Catastrophic damage to power lines and communications outages on Monday weighed on U.S. Gulf Coast refineries' post-Hurricane Laura assessments and on offshore oil and gas production. Energy companies continued to inspect and restart offshore operations while onshore repairs were hampered by power outages. In Lake Charles, Louisiana, near where the storm made landfall early Thursday, Citgo Petroleum and Phillips 66 said reviews to their refineries could take days and neither could estimate [Read more]
Headlines
Crescent Point updates production guidance and outlook
CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) and (NYSE: CPG) is pleased to announce reactivation of economic volumes previously shut-in and provide revised 2020 guidance along with a preliminary outlook for 2021. KEY HIGHLIGHTS Reactivated shut-in volumes, resulting in second half 2020 production increasing by approximately 20 percent. Capital expenditures expected to be approximately $665 million in 2020, in-line with the lower end of [Read more]
Oil prices rise on falling U.S. dollar
Oil prices recovered on Tuesday, erasing overnight losses, as investors moved into risk assets and away from the safe-haven U.S. dollar which tumbled to multi-year lows. U.S. West Texas Intermediate (WTI) crude futures rose 52 cents, or 1.22%, to $43.32 a barrel. Brent crude futures climbed 49 cents, or 1.1%, to $45.77 a barrel. Both benchmark contracts fell around 1% on Monday on worries about oil oversupply, with global demand stuck below pre-COVID levels. The dollar was last [Read more]
Bonterra Energy Corp. announces extension of revolving credit facility
CALGARY, AB - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") announces it has received approval from its syndicate of lenders to extend the revolving period applicable to the Company's existing credit facility to September 30, 2020 from August 31, 2020. The credit facility will continue to be available on a revolving basis until that date. The extension affords Bonterra and its syndicate of lenders additional time to finalize definitive agreements [Read more]
AltaGas Ltd. provides notice of series A and series B preferred shares conversion rights and dividend rates
CALGARY, AB - AltaGas Ltd. ("AltaGas") (TSX: ALA) announced today that it does not intend to exercise its right to redeem any or all of its currently outstanding Cumulative Redeemable Five-Year Rate Reset Preferred Shares, Series A (the "Series A Shares") (TSX: ALA.PR.A) or the Cumulative Redeemable Floating Rate Preferred Shares, Series B (the "Series B Shares") (TSX: ALA.PR.B) on September 30, 2020 (the "Conversion Date"). As a result, subject to certain conditions, the holders of the [Read more]
Cardinal Energy Ltd. announces extension of revolving credit facility
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal") (TSX: CJ) has received approval to extend the revolving period applicable to the Company’s existing reserves-based credit facility to September 30, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection therewith, the date for the re-determination of the borrowing base has also been extended to September 30, 2020. About Cardinal Energy Ltd. One of Cardinal's goals is to continually improve [Read more]
Painted Pony announces credit facility update
CALGARY, Alberta - Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) today confirms the execution of an agreement (the “Extension Agreement”) with the Corporation’s syndicate of lenders to extend Painted Pony’s annual borrowing base redetermination date from August 31, 2020 to the earlier of either October 31, 2020 or the date on which the arrangement between Painted Pony and Canadian Natural Resources Limited (“CNRL”), pursuant to which CNRL has agreed to acquire all of [Read more]
Gibson Energy announces the addition of Ms. Peggy Montana to the company’s board of directors
CALGARY, Alberta - Gibson announced today that Ms. Peggy Montana will join the Company’s Board of Directors effective August 31, 2020. “We are very pleased to have Peggy Montana join Gibson’s Board of Directors,” said James Estey, Chairman of Gibson. “Through her significant experience in various board and senior executive roles within the midstream and refined products sectors, predominantly at an international supermajor, Peggy brings a wealth of knowledge of global best practices in health, [Read more]
U.S. court rejects bid to halt Kinder Morgan gas pipeline
A nearly-complete $2.3 billion pipeline to carry natural gas from West Texas shale fields to the U.S. Gulf Coast can move ahead, a U.S. judge in Austin, Texas, ruled on Friday, rejecting an environmental group’s effort to halt the project. Sierra Club in April challenged federal approval of the 428-mile (689 km) Kinder Morgan Inc pipeline, alleging regulators’ reviews under a streamlined process were faulty. The line’s path crosses areas with two endangered species and some 400 wetlands, [Read more]
Oil prices edge up on stimulus support despite ample supplies
Oil prices nudged up on Monday, with Brent futures set to post a fifth straight monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well supplied market. Brent crude futures for November climbed 27 cents, or 0.6%, to $46.08 a barrel by 0038 GMT, while U.S. West Texas Intermediate crude was at $43.11 a barrel, up 14 cents, or 0.3%. Brent is set to close out August with a fifth successive monthly price rise, having peaked at [Read more]