HOUSTON, Oct. 28, 2020 - TC Energy Corporation (TSX, NYSE: TRP) (TC Energy) has awarded more than US$1.6 billion worth of contracts to six major American union contractors to execute pipeline construction across 800 miles in three states in the U.S. on the Keystone XL Pipeline in 2021. The six contractors will be directly responsible for hiring more than 7,000 union workers in 2021, with special emphasis placed on hiring locally first and giving priority to qualified local and Indigenous-owned [Read more]
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XI Technologies: Spotlight on reclamations from the Orphan Well Association
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. Over the past month, we’ve been highlighting the reclamation work done in Western Canada to demonstrate how the industry addresses its environmental liabilities. Reclamation work is some of the most important liability work [Read more]
Oil falls 3.5% as rise in U.S. crude stocks fans oversupply fears
Oil prices slid about 2 percent on Wednesday, giving up most of the previous day's gains, as a surge in U.S. crude stocks and growing coronavirus infections in the United States and Europe fanned fears of a supply glut in oil and weaker fuel demand. U.S. oil was down $1.40, or -3.6%, at $37.58 a barrel, after gaining on Tuesday. Brent crude was down $1.36, or -3.4%, at $39.32 a barrel, having climbed the previous day. U.S. crude oil and gasoline stocks rose last week, data from industry [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Oct. 27 Operations Manager Brunel Fort McMurray Oct. 23 Project Manager Strike Group Calgary Oct. 23 Electrical Superintendent Strike [Read more]
Gear Energy Ltd. announces proposed amendments of convertible debentures
CALGARY, AB - Gear Energy Ltd. (TSX: GXE) (the "Company") is pleased to announce that the beneficial holders of in excess of 66 2/3% of its outstanding $13,185,000 aggregate principal amount of convertible unsecured subordinated debentures (the "Debentures") have agreed to certain amendments to the Debentures. The proposed amendments (the "Amendments") to the Debentures, include, among other things: (i) extending the maturity date of the Debentures from November 30, 2020 to [Read more]
Toscana Energy announces receipt of securityholder approval and final court order approving the transaction with i3 Energy
CALGARY, Alberta - Toscana Energy Income Corporation (Toscana or the Company) (TSX: TEI) announced that it has obtained a final order from the Court of Queen's Bench of Alberta approving the acquisition of Toscana by i3 Energy plc (i3 Energy) pursuant to an arrangement (the Arrangement) under the Business Corporations Act (Alberta), as previously announced on June 23, 2020. In addition, today Toscana held its annual and special meeting of Toscana shareholders (the Shareholders) in Calgary, [Read more]
Suncor Energy relocating its PetroCanada head office to Calgary from Ontario
CALGARY - Suncor Energy Inc. is moving its PetroCanada head office to Calgary from two offices in Ontario next year, affecting about 700 workers. A company spokesman says the shift is part of efforts by the oilsands and retail fuel giant to remain competitive by integrating the downstream business with the rest of Suncor to be more efficient. The downstream operations are largely PetroCanada refineries through to retail and wholesale sales, PetroCanada and Petro-Pass. Not all positions [Read more]
MEG Energy CEO deflects takeover speculation as oilsands company reports Q3 loss
CALGARY - The CEO of MEG Energy Corp. says it's business as usual for the oilsands producer despite speculation it could be a takeover target in the wake of the $3.8-billion buyout of Husky Energy Inc. announced by Cenovus Energy Inc. on Sunday. Derek Evans says the Calgary-based company doesn't consider itself a "driver" in the consolidation business and is concentrating on continuing to operate its business as the largest remaining pure-play bitumen producer in the oilsands. Analysts [Read more]
Cenovus to cut up to 25% of combined workforce with Husky Energy after deal
Cenovus Energy plans to cut 20% to 25% of its workforce after it acquires Husky Energy , the companies told Reuters on Tuesday, as Cenovus begins to slash costs in the Canadian oil patch's biggest merger in four years. The job losses could total about 2,150 positions, based on the size of their workforces, with the majority to take place in Calgary, Alberta, Husky said in a statement. Cenovus and Husky confirmed the job cuts after two sources told Reuters of the magnitude of the [Read more]
OPEC+ set for a three-month output rollover
Saudi Arabia and Russia will probably agree to extend their oil production cuts and postpone planned increases when they meet for talks with their OPEC+ partners at the end of November. For tactical reasons, both countries are trying to avoid committing to a rollover until the meeting is closer, seeking to keep their options open and secure adherence from other oil producers in the OPEC+ group. At present, the production schedule agreed by OPEC+ in April implies the group’s output will [Read more]