CALGARY, AB - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA) announced today its intention to redeem its issued and outstanding Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 13 (TSX: PPL.PR.M) (the "Series 13 Shares") on June 1, 2021. The Company further announced that its Board of Directors has declared a common share cash dividend for April 2021 of $0.21 per share and quarterly dividends for the Company's preferred [Read more]
Headlines
Waterous Energy Fund announces the final step of its acquisition of Osum Oil Sands Corp; shareholder meeting to be held April 30, 2021 to approve the transaction
CALGARY, AB - Waterous Energy Fund ("WEF") and Osum Oil Sands Corp. ("Osum") announce today that Osum has entered into an amalgamation agreement with WEF Osum Acquisition Corp. ("WOAC") under which Osum will amalgamate with WOAC, with the amalgamated entity ("Amalco") becoming an entity wholly-owned by WEF (the "Amalgamation"). Osum's board has called a meeting of holders ("Osum Shareholders") of common shares of Osum ("Osum Shares") to consider the proposed Amalgamation. This Amalgamation [Read more]
Canadian oil producers CNRL, Cenovus plan new emissions targets, no shift to renewables
Canadian Natural Resources (CNRL) and Cenovus Energy, two of Canada's biggest oil producers, said on Tuesday they will set new goals to reduce greenhouse gas emissions, but not pivot away from their core businesses. Oil sands producers, who extract some of the world's most carbon-intense crude, face pressure from investors to reduce their environmental impact. Prime Minister Justin Trudeau plans to raise Canada's carbon price steeply over time to position the country for carbon-neutral status [Read more]
Teine Energy Ltd. announces closing of private offering of senior unsecured notes
CALGARY, AB - Teine Energy Ltd. ("Teine") has closed its previously announced senior unsecured notes offering (the "Notes Offering"). Teine has issued US$400 million in aggregate principal amount of 6.875% senior unsecured notes due in 2029 (the "Notes"). The Notes were issued pursuant to an indenture dated as of April 6, 2021, by and between Teine and Wilmington Trust, National Association, as trustee. Teine intends to use the net proceeds of the Notes Offering to redeem in full the US$350 [Read more]
Sale of Husky stations stopped, Asia-Pacific assets could be sold, says Cenovus CEO
CALGARY - The CEO of Cenovus Energy Inc. says a pending sale of Husky Energy Inc.'s chain of retail fuel stations was halted as part of the $3.8-billion all-stock takeover that closed early this year. In a fireside chat at the 2021 Scotiabank CAPP Energy Symposium, Alex Pourbaix says the sale would have taken place at a low point in the fuel retailing cycle and was stopped in hopes that the market for those assets would improve. Husky announced its plan to get out of retailing fuel to [Read more]
Acquisition of Hangingstone oilsands assets in Canada by Greenfire Acquisition Corporation
Calgary, Canada – McIntyre Partners (“McIntyre”) and Griffon Partners (“Griffon”) today announced the acquisition of Greenfire Hangingstone Operating Corporation’s oilsands assets in Canada. The deal was conducted via the acquisition vehicle Greenfire Acquisition Corporation (“GAC”). Hangingstone is a tier-one oilsands reservoir south of Fort McMurray, Alberta and is one of only four tier-one reservoirs in Canada. The facility has been well-invested and maintained throughout its history and has [Read more]
Distinction Energy Corp. announces changes to executive officers
CALGARY, Alberta - Distinction Energy Corp. (“Distinction” or the “Company”) announces that, effective April 5, 2021 and pursuant to previously disclosed plans to rebuild Distinction from last year’s CCAA process, the executive officers of the Company have been reconstituted as follows: Mr. Timothy Schneider has resigned as President and Chief Executive Officer and Mr. Patrick Carlson has been appointed President and Chief Executive Officer of the Company in his place. Mr. Carlson has over [Read more]
Industry optimism rising to pre-pandemic levels, CAPP energy symposium hears
CALGARY - The head of the Canadian Association of Petroleum Producers says predictions of the end of the oil industry during a global price war and the pandemic a year ago have proven false and the sector is rebounding to pre-COVID levels of production and pricing. Speaking at the opening of the 2021 Scotiabank CAPP Energy Symposium, Tim McMillan says oil and gas producers are looking forward to being a key part of North America's recovery from the economic slump caused by the [Read more]
Oil rebounds on robust economic data, bargain hunting
Oil prices rose on Tuesday as investors looked for bargains following the previous day's plunge of more than 4% on rising output from OPEC+ while strong economic data from the United States and China brightened recovery prospects. U.S. West Texas Intermediate (WTI) crude futures rose $1.44, or 2.47%, to $60.24 barrel, after sliding 4.6% on Monday. Brent crude futures rose $1.38, or 2.22%, to $63.66 a barrel, after falling 4.2% on Monday. Market sentiment was buoyed by a survey from the [Read more]
Three-quarters of oil and gas sector could be displaced in move to cut emissions
TORONTO - A report by TD Bank suggests up to three-quarters of those working in the oil and gas sector could lose their jobs over the next three decades as Canada works toward its greenhouse gas emission targets. Ottawa has set a goal of net-zero emissions by 2050. The TD report says the government's commitment is critical to avoid the worst outcomes of climate change, but the cuts will need significant action The report says that 50 to 75% of those working in the oil and gas sector or [Read more]