Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened on Tuesday as producers gradually increased output. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, traded at $9.60 per barrel below WTI, according to NE2 Canada Inc. It settled on Monday at $9.35 under. Rising crude production in Alberta is expected to modestly widen heavy differentials into the end of the year and early 2021, but demand from U.S. Gulf refiners has also [Read more]
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Waterous Energy Fund to bid $126 million to increase Osum Oil Sands stake to 85%
Calgary-based Waterous Energy Fund says it intends to launch a formal takeover bid for private junior oilsands producer Osum Oil Sands Corp. to raise its ownership stake to 85%. The private fund is offering to buy to 52.5 million of Osum's common shares, about 40% of the total, for $2.40 per share or $126 million. The fund established in 2017 and headed by CEO Adam Waterous bought 45% of the shares last July for the same price from Osum's three largest shareholders. If the takeover [Read more]
Oil prices extend rally on U.S. election day
Oil prices extended their rally on U.S. election day with a 3% gain as financial markets staged a broad recovery, but concerns over surging coronavirus cases around the world capped further gains. U.S. West Texas Intermediate (WTI) crude futures were up $1.13, or 3.1%, to $37.94 a barrel. Brent crude futures rose $1.13, or 2.9% to $40.10 a barrel at 1138 GMT on Tuesday. Both benchmarks gained nearly 3% on Monday. “The jump has borne all the hallmarks of a massive, logical and even [Read more]
How does the Cenovus-Husky merger affect the industry moving forward?
In one of the strangest and most arduous of years for the oil and gas industry, the recent Cenovus-Husky merger is a multi-faceted deal that will have ramifications for years to come in the Canadian landscape. This deal is several years in the making, according to Husky Energy president and CEO Robert Peabody. It could also potentially offer the opportunity to attract investments as a bigger and more unified company. Cenovus expects to see $1.2 billion in savings, and after this deal, will [Read more]
Prospect generating company has Duvernay Oil Prospect for sale in the Golden Spike area
Highlights 16,640 Acres (26 Sections) 100% Working Interest No Encumbrances 4 year term (2024) Crown Royalty Holiday Thermal Maturity from core (Tmax) of 444 TOC wt% 9.86 Located in the oil window 40m to 50m thick Top and bottom Seals Anticipated to be over pressured Hybrid Shale/Carbonate Reservoir Drill depth of 2,000m allows for drilling cost savings and improved economics Click image for full Presentation For inquiries, please contact Andy [Read more]
International Petroleum Corporation third quarter 2020 financial results and sustainability report
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis for the nine months ended September 30, 2020. IPC also announces the release of its first Sustainability Report, which details the Corporation's environmental, social, and governance ("ESG") performance. Business Update Forecast 2020 net average production revised upwards to over 41,000 barrels of [Read more]
Gibson Energy announces 2020 third quarter results
All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta - Gibson Energy Inc. announced today its financial and operating results for the three and nine months ended September 30, 2020. “In what remains a challenging environment for our industry, the resilient nature of our Infrastructure segment’s long-term, contracted cash flows continued to underpin our strong quarterly operating and financial results as well as our solid financial position,” said Steve [Read more]
Highwood Oil Company Ltd. announces amendment to credit facility
CALGARY, AB, Nov. 2, 2020 /CNW/ - Highwood Oil Company Ltd. (TSXV: HOCL) ("Highwood" or the "Company") announces amendments to the Company's reserve-based credit facility (the "Credit Facility"). Credit Facility Amendment The Company's Credit Facility has been amended with the maturity date of Term Facility A extended to December 15, 2020. The Company will also continue to work with its lender to explore all options needed to satisfy the conditions of the Credit [Read more]
Plains All American Pipeline and Plains GP Holdings report third-quarter 2020 results
HOUSTON - Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) today reported third-quarter 2020 results and furnished updated 2020 guidance in addition to several other significant updates, which are highlighted below. Summary Highlights Reported net income for the quarter of $143 million Delivered third-quarter 2020 Adjusted EBITDA of $682 million Completed the sale of LA Basin Terminals (closed October 15, 2020) for approximately $200 [Read more]
TC Energy provides conversion right and dividend rate notice for Series 11 and 12 preferred shares
CALGARY, Alberta - TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC Energy or the Corporation) announced that it does not intend to exercise its right to redeem its Cumulative Redeemable First Preferred Shares, Series 11 (Series 11 Shares) on November 30, 2020. As a result, subject to certain conditions, the holders of Series 11 Shares have the right to choose one of the following options regarding their shares: to retain any or all of their Series 11 Shares and continue to receive a fixed [Read more]