SMITHERS, B.C. - RCMP say several of their vehicles have been damaged by metal spikes at a protest site where people are opposing a natural gas pipeline in the territory of the Wet'suwet'en nation. Mounties say the vehicles were damaged when they entered a court-ordered exclusion zone for protesters on Friday night. Police have been trying to clear protesters from the exclusion zone after an injunction was ordered by the B.C. Supreme Court. Four people were arrested by [Read more]
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Jupiter Announces US$77.5 Million Private Placement of Senior Secured Notes and New Credit Facility
CALGARY, Feb. 7, 2020 /CNW/ - Jupiter Resources Ltd. and its affiliates (collectively, "Jupiter" or the "Company") have entered into a new $225 million senior secured reserve-based revolving credit facility (the "New Credit Facility") with a syndicate of eight financial institutions. The new three-year facility will be used for general corporate purposes and is scheduled to mature on February 5, 2023. In addition, the Company has privately placed (the "Private Placement") US$77.5 million of [Read more]
Enbridge fears year-long delay to Mainline change from CNRL
Canada's biggest pipeline company, Enbridge Inc , fired back on Friday at the country's largest oil producer, saying Canadian Natural Resources' suggestions for determining future terms on the Mainline would cause at least a one-year delay. Enbridge plans to sell 90% of space under long-term contracts to shippers on the nearly 3 million barrel per day Mainline, Canada's longest oil pipeline system, rather than continue to ration space monthly. The move comes as Canadian pipelines are [Read more]
Heavy discount narrows slightly, rail limits eyed
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude narrowed slightly on Friday, and industry observers said they awaited the impact of new rail limits. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $18 per barrel below WTI, according to NE2 Canada Inc, slightly narrower than Thursday's settle of $18.05 under. Canada said on Thursday it would impose temporary speed limits on trains hauling [Read more]
Canada weekly rig count up 10 to 257
Canada’s fleet of active drilling rigs grew from 247 to 257 since last week according to data from Baker Hughes. Total drilling count was 257 at February 7. 167 rigs were drilling for oil; 90 for natural gas. The drilling activity in Alberta decreased from 171 to 167 since last week. Saskatchewan’s drilling grew from 53 to 67 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Alberta urges approval of Teck oil sands mine, rejects federal aid idea
Officials from the energy-rich Canadian province of Alberta on Friday insisted the federal government approve a massive oil sands project, rejecting the idea that aid from Ottawa would soften the blow if it were to be quashed. Reuters reported on Thursday that Canada is preparing a financial package that would help dull the pain if it blocks Teck Resources Ltd's plan to build the C$20.6 billion ($15.7 billion) Frontier mine that has raised climate and wildlife concerns. "We're not looking [Read more]
U.S. drillers add oil rigs for third week in four
U.S. energy firms added oil rigs for the third time in four weeks even though producers planned to continue reducing spending on new drilling for a second consecutive year in 2020. Companies added 1 oil rig in the week to Feb. 7, bringing the total count to 676, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 854 active rigs. The oil rig count, an early indicator of future output, dropped by an average of 208 [Read more]
Trans Mountain Expansion Project Construction Accelerating
Close to Three Thousand People Working on the Project CALGARY - With a new year ahead of us and recent court decisions announced, the Trans Mountain Expansion Project is accelerating. Work is well underway with pipe in the ground and terminal construction in Alberta, and significant work ongoing at the Burnaby and Westridge Marine Terminals in British Columbia. Before the end of 2020, construction is expected to be underway across the entire line. "Today, we have more than 2,900 people [Read more]
Oil falls after Russia supports possible supply cuts as coronavirus spreads
Oil prices dropped on Friday after Russia said it backs a recommendation for OPEC and other producers to deepen output cuts amid falling demand for crude as China battles the coronavirus epidemic that has hit global markets. U.S. West Texas Intermediate (WTI) crude futures were down 74 cents, or 0.5%, at $50.31 a barrel, also heading for a fifth consecutive week of losses. Brent crude futures fell 72 cents, or 1.45%, to $54.42 a barrel and is heading for a fifth weekly loss amid [Read more]
What You Need to Know Before Moving Operations to the U.S.
With the dynamic Canadian market forcing oil and gas companies to explore new avenues, many see a bright future in the United States. It’s a sound strategy, but without the proper planning, that optimism can quickly fade. Jim McEvoy, a Partner with MNP’s U.S. Tax Services team, works with companies to help them transition operations to the States and sees the issues firsthand. In his experience, the key pitfalls are company structuring, understanding sales tax and managing employee [Read more]