Oil prices have risen to their highest for more than seven years, climbing above levels that triggered a U.S.-led release of strategic petroleum reserves last November. Policymakers may be less likely to respond at this time as consumers and businesses have had more time to grow accustomed to prices around current levels. However, if prices rise nearer to $100 per barrel and look like they will continue increasing, the probability of intervention will grow rapidly. In the advanced [Read more]
Headlines
Pipestone Energy Corp. announces equitable origin certification
CALGARY, Alberta - (PIPE – TSX) Pipestone Energy Corp. (“Pipestone” or the “Company”) today announced it has achieved independent certification of all its production from its world class Pipestone Wembley asset under the Equitable Origin EO100™ Standard for Responsible Energy Development. The certified unit is in the Montney formation, located west of Grande Prairie, Alberta, covering more than 90,000 net acres. The company began the process of seeking independent certification through [Read more]
Icy weather cuts U.S. natgas output to four-month low
U.S. natural gas production was on track to drop to its lowest since September as extreme cold blankets much of the country and freezes gas wells in Texas and other producing states, according to energy traders and data from Refinitiv. The output drop reminds the market of last year's February freeze when Winter Storm Uri killed over 200 people in Texas, caused power and gas prices to spike to record highs in many parts of the country and left around 4.5 million Texas homes and businesses [Read more]
International Petroleum Corporation completes USD 300 million bond placement
International Petroleum Corporation ("IPC" or the "Corporation") (TSX, Nasdaq Stockholm: IPCO) announces that it has successfully completed a private placement of USD 300 million of senior unsecured bonds. The bonds will have a tenor of five years and will have a fixed coupon rate of 7.25 percent per annum, with interest payable in semi-annual instalments. The bond issue is expected to be rated B+ by S&P Global Ratings and B1 by Moody’s. Settlement of the bonds is expected to occur on or [Read more]
Enbridge announces redemption of cumulative redeemable minimum rate reset preference shares, series 17
CALGARY, AB - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced today that it intends to exercise its right to redeem all of its outstanding Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 17 ("Series 17 Shares") on March 1, 2022 at a price of $25.00 per Series 17 Share, together with all accrued and unpaid dividends, if any. Beneficial holders who are not directly the registered holders of the Series 17 Shares should contact the financial [Read more]
Enbridge announces closing of $750 million subordinated notes offering
CALGARY, AB - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced today that it has closed its previously announced offering (the "Offering") of $750 million aggregate principal amount of 5.00% Fixed-to-Fixed Rate Subordinated Notes Series 2022-A due January 19, 2082 (the "Notes"). Enbridge intends to use the net proceeds of the Offering to redeem its issued and outstanding Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 17 (TSX: ENB.PF.I) in accordance [Read more]
Prairie Provident announces year-end 2021 reserves
CALGARY, Alberta - Prairie Provident Resources Inc. (“Prairie Provident”, “PPR” or the “Company”) is pleased to announce the results of our independent 2021 year-end reserves evaluation conducted by Sproule Associates Limited (“Sproule”) with an effective date of December 31, 2021 (the “Sproule Report”). MESSAGE TO SHAREHOLDERS Tony Berthelet, President & Chief Executive Officer commented: “The 2021 year-end updated reserves evaluation confirms the underlying value of PPR’s assets. [Read more]
Birchcliff Energy Ltd. announces 2022 budget, guidance and updated five year plan
CALGARY, Alberta - Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce its 2022 budget, guidance and updated five year plan. “Birchcliff remains committed to increasing shareholder value, which we intend to accomplish by maximizing free funds flow generation and significantly reducing indebtedness. In alignment with these priorities, our board of directors has approved a new five year plan for 2022 to 2026 that provides for potential cumulative free [Read more]
Oil rises to 7-year high as Turkey outage adds to tight supply outlook
Oil prices rose for a fourth day to a seven-year high as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates. U.S. West Texas Intermediate (WTI) crude futures climbed 6 cents, or 0.07%, to $86.58 a barrel, adding to a 1.9% gain on Tuesday. WTI earlier jumped to a high of $87.08, its highest since Oct. 9, 2014. Brent crude futures slightly dipped 25 cents, or 0.26%, to [Read more]
Oil market headed for surplus as Omicron impact muted
Oil supply will soon overtake demand as some producers are set to pump at or above all-time highs, the International Energy Agency (IEA) said on Wednesday, while demand holds up despite the spread of the Omicron coronavirus variant. "This time around, the surge is having a more muted impact on oil use," the Paris-based IEA said in its monthly oil report. "While the steady rise in supply could see a significant surplus materialise in 1Q22 and going forward, available data suggest that 2022 [Read more]