CALGARY, July 25, 2019 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA; NYSE: TAC) today commented on the Government of Alberta's announcement that the energy-only market framework in Alberta will be maintained. The promise by the Government of Alberta to deliver a decision on market structure within 90 days was fulfilled, thereby reducing significant uncertainty for TransAlta in assessing investment decisions in the Alberta power generation market. The Company [Read more]
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Suncor hopeful on deal with Alberta govt to boost oil production
Canada's Suncor Energy is hopeful the Alberta government will decide "in the next month or so" to strike a deal that would allow oil producers to boost their output despite ongoing curtailments, the company's chief executive said on Thursday. Alberta is Canada's energy heartland but crude production has been limited since the start of 2019 when the provincial government imposed curtailments to ease congestion on export pipelines that had pushed the discount on Canadian crude to record [Read more]
Enbridge says open to re-route Line 5 after legal action by Wisconsin tribe
Enbridge Inc on Thursday said it was open to working with the Bad River Band and will consider re-routing its Line 5 oil pipeline after the native American tribe in Wisconsin sued the company seeking to shut the pipeline. The Bad River Band filed a federal lawsuit against Enbridge on Tuesday in the Western District of Wisconsin, asking for the section of Line 5 that runs across its reservation to be decommissioned and removed because of the risk of a leak. "The vast majority of the [Read more]
Gear Energy: Provost area prospect summary
Gear Energy Ltd. is soliciting certain parties which may be interested in acquiring or farming in on certain lands in the Provost Area. The details of the opportunities are as follows: Target Formation(s): Sparky Formation Locations: Drill ready location (100/08-31-035-04W4M). In addition, Gear has mapped up to 25 follow up locations. Well Type: Horizontal [Read more]
Column: Pipeline protesters shouldn’t be funded by taxpayers
The next time you see pipeline protesters chaining themselves to a bulldozer, know that your taxes may have paid for their activism. The federal government has given $2.5 million of your money to the Canadian Centre for Policy Alternatives so it can “shine a bright light on the fossil fuel industry by investigating the ways corporate power is organized and exercised.” The University of Victoria also kicked in $730,000 into the project that lists about 100 people as advisors and [Read more]
Husky Energy Reports Second Quarter 2019 Results
This news release contains references to the non-GAAP financial measures “funds from operations”, “free cash flow”, “net debt”, “net debt to trailing funds from operations”, “operating margin”, “EBITDA” and “operating netback”. Please refer to “Non-GAAP measures” at the end of this news release. CALGARY, Alberta, July 25, 2019 (GLOBE NEWSWIRE) -- Husky Energy (TSX:HSE) generated funds from operations of $802 million in the second quarter, with net earnings of $370 million. Cash flow from [Read more]
Cenovus substantially achieves $7 billion near-term net debt target
Company generates over $830 million in second-quarter free funds flow CALGARY, Alberta, July 25, 2019 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) reduced net debt to $7.1 billion in the second quarter after generating over $830 million in free funds flow. The company’s excellent financial performance was driven by higher realized oil prices, which contributed to oil sands operating margin of more than $1.0 billion. “Through focused operations and disciplined capital [Read more]
Oil steadies after global demand worries spark fall
Oil ticked higher early on Thursday after falling in the previous session as more signs of slowing global growth added to demand concerns, with Middle East tensions underpinning prices. Brent crude futures were up 6 cents at $63.24 a barrel by 0053 GMT, after dropping 1% overnight, falling for the first time in four sessions. U.S. West Texas Intermediate crude were 12 cents, or 0.2%, higher at $55.99 a barrel, having dropped 1.6% in the previous session. Sentiment in the oil market [Read more]
Suncor posts $2.73 billion income on Alberta tax recovery, higher oil output
CALGARY - Suncor Energy Inc. is reporting second-quarter net earnings of $2.73 billion or $1.74 per share, almost three times the $972 million or 60 cents it reported in the same period last year. It says earnings were buoyed by a one-time deferred tax recovery of $1.12 billion associated with the staged Alberta corporate income tax rate cut of one per cent each year from 2019 to 2022. The company also recorded an after-tax gain of $139 million on the sale of its 37 per cent interest in [Read more]
Suncor Energy reports second quarter 2019 results
CALGARY, Alberta, July 24, 2019 (GLOBE NEWSWIRE) -- “This quarter, we delivered $3.0 billion in funds from operations, a new second quarter record, and $1.3 billion of operating earnings due to our team delivering solid operating performance while taking full advantage of our flexibility to maximize our cash flow, despite the impact of curtailments,” said Mark Little, president and chief executive officer. “Strong cash flow generation and our commitment to capital discipline allowed us to [Read more]