Every year, you pay for insurance to cover your business if disaster strikes, but are you sure that your values are accurate? Gerald Kim, Partner, Valuations, Forensics & Litigation Support at MNP works with oil and gas companies and sees how businesses consistently underestimate their insurance needs – and warns of the risks. “Inadequate coverage is common, and leaves organizations footing a bill they can’t pay,” Kim explains. “It can lead to intense financial distress in the event of [Read more]
Headlines
Cenovus’s 2020 budget maintains focus on cost leadership, capital discipline
CALGARY - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) remains committed to delivering increasing shareholder value through cost leadership, capital discipline and continued safe and reliable operations. These commitments, combined with its top-tier upstream assets, successful crude-by-rail program and joint ownership in two high-performing U.S. refineries, position Cenovus to continue generating significant free funds flow while enabling the company to further strengthen its balance sheet in [Read more]
Cardinal Announces Its 2020 Operating and Capital Budget, Renewal of the Convertible Debenture Normal Course Issuer Bid and the Monthly Dividend for December
CALGARY - (CJ:TSX) Cardinal Energy Ltd. ("Cardinal" or the "Company") is pleased to announce that its Board of Directors has approved an operating and capital budget for 2020 that will focus on debt reduction, a sustainable dividend, operating costs reductions and increasing production volumes. Cardinal also announces that the Toronto Stock Exchange (the "TSX") has accepted the notice of Cardinal's intention to commence a normal course issuer bid (the "NCIB"). Highlights of 2020 Budget [Read more]
Enbridge says Minnesota concludes no additional risk to lake from pipeline
Canada's Enbridge Inc said on Monday that a revised environmental statement from the state of Minnesota's commerce department concludes that replacing the aging Line 3 oil pipeline would not introduce risks for Lake Superior in the case of a spill. The revised statement was drafted at the request of the Minnesota Public Utilities Commission (PUC). A court had determined the previous environmental assessment was inadequate. The commerce department's spill modelling showed that oil from a [Read more]
Gibson Energy Announces 2020 Capital Budget
CALGARY - Gibson Energy Inc. (“Gibson” or the “Company”) (TSX: GEI), announced today that its Board of Directors has approved a 2020 growth capital expenditure budget of approximately $300 million, comprised predominantly of sanctioned growth projects. Additionally, the Board of Directors has approved the allocation of approximately $25 million in replacement capital expenditures. “Gibson’s ability to continue growing our long-term infrastructure businesses, ensuring we meet or exceed our [Read more]
Heavy discount eases but remains wide on high stocks
The discount on Canadian heavy crude eased versus U.S. benchmark West Texas Intermediate (WTI) crude on Monday, but remained at relatively high levels due to large inventories and strained transport. High stockpiles need to ease for the heavy differential to narrow substantially, a Calgary-based energy source said. Western Canadian oil stocks climbed to a record high 39 million barrels as of Nov. 29 due to a temporary outage of the Keystone oil pipeline and a strike by Canadian National [Read more]
Regina refinery using helicopters to bring staff, supplies across picket line
REGINA - Management at Regina's Co-op Refinery say they are flying replacement staff in by helicopter during an ongoing labour dispute. About 700 unionized workers were locked out last week after serving strike notice. Federated Co-operatives Limited says in a statement that employees who have the crossed picket line have been verbally harassed and food shipments for management have been held up. The company says that, as a result, it decided to use helicopters to bring in staff and [Read more]
Oil prices slip as weak China exports highlights trade war impact
Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-U.S. trade war. West Texas Intermediate oil futures were down 28 cents, or 0.47% to $58.92 a barrel, having risen about 7% last week on the prospects for lower production from 'OPEC+', which is made up of the Organization of the Petroleum Exporting Countries (OPEC) [Read more]
Briko Energy Corp. Announces Complimentary Property Acquisition
Calgary - Briko Energy Corp. ("Briko" or the "Corporation") is pleased to announce that it has executed a purchase and sale agreement ("PSA") to acquire complementary Cardium oil and natural gas assets in the Alberta foothills (the "Complementary Assets") with an effective date of November 1, 2019. In addition to executing the PSA, Briko is also pleased to announce that it has entered into a $1.5 million credit agreement with Tallinn Capital Energy Corp. ("Tallinn"). The Complementary Assets [Read more]
Petrus Resources Announces Disposition of Non-Core Assets and Operations Update
CALGARY - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to announce that it has entered into an agreement for the sale of its oil and natural gas interests in the Foothills area of Alberta to an arm's length private company for total consideration of $1.8 million, subject to customary closing conditions and adjustments (the “Disposition”). The Disposition has an effective date of November 1, 2019 and is expected to close in the first quarter of 2020. NON-CORE ASSET [Read more]