Upstream production up 26 percent, highest quarterly total in more than a decade Cost management activities deliver year-to-date savings of $1.1 billion Cash generation exceeds capital requirements and dividends by more than $300 million CALGARY, Oct. 30, 2015 /CNW/ - Third quarter Nine months (millions of dollars, unless noted) 2015 2014 % 2015 2014 % Net income (U.S. [Read more]
Headlines
Husky Takes Action to Improve Resiliency and Fortify Business, Announces Third Quarter Results
CALGARY, AB--(Marketwired - October 30, 2015) - While Husky Energy (TSX: HSE) continues to make progress implementing cost reductions and efficiencies across its operations, it is taking further action to fortify its business in an extended low oil price environment."It is evident that the global oil dynamic has experienced a fundamental shift, driven by the resilience in supply," said CEO Asim Ghosh. "Back in 2010, we made the decision to stay diversified, integrated and begin a transition into [Read more]
Shell says scrapped project not timed to coincide with Alberta budget
EDMONTON - Royal Dutch Shell says its announcement scrapping the Carmon Creek oilsands project in northwestern Alberta was not deliberately timed to coincide with this week's Alberta budget.In a letter to Cheryl Oates, Premier Rachel Notley's press secretary, Shell spokeswoman Tara Lemay says the timing of the announcement was "due to the market disclosure of an impairment" in advance of the company's quarterly results.Lemay says the company was given a brief window after the market closed to [Read more]
Bonterra Energy Corp. Corporate Update
CALGARY, ALBERTA--(Marketwired - Oct. 29, 2015) - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX:BNE) ("Bonterra" or "the Company") is pleased to provide a corporate update with regard to its credit facilities, maintaining its $0.15 monthly dividend per common share and its sustainability analysis during this period of continued low commodity prices. Credit Facilities Maintained The Company's lenders have completed their mid-year review and have agreed to maintain the credit [Read more]
Pengrowth Receives Continued Listing Standard Notification from the New York Stock Exchange Regarding the Price of Its Common Stock
CALGARY, ALBERTA--(Marketwired - Oct. 29, 2015) - Pengrowth Energy Corporation (TSX:PGF) (NYSE:PGH) today announced that it received notification on October 29, 2015 from the New York Stock Exchange (NYSE) that Pengrowth is no longer in compliance with one of the NYSE's continued listing standards resulting from the average closing price of Pengrowth's common stock being less than US$1.00 per share over a consecutive 30 trading-day period. As of October 28, 2015, the average closing price of [Read more]
Traverse Energy Ltd. Closes Private Placement Financing
CALGARY, ALBERTA--(Marketwired - Oct. 29, 2015) - Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) is pleased to announce that it has successfully closed its previously announced non-brokered private placement (the "Private Placement") of common shares of the Corporation ("Shares") issued on a "flow through" basis eligible for the renunciation of Canadian development expenses within the meaning of the Income Tax Act (Canada). The Corporation issued 1,168,000 Shares for gross proceeds [Read more]
Cuts continue in oil and gas sector as companies struggle to reduce costs
CALGARY - Canada's oilpatch continues to move aggressively to cut costs and companies say the efforts are starting to show results.Cenovus Energy said Thursday that it had increased to 700 the number of people laid off in the second half of the year, roughly double what it forecast in July, after cutting 800 jobs in February.The company said it expects to end the year with 24 per cent fewer staff than it started with and there are plans for more cuts next year as it makes structural [Read more]
Wall defends lack of transparency on problems at carbon- capture facility
REGINA - Saskatchewan Premier Brad Wall is defending the government's silence on problems at the province's much-celebrated carbon-capture facility.The $1.5-billion facility at the Boundary Dam power plant near Estevan can capture 90 per cent of emissions when it's working. However, background notes prepared for the government and leaked to the Opposition NDP show it's only been working 45 per cent of the time.The premier says, in hindsight, the government and SaskPower could have been more [Read more]
Canadian Oil Sands Reports Over $1 Billion of Cost Savings Achieved at Syncrude Year to Date
CALGARY, AB--(Marketwired - October 29, 2015) - All financial figures are unaudited, have been prepared in accordance with Canadian Generally Accepted Accounting Principles ("GAAP") and are reported in Canadian dollars, unless otherwise noted.Canadian Oil Sands Limited (TSX: COS) (OTCQX: COSWF) ("COS") reported cash flow from operations of $82 million, or $0.17 per Share, in the third quarter, reflecting a 41 percent decline in our realized selling price and reduced production volumes, offset [Read more]
Alberta Land Sale Nets $2.47 Million
The downward trend for Alberta land sales is continuing with yesterday's results coming in at $2.47 million. This result is 32% lower than the result of the last sale, October 14th, which was $3.7 million. The results for the October 28th sale can be broken down as $2,321,700 for petroleum and natural gas leases and $148,969 for Oilsands leases. The total Alberta sale proceeds to date for 2015 are $252.5 million. The number of companies participating is also much lower at 26. The [Read more]