Enerkem Inc., a world-leading waste-to-biofuels and chemicals producer, today announced the closing of a $50 million equity investment from Suncor. As Canada's leading integrated energy company, Suncor first participated in the ownership of Enerkem in April 2019 as part of a $76.3 million equity financing alongside Enerkem's existing shareholders. With this new investment, Suncor becomes a significant, strategic shareholder of Enerkem. In addition to its equity interest, Suncor also provides [Read more]
Headlines
Heavy discount edges narrower
Canadian heavy crude differentials narrowed slightly versus U.S. benchmark West Texas Intermediate (WTI) crude on Tuesday as the monthly trade cycle neared its end: Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $16.00 per barrel below WTI, according to Net Energy Exchange. On Friday November WCS settled at $16.30 a barrel below WTI. Markets were closed on Monday for the Canadian Thanksgiving holiday. Light synthetic crude from the oil [Read more]
Delphi Energy Corp. Announces First Closing of Subscription Receipt Offering and Update on Securityholder Meetings
Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce that it has closed a portion of its previously announced private placement offering of subscription receipts (the “Offerings”) for aggregate gross proceeds of $2.1 million today. Pursuant to the Offerings, Delphi issued 797,512 equity subscription receipts (“ESRs”) at a price of $1.65 per ESR (the “ESR Price”) for gross proceeds of approximately $1.3 million and 1,067 note subscription receipts (“NSRs”) at a price of $750 [Read more]
U.S. oil and gas jobs fall as drilling declines
U.S. oil and gas employment has started to fall as the sector contracts in response to lower prices over the last year – and further job losses are likely in the next few months as the rate of well drilling declines further. In 2017/18, the second shale-oil boom created almost 100,000 new high-paying jobs in oil and gas drilling as well as associated services such as site preparation, cementing, casing and pressure-pumping. Employment gains in the oil and gas sector also helped support [Read more]
Oil prices extend losses into 2nd session on weak China data
Oil prices fell on Tuesday, after heavy losses in the previous session, as two days of weak Chinese data added to worries about the top crude oil importer's energy demand growth. U.S. West Texas Intermediate (WTI) crude dropped 20 cents, or 0.36% to $53.28, while Brent crude fell 16 cents, or 0.27%, to $59.04 a barrel. China has been hit by poor economic data for two straight days. The National Bureau of Statistics (NBS) reported on Tuesday that China's factory gate prices declined at [Read more]
Column: An open letter to Patagonia, Lush Cosmetics, and Ben & Jerry’s – your climate activism/lifestyle marketing/bipolar worldview begs the question: why do you exist?
Hi companies, A quick note from a puzzled customer/bystander. I’m trying to decipher the signals that you’re sending out to the world; there seems to be a sizeable paradox on display. All three of you made coincidental headlines in support of the global climate strikes, even halting business for a day to show that you mean business. It is awesome to see companies taking their environmental footprints seriously; that is the only way we’re going to make any progress – if entities and people [Read more]
How Innovators Dominate Volatile Markets – Activation 2019
The future is uncertain. Alberta’s economy has taken a big hit over the past few years, resulting in a competitive economy where only the fittest survive. Join industry thought leaders as they discuss what it takes to dominate and remain competitive in today's volatile industrial market. Created for companies looking to trailblaze in today’s industrial marketplace, we’re connecting like-minded people while sharing insights into disruptive technologies and innovative sales and marketing [Read more]
Heavy discount widens after volatile week
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Friday to round off a week of volatile trading:* Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $16.35 per barrel below WTI, according to Net Energy Exchange. On Thursday November WCS settled at $15.95 a barrel below WTI and earlier in the week settled at $16.50 a barrel below the benchmark, its widest discount since late May.* Light [Read more]
Canada weekly rig count increases from 144 to 146
Canada’s fleet of active drilling rigs increased by 2 since last week according to data from Baker Hughes. Total drilling count was 146 at October 11. 102 rigs were drilling for oil; 44 for natural gas. Drilling activity in Alberta increased by 3, from 94 to 97. Saskatchewan's fleet decreased by 2 to 34. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. drillers add oil rigs for first week in eight -Baker Hughes
U.S. energy firms this week increased the number of oil rigs operating for the first time in eight weeks even though energy services firms are cutting jobs as most producers follow through on plans to reduce spending on new drilling this year. Companies added two oil rigs in the week to Oct. 11, bringing the total count to 712, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. [Read more]