U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as producers cut spending on new drilling, even though most are still increasing output as they benefit from efficiency gains. Drillers cut seven oil rigs in the week to Nov. 8, bringing the total count down to 684, the lowest since April 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. In the same week a year ago, there were 886 active [Read more]
Headlines
Alberta lifts curtailment on new oil wells to stimulate investment
The province of Alberta said on Friday that new conventional oil wells could be drilled without being subject to government production limits, in a bid to increase investment. The change takes effect immediately, the provincial government said in a statement. The broader curtailment policy remains in effect to hold oil production to levels that can be moved through congested export pipelines. Alberta introduced mandatory production curbs from Jan. 1 this year to reduce a glut of oil in [Read more]
Rare permit for Keystone oil pipeline in spotlight after spills
The massive Keystone pipeline has been transporting oil from Canada to the United States at a higher-than-standard level of pressure since it started operating in 2010, thanks to a special permit granted by U.S. regulators on the condition operator TC Energy Corp would monitor the line closely. However, after four significant leaks, including one of the largest of the decade in North Dakota last week, this exemption is in the spotlight and users of the line are concerned it may be at [Read more]
Kelt Reports Financial and Operating Results for the Three and Nine Months Ended September 30, 2019
Kelt Exploration Ltd. (TSX:KEL) (“Kelt” or the “Company”) has released its financial and operating results for the three and nine months ended September 30, 2019. The Company’s financial results are summarized as follows: FINANCIAL HIGHLIGHTS Three months ended September 30 Nine months ended September 30 (CA$ thousands, except as otherwise indicated) 2019 2018 % 2019 2018 % Petroleum and natural gas revenue, before royalties 93,274 [Read more]
Enbridge Inc. Reports Strong Third Quarter 2019 Results
CALGARY, Nov. 8, 2019 /CNW/ - Enbridge Inc. (Enbridge or the Company) (TSX:ENB) (NYSE:ENB) today reported third quarter 2019 financial results and provided a quarterly business update. THIRD QUARTER 2019 HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise noted) GAAP earnings of $949 million or $0.47 per common share for the third quarter of 2019, compared to GAAP loss of $90 million or $0.05 loss per common share in the third quarter of 2018, both [Read more]
Cequence Energy Announces Third Quarter Financial Results
CALGARY, Alberta, Nov. 07, 2019 (GLOBE NEWSWIRE) -- Cequence Energy Ltd. ("Cequence" or the "Company") (TSX: CQE) is pleased to announce its operating and financial results for the three and nine months ended September 30, 2019. The Company’s Management’s Discussion and Analysis (“MD&A”) and Condensed Consolidated Interim Financial Statements are available at cequence-energy.com and on SEDAR at www.sedar.com. HIGHLIGHTS Production was 5,238 boe/d, 22% of which was comprised of crude [Read more]
Chinook Energy Inc. Announces Initiation of Strategic Review Process and Third Quarter of 2019 Operating and Financial Results
CALGARY, Alberta, Nov. 07, 2019 (GLOBE NEWSWIRE) -- Chinook Energy Inc. ("our", "we", or "us") (TSX: CKE) announces that we have initiated a formal process to identify, examine and consider a range of strategic alternatives available to us with a view to enhancing shareholder value. We are also announcing our operating and financial results for the three months ended September 30, 2019 (“Q319”). Our unaudited condensed consolidated financial statements and management’s discussion and analysis [Read more]
Keystone oil pipeline expected to be partially restarted early next week
TC Energy Corp estimates the Keystone oil pipeline can be partially restarted anytime from Sunday to Tuesday, pending regulatory approval, after a more than 9,000-barrel leak in rural North Dakota, shippers on the line said on Thursday. Crews in Walsh County, North Dakota, have been working to clean up the spill from the Keystone pipeline, which forced the line to be shut last week. The 590,000-barrel-per-day Keystone system is an important artery for Canadian heavy crude, imported by U.S. [Read more]
Encana reveals Denver will be its new headquarters after leaving Calgary
CALGARY - Encana Corp. says its new head office will be in Denver following a reorganization that will include changing its name to Ovintiv. The Calgary-based company didn't say which city would be its home base when it announced last week it would establish a "corporate domicile" in the United States to replace its longstanding home in Calgary. The Denver decision, revealed in a corporate filing on Thursday, was expected because CEO Doug Suttles, a Texan, lives in Denver and it is the [Read more]
Oil rebounds on hopes for U.S.-China trade deal
Oil rose above $57 a barrel on Thursday after China hinted at progress toward a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and fuel demand. West Texas Intermediate crude climbed $1.04 to $57.39. Brent crude rose 80 cents to $62.56 after settling down $1.22 on Wednesday. China and the United States have agreed in the past two weeks to cancel tariffs in different phases, the Chinese commerce ministry said on Thursday [Read more]