CALGARY - AltaGas Ltd. ("AltaGas") (TSX: ALA) is pleased to announce the final director election results from its 2020 Annual Meeting of Shareholders held on May 1, 2020 (the "Meeting"). All nominees recommended by management for election were elected for a term ending at the next annual meeting. The detailed results of the vote are set out below: Nominee Votes For % For Votes Withheld % Withheld Victoria A. [Read more]
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Canada Energy Regulator responds to incident at Enbridge Line 3 pump station
CALGARY, May 1, 2020 /CNW/ - The Canada Energy Regulator (CER) has been notified by Enbridge of an above ground release of approximately 150 cubic metres of sweet crude oil. The incident occurred at the company's Herschel pump station in Saskatchewan. There is no risk to public safety. Enbridge reported that the majority of the spill was contained to company property with limited oil migrating to adjacent municipal land. No watercourses have been affected and precautionary wildlife [Read more]
TC Energy announces 2020 annual meeting Board of Directors election results
CALGARY, Alberta - News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced that at its 2020 annual meeting of shareholders held earlier today, each of the following 14 nominees were elected as directors of TC Energy on a vote by ballot to serve until the next annual meeting of shareholders of TC Energy, or until their successors are elected or earlier appointed: Nominee # Votes For % Votes For # Votes Withheld % [Read more]
North American oil producers slash spending by about 34% amid crude price rout
North American oil and gas producers have cut their 2020 spending by nearly 34%, or about $41.6 billion, data compiled by Reuters showed, following a slump in crude prices. Since Saudi Arabia and Russia launched an oil price war on March 9, U.S. crude has more than halved to under $20 per barrel. Last month, it crashed into unprecedented negative territory. The world is also witnessing one of its biggest demand shocks, as global travel curbs to prevent the spread of coronavirus have [Read more]
U.S. drillers cut oil rigs for seventh week in a row
U.S. energy firms cut oil rigs for a seventh week in a row as major producers slam the brakes on shale oil production at a time when crude prices and fuel demand have plunged due to global lockdowns to fight the coronavirus pandemic. Drillers cut 53 oil rigs in the week to May 1, bringing the total count down to 325, the lowest since June 2016, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil rig count, an early indicator of future output, is down [Read more]
Heavy discount narrows to at least 11-year low on oil curtailments
Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) on Friday to the smallest level in 11 years of records. With hundreds of thousands of Western Canadian barrels shut in due to low oil prices, some refineries are running short of heavy oil, a Calgary-based trader said. Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, traded at $5.70 per barrel below WTI, according to NE2 Canada Inc, narrower than Thursday's [Read more]
Oil rises again as output cuts kick in, inventories grow less than expected
Oil prices rose on Friday, extending the previous session's gains, as major producers began output cuts to offset a slump in fuel demand triggered by the coronavirus pandemic while data showed U.S. crude inventories grew less than expected. Still, prices gave up some of their earlier gains as the month of May began with more of the volatility that made last month one of the most turbulent in the history of oil trading, when U.S. futures briefly crashed into negative territory. U.S. crude [Read more]
Wet’suwet’en agree to deal with government over rights and title
SMITHERS, B.C. - Hereditary chiefs who oppose a natural gas pipeline in northern British Columbia say they will sign an agreement with the federal and provincial governments that affirms their title and rights. At the centre of the dispute is Wet'suwet'en opposition to the construction of the Coastal GasLink pipeline through their territory, which set off demonstrations and blockades that shut down large parts of the national economy in February. A joint statement from the governments and [Read more]
Imperial Oil reports $188M first-quarter loss as price of oil plunges
CALGARY - Imperial Oil Ltd. reported a loss of $188 million in its first quarter as oil prices plunged in March due to the COVID-19 pandemic. The company says the loss amounted to 25 cents per diluted share compared with a profit of $293 million or 38 cents per share in the same quarter last year. The loss for the quarter included $301 million in non-cash charges driven by the drop in oil prices, including $281 million due to a revaluation of inventory and $20 million associated with [Read more]
TC Energy reports $1.15B first-quarter profit, up from $1.0B a year ago
CALGARY - TC Energy Corp. reported a first-quarter profit of $1.15 billion, up from $1.0 billion a year ago. The company formerly known as TransCanada says the profit amounted to $1.22 per diluted share for the quarter ended March 31 compared with $1.09 per diluted share in the first quarter of 2019. Revenue for the three months totalled nearly $3.42 billion, down from nearly $3.49 billion in the same quarter last year. TC Energy says its comparable earnings for first quarter 2020 were [Read more]