Canada emerges as a global propane supplier with completion of the country's first liquefied petroleum gas (LPG) marine export facility CALGARY, May 28, 2019 /CNW/ - AltaGas Ltd. (AltaGas) (TSX: ALA) today celebrates the grand opening of its Ridley Island Propane Export Terminal (RIPET), located in Prince Rupert, British Columbia – the first marine export facility for propane in Canada. The facility began introducing propane feedstock in mid-April, and the first shipment departed the terminal [Read more]
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Hemisphere Energy Acheives Record Financial and Operating Results for Q1 2019
TSX-V: HME VANCOUVER, May 28, 2019 /CNW/ - Hemisphere Energy Corporation (TSX-V: HME) ("Hemisphere" or the "Company") announces its financial and operating results for the three months ended March 31, 2019. Q1 2019 Highlights Achieved record revenue of $6.4 million, an increase of 90% over the first quarter of 2018. Realized record quarterly funds flow from operations of $2.6 million, a 30% increase over the entire annual funds flow from operations for 2018. Increased quarterly [Read more]
Husky Energy Updates Five-Year Plan and Increases Free Cash Flow Generation Outlook
CALGARY, Alberta, May 28, 2019 (GLOBE NEWSWIRE) -- Husky Energy (TSX:HSE) will hold its Investor Day in Toronto today to review and update its five-year plan. With a focus on generating increased free cash flow, Husky’s plan shows reduced capital spending to achieve an annual average of $3.15 billion for 2019 – 2023 versus the previously planned 2018 – 2022 annual average of $3.5 billion. Total capital spending over the 2019 – 2023 five-year period is reduced by about $1.7 billion, with total [Read more]
The Service Exodus from Alberta to Texas
The movement of human capital and specialized oilfield equipment from Alberta to West Texas is alarming. I completely agree with Dan Hoffarth’s (Citadel Drilling) 2018 statement regarding his company’s transition to Texas: “this was a need, not a want”. Today, five out of six high-spec Citadel rigs are working in the Permian Basin and ~90% of their revenue is expected to come from south of the border (DOB, 2019). Connate Water Solutions is a specialized hydrogeology company and we track [Read more]
Clearview Reports First Quarter Results and Operations Update
Clearview acquires strategic light oil and natural gas assets in its west-central Alberta core area Adjusted funds flow of $2.1 million, $9.12 per barrel of oil equivalent ("boe"), up 381% from the comparative quarter Reduced net debt by $1.4 million to $16.8 million at March 31, 2019 resulting in a net debt to annualized adjusted funds flow ratio of 2.0:1 CALGARY, May 27, 2019 /CNW/ - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to announce its [Read more]
Gibson to load 225,000 bpd of Canadian crude-by-rail by summer’s end: CEO
CALGARY, Alberta (Reuters) - Canadian midstream company Gibson Energy is loading 60 unit trains per month at the Hardisty, Alberta, crude-by-rail terminal and that will rise to 90 trains per month by the end of the summer, Chief Executive Steve Spaulding said on Friday. Each unit train can carry around 60,000-75,000 barrels, which would put total loadings at 180,000-225,000 barrels per day (bpd) by summer’s end. The increase in crude-by-rail loadings comes as the discount on Canadian crude [Read more]
AltaGas Announces Appointment of James Harbilas as Chief Financial Officer
CALGARY, May 27, 2019 /CNW/ - AltaGas Ltd. (AltaGas) (TSX:ALA) announced today the appointment of D. James Harbilas as Executive Vice President and Chief Financial Officer, effective June 10, 2019. Mr. Harbilas will be responsible for AltaGas' finance, treasury, corporate development and capital market functions. "The operational and financial priorities for AltaGas remain on track. Key areas of focus for James will be the continued strengthening of our balance sheet, including the completion [Read more]
Oil under pressure from U.S.-China trade war, but OPEC cuts provide support
SINGAPORE: Oil prices were mixed on Monday, with U.S. crude under pressure from Sino-American trade tensions, while Brent prices were supported by OPEC's supply cuts. Front-month U.S. West Texas Intermediate (WTI) crude futures were at $58.43 per barrel at 0700 GMT, down 20 cents, or 0.3%, from their last settlement. Spot Brent crude futures, the international benchmark for oil prices, were firmer at $68.82 per barrel, 13 cents, or 0.2%, above their last close. Both crude contracts [Read more]
Robson: It came from outer space
“Unless this really is just an argument about climate change.” Andrew Coyne concluded an argument in favour of carbon taxes with this withering dismissal of doing nothing in the face of a universally acknowledged crisis. To deny it you’d have to be from outer space. What a coincidence. If we’re not arguing about climate change, I’d sure like to be. And though I’m not from outer space, certain eccentricities notwithstanding, some important evidence is. Including warming on Mars, Jupiter, Pluto [Read more]
Gear Energy Ltd. Announces Update to Credit Facilities
CALGARY, May 24, 2019 /CNW/ - Gear Energy Ltd. ("Gear") (TSX: GXE) today announces that the annual borrowing base redetermination of its credit facilities has been finalized. The amended credit facilities have been reduced from a total $115 million to $90 million and is now comprised of a $70 million syndicated revolving term credit facility and a $20 million operating credit facility. The reduction is the result of a variety of factors including the recent Supreme Court of Canada ruling on [Read more]