CALGARY - The CEO of Suncor Energy Inc. says the company won't quickly ramp up oil production despite recent higher crude prices as the North American economy begins to reopen following the easing of lockdowns from the COVID-19 pandemic. Mark Little says he won't "bet the financial health" of the company on the nascent recovery, listing a host of risks including the possibility of a second wave of virus outbreaks. On a conference call to discuss second-quarter results, Little reiterated [Read more]
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Kelt to sell B.C. Montney assets to ConocoPhillips for $510 million
CALGARY - Kelt Exploration Ltd. says it is selling assets in B.C. that account for almost half of its oil and gas production for $510 million in cash to Houston-based ConocoPhillips. The Calgary-based company says the sale of producing and development assets in the Montney region will leave it with no debt while remaining one of the largest players in the area. In a separate release, ConocoPhillips says the lands are adjacent to its existing assets and will increase its exposure to the [Read more]
Need hand sanitizer? Now available for medical, industrial and personal use
Iron Horse Group Inc. is proud to announce that hand sanitizer is now available for purchase online at ironhorsesanitizer.com. Iron Horse Group Incorporated is a First Nations project management and specialty chemistry company focused on water treatment and other industrial services for every significant resource sector within Canada. Iron Horse Group Inc. is proud to be the official Canadian supplier of Genesis Chemical Blending’s Essential Hand Sanitizer Gel (72% Ethanol based) and [Read more]
Cenovus reports second-quarter 2020 results
Company captures value by leveraging flexibility of its operations CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) remained focused on financial resilience in the second quarter of 2020 and used the flexibility of its assets and marketing strategy to adapt quickly to the changing external environment. This positioned the company to weather the sharp decline in benchmark crude oil prices in April by reducing volumes at its oil sands operations and storing the mobilized oil in its [Read more]
Toscana Energy announces second quarter 2020 results
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]
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]