Oil prices rose on Thursday buoyed by the long-anticipated signing of an initial Sino-U.S. trade deal that sets the stage for a jump in Chinese purchases of American energy products, while U.S. crude inventories fell more than expected. U.S. crude was up by 30 cents, or 0.5%, at $58.11 a barrel. Brent was 30 cents, or 0.5%, higher at $64.30 a barrel . Under the so-called Phase 1 deal to call a truce in a trade war between the world's two biggest economies, China committed to buying [Read more]
Headlines
MEG Energy Announces Preliminary 2019 Fourth Quarter and Full-Year Financial and Operating Data
All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen sales unless otherwise noted CALGARY - MEG Energy Corp. ("MEG" or the "Company") (TSX: MEG) announced today its preliminary estimates of expected ranges of certain financial and operating data for the three months and year ended December 31, 2019. The table below presents management's preliminary estimates, based on the information and data currently available, of [Read more]
Pipestone Energy Corp. Provides Its 2020 Capital Budget and Guidance, an Operations Update and Announces the Exercise of an Option to Expand the 8-15 Compression Station
CALGARY - (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to provide an update to our operations as well as the release of our 2020 guidance and development plan. “I am very pleased to announce that Pipestone Energy produced approximately 17,700 boe/d during December 2019, well in excess of the top-end of our 2019 exit guidance. Well performance has been strong and in-line with our type curve expectations. Our 2020 capital program is 85% weighted to [Read more]
Enerplus Announces Executive Leadership Retirement and New Chief Operating Officer
CALGARY - Enerplus Corporation ("Enerplus") (TSX & NYSE: ERF) today announced the retirement of Ray Daniels as Senior Vice President, Operations, People & Culture after more than 35 years in the energy industry, including 12 years with Enerplus. Mr. Daniels will remain in his current position until he formally retires in April 2020. In conjunction with Mr. Daniels' retirement, the Company also announced that it has hired Wade Hutchings as Senior Vice President & Chief Operating [Read more]
Column: An open letter to Chancellor Gordon and President Ono
Dear Chancellor Gordon and President Ono, I am writing to you today regarding your decision to divest from all investments in fossil fuel related companies within the endowment fund at The University of British Columbia. Though I take exception to this decision as you are effectively offshoring carbon-based fuel production to countries with lower environmental, ethical and regulatory standards than places such as Canada, I wish to discuss how you recently arrived at this decision. On the [Read more]
Miscommunication led to three people turned away at pipeline checkpoint: RCMP
VANCOUVER - The RCMP says miscommunication led to three people being turned away at a checkpoint along a logging road leading to a work site for a natural gas pipeline in northern British Columbia. Supporters of Wet'suwet'en hereditary chiefs who oppose the Coastal GasLink project have set up three camps between the checkpoint and the work site. The Mounties say in a news release that there was some miscommunication as frontline police were implementing new access procedures after the [Read more]
Heavy discount widens slightly on big inventories, limited transport
The discount on Canadian heavy crude widened slightly versus U.S. benchmark West Texas Intermediate (WTI) crude on Wednesday, amid large Alberta oil inventories and congested transportation. Weakness in Canadian heavy oil prices also reflects the impact of IMO regulations, which require ships to emit less sulphur, said John Coleman, principal research analyst at consultancy Wood Mackenzie. Western Canada Select (WCS) heavy blend crude for February delivery in Hardisty, Alberta, was trading [Read more]
Supreme Court to hear B.C. case attempting to halt Trans Mountain expansion
OTTAWA - Canada's high court will hear arguments Thursday on whether British Columbia can stop Alberta from shipping heavy oil through the Trans Mountain pipeline without a permit. B.C.'s NDP government brought the case in 2018 as it worked to fulfil an election promise to stop the Trans Mountain pipeline expansion project. The province argues it should be able to limit the contents of the pipeline, because it would bear the brunt of environmental harm from any spill. The federal [Read more]
Oil prices slip on concerns U.S.-China trade deal may not boost demand
Oil prices slipped on Wednesday on concerns that the pending Phase 1 trade deal between the United States and China, the world's biggest crude users, may not lead to more fuel demand as the U.S. intends to keep tariffs on Chinese goods in place. U.S. Treasury Secretary Steven Mnuchin said late on Tuesday that the tariffs would remain even as a trade deal is set to be signed on Wednesday. That could temper China's oil demand growth by limiting its access to its second-largest trading partner. [Read more]
Pipeline at centre of B.C. conflict is creating jobs for First Nations: chief
A pipeline at the centre of a conflict between hereditary chiefs and a natural gas company in northern British Columbia is creating jobs for Indigenous people and lifting communities from poverty, says an elected chief of a band that supports the project. All 20 elected band councils along the Coastal GasLink pipeline route have signed benefits agreements with the company. The Haisla Nation in Kitimat is among them and Chief Coun. Crystal Smith said the project will help the community become [Read more]