U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a ninth week in a row although the reductions have slowed as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early indicator of future output, fell by two to an all-time low of 263 in the week to July 2, according to data on Thursday from energy services firm Baker Hughes Co going back to 1940. That was 700 rigs, or 73%, below this time last [Read more]
Headlines
Topaz continues to grow its business; announces growth initiatives Iincluding completion of strategic infrastructure acquisition with 15-year volume commitment and private placement
CALGARY, AB - Topaz Energy Corp. ("Topaz" or the "Company") is pleased to announce that it has completed a strategic infrastructure acquisition whereby it acquired, for cash consideration of $100 million, a 12.5% working interest in Advantage Oil & Gas Ltd.'s ("Advantage") Glacier gas plant, which has raw gas processing capacity of 400 mmcf/d and services the Montney resource play (the "Glacier Plant Acquisition"). Advantage is a Canadian intermediate, natural gas and liquids development [Read more]
Trans Mountain timeline: A look at key dates in the project’s history
OTTAWA - The Trans Mountain pipeline expansion cleared another legal hurdle Thursday when the Supreme Court of Canada denied leave to appeal to First Nations that argue they were not properly consulted about the project. The decision appears to end legal arguments about Ottawa's decision to approve the project, which is already under construction. Here are some other key dates in the history of the pipeline: October 1953: The Trans Mountain pipeline begins shipping oil with an initial [Read more]
Oil prices get a boost from fall in U.S. unemployment and crude stockpiles
Oil prices rose slightly on Thursday after data showed a fall in U.S. unemployment and a sharp drop in crude stockpiles, although concerns that a spike in U.S. coronavirus infections could stall a recovery in fuel demand kept gains in check. U.S. non-farm payrolls increased by 4.8 million jobs in June, the Labor Department reported on Thursday, beating expectations. U.S. West Texas Intermediate (WTI) crude futures rose 38 cents, or 0.95%, to $40.20 a barrel, adding to a 1.4% rise on [Read more]
Enbridge resumes partial operation of line 5 dual pipelines
CALGARY, AB and LANSING, MI - Enbridge Inc. (TSX: ENB) (NYSE: ENB) – Today the Ingham County Circuit Court of the State of Michigan amended its temporary restraining order requiring Enbridge to temporarily shut down the west segment of the Line 5 dual pipelines through the Straits of Mackinac. Enbridge will now begin safely restarting the west segment and anticipates operations will soon return to normal. Pursuant to the court order, we will conduct an inline inspection tool run on the west [Read more]
AMI RockChain expands services with acquisition of TerraShift Engineering; also announces timing of annual general meeting
June 30, 2020 EDMONTON, ALBERTA - Athabasca Minerals Inc. (“AMI” or the “Corporation”) (TSXV:AMI) and its wholly-owned subsidiary, AMI RockChain Inc., are pleased to announce the acquisition of TerraShift Engineering Ltd. (“TerraShift”). TerraShift is a privately-owned company based in Edmonton, Alberta with proprietary technology (TerraMaps) that focuses on resource data, search intelligence and geospatial software that will further strengthen the functionality and capabilities of AMI’s [Read more]
Column: Leslyn Lewis is the clear choice to lead Canada’s Conservatives
Last fall, Canadian Conservatives learned a valuable lesson. That no matter how much Justin Trudeau damaged our nation’s finances and failed our industry, and despite every manner of misstep embarrassing Canada and himself, he can’t be relied on solely to beat himself. The Conservatives failed in 2019 to present a hopeful, positive alternative, and that failure was compounded by Andrew Scheer’s inability to give clear answers to difficult questions while still seeming overly scripted and [Read more]
Government of Canada announces appointment of new chief executive officer to the Canada Energy Regulator
OTTAWA, ON - The Government of Canada is committed to delivering open, transparent, merit-based appointments with a view to serving Canadians as effectively and efficiently as possible. Today, the Government of Canada announced the Governor-in-Council appointment of Gitane De Silva as Chief Executive Officer (CEO) of the Canada Energy Regulator (CER), following an open and transparent competitive process that was launched in January 2020. Ms. De Silva is appointed for a term of five [Read more]
Baker Hughes announces June 2020 rig counts
Baker Hughes (NYSE: BKR) announced today that the Baker Hughes international rig count for June 2020 was 781 down 24 from the 805 counted in May 2020, and down 357 from the 1,138 counted in June 2019. The international offshore rig count for June 2020 was 194, down 1 from the 195 counted in May 2020, and down 52 from the 246 counted in June 2019. The average U.S. rig count for June 2020 was 274, down 74 from the 348 counted in May 2020, and down 695 from the 969 counted in June 2019. The [Read more]
Fitch reduces Alberta credit rating, cites concerns on heavy borrowing
EDMONTON - Alberta's plan to relaunch its economy is taking a hit right out of the starting gate. The United States-based Fitch rating agency has announced it's reducing Alberta's credit rating to AA- from AA. Fitch cites a concern with sharply higher borrowing done by the province to deal with the economic fallout of the COVID-19 pandemic. Premier Jason Kenney is expected to provide details of Alberta's financial picture in August, but has said this year's budget deficit is expected to [Read more]