REGINA - The owner of Regina's Co-op oil refinery complex where workers have been locked out for more than six months says it has a tentative contract deal with the union. Federated Co-operatives Ltd. says the deal includes parts of the company's final offer and a return-to-work agreement. It says Unifor Local 594's bargaining committee has tentatively accepted the deal, which still needs to be ratified by workers. Workers were supposed to rally in front of the Saskatchewan legislature [Read more]
Headlines
Oil prices tick up as drop in U.S. product stocks encourages bulls
Oil prices ticked up on Thursday after U.S. oil product stocks shrank, providing bulls with ammunition ahead of a meeting between OPEC producers and their allies to discuss their future output strategy. U.S. West Texas Intermediate (WTI) crude futures rose 34 cents to $38.04 a barrel. Brent crude futures were up 36 cents at $40.90 a barrel. Both benchmarks were down about 2% earlier in the session as worries about fuel demand rose after a surge in coronavirus cases led Beijing to [Read more]
Strategies for creating your recovery plan
As the economy reopens and we get back to work, we need to be proactive in protecting our businesses. COVID-19 has left its mark across all industries, and oil and gas has been hit particularly hard. Many organizations are asking hard questions and there are key considerations for oil and gas companies as they plan what comes next. Know who you’re working with Your trusted clients that previously honoured your payment expectations are feeling the impact of the pandemic. How do you know if they [Read more]
Column: The government can help the economy, but not by picking business winners and losers
Businesses need help, but it’s important to provide the right help the right way. Premier Jason Kenney’s economic strategy has so far revolved around three core principles: lowering taxes, cutting red tape and pushing back against Ottawa. Kenney should double down on these principles to help Alberta recover and stay away from corporate welfare. “The most robust economies are built on the effort, investment and ambition of citizens and businesses that are prepared to take risks to create [Read more]
Tidewater Midstream and Infrastructure Ltd. announces definitive agreement to sell the Pioneer Pipeline and second quarter dividend
CALGARY, AB - Pioneer Pipeline Disposition – Definitive Agreement Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation") (TSX: TWM) is pleased to announce that, with its partner TransAlta Corporation ("TransAlta"), it has entered into a definitive Purchase and Sale Agreement with respect to the previously announced sale of the Pioneer Pipeline to NOVA Gas Transmission Ltd., a wholly-owned subsidiary of TC Energy, for total cash consideration of $255.0 million (the [Read more]
Tired of polarization over federal aid for oil & gas companies, students’ letter urges Prime Minister to support future energy jobs
CALGARY, AB - As university students across Canada express a growing displeasure with the polarized battles over COVID-related government aid for oil and gas companies, two Edmonton graduate students are doing something about it – and they're asking others to join them. Skye Lybbert and Daniel Baker, both MSc candidates at the University of Alberta's Department of Earth and Atmospheric Sciences, recently co-wrote a constructive, fact-based letter to Prime Minister Justin Trudeau. Their [Read more]
Toscana Energy provides further update on continuous disclosure filings
CALGARY, Alberta - Toscana Energy Income Corporation ("Toscana" or the "Corporation") (TSX: TEI) announces that, further to its May 14, 2020 news release, Toscana will be postponing its reporting of the Corporation’s first quarter financial statements, accompanying management's discussion and analysis, and related certifications for the period ended March 31, 2020 (the "Q1 Filings"), to June 26, 2020. This news release is being issued in accordance to the blanket relief of a 45-day extension [Read more]
Enbridge says 800 staff have taken voluntary buyouts offered to cut costs
CALGARY - Enbridge Inc. says 800 employees have voluntarily left the company, allowing it to avoid layoffs as it cuts costs to counter impacts from COVID-19 and lower global oil prices. The Calgary-based pipeline company announced in May it would defer $1 billion in capital spending this year and reduce costs by $300 million through measures including salary cuts and voluntary staff reductions. Spokesman Jesse Semko confirmed that 800 staff have taken up options including early retirement, [Read more]
Coastal GasLink set to lay first pipe as it ramps up LNG pipeline construction
VANCOUVER - Coastal GasLink says it is ready to launch its summer construction program in British Columbia, which will see the first section of pipe buried in the ground next month. The company says in a statement that construction also begins this summer on a compressor and metering stations that will form anchor points along the 670-kilometre pipeline running from the Dawson Creek area to Kitimat. Work on the main compressor station is slated to begin in July and the company says [Read more]
U.S. shale companies to boost oil output by 500,000 bpd by month-end
U.S. shale producers are expected to restore roughly half a million barrels per day (bpd) of crude output by the end of June, according to crude buyers and analysts, amounting to a quarter of what they shut since the coronavirus pandemic cut fuel demand and hammered oil prices. Such a swift rise in U.S. production would complicate efforts by top producers Saudi Arabia and Russia to encourage global allies to fulfill their pledges to make record production cuts. They, along with allies in a [Read more]