CALGARY, Alberta - Toscana Energy Income Corporation ("Toscana" or the "Corporation") (TSX: TEI) announces financial and operating results for the second quarter ended June 30, 2020. Financial and operating results: This news release summarizes information contained in the Condensed Consolidated Interim Financial Statements (unaudited) and Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2020. This news release should not be considered a substitute [Read more]
Headlines
Canada’s Hibernia oil platform gradually resuming production
The Hibernia oil platform in Canada is gradually resuming production after being shut due to a discharge of drilling and production fluids, the Hibernia Management and Development Co (HMDC) said on Wednesday. "There were no sheens observed overnight or today. We received additional satellite images this morning, which showed no indication of any anomalies. We will therefore be re-tasking vessels as appropriate," HMDC said. Hibernia sits roughly 315 km (200 miles) east of St. John's, [Read more]
Suncor Energy reports second quarter 2020 results
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards, specifically International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production volumes are presented on a working-interest basis, before royalties, except for Libya, which are presented on an economic basis. Certain financial measures referred [Read more]
Kelt Enters into an Agreement to Sell Its Inga Assets
Calgary, Alberta - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or the "Company") has entered into an agreement to sell its Inga/Fireweed/Stoddart assets ("Inga Assets") in British Columbia that are held by its wholly owned subsidiary, Kelt Exploration (LNG) Ltd. ("Kelt LNG"), to ConocoPhillips (the "Purchaser"). Kelt will receive cash proceeds of $510.0 million, prior to closing adjustments, and the Purchaser will assume certain specific financial obligations related to the Inga Assets in the [Read more]
ConocoPhillips announces agreement to acquire liquids-rich Montney acreage from Kelt Exploration Ltd.
HOUSTON - ConocoPhillips (NYSE: COP) today announced it has signed a definitive agreement to acquire additional Montney acreage in Canada from Kelt Exploration Ltd. for cash consideration of approximately $375 million before customary adjustments, plus the assumption of approximately $30 million in financing obligations for associated partially owned infrastructure. This acquisition is 140,000 net acres in the liquids-rich Inga-Fireweed asset Montney zone, which is directly adjacent to the [Read more]
Kinder Morgan announces $0.2625 per share dividend and results for second quarter of 2020
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]
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]