First quarter results reflect the resilience of Pembina's diversified and integrated business All financial figures are in Canadian dollars unless noted otherwise. CALGARY - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today its financial and operating results for the first quarter of 2020. Financial and Operational Overview 3 Months Ended March 31 ($ millions, except where [Read more]
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Crew Energy Inc. announces first quarter 2020 financial and operating results
CALGARY - Crew Energy Inc. (TSX: CR) ("Crew" or the "Company") today announces our operating and financial results for the three month period ended March 31, 2020. Crew's Financial Statements and Notes, as well as Management's Discussion and Analysis ("MD&A") for the three month period ended March 31, 2020 are available on Crew's website and filed on SEDAR at www.sedar.com. Q1 2020 HIGHLIGHTS Production of 23,894 boe per day: Volumes were 6% higher than Q4/19 and 3% higher than [Read more]
Cardinal Energy Ltd. announces first quarter 2020 financial results
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) is pleased to announce its operating and financial results for the first quarter ended March 31, 2020. Selected financial and operating information is shown below and should be read in conjunction with Cardinal's unaudited condensed interim financial statements and related Management's Discussion and Analysis for the three months ended March 31, 2020 which are available at www.sedar.com and on our website at [Read more]
Baytex announces first quarter 2020 financial and operating results
CALGARY, Alberta - Baytex Energy Corp. ("Baytex")(TSX, NYSE: BTE) reports its operating and financial results for the three months ended March 31, 2020 (all amounts are in Canadian dollars unless otherwise noted). “As an industry, we are facing an unprecedented challenge due to the effects of COVID-19 and the significant degradation and volatility in global crude oil prices. In response, Baytex has moved to ensure the safety and health of our people and to maintain liquidity, minimize capital [Read more]
Inter Pipeline warns of higher costs, delays for Alberta petrochemical project
CALGARY - Inter Pipeline Ltd. is warning that the cost of building its Heartland Petrochemical Complex has risen by about half a billion dollars and its in-service date may be delayed due to factors including the impact of the COVID-19 pandemic. When announced in December 2017, the cost of the plant northeast of Edmonton designed to convert plentiful Alberta propane into polypropylene plastic pellets for export to manufacturers was estimated at $3.5 billion. The Calgary-based company says [Read more]
Heavy discount narrows as storage pressure eases
Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) on Thursday, as global oil prices slipped and data showed supply cuts by major oil sands producers tempered storage builds. Crude oil inventories in Western Canada stood around 33.8 million barrels as of April 24, 5.7 million barrels lower than levels in January and about 3.3 million below year-ago levels, data provider Genscape said. Western Canada Select (WCS) heavy blend crude for June [Read more]
Trudeau says he does not share view that oil and gas sector is beyond saving
OTTAWA - Prime Minister Justin Trudeau says he does not agree that oil and gas in Canada is dead. Bloc Quebecois Leader Yves-Francois Blanchet and Green parliamentary leader Elizabeth May both claim the oil price shock that has devastated Canada's oil patch in recent weeks should be the final sign that the industry cannot and should not be saved. Both would rather the government pour economic recovery money into transitioning workers in Alberta's oil industry to renewable energies [Read more]
Murphy Oil Corporation, facing an unprecedented industry oil price collapse, is relocating corporate headquarters to houston, texas
EL DORADO, Ark. - In recognition of the extraordinary drop in crude oil prices, independent oil and natural gas exploration and production company, Murphy Oil Corporation (NYSE: MUR), is closing its legacy headquarters office in El Dorado, Arkansas, home to approximately 80 employees, as well as its longstanding office in Calgary, Alberta, Canada, home to approximately 110 employees. Consequently, it will be consolidating all worldwide staff activities to its existing office location in Houston, [Read more]
Inter Pipeline first quarter 2020 financial and operating results
CALGARY - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) today announced financial and operating results for the three-month period ended March 31, 2020. First Quarter Highlights Funds from operations (FFO) totalled $208 million Oil sands transportation FFO of $155 million, a five percent increase over first quarter 2019 Net income for the quarter was $89 million Declared cash dividends of $181 million Quarterly payout ratio* of 87 percent Total pipeline throughput [Read more]
Oil gains as U.S. inventories grow less than feared while coronavirus slashes demand
Oil prices rose on Thursday after U.S. inventories swelled less than expected, but market watchers predicted further gains could be capped by the ongoing glut in crude supplies as the coronavirus pandemic crushes fuel demand. U.S. oil gained $1.80, or 7.11%, to 27.29 a barrel, after declining more than 2% in the previous session. Brent crude was up by $1.55, or 5.2%, to $31.38 a barrel 0044 GMT, after falling earlier in the Asian session and dropping 4% on Wednesday. "The latest [Read more]