OTTAWA - The Alberta and Saskatchewan premiers are condemning Joe Biden's plan to scrap the Keystone XL pipeline expansion on his first day as U.S. president. Biden's plan is outlined in transition documents seen by The Canadian Press. Jason Kenney and Scott Moe say halting construction on the controversial project will be disastrous for both the Canadian and U.S. economies. Kenney says his government -- which announced a $1.5 billion investment into the expansion last year -- is [Read more]
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Keystone XL commits to become first pipeline to be fully powered by renewable energy
HOUSTON - Media Advisory - TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the company) today announced a new sustainable energy initiative for the Keystone XL Project. The company will achieve net zero emissions across the project operations when it is placed into service in 2023 and has committed the operations will be fully powered by renewable energy sources no later than 2030. This announcement comes after an extensive period of study and analysis, and as part of the company’s ongoing [Read more]
Oilpatch woes boost Calgary’s downtown office vacancy rates to record levels
CALGARY - Vacancies in Calgary's downtown office towers have risen to record levels and there's no landlord relief in sight with almost one in three offices sitting empty and sublets accounting for a quarter of available spaces on the market. The city's glut of empty office space has previously been linked to overbuilding but two commercial real estate reports released this past week show that downtown vacancy rates in Canada's oil and gas capital are the highest in the country and growing — [Read more]
Distinction Energy Corp. (formerly named Delphi Energy Corp.) announces amendment and exercise of warrants issued to Kiwetinohk Resources Corp. and related amendments to Investor Agreement and Management Services Agreement
CALGARY, Alberta, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Distinction Energy Corp. (formerly named Delphi Energy Corp.) (“Distinction” or the “Company”) announces that, effective January 15, 2021, the warrant certificate representing 3,348,799 class A common share purchase warrants of the Company (the “Warrants”) issued to Kiwetinohk Resources Corp. (“KRC”) was amended and restated to, among other things, facilitate an early exercise of the Warrants, which KRC exercised on January 15, 2021 at an [Read more]
Cardinal announces its 2021 operating and capital budget focused on continued debt reduction and asset optimization
CALGARY, Alberta - (CJ:TSX) Cardinal Energy Ltd. ("Cardinal" or the "Company") is pleased to announce that its Board of Directors has approved an operating and capital budget for 2021 that will focus on debt reduction, maintaining production levels and abandonment and reclamation expenditures. Highlights of 2021 Budget Generates adjusted funds flow of $70 to $75 million; Approximately $40 to $45 million or 55% to 60% of adjusted funds flow will be utilized for debt repayment; [Read more]
Newfoundland government to fund refinery as search for buyer continues
The Newfoundland and Labrador government entered into a $16.6 million funding agreement with North Atlantic Refinery Limited to keep its 135,000 barrels per day Come-by-Chance plant idled as the owner seeks a new capital partner, the government said on Friday. The funding will cover 75% of eligible labor costs of refinery employees and 50% of eligible non-labor costs in Newfoundland and Labrador to keep the refinery warm in case of a future restart, according to a release from the [Read more]
Canada’s rig count up 11 to 181
Canada averaged 181 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 105 are drilling for oil, 68 are drilling for natural gas, 1 for potash, and 7 for other. Drilling activity by province is 126 in Alberta, 30 in Saskatchewan, 17 in British Columbia, 3 in Manitoba, and 5 in other. Precision Drilling holds the majority of the Canadian market share with 28 per cent, Ensign Drilling with 19 per cent, Nabors [Read more]
U.S. drillers add oil and gas rigs for 8th week in a row
U.S. energy firms this week added oil and natural gas rigs for an eighth week in a row as crude prices recover to their highest in nearly a year. The oil and gas rig count, an early indicator of future output, rose 13 to 373 in the week to Jan. 15, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. Those eight weeks of additions were the most since November when the rig count climbed for nine weeks in a row. Despite gains in recent [Read more]
Oil falls as China lockdown, U.S. unemployment temper gains
Oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and U.S. plans for a large stimulus package. U.S. West Texas Intermediate crude was down 79 cents, or 1.46%, at $52.91 a barrel. Brent was down 86 cents, or 1.56%, at $55.56, after gaining 0.6% on Thursday. Brent and U.S. crude saw their first weekly declines in three weeks. While producers are facing [Read more]
Perpetual Energy receives favourable court decision dismissing the Sequoia BIA claim
CALGARY, AB - (TSX: PMT) - Perpetual Energy Inc. ("Perpetual" or the "Company") is pleased to announce that the Alberta Court of Queen's Bench (the "Court") has summarily dismissed the balance of the Statement of Claim filed by PricewaterhouseCoopers Inc. LIT ("PwC"), in its capacity as trustee in bankruptcy of Sequoia Resources Corp. ("Sequoia") against Perpetual, Perpetual Operating Trust, Perpetual Operating Corp. (collectively the "Perpetual Entities") and Susan Riddell Rose, the Company's [Read more]