CALGARY, AB - (TSX: ARX) ARC Resources Ltd. ("ARC" or the "Company") is pleased to announce that it has closed its strategic Montney combination with Seven Generations Energy Ltd. ("Seven Generations") to create the premier Montney producer and leader in responsible energy development (the "Business Combination"). ARC is now Canada's largest condensate producer, third-largest natural gas producer, and sixth-largest upstream energy company. As the largest pure-play Montney producer, ARC owns [Read more]
Headlines
The importance of a diverse customer base for Canadian energy
Having a diversified economy that is non-reliant on one major customer is important for any country. For Canada, this importance is magnified, as selling its most abundant resource, oil and gas, to its biggest customer, the United States, faces potential problems under the Biden administration. To see Canada’s long-term growth be fruitful, diversification of its markets is necessary. In order for that to happen, the country needs energy diversification with a wider and larger customer [Read more]
Whitecap Resources Inc. consolidates top tier Montney assets and positions for enhanced free funds flow
CALGARY, AB - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it has entered into an arrangement agreement (the "Arrangement") to indirectly acquire Kicking Horse Oil & Gas Ltd. ("Kicking Horse"), a privately held indirect subsidiary of Quantum Energy Partners, for aggregate consideration of $300 million, consisting of 34.5 million Whitecap common shares (determined based on the five-day volume weighted average share prices of the Whitecap shares [Read more]
Whitecap Resources to buy Kicking Horse Oil & Gas for $300 million
Whitecap Resources Inc said on Monday it will acquire Kicking Horse Oil & Gas Ltd, a privately-held indirect subsidiary of Quantum Energy Partners, for C$300 million ($239.08 million) in a stock-and-cash deal. Canada's oil and gas sector had a record start to 2021 in terms of mergers and acquisitions as companies took advantage of improved expectations of oil prices amid the pandemic recovery, and many industry participants expect the trend to continue. Whitecap's indirect acquisition [Read more]
Oil prices dip after OPEC+ agree to ease output cuts
Oil prices slipped on Monday, paring strong gains made in the previous session after OPEC+ agreed last week to gradually ease some of its production cuts between May and July. U.S. West Texas Intermediate crude for May was at $60.17 a barrel, down $1.07, or 1.76%. Brent crude futures for June fell $1.13, or 1.75%, to $63.51 a barrel. Both contracts settled up more than $2 a barrel on Thursday as investors viewed the OPEC+ decision as an affirmation of demand-led recovery and optimism [Read more]
Advantage provides operational update first quarter 2021 production outperformance
CALGARY, AB - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to provide an operational update following the conclusion of its winter capital program. For the first quarter of 2021, Advantage achieved record average production of approximately 49,700 boe/d (270.6 mmcf/d natural gas, 2,155 bbls/d crude oil and condensate, and 2,445 bbls/d NGLs), an increase of 14% over the previous quarter. All 14 new wells completed at Glacier have exceeded Management's expectations, [Read more]
Inter Pipeline awarded $408 million grant under Alberta’s Petrochemicals Incentive Program
CALGARY, AB - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) announced today that it will receive $408 million under the Alberta Petrochemicals Incentive Program ("APIP"). The grant has been awarded in support of Inter Pipeline's Heartland Petrochemical Complex ("HPC"), a world-class integrated propane dehydrogenation ("PDH") and polypropylene ("PP") production facility, which will be operational in early 2022. "The APIP grant recognizes the significant contribution HPC has and will [Read more]
Fire that followed a reported explosion at an Alberta oilfield site is under control
County officials in northwest Alberta said a fire that followed a report of an early-morning explosion at an oilfield lease site is under control, and air-quality monitoring has determined there’s no risk to the public. Jason Nesbitt, deputy fire chief with the County of Grande Prairie Fire Services, said winds blew smoke from the blaze north instead of east which it typically does, meaning the smoke blew away from most populated areas. It also meant the smoke was pushed away from a [Read more]
U.S. LNG export bonanza reshapes energy map in Asia
U.S. exports of liquefied natural gas (LNG) to China, Japan and South Korea, the biggest importers of the fuel, have surged to record highs in recent months as the heavily industrialised region recovers from the COVID-19 pandemic, Eikon trade data shows. As with the ramp-up of U.S. oil exports that forced heavyweights like Saudi Arabia to find other buyers, what was dubbed Freedom Gas by the administration of President Donald Trump is also changing global energy flows and quietly gaining a [Read more]
Heavy crude narrows to tightest discount since November
Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed on Thursday to the narrowest level since mid-November: Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, settled at $9.75 per barrel below WTI, according to NE2 Canada Inc, narrowing from Wednesday's settlement of $10.30 per barrel below the benchmark. Synthetic crude from the oil sands traded at $1.55 a barrel above WTI, weakening from Wednesday's settle of $2.50 a barrel over the [Read more]