Dividend Increased by ~50%, New Debt Target Established Second Quarter Highlights: Generated second quarter cash from operating activities of $750 million, non-GAAP cash flow of $733 million and non-GAAP free cash flow of $350 million Reduced net debt(1) by $1.2 billion to $5.2 billion; accelerated expected timeline of $4.5 billion net debt target to year-end 2021 Continued to demonstrate industry-leading capital efficiencies with operational efficiency gains and supply chain [Read more]
Headlines
Tamarack Valley Energy Ltd. announces second quarter financial results, operational update & executive changes
CALGARY, AB - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") is pleased to announce its financial and operating results for the three and six months ended June 30, 2021. Selected financial and operational information is outlined below and should be read in conjunction with Tamarack's unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2021 and related management's discussion and analysis ("MD&A") which are available on SEDAR at [Read more]
Oil prices retrench on massive hedge fund sales
Portfolio managers sold petroleum last week at one of the fastest rates for a decade, after an upsurge in coronavirus cases and an OPEC+ agreement to boost output caused them to reassess the likelihood of further price increases. Hedge funds and other money managers sold the equivalent of 172 million barrels in the six most important futures and options contracts in the week to July 20, the fastest rate since July 2018. The sales volume was the sixth highest out of more than 430 weeks [Read more]
Public relations strategies for the oil and gas sector
When it comes to measuring brand image - credibility, trustworthiness, and expertise are essential factors that play a significant role in shaping public perceptions. But with many important discussions happening around social and environmental issues, businesses that want to build trust and engagement cannot afford to sit on the sidelines. For an industry at the nexus of many of these discussions, the oil and gas sector has a particularly complicated job when it comes to managing a public [Read more]
Private equity firm to buy Canada’s idled Come-by-Chance oil refinery
Private equity firm Cresta Fund Management has agreed to buy a controlling stake in idled Canadian 135,000-barrel-per-day (bpd) Come-by-Chance refinery, a fund representative said on Monday, with the aim of converting it to renewable fuels production. The refinery, owned by North Atlantic Refining Ltd (NARL), has been idled for more than a year. Several refiners since then have announced plans to convert their operations to renewable fuels production to remain viable as both Canada and the [Read more]
Brookfield confident in offer for Inter Pipeline after Pembina terminates rival bid
CALGARY - Brookfield Infrastructure Partners LLP said it's confident its hostile bid for Calgary-based Inter Pipeline will be successful now that Pembina Pipeline Corp. has terminated its own rival offer. Brookfield's $16-billion offer is now "the sole transaction on the table" for Inter Pipeline shareholders and any delay in accepting it would not be in shareholders' best interests, Brookfield spokeswoman Claire Holland said. "We believe Inter Pipeline's board made the right decision," [Read more]
Pembina to pocket $350 million after terminating acquisition of Inter Pipeline
CALGARY - Pembina Pipeline Corp. will pocket a $350-million break fee after terminating its acquisition of Inter Pipeline Ltd. The move follows Inter Pipeline's board advising that it would no longer recommend that shareholders support the deal after rival Brookfield Infrastructure Partners LP upped its hostile takeover bid for the Calgary-based Inter Pipeline. Inter Pipeline had resisted Brookfield's bid after signing a friendly all-stock deal to be bought by Pembina that would have seen [Read more]
Pieridae Energy Limited announces initiation of strategic review process
Appoints Interim Chief Financial Officer CALGARY, Alberta - Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) today announced the Company has initiated a formal process to identify, examine and consider a range of strategic alternatives with a view to enhancing shareholder value. Such strategic alternatives may include, but are not limited to, a corporate sale, merger, a sale of a material portion of Pieridae’s assets or other transactions. Pieridae is also pleased to announce [Read more]
Pembina terminates Inter Pipeline acquisition
Pembina to Receive $350 Million Cash Termination Fee CALGARY, AB - Pembina Pipeline Corporation ("Pembina") (TSX: PPL) (NYSE: PBA) today announced that it has terminated the arrangement agreement with Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) providing for the proposed acquisition by Pembina of Inter Pipeline, in accordance with its terms. In connection with the termination, Inter Pipeline has agreed to pay Pembina the C$350 million termination fee provided for in the [Read more]
Canada’s weekly rig count up 3 to 153
Canada averaged 153 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 35% are drilling for natural gas, 55% are drilling for oil, 1% for other (helium, hydrogen, geothermal, or potash), and 9% are moving. Drilling activity by province is 67% in Alberta, 18% in Saskatchewan, 12% in BC, and 3% elsewhere. Precision Drilling holds the majority of the Canadian market share with 33%, Ensign Drilling with 17%, Savanna Drilling [Read more]