U.S. energy firms increased the number of oil rigs operating for the first time in the past three weeks as U.S. crude futures soared around 10% this week. Big energy price declines over the prior couple of months, however, prompted one analyst to cut rig count forecasts for 2019 and 2020. Companies added one oil rig in the week to June 21, bringing the total count to 789, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That compares [Read more]
Headlines
Imperial committed to long-term shareholder value
CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited today announced it has received final acceptance from the Toronto Stock Exchange (TSX) for a normal course issuer bid (NCIB) to repurchase up to five percent of its 764,221,735 outstanding common shares as of June 13, 2019, or a maximum of 38,211,086 shares during the next 12 months. This maximum will be reduced by the number of shares purchased from Exxon Mobil Corporation (ExxonMobil), Imperial’s majority shareholder, as described [Read more]
Oil industry dismayed as contentious energy bills become law
Two pieces of legislation opposed by Canada's oil and gas industry that fulfil Liberal government promises to protect the environment will become law on Friday. Bill C-69, which will overhaul environmental assessments for major resource and transportation projects like oil pipelines, and Bill C-48, which bans oil tankers from British Columbia's northern coast, were passed by the Senate on Thursday evening. That vote followed approval by the House of Commons last week. The two bills are [Read more]
Tidewater provides Operational Update and announces Q2 Dividend
CALGARY, June 21, 2019 /CNW/ - Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation") (TSX:TWM) is pleased to announce: that the Pioneer Pipeline, connecting Tidewater's Brazeau River gas plant to TransAlta's generating units at Keephills and Sundance, transported first gas four months ahead of schedule; that Tidewater expanded its gas storage facility at Pipestone and completed its natural gas pipeline connecting the facility to both Alliance and TCPL; and that its Board [Read more]
ARC Resources Ltd. Updates Its 2019 and 2020 Capital Expenditure Plans
CALGARY, June 20, 2019 /CNW/ - (ARX - TSX) ARC Resources Ltd. ("ARC" or the "Company") announced that its board of directors has approved a reduction to the Company's 2019 capital expenditure program, from $775 million to $700 million. 2020 capital expenditures are expected to be in the range of $550 million to $625 million. "ARC's reduced capital investment levels are consistent with our long-held principles of stewarding low debt, sustainable dividends, and investing capital when it is [Read more]
Environmental assessment overhaul, tanker ban bills face final vote in Senate
OTTAWA - The Liberal government's push to make climate change impacts part of the assessment process for new national resource projects faces its final hurdle today. Bill C-69 is back in the Senate for another vote after the House of Commons rejected more than half of the 200-plus amendments proposed by the upper house. Also back in the Senate facing its final decision is Bill C-48, which imposes a ban on oil tankers off the northern coast of British Columbia. The two [Read more]
Canada’s Conservative leader unveils climate plan without carbon pricing
Canada's Conservative Party leader unveiled his long-awaited climate and environmental plan on Wednesday that would eliminate the current federal carbon pricing program and focus on promoting green technologies. For more than a year, Conservative chief Andrew Scheer, who is currently leading in the polls, has been promising to deliver a climate plan that would replace Prime Minister Justin Trudeau's so-called "carbon tax." "More and more Canadians are starting to realize that paying a tax [Read more]
Protests, legal challenges planned to block Trans Mountain pipeline expansion
VANCOUVER - Opponents of the Trans Mountain pipeline expansion are preparing for a long summer of legal challenges and protests aimed at blocking the project from being built. Rueben George of the Tsleil-Waututh Nation says it will file a legal challenge in the Federal Court of Appeal and he is confident the First Nation will be successful after Ottawa approved the project on Tuesday. Squamish Nation Coun. Khelsilem says his band is also prepared for legal action and Vancouver [Read more]
Trans Mountain oil pipeline expansion may start in September
CALGARY, Alberta/WINNIPEG, Manitoba, June 19 (Reuters) - Construction on expanding the Trans Mountain oil pipeline could begin in September, assuming the next regulatory steps go smoothly, the project's chief executive said on Wednesday. The $7.4 billion project was stalled a year ago after a Canadian court ruled the federal government, which also owns Trans Mountain, failed to adequately consult indigenous groups. Prime Minister Justin Trudeau on Tuesday reapproved the expansion, cheering [Read more]
Federal cabinet ministers visit Edmonton, Calgary, in wake of TMX approval
EDMONTON - Two federal cabinet ministers are making appearances in Alberta today following the Trudeau government's controversial second approval of the Trans Mountain pipeline expansion. Natural Resources Minister Amarjeet Sohi is set to visit Trans Mountain Corp.'s terminal in Edmonton, while Finance Minister Bill Morneau will address an Economic Club of Canada breakfast in Calgary. The appearances in oil-rich Alberta come a day after Prime Minister Justin Trudeau gave approval to build [Read more]