Alberta is dealing with two big problems: we need to get people back to work and we need our provincial government to stop overcharging Albertans by $10 billion a year. There’s plenty of evidence from our own backyard that shows Alberta’s business tax cut will be part of the solution, not the problem. In 2001, the Alberta government began reducing its business tax rate from 15.5 per cent to 10 per cent in 2006. Alberta’s average yearly real GDP growth rate between 2001 and 2014 was higher [Read more]
Headlines
U.S. oil drillers cut rigs for fourth week in a row -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row as producers cut spending, leading to slower growth in crude output. Drillers cut five oil rigs in the week to Sept. 13, bringing the total count down to 733, the lowest since November 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. In the same week a year ago, there were 867 active rigs. More than half the total U.S. oil rigs were [Read more]
Rocky Mountain GTL Inc. Secures A $15 Million Term Loan and Awards Contract for the Construction of Canada’s First Commercial Gas-to-Liquids Plant
Rocky Mountain GTL Inc. (the "Corporation") is pleased to announce that it has secured a $15 Million Term Loan with Roynat Capital (a division of Scotiabank) and awards Midwest Construction Group Inc. as general contractor of the Corporation's Enhanced GTL(R) (EGTL(TM)) plant 60 kilometers east of Calgary, near Carseland, Alberta. Rocky Mountain GTL has licensed the industry leading Direct Fuel Production(TM) technology, from Greyrock Energy Inc. ("Greyrock"), that transforms low value, [Read more]
Gibson Energy Announces $500 Million Medium Term Note Offering
CALGARY, Alberta, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (“Gibson” or the “Company”), (TSX: GEI), announced today that it has agreed to issue $500 million senior unsecured medium term notes, Series 1 (the "Notes"). The Notes will have a fixed coupon rate of 3.60% per annum, payable semi-annually, and will mature 10 years from the date of issue. The offering of the Notes is expected to close on or about September 17, 2019, subject to customary closing conditions. Gibson intends [Read more]
Oil prices fall after OPEC+ talks, ECB rate cut
Oil prices fell on Thursday after a meeting of the OPEC+ alliance yielded no decision on deepening supply cuts but focused instead on bringing Nigerian and Iraqi output down to their agreed quotas. Oil came under further pressure after the European Central Bank cut its deposit rate to a record low -0.5% from -0.4% and said it will restart bond purchases of 20 billion euros a month from November to prop up euro zone growth. U.S. West Texas Intermediate futures fell 96 cents to $54.79. Brent [Read more]
Pembina Pipeline Corporation Announces Closing of $1.5 Billion Public Note Offering
CALGARY, Sept. 12, 2019 /CNW/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its previously announced offering of $1.5 billion of senior unsecured medium-term notes (the "Offering"). The Offering was conducted in three tranches consisting of $600 million principal amount of senior unsecured medium-term notes, series 14 (the "Series 14 Notes") having a fixed coupon of 2.56% per annum, paid semi-annually, and maturing on [Read more]
U.S. briefly overtakes Saudi Arabia as top oil exporter: IEA
Global oil demand is weathering economic headwinds, the International Energy Agency (IEA) said on Thursday, buoyed by lower prices brought on by abundant supply as the United States briefly dethroned Saudi Arabia as the world’s top exporter. “With oil prices currently about 20% lower than a year ago, there will be support for consumers,” the IEA said in its monthly report. “Booming shale production has allowed the U.S. to close in on, and briefly overtake, Saudi Arabia as the world’s top [Read more]
GE begins divestment of Baker Hughes with $2.7 bln share sale
General Electric Co (GE) on Wednesday said it plans to reduce its ownership in oil and gas company Baker Hughes A GE Co to 38.4% from 50.4% at June-end, and aims to raise $2.7 billion in the process. The U.S. conglomerate, which will lose majority control of Baker Hughes, said it would raise the amount through a public offering of 115 million Baker Hughes Class A shares priced at $21.50 each, and through a private sale of $250 million Class B Baker Hughes shares to the oilfield services [Read more]
Razor Energy Corp. Closes Strategic Acquisition and Announces Intention to Commence New Normal Course Issuer Bid
CALGARY, Alberta, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Razor Energy Corp. ("Razor" or the "Company") (TSXV: RZE) is pleased to announce it has completed the previously announced strategic acquisition of Little Rock Resources Ltd. ("Little Rock") (the "Acquisition"). The Acquisition implies a value of approximately $12.7 million for Little Rock, including the issuance of $10.6 million in Common Shares and the assumption of Little Rock's net debt of $2.1 million. Little Rock's current production [Read more]
Enbridge urges Canadian regulator to avoid intervening in pipeline plan
Enbridge Inc called on Canada's energy regulator on Wednesday to ignore calls from some of its shippers and avoid intervening in the pipeline company's contentious proposal to revamp contracts on its Mainline network. The written submission to the Canada Energy Regulator (CER) is the latest salvo in a dispute between Calgary-based Enbridge and some of Canada's biggest oil companies over the future of the Mainline network. The Mainline is North America's biggest pipeline system and ships [Read more]