CALGARY - Pembina Pipeline Corporation ("Pembina", "our", "we" or "the Company") (TSX: PPL) (NYSE: PBA) today released its 2020 Sustainability Report (the "2020 Report"). This marks our second full-length report outlining the Company's approach, recent performance and our future initiatives for environmental, social and governance ("ESG") factors that are most material to our stakeholders and business. The 2020 Report details the Company's progress since 2018 and further establishes Pembina's [Read more]
Headlines
Heavy discount widens to nearly 4-month high as production slowly rises
Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened on Thursday, touching the highest level since early August: Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at $12.10 per barrel below WTI, according to NE2 Canada Inc, wider than Wednesday's settlement of $11.95 under. Slowly increasing production is seen pushing the differential wider, offset partly by demand for heavy oil recovering. The differential is likely [Read more]
Athabasca Oil adopts lower 2021 budget, spends to maintain oilsands production
CALGARY - A Canadian oil company with production from both oilsands and light oil and gas wells is forecasting lower spending and little change in production in 2021. Athabasca Oil Corp. says it plans to spend $75 million next year, versus $85 million in 2020, with $70 million of that focused on drilling wells to sustain production at its Leismer oilsands project, which employs steam to produce bitumen. It says it plans to drill no new wells in its light oil division but added its minimal [Read more]
Husky Energy to get $41.5 million in federal cash for stalled N.L. offshore project
ST. JOHN'S, N.L. - Husky Energy will receive $41.5 million in federal money to maintain jobs and move toward restarting its West White Rose offshore oil project in Newfoundland and Labrador, if conditions permit. Newfoundland and Labrador Premier Andrew Furey made the funding announcement today in St. John's, N.L., saying the investment ensures jobs for 331 people in the province for the next year. Furey said Husky is matching the funding with $41.5 million of its own money. The company [Read more]
Alberta crude’s 12,000 km trip to… Canada?
Earlier this year, the first shipment of Alberta crude oil, an estimated 450,000 barrels, arrived on the east coast, completing an arduous and lengthy 12,000 km trip from British Columbia, through the Panama Canal before ending in Saint John. On June 18, oil from Calgary-based Cenovus Energy made its way via the Trans Mountain pipeline from the Westbridge Marine Terminal in Burnaby, B.C. to Irving Oil’s refinery in Saint John, which is the largest oil refinery in the country, capable of [Read more]
H3M’s collaborative approach to SRP success
H3M has been involved with the SRP since its inception and has been very successful connecting numerous companies with the funding to date. We made several applications and are currently conducting Environmental Assessments for our clients in Alberta. We achieved an incredible 95% success rate for all Alberta submitted applications. H3M can help clients navigate this program and ensure they are capitalizing on the maximum benefits available to them. We complete Phase 1 and 2 Site Assessments [Read more]
Alberta government’s capacity to raise revenues has shrunk 41.3% since 2014/15; moving closer to “have-not” status
CALGARY, Alberta - Alberta’s ability to raise own-source revenues — known as the province’s fiscal capacity—has shrunk substantially in the past six years. This development has rendered the province’s high spending levels unsustainable, and places Alberta at risk of becoming a “have-not” province, finds a new study released today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank. “Just a few years ago, Alberta was able to raise large amounts of revenue with [Read more]
Chevron cuts spending plans again, sets 2021 budget of $14 bln
U.S. oil major Chevron Corp on Thursday cut billions more off its long-term capital and exploratory budget after completing a major restructuring of its operations as it seeks to preserve its dividend. The company said it now expects its total capital and exploratory budget through 2025 to be between $14 billion and $16 billion, down from an earlier forecast of between $19 billion and $22 billion. It also said that despite the reduction to the overall budget, it expects to be able to raise [Read more]
UAE’s oil expansion gives it new weight within OPEC
The United Arab Emirates' resistance at OPEC meetings to extend deep supply cuts into 2021 is the start of a more assertive policy stance that could make it harder for the group's de-facto leader, Saudi Arabia, to balance global oil supply. The seeds of the emerging divergence have their roots in a major expansion in capacity in the UAE as well as an effort that is gathering pace for the country’s oil to become one of the few grades of crude used as a benchmark to price world supply. The [Read more]
Athabasca Oil Corporation provides 2021 budget guidance and announces bank facility renewal along with an increase in unsecured credit facility capacity
CALGARY, Alberta - Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or “the Company”) announces its 2021 budget that is focused on maintaining base production and maximizing funds flow. The Company also is pleased to announce that it has renewed its syndicated bank facility and has received an increase to its unsecured letter of credit facility backstopped by Export Development Canada. 2021 Budget Low Sustaining Capital. Athabasca is planning expenditures of $75 million focused on sustaining [Read more]