EDMONTON - Members of Premier Jason Kenney’s caucus have refused an Opposition NDP bid to make public details of Alberta’s $7.5-billion investment in the failed Keystone XL pipeline project. The eight members of the governing United Conservative caucus rejected an NDP motion in public accounts committee today to ask Kenney for the details, along with any financial risk advice he was given when he made the investment last March. At that time, the Keystone XL line was facing multiple court [Read more]
Headlines
Cenovus to lay off upwards of 2,000 employees
Over the next two months, Cenovus is planning to lay off upwards of 2,000 employees, with the first round of layoffs expected in early February. After the first round of layoffs, more cuts are to follow in a couple of phases in later February and March. The affected workers will receive termination notices by phone, with work-from-home mandates still in effect. This move comes after Cenovus finalized their deal to buy Husky Energy, a $3.8 billion deal in October, where it was announced [Read more]
Oil prices edge up amid doubts over U.S. stimulus, rising coronavirus cases
Oil prices slightly gained on Tuesday, as hopes for rapid approval of new U.S. economic stimulus faded while new coronavirus infections around the world mount up. WTI increased 3 cents, or 7% to $52.84. Brent crude shot up 12 cents at $56.96, having risen nearly 21% on Monday. Have recently hit 11-month highs, oil is caught between lingering doubts over any recovery in demand as the pandemic continues to rage, offset by optimism for more stimulus from the newly installed Biden [Read more]
Column: Billions of people at risk from heating fuel shortages? BORING. What’s Tesla stock up to?
In today's fascinating new media world, where social media updates us every second on anything relevant, our attention span gets weird. Especially under lockdown, when those streams are our only entertainment that isn't on Netflix. Things I pay attention to in the ‘news’ are bifurcated, or maybe tri-furcated: sensational, bombastic stories like for example anything Trump did; localized things that impact my little world directly; and pictures of gorgeous beaches that it feels like I’ll never see [Read more]
Perpetual Energy Inc. receives Alberta Court of Appeal judgment relating to the Sequoia Disposition
CALGARY, AB - (TSX: PMT) – Perpetual Energy Inc. ("Perpetual" or the "Company") today received the Alberta Court of Appeal's (the "Court of Appeal") judgment (the "Court of Appeal Judgment") with respect to the appeals heard by the Court of Appeal on Dec. 10, 2020 relating to the sale by Perpetual of legacy shallow gas properties in October 2016 to an arm's length third-party purchaser after an extensive and lengthy marketing, due diligence and negotiation process (the "Sequoia [Read more]
Topaz Energy Corp. announces strategic water infrastructure acquisition in the Alberta Montney
CALGARY, AB - Topaz Energy Corp. (TSX: TPZ) ("Topaz" or the "Company") is pleased to announce that it has entered into a strategic alliance with a private midstream water company ("Co-Venturer"), and together, entered into definitive agreements to each acquire a working interest in certain water infrastructure assets from an E&P producer ("Producer") along with a long-term fixed take-or-pay water disposal agreement whereby the Producer retains operatorship and obtains committed access to [Read more]
Enerplus announces $115 million bought deal offering of common shares
CALGARY, AB - Enerplus Corporation ("Enerplus" or the "Company") (TSX: ERF) (NYSE: ERF) is pleased to announce that it has entered into a bought deal financing with a syndicate of underwriters (the "Underwriters") led by RBC Capital Markets and BMO Capital Markets. Enerplus will issue 28,750,000 common shares ("Common Shares") at a price of $4.00 per Common Share for gross proceeds of approximately $115 million (the "Offering"). The underwriters will have an option to purchase up to an [Read more]
Enerplus agrees to acquire Williston Basin operator, enhancing value for shareholders and accelerating free cash flow generation; provides preliminary 2020 results and 2021 guidance
CALGARY, AB - Enerplus Corporation ("Enerplus" or the "Company") (TSX & NYSE: ERF) today announced that it has entered into a definitive agreement to acquire all of the shares of Bruin E&P HoldCo, LLC ("Bruin"), a pure play Williston Basin private company, for total cash consideration of US$465 million (the "Acquisition"). KEY HIGHLIGHTS Core area acquisition improving scale – Acquiring 151,000 net acres in the Williston Basin, including 30,000 net acres contiguous with Enerplus' [Read more]
Gibson Energy confirms 2020 fourth quarter and year-end earnings release date and provides conference call & webcast details
CALGARY, Alberta - Gibson Energy Inc. announced today that it expects to release its 2020 fourth quarter and year-end financial and operating results on Monday, February 22, 2021 after the close of North American markets. The 2020 fourth quarter and year-end management's discussion and analysis and audited consolidated financial statements will be available on the Company's website at www.gibsonenergy.com and on SEDAR at www.sedar.com. Earnings Conference Call & Webcast Details A [Read more]
Canadian crude-by-rail exports surge 87% to 170,000 barrels per day in November
CALGARY - Canadian exports of crude oil by rail jumped 87% in November as oil production rose in Western Canada amid limited pipeline capacity for heavy crude. The Canada Energy Regulator says rail shipments of oil amounted to 173,000 barrels per day, up about 80,000 bpd from 92,800 barrels per day in October. That's down from 302,300 barrels per day shipped by rail in November 2019. Crude-by-rail numbers have been volatile in the past year, with shipments rising to a record 412,000 bpd [Read more]