Calgary-based power and natural gas supplier AltaGas Ltd. said Thursday it has reduced its workforce by about 70 workers. It said the job cuts completed in June would result in a $7-million restructuring charge on its second-quarter earnings. The reduction of its non-utility workforce is expected to result in savings of about $7 million per year. The company listed 1,753 employees at the end of 2015 in a regulatory filing, with 1,056 considered utility workers and 697 in gas, [Read more]
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Alberta Earns $5.74 Million in July 20 Landsale
The 13th Alberta land sale of the year, held yesterday on July 20, has earned Alberta a total of $5.736 million, down slightly from the $6.282 million result of the July 6 land sale. There were a total of 76 parcels with acceptable lease bids and no Oil Sands Leases for this sale. The total for all 13 sales so far for 2016 is $75.8 million. The chart below illustrates the trend of the sale results for all of 2016 so far. The total area of the 76 parcels in this week's [Read more]
Continued pain in second quarter for oil and gas sector, but signs of rebound
CALGARY - Early financial results from the second quarter show continued pain in the oil patch, but companies say there are also glimmers of hope for a turnaround. Encana Corp. swung to a US$89-million operating profit in the quarter compared with a US$167-million operating loss last year, saying cost cutting and efficiencies led to higher returns. "We have made our business massively more efficient," said Doug Suttles, the company's chief executive officer, in a conference call. [Read more]
Increased drilling may slow pace of Lower 48 states crude oil production declines
Higher and more stable crude oil prices are contributing to increased drilling in the United States, which may slow the pace of production declines. Benchmark West Texas Intermediate (WTI) crude oil prices averaged $46.59 per barrel (b) over the last three weeks, a 40% increase over the average price in the first quarter. The Lower 48 states onshore oil active rotary rig count, as measured by Baker Hughes, stood at 336 rigs on July 15, 29 rigs above the end-June number. While declines from [Read more]
Encana posts US$601 million loss for Q2 but takes more positive view of 2016
CALGARY - Encana Corp. had a US$601 million loss in the second quarter but says the latter part of 2016 is shaping up better than expected. The Calgary-based oil and gas company (TSX:ECA) says that some of its key expenses will be US$100 million less than the previous estimate and savings will be continued into 2017. It's also reinvesting savings and funds from the sales of key assets to increase its 2016 capital program by US$200 million. Encana expects to get US$1.1 [Read more]
Conference Board of Canada downgrades Canada’s economic growth forecast
OTTAWA, July 21, 2016 /CNW/ - The wildfires that damaged much of Fort McMurray and the surrounding areas, a weakening global economy, and the ongoing and significant deterioration in business investment have dimmed the growth outlook for Canada. The Conference Board of Canada expects the Canadian economy to grow by just 1.4 per cent in 2016, a downgrade from the 1.6 per cent forecast in the previous edition of the Canadian Outlook. "The economy got off to a good start at the beginning of the [Read more]
Perisson Petroleum to List on the TSX Venture Exchange
CALGARY, ALBERTA--(Marketwired - July 21, 2016) - Perisson Petroleum Corporation ("Perisson" or the "Company") (CSE:POG) is pleased to announce that the TSX Venture Exchange ("TSX-V") has approved Perisson's application to list its common shares on the TSX-V. Effective Thursday, July 21, 2016, the Company's shares will commence trading on the TSX-V under the symbol "POG". Perisson will be classified as a Tier 1 Oil and Gas Issuer. Perisson will concurrently apply to delist its common shares [Read more]
AltaGas Ltd. Reports Strong Second Quarter Results and Increases Dividend 6.1 Percent
CALGARY, ALBERTA--(Marketwired - July 21, 2016) - (all financial figures are unaudited and in Canadian dollars unless otherwise noted) Highlights Record second quarter normalized EBITDA of $153 million, a 43 percent increase over the second quarter of 2015; 68 percent increase in normalized funds from operations to $114 million; Increased common share dividend by $0.01 per share per month to $2.10 per share annualized beginning with the September 15, 2015 payment, a 6.1 percent [Read more]
Encana Delivers Significant Efficiency Improvements With Strong Second Quarter Results
CALGARY, AB--(Marketwired - July 21, 2016) - (TSX: ECA) (NYSE: ECA) Encana's relentless focus on execution excellence during the second quarter has driven another step change in efficiency improvements and returns. As a result, the company has lowered cash costs, such as transportation, processing and operating expenses, and improved capital efficiency in its updated 2016 guidance. Driven by efficiency improvements, Encana is also raising its 2016 production guidance. The company expects to use [Read more]
Sunshine Oilsands Ltd.: Announcement of Partial Closing of Private Placement of 96,400,000 Common Shares Under Specific Mandate
HONG KONG, CHINA and CALGARY, ALBERTA--(Marketwired - July 20, 2016) - SUNSHINE OILSANDS LTD. (a corporation incorporated under the Business Corporations Act of the Province of Alberta, Canada with limited liability) (HKSE:2012) The Board of Directors of Sunshine Oilsands Ltd. (the "Corporation" or "Sunshine") (HKSE:2012) wishes to announce the following: Partial Closing of Private Placement under Specific MandateThe Board of Directors of Sunshine Oilsands Ltd. (the "Corporation" or [Read more]