Oil prices eased on Tuesday as weak manufacturing data from Europe and Japan focused market attention on the gloomy outlook for demand and away from uncertainty around supply disruptions in Saudi Arabia. U.S. West Texas Intermediate (WTI) futures were at $58.36, down 28 cents. Brent crude futures fell 35 cents to $64.42 a barrel. "The demand side of the equation is back in focus," said Michael McCarthy, senior market analyst at CMC Markets in Sydney, pointing to sluggish manufacturing [Read more]
Headlines
Column: Carbon capture ingenuity shows resilience of petroleum sector whether activists acknowledge it or not
Whenever I mention Carbon Engineering, the Murray Edwards/Bill Gates-backed, Squamish-based company that’s developing large scale carbon capture technology, some wise monkey points out to me that the technology is too expensive or too impractical. They come up with some mechanical/cost yardstick, and say that it doesn’t make any sense. I have nothing against monkeys, but these sorts or replies do earn them a scowl. Oh, they may well be right about the cost being suboptimal. But the more [Read more]
Eight energy firms dropped from Canada’s main equity index
Eight Canadian energy companies were booted out of the S&P/TSX Composite Index on Monday because their market capitalization has dropped below minimum requirements, the latest sign of difficulties facing the country's oil and gas sector.Analysts said the rebalancing of Canada's flagship index underlined the challenge to energy companies in attracting investment amid concerns about lack of new oil pipeline capacity and a glut of inexpensive North American natural gas.Canada holds [Read more]
Delphi Energy Corp. Announces Recapitalization Transaction and Board Changes
CALGARY, Alberta, Sept. 23, 2019 (GLOBE NEWSWIRE) -- September 23, 2019 – Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce a significant recapitalization transaction (the “Recapitalization Transaction”) that repositions the Company for future growth and value enhancement. The Recapitalization Transaction achieves the following corporate objectives: Raises a minimum of $43 million of new equity and debt capital exclusively for the development of the Company’s [Read more]
‘It’s on:’ Kenney vows to counter Texas efforts to lure Canadian companies south
CALGARY - Alberta's premier has a message for Texas firms looking to lure Canadian businesses to the Lone Star State — it's on. Jason Kenney says there has been a huge flight of money from Alberta's energy sector to Texas in recent years. One Houston-area real estate company says it has helped move 40 Canadian companies in the last year and a half, mostly in the oilfield services sector. Kenney says his government's plans to lower taxes, reduce red tape and ease [Read more]
Alberta to unveil budget on Oct. 24, spending cuts loom
Alberta will unveil its first budget on Oct. 24, the premier said on Monday, warning that "difficult decisions" would need to be made on spending to help tackle hefty deficits. Premier Jason Kenney and his United Conservative Party were elected in April, ousting the left-leaning New Democratic Party (NDP), with promises to get Alberta's finances in order. The western province holds most of Canada's oil reserves, the third-largest in the world, but it has been struggling with persistent [Read more]
Oil falls below $58 on prospects for Saudi output restart, economic concerns
Oil fell below $58 barrel on Monday, reversing an earlier gain, pressured by the prospect of a faster-than-expected full restoration of Saudi oil output and by fresh signs of European economic weakness. A source, briefed on the latest developments in the Sept. 14 attack on Saudi oil facilities, told Reuters Saudi Arabia had restored around 75% of crude production lost. Oil was up earlier in the session, supported by scepticism over how fast output would come back. U.S. West Texas [Read more]
Fuelled Announces New Agreements and Operational Updates
Today, Fuelled, Canada’s leading and most credible energy equipment marketplace, announces new agreements, significantly increasing the size of its consignment inventory. Fuelled’s platform business has grown steadily over the last 4 years, enabling its network of supply side clients to access the global demand for energy equipment. “We (Fuelled) have focused on providing an exceptional online buying experience and the resulting positive network effects are driving the growth of our platform.” [Read more]
Kaybob Duvernay Opportunity
Bounty Developments Ltd. is soliciting offers for its 100% working interest in 98.5 sections (63,040 acres) of Duvernay and other PNG rights in the Kaybob area. These are the largest high quality available Duvernay undeveloped land blocks in the Kaybob basin. Well control and extensive geological and petrographic work have de-risked land and show good pay thicknesses, high silica and toc content and other indicia of a world class shale project. Land is in two contiguous blocks of primarily [Read more]
Gear Energy Ltd. Announces Toronto Stock Exchange Approval for Normal Course Issuer Bid
CALGARY, Sept. 23, 2019 /CNW/ - Gear Energy Ltd. ("Gear") (TSX: GXE) is pleased to announce that the Toronto Stock Exchange ("TSX") has granted approval for Gear to commence a normal course issuer bid (the "NCIB"). Under the NCIB, Gear may purchase for cancellation up to 10,954,673 common shares (the "Shares") of Gear, representing approximately 5% of its 219,093,452 issued and outstanding Shares as at September 20, 2019. The total number of Shares that Gear is permitted to purchase is [Read more]