Here come the carbon taxes. And there they go again. Can’t anybody here play this game? For some time an outfit called the Ecofiscal Commission has tried to offer the conservative solution to climate change. Frankly I believe that solution has to begin with the science, or rather with skepticism about what alarmist non-scientists tell us the science is saying. (For instance the Climate Discussion Nexus newsletter and videos including our latest on the 10th anniversary of Climategate [Read more]
Headlines
Inter Pipeline Announces Capital Expenditure Program for 2020
CALGARY - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) announced today a $1.2 billion capital expenditure program for 2020. Approximately $1.1 billion of total capital expenditures will be for organic growth initiatives, with the remaining invested in sustaining capital projects. Capital Expenditure Summary 2020 Forecast (millions) Growth Capital NGL Processing $980 Conventional Oil Pipelines 45 Oil Sands [Read more]
Heavy discount narrows on demand uptick, reduced Syncrude output
The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude on Thursday, due to stronger demand and reduced production from the Syncrude oil sands site. The slight narrowing reflected some buyers being short and favorable arbitrage opportunities, a trader said. Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, was trading at $19.95 per barrel below WTI, according to NE2 Canada Inc, compared with Wednesday's [Read more]
Approved oilsands project now awaits pipeline capacity increases: developer
CALGARY - The developer of a 12,000-barrel-per-day thermal oilsands project approved Thursday by the Alberta government says actually going ahead with construction depends largely on when new pipelines can be in service. President Serge Bisson of privately held Grizzly Oil Sands ULC says the company will now meet with its owners, Wexford Capital LP with 75 per cent and Gulfport Energy Corp. with 25 per cent, to discuss how to proceed with the May River project, which is estimated to cost more [Read more]
Federal regulator approves expanded Kitimat LNG gas export licence
CALGARY - The Canada Energy Regulator says it has approved an application from Chevron Canada for a 40-year licence to export natural gas from the proposed Kitimat LNG project despite environmental opposition. The application filed last spring to the National Energy Board, the CER's predecessor, aimed to double the previously approved export licence duration and nearly double the potential output of the facility to 997 billion cubic feet of natural gas per year. That's the equivalent of [Read more]
Saskatchewan’s oil lures investors, producers from troubled Alberta
Alberta's congested pipelines and production limits are turning oil companies to neighboring Saskatchewan, driving up prices for drilling rights as the region weathers a deep slump. A survey of senior executives last month by the Fraser Institute said Saskatchewan was Canada's most attractive jurisdiction for upstream oil and gas investment. Saskatchewan produces 11% of Canada's oil, compared with Alberta's 80%, according to the Canada Energy Regulator. Saskatchewan's sale of oil and gas [Read more]
Oil rises as OPEC weighs deeper output cuts
Oil prices rose on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year. Sources told Reuters that OPEC was seeking to increase production cuts by the group and its allies led by Russia by more than 400,000 barrels per day (bpd) from their current level of 1.2 million bpd. The Organization of the Petroleum Exporting Countries meets on Thursday in Vienna followed by a meeting on Friday with [Read more]
Request for Offers to Purchase
The Bowra Group Inc., in its capacity as Receiver (the “Receiver”) of Collaborative Energy Services Inc., Ascent Oilfield Services Corp., and Denarii Well Services Inc. (collectively “Collaborative Group”), is offering for sale the capital assets of Collaborative Group consisting of: Service rigs; Heavy-duty trucks; Catwalk trailers; Commercial trailers; Doghouse trailers; and, Crane carrier. The Receiver is selling its right title and interest in the shares owned by [Read more]
Kinder Morgan expects earnings to decline in 2020
Pipeline operator Kinder Morgan Inc on Thursday forecast a drop in core earnings next year, as growth from expansion projects would likely be offset by higher spending and lower contract rates on some of its gas and oil pipelines. The company said it expects 2020 adjusted earnings before interest, tax and depreciation (EBITDA) to be $7.6 billion compared with 2019 forecast of $7.8 billion. Kinder Morgan would generate $5.1 billion of distributable cash flow in 2020, which is nearly 3% [Read more]
Paramount Resources: Sale of Non-Core Assets for $55 million
CALGARY - Paramount Resources Ltd. ("Paramount" or the "Company") is pleased to announce that it has closed the sale of certain natural gas weighted properties in West Central Alberta (the "Assets") for cash consideration of approximately $55 million (the "Transaction"). Paramount will retain all of its Duvernay assets in both Willesden Green and the East Shale Basin, as well as its fee title and royalty lands (the "Retained Lands"). The Transaction significantly reduces the complexity of [Read more]