CALGARY, Dec. 6, 2019 /CNW/ - Jupiter Resources Ltd. and its affiliates (collectively, "Jupiter" or the "Company") have received a further extension to the maturity date, associated with the Company's existing senior secured reserve-based revolving credit facility (the "RBL Facility"), until December 18, 2019. The commitments under the RBL Facility will be limited to a maximum of $265 million for the extension period, during which the Company will continue to negotiate a longer-term credit [Read more]
Headlines
Canada weekly rig count up 12 to 138
Canada’s fleet of active drilling rigs grew from 126 to 138 since last week according to data from Baker Hughes. Total drilling count was 138 at December 6. 87 rigs were drilling for oil; 51 for natural gas. The drilling activity in both Alberta and Saskatchewan increased, with Alberta growing from 86 to 91 and Saskatchewan gaining 8 wells, from 25 to 33. View a full breakdown of Western Canada’s rig activity. [Read more]
Kenney to meet Trudeau next week, discuss pipelines and equalization
EDMONTON - Alberta Premier Jason Kenney will meet Tuesday with Prime Minister Justin Trudeau in Ottawa to discuss issues ranging from pipelines to equalization. Kenney says he and eight of his cabinet ministers will be in the nation's capital early next week to meet with their counterparts and push for federal co-operation to help grow the economy. Kenney says he will bring up with Trudeau a resolution passed unanimously at the recent meeting of provincial leaders to consider changes to [Read more]
U.S. oil drillers cut rigs for seventh consecutive week – Baker Hughes
U.S. energy firms reduced the number of oil rigs operating for a seventh week in a row as year-long declines in the rig count have only curbed growth of record U.S. production, prompting OPEC to deepen cuts in an effort to bolster prices amid a global glut. Drillers cut five oil rigs in the week to Dec. 6, bringing the total count down to 663, the lowest since April 2017, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there [Read more]
Alberta’s new approach to pricing pollution for heavy industry meets federal benchmark
GATINEAU - Canadians see the costs of a changing climate all around them. Climate change is driving stronger storms, wildfires, and record-breaking heatwaves. Canadians also know that taking climate action is an enormous opportunity to create jobs and advance economic growth. A price on pollution is one of the best tools we have to fight climate change while keeping life affordable for Canadian families. The Minister of Environment and Climate Change, the Honourable Jonathan Wilkinson, [Read more]
Oil rises, U.S. crude trading near two-month high after OPEC cut
Oil edged up in early Asia trade on Friday, with U.S. crude trading near a two-month high after OPEC agreed to increase output curbs by nearly 50 percent in early 2020, although the cartel stopped short of promising any further steps after March. West Texas Intermediate oil futures were up by 96 cents at $59.30 a barrel. Brent futures were up $1.14 at $64.40. They fell 0.6% on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a [Read more]
Column: Carbon taxes, we hardly knew ye
Here come the carbon taxes. And there they go again. Can’t anybody here play this game? For some time an outfit called the Ecofiscal Commission has tried to offer the conservative solution to climate change. Frankly I believe that solution has to begin with the science, or rather with skepticism about what alarmist non-scientists tell us the science is saying. (For instance the Climate Discussion Nexus newsletter and videos including our latest on the 10th anniversary of Climategate [Read more]
Inter Pipeline Announces Capital Expenditure Program for 2020
CALGARY - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) announced today a $1.2 billion capital expenditure program for 2020. Approximately $1.1 billion of total capital expenditures will be for organic growth initiatives, with the remaining invested in sustaining capital projects. Capital Expenditure Summary 2020 Forecast (millions) Growth Capital NGL Processing $980 Conventional Oil Pipelines 45 Oil Sands [Read more]
Heavy discount narrows on demand uptick, reduced Syncrude output
The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude on Thursday, due to stronger demand and reduced production from the Syncrude oil sands site. The slight narrowing reflected some buyers being short and favorable arbitrage opportunities, a trader said. Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, was trading at $19.95 per barrel below WTI, according to NE2 Canada Inc, compared with Wednesday's [Read more]
Approved oilsands project now awaits pipeline capacity increases: developer
CALGARY - The developer of a 12,000-barrel-per-day thermal oilsands project approved Thursday by the Alberta government says actually going ahead with construction depends largely on when new pipelines can be in service. President Serge Bisson of privately held Grizzly Oil Sands ULC says the company will now meet with its owners, Wexford Capital LP with 75 per cent and Gulfport Energy Corp. with 25 per cent, to discuss how to proceed with the May River project, which is estimated to cost more [Read more]