Oil prices rose on Monday on a slow return of U.S. crude output cut by frigid conditions and as an approaching meeting by top producers is expected to keep production largely reined in, pointing to tight global supply. U.S. oil rose $$2.05, or 3.48%, to $60.99 a barrel, having fallen 0.4% last week. Brent crude was up $1.85, or 2.95%, at $64.54 a barrel, after gaining nearly 1% last week. Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels [Read more]
Headlines
Kenney says no new taxes as Alberta preps for another tough times pandemic budget
EDMONTON - On Thursday it’s budget day in Alberta, a time that will cruelly and ironically remind residents that last year’s projected eye-popping $6.8-billion deficit was actually the good old days. Since then, that deficit has tripled to $21 billion while taxpayer-supported debt has ballooned to $97 billion, victims of oil price wars and the COVID-19 pandemic that have decimated Alberta's bottom line. Finance Minister Travis Toews says the deficits will continue and the budget will focus [Read more]
Looking to boost your business skills and re-invent your career? The MBA gives you a fresh start
Join fellow business professionals for this virtual MBA event. Business schools from around the world look forward to meeting you online on 11 March. Discover the best in business education. Here’s what you get at the event: Individual video meetings with MBA programme directors from York, Queens, St. Mary, McMaster, Sauder School of Business and many more Insights on online and hybrid learning options and flexible formats Personal consultation for your business and management [Read more]
TC Energy affirms 0.70 share-for-unit exchange ratio in definitive agreement to acquire all outstanding common units of TC PipeLines, LP
CALGARY, Alberta – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy) today responded to a unitholder’s recent assertion of the inadequacy of the exchange ratio in the definitive agreement to acquire all of the outstanding common units of TC PipeLines, LP (NYSE:TCP) (TCP or the Partnership) not beneficially owned by TC Energy or its affiliates. The exchange ratio of 0.70 of a TCE common share for each TCP common unit represents a 20.8 per cent premium to the TCP closing price before the [Read more]
Falcon Oil & Gas Ltd. – assignment of Canadian working interests
Falcon Oil & Gas Ltd. (TSXV: FO) has agreed to assign its working interest in three gross producing wells and one gross shut-in well and associated infrastructure in Alberta, Canada to a large Canadian-based company. These wells have been loss making and have generated minimal revenues to Falcon over the last number of years. Collective revenues for nine months to September 2020 were US$3,000 and the associated costs for the same period were US$6,000. For the 12 months to December 2019 [Read more]
Canada’s weekly rig count drops 1 to 185
Canada averaged 185 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 24 were moving, 93 are drilling for oil, 66 are drilling for natural gas, and 2 for other (helium, hydrogen, geothermal, or potash). Drilling activity by province is 70% in Alberta, 22% in Saskatchewan, 7% in British Columbia, 1% in Manitoba. Precision Drilling holds the majority of the Canadian market share with 30 per cent, Ensign Drilling [Read more]
Topaz Energy Corp. announces credit facility expansion and extension
CALGARY, AB - Topaz Energy Corp. (TSX: TPZ) ("Topaz" or the "Company") is pleased to announce that it has entered into an amended and restated credit agreement with a syndicate of Canadian banks providing for a $300 million combined operating and syndicated credit facility due February 19, 2024 ("Amended Credit Facility"). The Amended Credit Facility replaces the Company's prior credit facility, which was undrawn, due June 10, 2022, and provided for aggregate borrowing capacity of $125 million [Read more]
TC PipeLines largest unitholder to vote against $1.68 bln merger with TC Energy
TC PipeLines LP's largest independent unitholder, Energy Income Partners, said on Friday it plans to vote against the $1.68 billion merger with Keystone pipeline owner TC Energy, saying the deal undervalues the company's assets. Energy Income Partners has more than 10% stake, which makes it the largest 'non-affiliated' unitholder. It said the deal is "inadequate" and "significantly undervalues" TCP's organic growth opportunities. Calgary-based TC Energy owns about 24% stake in TC PipeLines [Read more]
Coastal GasLink bringing back pipeline workers after pandemic plan approved
TC Energy Corp. says it is gradually bringing back workers on its Coastal GasLink pipeline project in B.C. after health authorities approved its plan to deal with risks of the COVID-19 pandemic. The workforce fell from almost 3,700 people to fewer than 600 and pipeline construction ground to a near halt in January after an order was issued restricting worker numbers at industrial projects in the Northern Health Authority region of B.C. to control the pandemic. On Thursday, TC Energy CEO [Read more]
Inter Pipeline says no decisions made on strategic options after Brookfield offer
Canada's Inter Pipeline Ltd said on Friday no decisions have been made as it initiates a strategic review of its options, a week after rejecting an unsolicited bid from its largest shareholder, Brookfield Infrastructure Partners. The Calgary-based company announced a formal review on Thursday, and said options included a possible "corporate transaction." Infrastructure company Brookfield had offered C$16.50 per share for Inter and said it was willing to go as high as C$18.25 if the [Read more]