Headlines

Canada’s fleet of active drilling rigs grew from 247 to 257 since last week according to data from Baker Hughes. Total drilling count was 257 at February 7. 167 rigs were drilling for oil; 90 for natural gas. The drilling activity in Alberta decreased from 171 to 167 since last week.  Saskatchewan’s drilling grew from 53 to 67 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]

Officials from the energy-rich Canadian province of Alberta on Friday insisted the federal government approve a massive oil sands project, rejecting the idea that aid from Ottawa would soften the blow if it were to be quashed. Reuters reported on Thursday that Canada is preparing a financial package that would help dull the pain if it blocks Teck Resources Ltd's plan to build the C$20.6 billion ($15.7 billion) Frontier mine that has raised climate and wildlife concerns. "We're not looking [Read more]

U.S. energy firms added oil rigs for the third time in four weeks even though producers planned to continue reducing spending on new drilling for a second consecutive year in 2020. Companies added 1 oil rig in the week to Feb. 7, bringing the total count to 676, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 854 active rigs. The oil rig count, an early indicator of future output, dropped by an average of 208 [Read more]

Close to Three Thousand People Working on the Project CALGARY - With a new year ahead of us and recent court decisions announced, the Trans Mountain Expansion Project is accelerating. Work is well underway with pipe in the ground and terminal construction in Alberta, and significant work ongoing at the Burnaby and Westridge Marine Terminals in British Columbia. Before the end of 2020, construction is expected to be underway across the entire line. "Today, we have more than 2,900 people [Read more]

Oil prices dropped on Friday after Russia said it backs a recommendation for OPEC and other producers to deepen output cuts amid falling demand for crude as China battles the coronavirus epidemic that has hit global markets. U.S. West Texas Intermediate (WTI) crude futures were down 74 cents, or 0.5%, at $50.31 a barrel, also heading for a fifth consecutive week of losses. Brent crude futures fell 72 cents, or 1.45%, to $54.42 a barrel and is heading for a fifth weekly loss amid [Read more]

With the dynamic Canadian market forcing oil and gas companies to explore new avenues, many see a bright future in the United States. It’s a sound strategy, but without the proper planning, that optimism can quickly fade. Jim McEvoy, a Partner with MNP’s U.S. Tax Services team, works with companies to help them transition operations to the States and sees the issues firsthand. In his experience, the key pitfalls are company structuring, understanding sales tax and managing employee [Read more]