CALGARY, AB – Perpetual Energy Inc. ("Perpetual", or the "Company") is pleased to release its fourth quarter and year-end 2020 financial and operating results and a summary of the Company's year-end 2020 reserves as reported by the independent engineering firm McDaniel and Associates Consultants Ltd. ("McDaniel"). A complete copy of Perpetual's audited consolidated financial statements, Management's Discussion and Analysis ("MD&A") and Annual Information Form for the year ended December 31, [Read more]
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Obsidian Energy announces extension to our syndicated credit facility and provides hedging update
Calgary, Alberta - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy", the "Company", "we", "us" or "our") announces an extension of our syndicated credit facility to March 31, 2021 and provides a hedging update. CREDIT FACILITY EXTENSION The Company has entered into an agreement with lenders to extend our syndicated credit facility to March 31, 2021. The syndicated credit facility has an underlying borrowing base of $550 million with $450 million available to be drawn; both [Read more]
Suncor Energy announces Russ Girling to stand for election to Board of Directors
CALGARY, Alberta, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Suncor today announced that Russ Girling will stand for election to the Suncor Board of Directors at the company’s next Annual General Meeting to be held on May 4, 2021. “With an extensive career in the energy industry spanning 35 years, I’m pleased that Russ Girling has agreed to stand for election to Suncor’s Board of Directors,” said Board Chair Michael Wilson. “Russ is well known in the North American energy industry and broader business [Read more]
Whitecap Resources Inc. announces strong 2020 results, completes transformation to a leading light oil producer and provides 2021 budget
CALGARY, AB - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and audited financial results for the quarter and year ended December 31, 2020. Selected financial and operating information is outlined below and should be read with Whitecap's audited annual consolidated financial statements and related management's discussion and analysis for the three and twelve months ended December 31, 2020 which are available at www.sedar.com and on our [Read more]
Baytex announces fourth quarter and full year 2020 financial and operating results and year end 2020 reserves
CALGARY - Baytex Energy Corp. ("Baytex") (TSX: BTE) reports its operating and financial results for the three months and year ended December 31, 2020 (all amounts are in Canadian dollars unless otherwise noted). “In 2020, we responded aggressively to the downturn brought on by Covid-19, improved our cost structure and capital efficiencies, exceeded our GHG emissions intensity target, and enhanced our overall sustainability. The strong recovery in commodity prices in early 2021 has us on track [Read more]
‘A shiny toy’: The Alberta petrochemical complex at the heart of Brookfield’s Inter Pipeline bid
Inter Pipeline Ltd's ambitious petrochemical plant was meant to unlock new markets, instead it has left the Canadian company battling cost overruns and vulnerable to a hostile C$7.08 billion ($5.64 billion) takeover from Brookfield Infrastructure Partners. Some investors have ruled out a rival bid to Monday's offer for the oil and gas transportation company, and expect Brookfield to snap up Inter just before its newest asset, the Heartland Petrochemical Complex, comes into service. The C$4 [Read more]
Oil rises after data shows slump in U.S. output amid Texas freeze
Oil prices climbed on Wednesday to fresh 13-month highs after U.S. government data showed a drop in crude output after a deep freeze disrupted production last week. U.S. West Texas Intermediate (WTI) crude futures rose $2.02, or 3.31%, to $63.21 a barrel. WTI reached $63.37, its highest since Jan. 8, 2020. Brent crude futures rose $2.00, or 3.08%, to $67.02 a barrel. Brent hit $67.30 a barrel, its highest since Jan. 8, 2020. U.S. crude oil production dropped last week by more than 1 million [Read more]
Distinction Energy Corp. announces closing of private placement
CALGARY - Distinction Energy Corp. (formerly named Delphi Energy Corp.) (“Distinction” or the “Corporation”) is pleased to announce the closing of a brokered private placement and a non-brokered private placement (collectively, the “Offering”) of an aggregate of 265,331 special warrants of the Corporation (“Special Warrants”) issued at a price of $15.00 per Special Warrant for gross proceeds of $3,979,965. The Special Warrants were issued pursuant to, and are governed by, a special warrant [Read more]
Trans Mountain seeks to shield insurers from pressure
Trans Mountain Corp has asked a regulator to keep the identities of its insurers private as environmental activists push them to drop coverage. Activists have stepped up pressure on banks and insurers to drop financing and insurance for fossil fuel companies, leading to European companies like AXA and Zurich pulling back from underwriting coal and oil sands projects. Trans Mountain is nearly tripling capacity of the pipeline to carry 890,000 barrels of crude and refined products per day [Read more]
Higher oil prices boosting Alberta’s bottom line as budget looms
Premier Jason Kenney says a recent bump in energy prices in the third quarter of the current budget is helping the bottom line as his government prepares to introduce its 2021-22 budget. The budget deficit was on track to exceed $21 billion this fiscal year, but Kenney said it will now be about $14 billion. Alberta Finance Department officials declined to confirm Kenney’s estimate. It’s been a roller-coaster ride for Alberta’s deficit this fiscal year, which ends March 31. The [Read more]