At the end of October, I published a piece suggesting short term pro-rationing could be an equitable way to solve the problem of heavy oil over production in the province of Alberta. Since then, there have been numerous articles in the press agreeing with my proposal but also many scorning it and suggesting the free market should solve this problem. As a result of these comments, I would like to suggest the free market in regard to oil is a myth and reliance on this mantra will result in [Read more]
Headlines
Cation Capital Comments on Crescent Point’s Urgent Need for New Leadership to Unlock Billions of Stranded Value
Entrenched, Self-Interested Board Has Overseen Decline of Share Price to its Lowest to Date Cation Calls for Company to Install New Independent Leadership to Initiate Formal Value Maximization Process Cation Committed to Holding the Board and Management Accountable for the Company’s Continued Value Destruction CALGARY, Alberta--(BUSINESS WIRE)--$CPG #CPG--Cation Capital Inc. (together with its affiliates and associates, “Cation Capital” or “Cation”), a private investment firm that continues [Read more]
Vertex Resource Group Ltd. Announces Third Quarter Results
Revenue of $41.4 million, EBITDA of $6.1 million and net income of $6.5 million for third quarter 2018. Revenue of $103.8 million, EBITDA of $14.7 million and net income of $1.9 million for nine months ending September 30, 2018. SHERWOOD PARK, AB, Nov. 26, 2018 /CNW/ - (TSXV:VTX) - Vertex Resource Group Ltd. ("Vertex" or the "Company") reports its financial and operational results for the three and nine months ending September 30, 2018. The following should be read in conjunction with the [Read more]
Oilpatch share buybacks drive record high totals on the Toronto Stock Exchange
CALGARY - Canadian oil and gas companies finding little love in the stock market are repurchasing their neglected shares, driving a rise in share buybacks that's already reached a record high this year. Using scarce dollars to buy your own stock instead of investing to grow the business may seem wasteful to some, but observers say it makes sense if you have money in your wallet and find your shares in the bargain bin. "As a CEO, the way I look at it is, it's a cyclical business. Buying [Read more]
Canada border agency says tariffs should apply to LNG modules
The Canada Border Services Agency (CBSA) said on Friday that the modules to be used in a liquefied natural gas export terminal near Vancouver should be subject to hefty import tariffs on certain steel elements, in a blow to the proposed $1.6 billion project. In its decision, the CBSA said the fabricated industry steel components (FISC) of an LNG module are not transformed when non-FISC elements are connected, and therefore the 45.8 percent anti-dumping tariffs on the FISC portion should [Read more]
Alberta business forum applauds linking carbon tax implementation and pipelines
LAKE LOUISE, Alta. - A business crowd of about 400 leapt to their feet in a standing ovation Friday at the suggestion that it should be illegal for Canadian governments to collect carbon taxes until there are new export pipelines delivering Alberta crude oil to world markets. "Until there are pipelines leaving Alberta — plural — and there is oil flowing through them that will go to international markets, and US$40 price differentials are no longer the thing, until that time, it should be [Read more]
Alberta premier disappointed with Ottawa’s response to oil bottleneck
EDMONTON - Alberta Premier Rachel Notley says she's disappointed with Ottawa's lukewarm response to the province's plan to ease oil bottlenecks by buying more rail cars. She says it's simplistic to dismiss buying rail cars by saying they probably wouldn't arrive until a pipeline expansion were already under construction. Alberta oil is currently selling at a discount of about $45 a barrel because of an oil glut due to a lack of pipeline capacity. Notley has proposed Ottawa invest in [Read more]
Oil’s Black Friday drop could hit drilling budgets for 2019
North American oil producers that have been increasing spending to take advantage of this year's higher prices will dial back as November's reversal fuels worries about a 2019 surplus, energy executives say.U.S. light sweet crude settled on Friday at $50.42 a barrel, down nearly 23 percent since October and the lowest in more than a year over worries about oversupply and the Sino-U.S. trade war. The drop comes as many oil producers are assembling drilling budgets for 2019. [Read more]
Progress Energy Changes Name to PETRONAS Energy Canada
CALGARY, Nov. 23, 2018 /CNW/ - Progress Energy Canada Ltd. is pleased to announce it has changed its name to PETRONAS Energy Canada Ltd. (PETRONAS Canada), effective November 22. PETRONAS is Malaysia's fully integrated oil and gas multinational ranked among the largest corporations on FORTUNE Global 500®. PETRONAS entered Canada as part of a joint venture with Progress Energy in 2010, and Progress Energy became a subsidiary of PETRONAS in 2012. "The name change is a reflection of our parent [Read more]
Point Loma Resources Announces Third Quarter 2018 Financial and Operating Results
CALGARY, AB / ACCESSWIRE / November 23, 2018 / Point Loma Resources Ltd. (TSX VENTURE: PLX) (the "Corporation" or "Point Loma") is pleased to report financial and operating results for the three and nine months ended September 30, 2018. Highlights of the period and additional updates are summarized below: HIGHLIGHTS Average daily production has increased to 977 boe/d for the third quarter of 2018, representing a 61% increase compared to the three months ended September 30, 2017. [Read more]