U.S. energy firms reduced the number of oil rigs operating for the first time in four weeks as some companies expect output growth from shale formations to slow as producers cut spending on new drilling for a second consecutive year in 2020. Drillers cut 1 oil rig in the week to Feb. 28, bringing the total count down to 678, energy services firm Baker Hughes Co said in its closely followed report on Friday. That is a decline of 20% from the same week last year when 843 rigs were [Read more]
Headlines
Oil prices fall again, on track for biggest weekly drop in over 4 years
Oil prices fell for a sixth straight session on Friday and were on track for about a 12% weekly fall, the biggest in more than four years, as the spread of the coronavirus outside China raised fears of slowing global demand. The virus, which has killed more than 2,700 people in China, has been found in another 46 countries and caused 57 deaths. Investors worry the epidemic could turn into a pandemic and deliver a damaging blow to the global economy. West Texas Intermediate (WTI) crude [Read more]
AltaGas Announces Fourth Quarter and Full-Year 2019 Results and Reaffirms 2020 Outlook
AltaGas delivers strong fourth quarter results, achieves 2019 guidance and enters 2020 focused on operations and growth in its Utilities and Midstream businesses CALGARY, Feb. 28, 2020 /CNW/ - AltaGas Ltd. (AltaGas or the Company) (TSX: ALA) today reported fourth quarter and full-year 2019 financial results. AltaGas also reaffirmed its 2020 outlook and provided an update on its business and near-term priorities, which remain on track. HIGHLIGHTS (all financial figures are unaudited and in [Read more]
Pipeline talks with hereditary chiefs set for second day in northern B.C.
SMITHERS, B.C. - The hereditary chiefs of the Wet'suwet'en are scheduled to meet for a second day with senior federal and provincial ministers today as they try to break an impasse in a pipeline dispute that's sparked national protests and led to disruptions in the economy. Federal Crown-Indigenous Relations Minister Carolyn Bennett and British Columbia Indigenous Relations Minister Scott Fraser began the long-sought talks Thursday afternoon. They wrapped up after about three hours with [Read more]
Advantage Announces Fourth Quarter and Year End 2019 Results
CALGARY, Feb. 27, 2020 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce its 2019 results, including considerable progress on liquids growth, continued operational excellence of our low-cost natural gas foundation, and solid performance on our 2019 objectives. With modern, low emissions-intensity assets and our Glacier Carbon Sequestration project, the Corporation continues to proudly deliver clean and sustainable energy, contributing to a reduction [Read more]
Pembina Pipeline Corporation Reports Record Annual Results in 2019
Pembina's record annual earnings, cash flow and adjusted EBITDA were driven by new assets recently placed into service All financial figures are in Canadian dollars unless noted otherwise. CALGARY, Feb. 27, 2020 /CNW/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today its financial and operating results for the fourth quarter and full-year 2019. Financial and Operational Overview 3 Months EndedDecember 31 12 Months [Read more]
Obsidian Energy Announces an Extension and Updates to its Syndicated Credit Facility
CALGARY, Feb. 27, 2020 /CNW/ - OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the "Company", "we", "us" or "our") announces the extension of the Company's syndicated credit facility with the underlying borrowing base and amount available under the syndicated credit facility set at $550 million and $450 million, respectively, subject to specific items being amended as discussed below. The amount available under the syndicated credit facility has been reduced by $10 million to [Read more]
Crew Energy Inc. Announces Closing of First Phase of Strategic Midstream Transaction and Receipt of $35 Million
CALGARY, Feb. 27, 2020 /CNW/ - Crew Energy Inc. (TSX: CR) ("Crew" or the "Company") is pleased to confirm the first of two closings of our previously announced strategic transaction with a third party midstream company (the "Transaction"), which was announced on January 17, 2020. The Transaction is one of many innovative value-creation initiatives Crew has undertaken to streamline our asset base. Over and above the proceeds to be realized from the Transaction, since 2014 the Company has [Read more]
TORC Oil & Gas Ltd. Announces 2019 Fourth Quarter and Year-End Financial & Operating Results; 2019 Year-End Reserves; and Increase in 2020 Guidance
CALGARY - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX: TOG) is pleased to announce financial and operating results for the three months and year ended December 31, 2019 and to provide 2019 year-end reserves information as evaluated by Sproule Associates Limited ("Sproule"). The associated Management's Discussion and Analysis ("MD&A") dated February 27, 2020 and audited financial statements as at and for the year ended December 31, 2019 can be found at www.sedar.com and [Read more]
Trudeau to meet provincial, territorial leaders amid heightened tensions
OTTAWA - Prime Minister Justin Trudeau will sit down with provincial and territorial leaders on March 13 to wrestle with some of the thorny issues that are dividing the nation. The first ministers' meeting, to be held in Ottawa, is to cover climate change, the economy, health care, infrastructure and equalization. Announcement of the meeting comes as Trudeau is struggling to reconcile the competing demands of environmental concerns, resource development and Indigenous reconciliation. It [Read more]