The CEO of Suncor Energy Inc. says it will not increase capital spending this year despite higher oil prices, instead vowing to spend any increases in cash flow on debt repayment and share buybacks. Mark Little says the company won't backtrack after chopping operating costs by $1.3 billion or 12% in 2020 versus 2019 and reducing capital spending by $1.9 billion or 33% compared to the original guidance midpoint. The austerity pledge echoes similar recent vows from oilsands rivals Imperial [Read more]
Headlines
Oilsands giant Suncor Energy notes fourth-quarter loss on lower revenue, writedowns
CALGARY - Canadian oilsands and refining giant Suncor Energy Inc. is reporting a fourth-quarter net loss of $168 million or 11 cents per share, compared with a net loss of $2.34 billion or $1.52 in the same period of 2019. The company says the loss includes a $423-million after-tax asset impairment charge, along with a $142-million transportation provision related to the recently cancelled Keystone XL oil export pipeline project, offset by a $539-million unrealized after-tax foreign exchange [Read more]
Waterous Energy Fund addresses Osum’s press release and reaffirms strong shareholder support
CALGARY, AB - Waterous Energy Fund ("WEF") addresses the continued efforts taken by Osum Oil Sands Corp. ("Osum", or the "Company") to obstruct the ability of Osum's shareholders to achieve liquidity through WEF's offer (the "Bid", or the "Offer") as outlined in Osum's press release on February 1, 2021. WEF Reaffirms the Strong Shareholder Support It Has Received Shareholder support for WEF's bid has increased since the ruling of the Alberta Securities Commission ("ASC") dismissing [Read more]
New properties on PNGX
Two new properties are now available on PNG Exchange: Property: North PRA Lower Charlie Lake Company: Anegada Oil Corp. Toehold position in the emerging lower Charlie Lake play fairway of the Peace River Arch One of the few plays in Alberta that delivers >100% IRR’s at current commodity pricing and an average payout < 1year Near term expiries in Q3/Q4 2021 – Most of which are licences. 5 Net Sections – Lower Charlie Lake Rights – All 100% WI- no encumbrances 9 Net [Read more]
Suncor Energy reports fourth quarter 2020 results
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards, specifically International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production volumes are presented on a working-interest basis, before royalties, except for production volumes from the company’s Libyan operations, which are presented on an [Read more]
UCP co-founder urges Alberta premier to ‘fire yourself’ from intergovernmental post
EDMONTON - Alberta Premier Jason Kenney is getting some unsolicited advice from the co-founder of the United Conservative Party: fire yourself as the intergovernmental affairs minister. Brian Jean says Kenney’s “fight everyone” approach is not getting the job done for Albertans on critical issues, including energy and federal relations. “Fire yourself as intergovernmental affairs minister and appoint a new one,” Jean wrote in a guest column published Wednesday by Postmedia. “Ideally, we [Read more]
Oil rises to near 1-year highs after U.S. stock drawdown
Oil prices rose more than 2% to near their highest levels in about a year on Wednesday, after government data showed U.S. crude stockpiles fell to their lowest since March, while OPEC+ maintained its supply cut agreement. U.S. West Texas Intermediate (WTI) crude futures rose $1.45, or 2.7%, to $56.21 a barrel, their highest since January 2020. Brent crude futures rose $1.37, or 2.4%, to $58.83 a barrel by 11:05 a.m. EST (1605 GMT), their highest since last February. Both benchmarks’ [Read more]
Kamala Harris talks with Justin Trudeau and Keystone XL doesn’t seem to come up
WASHINGTON — Prime Minister Justin Trudeau spoke by phone today with U.S. Vice-President Kamala Harris, her first call with a foreign leader since taking office. The Prime Minister’s Office says the two discussed the COVID-19 pandemic, Canada-U. S. relations and Harris’s time as a high schooler in Montreal. They also discussed what a PMO readout of the call describes as “avoiding the unintended consequences” of President Joe Biden’s protectionist Buy American [Read more]
Enerplus closes previously announced bought deal offering of common shares
CALGARY, AB - Enerplus Corporation ("Enerplus" or the "Company") (TSX: ERF) (NYSE: ERF) is pleased to announce that it has closed the equity offering (the "Offering") previously announced on January 25, 2021. Upon closing of the Offering, a total of 33,062,500 Common Shares ("Common Shares") were issued at a price of C$4.00 per Common Share for gross proceeds of C$132,250,000. This includes 4,312,500 Common Shares issued pursuant to the exercise by the underwriters of the over-allotment option [Read more]
Innovative Well Abandonment – a hydrojet cut and cap company opens location in British Columbia
Edmonton, AB - Innovative Well Abandonment, a leading hydrojet cut and cap company in the oil and gas well abandonment industry, is pleased to announce they have a full-time hydrojet cut and cap well abandonment truck stationed in Fort St. John, B.C. With the next round of funding for British Columbia’s Dormant Site Reclamation Program coming up shortly, Innovative Well Abandonment is positioned to help on any well abandonment program that requires a cut and cap. “Innovative Well Abandonment [Read more]