About 9000 barrels of product are estimated to have been spilled this week after a Canadian Pacific Railway train derailed and caught fire, the Transportation Safety Board (TSB) of Canada said on Wednesday. A preliminary examination suggests about 19 of the 23 cars at the head end of the train lost their entire loads, while 10 at the tail end suffered minimal damage, it added. "A more precise determination of the tank car damage and the amount of product released will be made as product is [Read more]
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Heavy discount widens as inventories swell
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Wednesday, sliding to near the weakest level in a year as stockpiles hit record levels. Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, settled at $22.25 per barrel below WTI, according to NE2 Canada Inc, near the widest level since early December 2018. WCS settled at $20.40 below futures on Tuesday. Light synthetic crude from the oil sands [Read more]
Encana Files Definitive Proxy Statement/Prospectus
Schedules January 14, 2020 Special Meeting of Securityholders CALGARY, Dec. 11, 2019 /CNW/ - Encana Corporation (NYSE, TSX: ECA) today filed its definitive Proxy Statement/Prospectus with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities related to its intention to establish corporate domicile in the United States. The Special Meeting of Securityholders is planned for January 14, 2020 at 8 a.m. MT. Encana shareholders and incentive award holders as [Read more]
TORC Oil & Gas Ltd. Announces 2020 Capital Budget and Production Guidance; Confirms December Dividend and Appoints New Member to the Board Of Directors
CALGARY - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX: TOG) is pleased to announce the Company's Board of Directors has approved an initial 2020 capital budget of $190 million. TORC's strategic objectives associated with the 2020 capital budget are consistent with the Company's long term objectives of achieving disciplined per share growth in combination with maintaining financial flexibility while paying a sustainable dividend. TORC's 2020 capital budget exhibits a measured [Read more]
Alberta premier opens war room to promote truth about energy industry
CALGARY - Alberta Premier Jason Kenney has officially opened what he has called a war room to fight what he says is a campaign of lies about the province's energy industry. Kenney announced in Calgary today that the new $30-million Canadian Energy Centre is needed to tell the "truth" about the oil and gas sector. Kenney promised to set up the war room as part of his provincial election campaign leading to the United Conservative Party's win in April. He has argued the province needs to [Read more]
Chevron looking to sell its 50 per cent stake in its Kitimat LNG project
CALGARY - Chevron Corp. says it is looking to sell its 50 per cent stake in the Kitimat LNG Project in British Columbia. The move comes as the company looks to cut spending on some investments and take a charge of at least US$10 billion because lower long-term prices for oil and natural gas will reduce the value of its assets. Chevron says the decision is part of its global portfolio optimization effort focused on improving returns and driving value. This decision only impacts Chevron's [Read more]
It’s a slippery slope. (Or is it?)
With an increase in the number of pipeline failures resulting from earth movement of unstable slopes, the AER recently released Bulletin 2019-28 which requires that pipeline integrity management programs take slope movement into consideration. In this bulletin, the AER encourages all operators to: Assess integrity management programs and how they address risk to pipelines as it relates to natural hazards, including slope movement; and Adopt emerging best practices for real-time [Read more]
XI Technologies: What you need to know about working interest in ARO
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 to receive our Wednesday Word to the Wise in your inbox, subscribe here. When it comes to calculating liability obligations and dealing with your retirement obligation planning, working interest partners are one of the biggest sources of confusion and frustration. XI Technologies has found questions about [Read more]
Bird River Resources Announces Resignation of CFO
WINNIPEG - Bird River Resources Inc. (CSE:BDR) ("BDR" or the "Corporation") reports the resignation of Mr. John Tokarsky, Chief Financial Officer effective immediately. The Board of Directors would like to thank Mr. Tokarsky for his many years of service to the Corporation. The Board of Directors is pleased to announce that Mr. Edward Thompson, Secretary-Treasurer has been appointed pro tem Chief Financial Officer for the interim until a suitable replacement has been retained. About Bird [Read more]
Heavy discount widens as stockpiles remain elevated
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Tuesday, as stockpiles remained elevated due to transportation constraints. "The train that derailed in Saskatchewan caused much damage to the track so it might take a few more days or even a week and a bit to get back into service ... which might back some crude by rail potentially," one trader said Fires are still burning at the site where a Canadian Pacific Railway train derailed [Read more]