All financial figures are approximate and presented in Canadian dollars unless otherwise noted. This news release refers to adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"), which is a financial measure that is not defined by Generally Accepted Accounting Principles ("GAAP"). For more information, see "Non-GAAP Measures" herein. CALGARY, AB - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA) today announced a mid-year [Read more]
Headlines
Canada’s crude oil exports have increased 15-fold in 30 years
The value of crude oil exports from Canada has increased over 15-fold in the last 30 years, according to a report from Statistics Canada and the Canada Energy Regulator. The increase means exports of the resource accounted for more than 14 per cent of Canada’s total exports in 2019 with a value of $84.3 billion. In 1990, crude oil made up only 3.6 per cent of the country's total exported products. The report says crude oil production has also grown considerably over the last three [Read more]
Petrus Resources announces extension to credit agreements
CALGARY, Alberta - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its senior revolving credit facility agreement from June 14, 2021 to June 30, 2021. Its second lien term loan provider has also extended the maturity date of the Company's term loan from August 16, 2021 to August 31, 2021. The Company continues to be in discussions with the bank syndicate on a one-year extension to the credit [Read more]
TC Energy appoints new independent director
CALGARY, Alberta - News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy) today announced the appointment of a new independent director, William D. (Bill) Johnson, effective June 14, 2021. Mr. Johnson brings extensive experience in the energy sector to TC Energy’s Board of Directors. Mr. Johnson served as President and Chief Executive Officer of PG&E Corporation from 2019-2020; President and Chief Executive Officer of Tennessee Valley Authority from 2013 to 2019; Chairman, [Read more]
Minnesota court affirms regulator approval of Enbridge Line 3 oil pipeline
The Minnesota Court of Appeals on Monday affirmed a state regulator's decision that there is sufficient oil demand for Enbridge Inc to justify the replacement of its Line 3 pipeline. The decision marks another hurdle cleared for the Canadian pipeline company's efforts to replace an aging pipeline that carries Alberta oil sands crude through the state. Line 3, which entered service in 1968, ships crude from Alberta to U.S. Midwest refiners, and carries less oil than it was designed for [Read more]
Petro Viking Energy Inc. announces the execution of a binding agreement to acquire 100% of Avila Energy’s interests in West Central Alberta for $50,664,000 and the subsequent name change of the Corporation to Avila Energy
Calgary, Alberta – Petro Viking Energy Inc. (“Petro Viking” or the “Company”) (CNSX:VIK.CN) is pleased to announce the proposed asset purchase of 100% of Avila’s interests in 53,835 Acres, 43,935 Acres (Net), of mineral rights, associated wells, pipelines and facilities for the purchase price of $50,664,000 CAD. The Purchase Price for the Acquisition is being satisfied by way of the issuance of 40,440,000 Class A common shares (the “Common Shares”) at $0.60 per share and 30,000,000 convertible [Read more]
Oil prices climb as demand outlook improves, supplies tighten
Oil prices rose on Monday, extending three weeks of gains that have been underpinned by an improved outlook for fuel demand as increased COVID-19 vaccinations help lift travel curbs, along with tightness in supply. U.S. West Texas Intermediate gained 89 cents, or 1.26%, to stand at $71.70 a barrel, earlier reaching $71.32, the highest since October 2018. The contract rose 1.9% on the week. Brent crude was up 85 cents, or 1.17%, at $73.46. It earlier rose to $73.12, the highest since May [Read more]
Remaining competitive in a low carbon economy: direct decarbonization of oil
The COVID-19 pandemic has allowed governments from around the world to hit the ‘reset’ button and incorporate aggressive green initiatives as part of their economic recovery plans. In addition, civil society and investment communities are increasingly calling on corporations to prioritize environmental, social, and governance factors in their day-to-day operations. To combat climate change, governments and corporations are implementing decarbonization strategies with the ultimate goal of [Read more]
Heavy crude differential widens slightly
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened slightly on Friday. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, traded at $14 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from Thursday's settle of $13.95 a barrel under the benchmark. The Canadian heavy crude differential has held in a narrow range between $14.60 a barrel and $13.70 a barrel below U.S. futures so far this month. Increasing [Read more]
Unifor slams government for undermining NL oil and gas sector
ST. JOHN'S, NL, June 11, 2021 /CNW/ - The Newfoundland and Labrador government's refusal to fulfil its commitment to the Terra Nova project will kill hundreds of good local jobs and undermine the province's entire oil and gas sector, says Unifor. "The Furey government has betrayed Newfoundland and Labrador's energy workers," said Jerry Dias, Unifor National President. "It must live up to its commitments and ensure Terra Nova continues to serve the province as it has for 19 years. It's not [Read more]