U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row as producers plan to slash spending for a second consecutive year in 2020 while they struggle to extract profits from the shale boom. Drillers cut 10 oil rigs in the week to Nov. 15, bringing the total count down to 674, the lowest since April 2017, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 888 active [Read more]
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One year later most oil-and-gas bailout money has moved, federal government says
OTTAWA - Canada's $1.6-billion bailout package for Alberta's battered oil industry is well underway but with little transparency about who is getting the money and for what. Almost $1 billion of the package of loans, guarantees and government grants announced last December is in the hands of companies but details are available for just a small fraction of the spending. Two Alberta petrochemical projects each received $49 million for new facilities to turn propane into a type of plastic, [Read more]
Crescent Point Announces Sale of Saskatchewan Gas Infrastructure Assets for $500 Million
CALGARY - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is pleased to announce that it has entered into a definitive agreement (the "Agreement") to sell certain associated gas infrastructure assets (the "Assets") in Saskatchewan to Steel Reef Infrastructure Corp. ("Steel Reef" or the "Purchaser") for total cash consideration of $500 million. "Through the sale of these gas infrastructure assets, we will unlock value for our shareholders and further [Read more]
U.S. natgas futures little changed on Friday, down 5% for week as weather moderates
U.S. natural gas futures were little changed on Friday, putting the contract on track to fall about 5% for the week as weather later in November was forecast to be less cold than previously expected. Front-month gas futures for December delivery on the New York Mercantile Exchange were up 0.8 cents, or 0.3%, to $2.655 per million British thermal units at 8:15 a.m. EST (1315 GMT). That put the front-month down about 5% for the week, which would be its first weekly decline in three [Read more]
Aucerna Ranked on Deloitte’s 2019 Technology Fast 500™
Company Attributes 432% Growth to the Energy Industry’s Digital Transformation Calgary, AB, November 7th 2019 — Aucerna (www.aucerna.com) today announced it ranked 254th on Deloitte’s Technology Fast 500™ and 4th on Deloitte’s Enterprise Fast 15™. The Technology Fast 500 is a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. Aucerna grew 432% during this period. Aucerna co-founder and CEO, Wayne Sim, [Read more]
Pengrowth Energy Corporation Receives Support of Secured Debtholders in Respect of the Arrangement
CALGARY, Alberta, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Pengrowth Energy Corporation (“Pengrowth” or the “Company”) (TSX:PGF, OTCQX:PGHEF) today announced that, in connection with its previously announced proposed business combination with Cona Resources Ltd. (the “Purchaser”), a portfolio company of Waterous Energy Fund (“WEF”), by way of a plan of arrangement (the “Arrangement”) under the Business Corporations Act (Alberta), Pengrowth and the Purchaser have entered into support agreements (the [Read more]
Montana lawmakers seek more time for Keystone XL public, tribal input
Montana lawmakers representing Native American tribal members called on the state's congressional delegation and the U.S. State Department on Thursday to extend the public comment period for the environmental review of the Keystone XL pipeline, saying tribes were not properly consulted. "We are particularly concerned with the lack of formal consultation with tribal governments whose natural and cultural resources could be significantly impacted," the 10 members of the State-Tribal Relations [Read more]
Birchcliff Energy Ltd. Announces Solid Q3 2019 Results and Preliminary Outlook for 2020
Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce its financial and operational results for the three and nine months ended September 30, 2019 and its preliminary outlook for 2020. Birchcliff’s unaudited interim condensed financial statements for the three and nine months ended September 30, 2019 and related management’s discussion and analysis (the “MD&A”) will be available on its website at www.birchcliffenergy.com and on SEDAR at www.sedar.com. [Read more]
Heavy discount narrows to near one-month low
The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude on Thursday to the smallest discount in nearly one month, since before the Keystone pipeline shut down last month. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading at $16.50 per barrel below WTI, according to Net Energy Exchange, compared with Wednesday's settle of $17.85 below. The differential was as narrow as $15.25, the smallest in [Read more]
Tourmaline and Topaz Announce Completion of Previously-Announced Transaction
CALGARY, Nov. 14, 2019 /CNW/ - Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline") and Topaz Energy Corp. ("Topaz") are pleased to announce that they have completed the previously-announced transaction creating Topaz, a unique, private, hybrid royalty and infrastructure company with an $800 million capitalization and aggressive long-term growth plans. The transaction includes the purchase by Topaz of interests in certain revenue generating assets from Tourmaline for consideration consisting of [Read more]