operating and financial results for the first quarter 2021. Three Months Ended March 31 2021 2020 FINANCIAL (millions, except per share amounts) Cash flow from operations 28.1 31.4 Basic per share ($/share) 0.38 0.43 Diluted per share [Read more]