HOUSTON - Kinder Morgan, Inc.’s (NYSE: KMI) board of directors today approved a cash dividend of $0.2625 per share for the second quarter ($1.05 annualized), payable on August 17, 2020, to common stockholders of record as of the close of business on August 3, 2020. This dividend represents a 5 percent increase over the second quarter 2019. KMI is reporting a second quarter net loss attributable to KMI of $637 million, compared to net income attributable to KMI of $518 million in the second [Read more]
Headlines
Zurich Insurance drops cover for Trans Mountain oil pipeline
Insurer Zurich has decided not to renew cover for the Canadian government's Trans Mountain oil pipeline, said a spokeswoman for the project, which is opposed by environmental campaigners and some indigenous groups. All financial services companies are under pressure from environmental campaigners to cease doing business with the fossil fuel industry. A planned expansion of the Trans Mountain pipeline , which ships oil to British Columbia from Canada's main oil-producing province of [Read more]
Crude-by-rail exports fall to four-year low as economic slump frees pipeline space
CALGARY - Canadian exports of crude oil by rail plunged by 63 per cent in May compared with April as North American fuel demand dropped due to measures taken to control the COVID-19 pandemic. The Canada Energy Regulator says rail shipments of oil in May fell to a four-year low of about 58,000 barrels per day, down from 156,000 bpd in April and 351,000 bpd in March. Shipments reached a record high of 412,000 bpd in February. Rail transportation of crude oil is considered to be more [Read more]
Ottawa reports $29 million profit since buying Trans Mountain pipeline in 2018
CALGARY - The federal government says the Trans Mountain pipeline has earned net income of $29 million from operating revenues of $728 million in the 19 months since it was purchased. In an analysis, the Parliamentary Budget Officer says the oil conduit running from Edmonton to the Vancouver area had operating expenses of $366 million since it was purchased in the fall of 2018 from Kinder Morgan Canada for about $4.4 billion. It also notes financing costs of $223 million and a $172 million [Read more]
Oil prices slip as U.S. inventories, virus fears grow
Oil prices fell on Wednesday as industry data showed a bigger-than-expected inventory build in the United States, where climbing coronavirus cases may further dent fuel demand in the world's biggest oil consumer. In his first press briefing in months on the pandemic, U.S. President Donald Trump said the outbreak would probably get worse before it gets better, one of his first recent acknowledgements of the spread of the problem. Industry group American Petroleum Institute (API) reported [Read more]
Opportunity Knocks: An Intro to Canadian Biofuel
Exploring potential within Canada’s energy transition In order for a greener future to be possible, we have to reduce our environmental footprint. Using biomass and biofuels can help us achieve this by diverting waste from landfills and overseas recycling facilities to produce electricity and transportable fuels to lessen our reliance on non-renewable energy sources. This session is scheduled for July 27th at 10:30 AM MST, and will be hosted by GLJ VP & CFO, Tim Freeborn. We will discuss [Read more]
XI Technologies: How much did our industry consolidate since 2018?
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like Wednesday Word to the Wise delivered directly to your inbox, subscribe here. We last wrote about Industry consolidation in 2018, covering the period from December 2014 to December 2018. This time, we’re looking at consolidation since that report up until the end of May 2020, which covers the period of [Read more]
Clearview Resources Ltd. July 2020 corporate update
CALGARY, AB - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to provide the following corporate update to its shareholders. OPERATIONS UPDATE The COVID-19 pandemic and the associated precipitous decline in demand for crude oil combined with the OPEC inspired price war have had a dramatic effect on Clearview's operations and financial results. As a result, Clearview has made significant reductions in its head office costs, field capital and operations to preserve cash [Read more]
Hillcrest Announces conditional approval of early warrant exercise incentive program
Vancouver, B.C. - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") (TSXV:HRH) (OTC:HLRTF), is pleased to announce that it has received conditional approval from the TSX Venture Exchange (the "Exchange") of the implementation of an early warrant exercise incentive program (the "Incentive Program") intended to encourage the early exercise of up to 22,894,446 outstanding common share purchase warrants (the "Eligible Warrants") of the Company held by warrant-holders, previously announced in a [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Jul. 20 Electrician Apprentice Strike Group Calgary Jul. 19 Manager, Systems Optimization - Liquids Pipelines TC Energy Calgary Jul. 18 PAYROLL ADMINISTRATOR - [Read more]