CALGARY - The Alberta government is taking 50 per cent ownership of the controversial Sturgeon Refinery northeast of Edmonton. The province has signed a restructuring deal that also extends the length of Alberta's processing contract with the refinery by 10 years, to 2058. The province says the deal means less taxpayer risk in the long-term. It says Alberta will benefit from being both a toll payer and a facility owner. The government says the restructuring deal won't cost the province [Read more]
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Heavy crude discount narrows in thin trading
Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed on Monday in thin trading during a U.S. market holiday. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $13.50 per barrel below the WTI benchmark, according to NE2 Canada Inc, wider than Friday's settle of $13.95 a barrel under the benchmark. Rising refinery utilization in North America has buoyed Canadian crude prices, keeping the differential relatively [Read more]
Pembina mails joint information circular, urges shareholders to approve proposed strategic combination with inter pipeline at upcoming special meeting
CALGARY, AB - Pembina Pipeline Corporation ("Pembina") (TSX: PPL) (NYSE: PBA) today announced that it has filed a joint information circular (the "Joint Circular") and related materials for its special virtual-only meeting of shareholders to be held on July 29, 2021 (the "Special Meeting") in connection with the proposed strategic combination with Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL), which has been unanimously recommended by the Boards of Directors of both companies. The [Read more]
Inter Pipeline files joint information circular in support of strategic combination with Pembina
CALGARY, AB - Inter Pipeline Ltd. ("Inter Pipeline" or the "Company") (TSX: IPL) today announced that it has filed a joint information circular (the "Joint Circular") and related materials for its virtual-only 2021 annual and special meeting of shareholders to be held on July 29, 2021 in connection with the proposed strategic combination with Pembina Pipeline Corporation ("Pembina") (TSX: PPL) (NYSE: PBA). The Transaction As previously announced on June 1, 2021, Inter Pipeline entered [Read more]
The OPEC+ standoff and what’s at stake for oil and the economy
The United Arab Emirates and Saudi Arabia have clashed over how OPEC+ producers unwind oil output cuts, forcing a third day of talks on Monday in a dispute with implications for the wider economy. WHY IS IT IMPORTANT? Crude is already at its highest since October 2018, trading above $76 per barrel and up more than 40% this year. Those prices and the risk of a move higher are stoking concern about inflation that could hamper economic recovery from the pandemic and complicate matters for [Read more]
Oil steady as OPEC+ seeks to break impasse over supply
Oil prices were steady on Monday with investors and traders awaiting crucial talks by OPEC+ following disagreement over output within the group that could lead to major producers pumping up volumes to grab market share. U.S. oil gained 17 cents, trading at $75.27 a barrel, having risen 1.5% last week, the sixth consecutive week of gains for the contract. Brent crude was up 15 cents at $76.26 a barrel after falling 1 cent last week, the first weekly decline in six. The Organization of [Read more]
Cedar LNG – A generational opportunity for the Haisla First Nation
It is no secret that the road to FID for an LNG project or any Energy project in Canada is a lengthy one. However, several positive developments bode well for the Cedar LNG project backed by the Haisla Nation. Cedar LNG received approval for Cedar LNG 1-located on Haisla Nation-owned land in Douglas Channel, one of the principal shipping routes on the BC coast- back in 2015 from the NEB (now the CER) while the Haisla were working with Pacific Traverse Energy and Delfin Midstream. The [Read more]
Pieridae announces resignation of CFO
CALGARY, Alberta - Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) today announced that Rob Dargewitcz has resigned as Chief Financial Officer (“CFO”) of the Company, effective July 30, 2021, to pursue other opportunities. The Company noted that Mr. Dargewitcz’s departure is not related to any issues or disagreements regarding Pieridae’s financial disclosures or accounting policies and practices. We thank Mr. Dargewitcz for his service. The Company will soon begin a process to [Read more]
TC Energy files legacy NAFTA claim; seeks $15B in damages after KXL cancellation
CALGARY - TC Energy says it will seek more than US$15 billion from the U.S. government in the wake of President Joe Biden's cancellation of the Keystone XL pipeline's damage permit. The Calgary-based company says it launched a claim under the legacy rules tied to the old North American Free Trade Agreement, or NAFTA, because of what it says is the U.S. government's breach of its free trade obligations. The company has filed a notice of intent with the U.S. Department of State. Biden [Read more]
Canada’s Weekly Rig Count up 6 to 140
Canada averaged 140 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 34% are drilling for natural gas, 55% are drilling for oil, 2% for other (helium, hydrogen, geothermal, or potash), and 9% are moving. Drilling activity by province is 68% in Alberta, 21% in Saskatchewan, 10% in BC, and 1% elsewhere. Precision Drilling holds the majority of the Canadian market share with 33%, Ensign Drilling with 14%, Savanna Drilling [Read more]