Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars, and have been prepared in accordance with International Financial Reporting Standards, specifically International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production volumes are presented on a working-interest basis, before royalties, except for Libya, which are presented on an economic basis. Certain financial measures referred to in [Read more]
Headlines
Suncor Energy declares increased dividend and announces additional share repurchase program
All financial figures are in Canadian dollars. CALGARY, Alberta, Feb. 05, 2020 (GLOBE NEWSWIRE) -- Suncor Energy’s Board of Directors has approved a quarterly dividend of $0.465 per share on its common shares, payable March 25, 2020 to shareholders of record at the close of business on March 4, 2020. This dividend represents an approximate 11% increase over the prior quarter and marks 18 years of consecutive annualized dividend increases. The dividend increase is supported by sustainable, [Read more]
Baytex Announces Closing of US$500 Million Private Placement Offering of Senior Notes
CALGARY, Alberta - Baytex Energy Corp. (“Baytex”) (TSX, NYSE: BTE) announced today the closing of its private placement offering (the “Offering”) of US$500 million aggregate principal amount of senior unsecured notes due 2027 (the "Notes"). The Notes were issued at par, bear interest at a rate of 8.75% per annum and mature on April 1, 2027. The Notes will pay interest semi-annually in arrears. Baytex intends to use the net proceeds from the Offering and its existing unutilized credit facilities [Read more]
Heavy discount narrows to fresh 2-1/2-month low
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude narrowed on Wednesday to a fresh 2-1/2-month low, driven by dwindling inventories. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $17.75 per barrel below WTI, according to NE2 Canada Inc, narrower than Tuesday's settle of $18.50 under. The discount was the smallest since mid-November. Alberta oil inventories have shrunk since December as rail [Read more]
Shipping crude oil through Manitoba has been floated, rejected before
WINNIPEG - There's renewed talk of transporting western oil through the northern Manitoba port in Churchill, but any such project is likely to run into opposition from environmentalists and some people who live there. Using the sub-Arctic port on the western shore of Hudson Bay as a route for Prairie oil has been floated before. But it has been condemned largely due to the area's fragile ecosystem and Churchill's reputation for eco-tourism. "It's a terrible idea to even consider shipping [Read more]
Talks with Wet’suwet’en over pipeline ‘not successful,’ province says
SMITHERS, B.C. - The British Columbia government and First Nations hereditary chiefs say they have failed to reach an agreement on a peaceful resolution over the enforcement of an injunction in northwestern B.C. Wet'suwet'en hereditary chiefs proposed seven days of discussions to de-escalate the dispute over the construction of the Coastal GasLink pipeline through the First Nation's traditional territory near Houston. Chief Woos, who also goes by Frank Alec, says in a statement that two [Read more]
Four more arrested at Co-op refinery, charged with violating court order
Regina police have arrested four people involved in a labour dispute at the city's Co-op oil refinery. Police say four men from Saskatchewan face charges of mischief under $5,000 and disobeying a court order. Unifor says the accused are Local 594 members who were on a peaceful picket line at one of the refinery gates. Last month, officers arrested 14 union members, including Unifor's national president, after access was blocked to the plant. More than 700 refinery workers were locked [Read more]
Hillcrest Electrifies West Hazel Oil Production Operations
VANCOUVER, B.C. - TheNewswire - Hillcrest Petroleum Ltd. (TSXV:HRH) (OTC:HLRTF) (the "Company" or "Hillcrest") - Further to our recent news release of January 31, 2020, the Company is pleased to provide an update on its operational improvement initiative to increase operational reliability and reduce operating costs by connecting its West Hazel production operations to the Saskatchewan power grid. The process will significantly reduce operating costs and eliminate greenhouse gas emissions from [Read more]
Oil gains more than 3% on hopes for output cuts to counter China virus impact
Oil prices climbed more than 3% on Wednesday, boosted by news that OPEC and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from China's fast-spreading coronavirus. U.S. West Texas Intermediate (WTI) crude futures were up $1.77 or 3.6% to $51.20 a barrel. Brent crude oil futures were up $1.96, or 3.6%, to $55.78 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group [Read more]
Hemisphere Energy Provides Operations Update and Outlines Plans for 2020
Vancouver, British Columbia - Hemisphere Energy Corporation (TSXV: HME) ("Hemisphere" or the "Company") is pleased to provide an update on its Southern Alberta oil assets following a successful 2019. Through 2019, Hemisphere drilled 11 horizontal oil wells in its Upper Mannville G pool, which greatly expanded development in the Company's most prolific oil pool. The summer drilling program was completed on budget and on time with all wells being brought on production by the fourth quarter. [Read more]