CALGARY, Oct. 31, 2019 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce solid third quarter 2019 results and the fifth consecutive quarter of increasing liquids production. Development is proceeding as planned on Advantage's significant Montney oil and liquids assets, and exposure to light oil and condensate revenue continues to increase. The Corporation's measured delineation program also resulted in the discovery of a light oil pool on our 50 net [Read more]
Headlines
Enbridge wins court backing to keep Great Lakes pipeline running
Canadian pipeline operator Enbridge Inc on Thursday won backing from a Michigan state court to permit a 66-year-old crude oil pipeline to continue to run under a state waterway, pushing back authorities' efforts to have the pipeline decommissioned. The Enbridge Line 5 pipeline runs under the Straits of Mackinac, where Lakes Huron and Michigan meet, and ships 540,000 barrels per day of light crude oil and propane. It is a critical part of the company's network that delivers the bulk of [Read more]
DXI Reports Q3 2019 Results
DXI Energy Inc. (TSX: DXI) (OTCQB: DXIEF) ("DXI" or the "Company"), an upstream oil and gas exploration and production company operating in Colorado's Piceance Basin and the Peace River Arch region in British Columbia, today announced its financial results for the three and nine month periods ended September 30, 2019. Q3 2019 Key Financial and Operating Highlights are: Reduced G&A expenses by 27% to $211,000 from $290,000 for the comparative period ended September 30, 2018; [Read more]
Alberta loses producer Encana, moves to boost rail shipping
Canada is losing the headquarters of major oil and gas producer Encana Corp to the United States, the latest blow to an industry crippled by a pipeline shortage, even as the Alberta government moved to stimulate crude shipping by rail. The Western-based oil industry has been forced to curtail production this year, as proposed pipeline expansions stalled and stranded much of Alberta's oil from the U.S. refineries that buy it and depressed prices. The slump has chased away foreign companies [Read more]
U.S. oil output soars to record 12.4 mln bpd in August
U.S. crude production soared nearly 600,000 barrels per day in August to record of 12.4 million, buoyed by a 30% increase in Gulf of Mexico output, according to government data released on Thursday. The U.S. has become the world's largest oil producer with output surging to records above 12 million bpd this year as technological advances have increased production from shale formations across Texas, North Dakota and New Mexico. All three states saw output rise in August. Additionally, oil [Read more]
Canada seen drilling fewer oilfield wells in 2020
Canada will see a 10% drop in oilfield wells drilled in 2020, as producers reduce investment, the Petroleum Services Association of Canada (PSAC) forecast on Thursday. PSAC predicted that 4,500 wells will be drilled in Canada next year, down from 5,000 in 2019. Corporate investment is declining due to pipeline constraints and uncertainty about government policy, the industry group said in a statement. [Read more]
Marketlink oil pipeline running at reduced rates after Keystone leak
TC Energy Corp's Marketlink crude oil pipeline was operating at reduced rates, three sources said on Thursday, due to supply disruptions as Keystone pipeline was shut after a leak in Walsh County, North Dakota. The Marketlink pipeline has a capacity of 750,000 barrels per day (bpd) and flows south from Cushing, Oklahoma, the delivery point for U.S. crude futures, to Nederland, Texas. Marketlink is connected to the 590,000-bpd Keystone oil pipeline system, a key transporter of Canadian [Read more]
Crescent Point Announces Q3 2019 Results
CALGARY, Oct. 31, 2019 /CNW/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is pleased to announce its operating and financial results for the quarter ended September 30, 2019. KEY HIGHLIGHTS Executed approximately $950 million of dispositions year-to-date 2019 and continue to work toward finalizing the monetization of certain gas infrastructure assets in Saskatchewan. Estimated net debt reduction of over $1.2 billion in 2019, driven by excess [Read more]
Vermilion Energy Inc. Announces Results for the Three and Nine Months Ended September 30, 2019
Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) is pleased to report operating and condensed financial results for the three and nine months ended September 30, 2019. The unaudited financial statements and management discussion and analysis for the three and nine months ended September 30, 2019, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml, and on [Read more]
Encana plans to move base to U.S. amid pipeline crunch in Canada
Encana Corp will shift base to the United States and become Ovintiv Inc, the Canadian oil and gas producer said on Thursday, as Canada faces pipeline capacity shortages that have led many companies to move from the country's energy sector.Rivals Royal Dutch Shell , ConocoPhillips and Suncor Energy have either been selling their Canadian assets or have scaled back investments as pipeline space crunch impacts prices.Encana meanwhile has been adding assets in the United States and [Read more]