Pipeline operator Kinder Morgan Inc on Thursday forecast a drop in core earnings next year, as growth from expansion projects would likely be offset by higher spending and lower contract rates on some of its gas and oil pipelines. The company said it expects 2020 adjusted earnings before interest, tax and depreciation (EBITDA) to be $7.6 billion compared with 2019 forecast of $7.8 billion. Kinder Morgan would generate $5.1 billion of distributable cash flow in 2020, which is nearly 3% [Read more]
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Paramount Resources: Sale of Non-Core Assets for $55 million
CALGARY - Paramount Resources Ltd. ("Paramount" or the "Company") is pleased to announce that it has closed the sale of certain natural gas weighted properties in West Central Alberta (the "Assets") for cash consideration of approximately $55 million (the "Transaction"). Paramount will retain all of its Duvernay assets in both Willesden Green and the East Shale Basin, as well as its fee title and royalty lands (the "Retained Lands"). The Transaction significantly reduces the complexity of [Read more]
Bonavista Announces Synergistic Asset Acquisition
Calgary, Alberta - Bonavista Energy Corporation (TSX: BNP) ("Bonavista" or the "Company") is pleased to announce the acquisition of certain oil and liquids rich natural gas weighted properties (the "Acquired Assets") located within our West Central Alberta core area (the "Acquisition") which are synergistic to our existing operations, complementary to our development plans and accretive to our debt leverage. The transaction closed on December 4th, 2019 with an effective date of November 1st, [Read more]
Baytex Announces 2020 Budget and Board Chair Appointment
CALGARY, Alberta, Dec. 04, 2019 (GLOBE NEWSWIRE) -- Baytex Energy Corp. (“Baytex”) (TSX, NYSE: BTE) announces that its Board of Directors has approved a 2020 capital budget of $500 to $575 million, which is designed to generate average annual production of 93,000 to 97,000 boe/d. The Board of Directors is also pleased to announce the appointment of Mark Bly as Chairman. Commenting on the budget announcement, Ed LaFehr, President and Chief Executive Officer, said: “We continue to deliver on our [Read more]
Altura Energy Inc. Announces a Funding Arrangement for up to $10.0 Million and Drilling Plans at Entice
CALGARY - Altura Energy Inc. ("Altura" or the "Corporation") (TSXV: ATU) is pleased to announce it has entered into a definitive agreement for an asset sale with a private company ("PrivateCo"). Under the terms of the agreement, PrivateCo will acquire a 12.5% working interest (the "Disposition Assets") in the Corporation's production, wells, lands and facilities for $7.0 million in two transactions. The asset sale provides Altura the funding to advance drilling its oil prospect in the Entice [Read more]
TGS Commences Onshore Seismic Acquisition for Additional Montney Basin 3D Project in Canada
CALGARY, Alberta (4 December 2019) – TGS announced today the commencement of its 2020 South Halfway 3D onshore seismic survey, amplifying its core position in the Inga/Fireweed area of North East British Columbia (B.C.) in Canada. The South Halfway 3D is the second multi-client onshore project this winter season in the NEBC Montney basin for TGS, it is complementing recently announced Midnight 3D. When completed, the South Halfway project adds nearly 100 square kilometers of high-quality 3D [Read more]
Canada’s Co-op Refinery to lock out workers, plans to keep operating
The Co-op Refinery in Regina, Saskatchewan, western Canada's third-largest oil refinery, plans to lock out workers on Thursday but continue operations. The refinery, owned by Federated Cooperatives Ltd, tweeted on Tuesday that it had issued a 48-hour lockout notice to 800 workers in the interest of public safety, after their union issued a strike notice. Talks had broken down over pensions. The refinery was running on Wednesday at full operation, spokesman Brad DeLorey said in an email. [Read more]
Heavy discount narrows after Syncrude cuts December oil production
The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude, and light oil sold at a premium on Wednesday, after the Syncrude oil sands site cut December production. Canada's Syncrude oil sands facility has reduced its December production by 1.6 million barrels because of operational problems, three market sources told Reuters, adding that the reduced output lifted Canadian prices. Western Canada Select (WCS) heavy blend crude for January [Read more]
Canada’s Syncrude oil facility cuts output over operational issues
Canada's Syncrude oil sands facility has reduced its December production by 1.6 million barrels due to operational problems, three market sources told Reuters on Wednesday. Syncrude is a joint venture majority owned by Suncor Energy Inc , with minority stakes held by Imperial Oil Ltd and others. It can produce up to 360,000 barrels per day, upgrading thick bitumen to light oil. The nature of the operational problems was not clear. Spokesmen for Syncrude, Suncor and Imperial could not be [Read more]
Labor Unions, Enbridge Sign Project Labor Agreement
LINO LAKES, Minn. - The Line 3 Replacement Project, the largest privately financed construction project in Minnesota history, has celebrated a major milestone. Representatives from four trade and labor unions held a ceremonial signing of a project labor agreement with Enbridge guaranteeing it will be built solely by union labor. The Line 3 Replacement project will create more than 4,000 quality jobs that will be filled primarily by local workers who will use the highest level of industry [Read more]