CALGARY, AB - Pembina Pipeline Corporation ("Pembina") (TSX: PPL) (NYSE: PBA) today reinforced its view of the substantial value opportunity for shareholders of Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) through the board-supported strategic combination with Pembina (the "Strategic Combination"). Pembina also cautioned Inter Pipeline shareholders not to tender their shares to Brookfield Infrastructure Partners L.P.'s ("Brookfield") opportunistic, hostile offer that would deny them the [Read more]
Headlines
Saturn Oil & Gas Inc. Closes Brokered and Non-Brokered Private Placement
Calgary, Alberta--(Newsfile Corp. - June 4, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMK) ("Saturn" or the "Company") is pleased to announce that, further to the Company's press releases dated May 13, 2021, May 17, 2021 and May 28, 2021, it has closed the brokered and non brokered private placements for total proceeds of $32.8 million. "With the closing of these financings, Saturn is one step closer to concluding our transformational acquisition of high-quality, light oil assets [Read more]
Canada’s weekly rig count up 31 to 97
Canada averaged 97 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 35% are drilling for natural gas, 45% are drilling for oil, 2% for other (helium, hydrogen, geothermal, or potash), and 18% are moving. Drilling activity by province is 62% in Alberta, 12% in BC, 23% in Saskatchewan, and 4% elsewhere. Precision Drilling holds the majority of the Canadian market share with 35%, Ensign Drilling with 19%, Savanna Drilling [Read more]
U.S. oil & gas rig count falls for first time in six weeks
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in six weeks as growth in drilling slows despite crude prices hitting their highest since 2018. The U.S. oil and gas rig count, an early indicator of future output, fell by one to 456 in the week to June 4, according to data on Friday from energy services firm Baker Hughes Co. Despite this week's decline, the total rig count was up 172 rigs, or 61%, over this time last year. It was also up [Read more]
Energy regulator orders Trans Mountain to stop tree clearing work on project
KAMLOOPS, B.C. - The Canada Energy Regulator has issued an order stopping tree cutting and grass mowing across the entire $12.6-billion Trans Mountain pipeline expansion project. A statement from Trans Mountain says the regulator's order was issued after a subcontractor started tree cutting and mowing activities without completing the necessary environmental compliance work. The statement says no birds or bird nests were impacted by the clearing work. Trans Mountain says it is working [Read more]
Oil extends gains on OPEC+ discipline and demand hopes
Oil extended gains above $71 a barrel on Friday, trading close to a two-year high as OPEC+ supply discipline and recovering demand countered concerns about patchy COVID-19 vaccination rollout around the globe. The Organization of the Petroleum Exporting Countries (OPEC) and allies on Tuesday said they would stick to agreed supply restraints. A weekly supply report on Thursday showed U.S. crude inventories dropped more than expected last week. [EIA/S] U.S. West Texas Intermediate crude was up [Read more]
Heavy crude differential widens
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened on Thursday. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, last traded at $14.60 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from Wednesday's settle of $14.10 a barrel. Heavy crude differentials have remained wider than $14 a barrel since the new monthly trade cycle started on Tuesday. Light synthetic crude from the oil sands for July delivery [Read more]
Insurance provider for Trans Mountain pipeline says it won’t renew policy
An insurance provider for the Trans Mountain pipeline says it will not renew its policy with the company when it expires in August. Argo Group International Holdings Ltd., an international underwriter based in Bermuda, says the project no longer fits the company's risk appetite. The decision by Argo Group comes even after the operator for Trans Mountain received regulatory approval to protect the identity of its insurers. Trans Mountain had argued that identifying its insurers could [Read more]
Michigan responds on Line 5: ‘This case is a state-law action through and through’
WASHINGTON - Lawyers for the state of Michigan say the dispute over the Line 5 pipeline belongs in state court, countering efforts by Canada and others to have it heard by a federal judge. In documents filed in court Tuesday, Michigan Attorney General Dana Nessel also argues that Canada has no legal basis to invoke a 1977 treaty that covers cross-border pipelines. The brief is Michigan's stern reply to the argument by Calgary-based Enbridge Inc., the pipeline's owner, that the case belongs [Read more]
Inter Pipeline acknowledges Brookfield’s intention to revise offer; continues to recommend strategic combination with Pembina
CALGARY, AB - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) is responding to the news release issued June 2, 2021 (the "Brookfield Release") by Brookfield Infrastructure Partners L.P. together with its institutional partners (collectively, "Brookfield") announcing its intention to file a variation to its offer (the "Brookfield Bid") to acquire Inter Pipeline. As previously announced on June 1, 2021, Inter Pipeline and Pembina Pipeline Corporation ("Pembina") have entered into an [Read more]