TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC Energy) announced today that it has entered into an agreement through its wholly-owned subsidiary, TransCanada Energy Ltd., to sell interests in three Ontario natural gas-fired power plants to a subsidiary of Ontario Power Generation Inc., for approximately $2.87 billion. The facilities include the 683-megawatt Halton Hills power plant, the 900-megawatt Napanee generating station which is nearing completion and TC Energy’s 50 per cent interest in [Read more]
Headlines
Ministers set to discuss timing of carbon tax legal challenges during meeting
SASKATOON - Attorneys general from Alberta and Ontario say they will discuss the timeline of the different legal challenges launched against the federal carbon tax when they meet in Saskatoon today. The two justice ministers will be joined by their legal teams and their counterparts from New Brunswick and Saskatchewan. Saskatchewan is hosting the meeting to discuss the appeal to the Supreme Court of Canada. It argues a federally imposed carbon tax on consumers is [Read more]
Column: All Is Not Doom And Gloom In The Junior Sector
In an era of big unconventional oil, dominated by large multinationals with deep pockets, it might be surprising to learn of junior companies finding success in overlooked or emerging plays in Alberta. We have been trained to believe it’s all over for hopeful juniors. The data however tells a different story. Surprised? Read on. The Marten Hills Clearwater heavy oil play, northeast of the town of Slave Lake, began seeing a ramp up in production in late 2016. The Lower Cretaceous Clearwater [Read more]
ConocoPhillips Reports Second-Quarter 2019 Results; Delivered Strong Free Cash Flow and Financial Returns; Raised 2019 Planned Share Buybacks
ConocoPhillips (NYSE: COP) today reported second-quarter 2019 earnings of $1.6 billion, or $1.40 per share, compared with second-quarter 2018 earnings of $1.6 billion, or $1.39 per share. Excluding special items, second-quarter 2019 adjusted earnings were $1.1 billion, or $1.01 per share, compared with second-quarter 2018 adjusted earnings of $1.3 billion, or $1.09 per share. Special items for the current quarter were primarily driven by a financial tax benefit related to the previously [Read more]
Texas shale pioneers struggle to appease investors, compete with majors
Seven years ago, Diamondback Energy Inc went public with a modest parcel of drillable land in the Permian Basin of West Texas. Like dozens of other Permian startups, the firm then pursued a classic wildcatter's strategy - borrowing to buy up acreage, acquire competitors and quickly boost output in the booming shale field. Today, Diamondback is the 7th largest producer in the top U.S. oil region, according to researcher Wood Mackenzie. But Diamondback differs from most of its peers in a [Read more]
Exxon Mobil’s Q2 results expected to sag, spotlighting need for asset sales
Exxon Mobil Corp's plan to accelerate asset sales, a way of delivering needed cash to finance shareholder returns and major projects, is getting off to a slow start as oil companies pull back on big deals. On Friday, the largest U.S. oil company is expected to report a 79-cents-a-share profit, down from 92 cents a year earlier, according to data provider Refinitiv. With little cash from asset sales and a third straight quarter of weaker year-over-year earnings, Exxon cannot resume share [Read more]
Oil edges up on prospect of U.S. interest rate cut
Oil prices rose on Monday as the prospect of an expected interest rate cut by the U.S. Federal Reserve overshadowed pessimism over U.S.-China trade talks and worries about slower global economic growth. Brent crude LCOc1 gained 25 cents to settle at $63.71 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 67 cents to settle at $56.87 a barrel. “Prices appear to be treading water ahead of this week’s events,” said John Kilduff, partner at Again Capital [Read more]
Point Loma Resources Announces the Spudding of Rex Oil Farmout Well
Point Loma Resources Ltd. (TSX VENTURE: PLX) (the “Corporation” or “Point Loma”) is pleased to announce the spudding of the first farmout well of the Corporation’s recently announced two well farmout program with partner Salt Bush Energy Ltd. (“Salt Bush”). Highlights Rex oil horizontal was spudded July 27, 2019. Once drilled, the well is expected to be completed and evaluated prior to the end of August 2019. Salt Bush Energy is paying 100% of the costs to drill, complete and equip to [Read more]
U.S. natgas futures slip to fresh 3-year low on rising production
U.S. natural gas futures fell to a fresh three-year low on Monday with spot prices at their lowest in years, production rising close to record highs and forecasts for less demand this week than previously expected. Analysts noted the front-month has traded around multi-year lows since late May despite power demand and liquefied natural gas (LNG) exports close to all-time highs, as near-record production and mild spring weather allowed utilities to inject huge amounts of gas into [Read more]
Appeal of NEB pipeline jurisdiction decision ‘highly probable’: B.C. activist
CALGARY - B.C. environmental activist Mike Sawyer says it's "highly probable" he will appeal a National Energy Board ruling that a pipeline designed to deliver natural gas to the $40-billion LNG Canada project falls under provincial, not federal, jurisdiction. The NEB ruled Friday against Sawyer's application which contended the $6.2-billion Coastal GasLink project proposed by TC Energy Corp. falls under federal jurisdiction because it will connect with the Nova Gas Transmission Ltd. [Read more]