CALGARY, AB--(Marketwired - April 25, 2016) - Husky Energy (TSX: HSE) has reached an agreement under which 65 percent of its ownership interest in select midstream assets in the Lloydminster region of Alberta and Saskatchewan will be sold to Cheung Kong Infrastructure Holdings Limited and Power Assets Holdings Limited (PAH). Husky will receive $1.7 billion of gross cash proceeds, will have a 35 percent interest in the assets and will remain operator. The sale price represents about 13 times [Read more]
Headlines
Saudi Arabia outlines reform plan for oil-addicted economy
RIYADH, Saudi Arabia - Saudi Arabia unveiled a bold reform plan on Monday aimed at weaning the country off its "addiction" to oil in a bid to prepare the next generation of Saudi leaders for the domestic pressures of youth unemployment and revenues eroded by lower oil prices.The project, which includes plans to float a stake in the world's largest oil company, Aramco, and set up one of the world's biggest government investment funds, is meant to provide a blueprint for sweeping reforms to steer [Read more]
Blackbird Energy Inc. Announces Unit and CDE Flow-Through Common Share Financing for Total Gross Proceeds of $20 Million
CALGARY, ALBERTA--(Marketwired - April 25, 2016) - Blackbird Energy Inc. ("Blackbird" or the "Company") (TSX VENTURE:BBI) is pleased to announce that it has filed a preliminary short form prospectus (the "Preliminary Prospectus") in connection with a marketed public offering, through a syndicate of agents (the "Agents"), co-led by Dundee Securities Ltd. and Haywood Securities Inc. (the "Co-Lead Agents"), of: (i) 120,000,000 units ("Units") of the Company at a price $0.15 per Unit, for gross [Read more]
Alberta credit rating downgraded to double-A from triple-A due to rising debt
EDMONTON - Alberta's credit rating has taken another hit.Moody's Investor Service announced Monday it has downgraded Alberta's long-term debt rating to double-A1 from triple-A and has given it a negative outlook.It's the second downgrade from a rating service since the province released its budget on April 14 that included removal of its debt ceiling and a forecast of $58 billion in debt by 2019. Moody's says the downgrade "reflects the province's growing and unconstrained debt burden, extended [Read more]
National Energy Board Issues Decisions and Recommendations regarding Enbridge Line 3 Replacement Project
CALGARY, April 25, 2016 /CNW/ - The National Energy Board (NEB) has concluded that the Enbridge Line 3 Replacement Program (Project) is in the Canadian public interest and will recommend Project approval to the federal Governor in Council. The NEB Decision follows a public hearing process that included an exhaustive scientific and technical examination of all the evidence brought before the three member NEB panel. In recommending approval of the Project, the NEB noted that the Project will [Read more]
Jenkins’ Green Unreality Show
Optics versus reality. Oftentimes, the most newsworthy stories that make the headlines come across as cold hard truth. But when there is a disconnect between reality and what a headline may imply, broad misconceptions among the public are bound to occur. Case in point is the recent climate deal negotiated in Paris and signed in New York Friday among more than 150 countries. At first glance, you would assume that the world has the bureaucrats to profusely thank for making progress towards [Read more]
Actions and deliberate inactions to diversify Alberta’s economy
Whenever Alberta experiences the stresses and strains associated with a downturn in the oil & gas sector, many beat up our government for not diversifying the Alberta economy faster. We forget that we’ve been making steady diversification progress. When diversifying the Alberta economy, slow and steady wins the race. By contrast the big, flashy government investments that I described in my last article were a bust for taxpayers and for economic diversification. The main problem is that [Read more]
Alberta finance minister looking to boost budget with investors
EDMONTON - Alberta Finance Minister Joe Ceci has received some bad news on the first day of a trip to meet with investors and credit-rating agencies.Ceci is in Toronto and it was during one of those meetings that Moody's Investor Services downgraded Alberta's credit rating to double-A1 from triple-A.Moody's cited the Alberta government's growing and unconstrained debt burden and extended timeline to get its books back in the black.It also said the outlook for growth is subdued.As well, the [Read more]
Notley’s pleas to federal cabinet on pipelines and EI make no immediate headway
KANANASKIS, Alta. - Alberta Premier Rachel Notley's pleas to the federal cabinet to give the province a pipeline and enrich employment insurance seem to be gaining little traction.Notley met with Prime Minister Justin Trudeau privately on Sunday and then addressed about half the cabinet at the beginning of a three-day retreat in Kananaskis, Alta.But on Monday morning, even as ministers said the meeting with Notley was productive, there were no signs that anything was changing for the [Read more]
Middle East economies take hit from low oil prices
DUBAI, United Arab Emirates — Oil exporting countries in the Middle East lost a staggering $390 billion in revenue due to lower oil prices last year, and should brace for even deeper losses of around $500 billion this year, the International Monetary Fund said Monday. The fund had projected in October that oil exporting countries in the region would see revenue losses of $360 billion in 2015, but oil prices took a tumble by year’s end and the drop in revenue amounted to $30 billion [Read more]