Canadian Natural Resources Ltd , the country's biggest oil producer, has joined a number of other firms asking Canada's energy regulator to intervene in Enbridge Inc's plan to overhaul shipping contracts on its Mainline pipeline network.Canadian Natural's letter to the National Energy Board (NEB), filed late on Monday, calls on the regulator to delay Enbridge's proposal to switch to long-term, fixed-volume contracts on 90% of the Mainline. Suncor Energy , MEG [Read more]
Headlines
Oil rises as U.S.-China trade comments calm markets
Oil prices rose on Tuesday after U.S. President Donald Trump predicted a trade deal with China after positive comments by Beijing, calming nerves after a round of tit-for-tat tariff hikes had sent markets reeling. U.S. crude was up by 30 cents or 0.6% at $53.94 a barrel, having dropped 1% on Monday for a fourth day of declines. Brent crude was up by 25 cents, or 0.4%, at $58.95 a barrel by 0214 GMT, after also falling 1% in the previous session, dropping for a third day in a [Read more]
Whitecap Resources Inc. Strengthens Balance Sheet – Adjusts 2019 Capital Expenditures
CALGARY, Aug. 26, 2019 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) announces that it has elected to exercise a more cautious approach for the balance of 2019 by reducing the Company's 2019 second half capital expenditures program by 17% to $250 million from $300 million to provide greater optionality and improve near term free funds flow. Our full year 2019 capital expenditure program is now anticipated to be $400 million which is $50 million lower than our previous [Read more]
Suncor and Shell urge Canadian regulator to review contentious Enbridge pipeline plan
Two major oil companies have asked Canada's energy regulator to urgently review Enbridge Inc's proposal to switch to fixed contracts on its Mainline pipeline system, arguing the changes would be an abuse of Enbridge's market power. Suncor Energy , Canada's second-largest oil producer, and Shell Canada Ltd, a subsidiary of Royal Dutch Shell wrote to the National Energy Board on Friday opposing Enbridge's plans. They join MEG Energy and the Explorers and Producers Association of Canada [Read more]
Oil rises on hopes of easing U.S.-China trade tension
Oil prices rose on Monday after the United States and China both suggested they could ease up in a trade war that has undermined the outlook for the global economy and crude demand. U.S. oil was up 54 cents, or 1%, at $54.71 a barrel by 1200 GMT, while brent was up 38 cents, or 0.64%, at $59.72 a barrel. U.S. President Donald Trump said on Monday he believed China was seeking a trade deal after he said Beijing contacted U.S. officials overnight to say it wanted a return to dialogue, [Read more]
Column: Alberta’s Gas City Sparking Light of Fiscal Responsibility
It’s tough for politicians to balance budgets so it might seem far-fetched to believe they can actually save money. But Medicine Hat’s politicians are doing it. By creating their Heritage Savings Reserve to steward resource revenues, the Gas City has sparked a light of fiscal responsibility for Alberta to follow. Medicine Hat has an abundance of energy resources. The city has over 4,000 gas wells and ambitions to increase its oil production to 5,000 barrels per day. When energy prices are [Read more]
Request for proposals to purchase the assets of Bearstone Environmental Solutions Inc.
Pursuant to an order of the Court of Queen’s Bench of Alberta (the “Court”) made August 6, 2019, KPMG Inc. in its capacity as Court-appointed receiver (the “Receiver”) of Bearstone Environmental Solutions Inc. (“Bearstone” or the “Company”), is soliciting written proposals for the acquisition of the Company’s assets, either en bloc or parts thereof. The Company provided environmental oilfield services to the oil and gas industry throughout western Canada. Primary service offerings included [Read more]
Husky Starts Production at Dee Valley Thermal Project
CALGARY, Alberta, Aug. 26, 2019 (GLOBE NEWSWIRE) -- Husky Energy today announced it has commenced production at its Dee Valley thermal project in Saskatchewan, the second of six 10,000-barrel-per-day thermal bitumen projects to be brought onstream from 2018 to 2022. “Dee Valley is the latest in our deep portfolio of repeatable, small-scale Lloyd developments that provide low-cost, reliable feedstock for our Upgrader, asphalt refinery and U.S. refineries,” said CEO Rob Peabody. “These projects [Read more]
Canada weekly rig count down 3 to 139
Western Canada’s fleet of drilling rigs went down by 3 to 139 according to data collected by Baker Hughes for the week of August 23rd. Alberta lost 1, moving to 94, while Saskatchewan dropped by 1 to 32. Oil rigs went from 101 to 95, natural gas drilling increased from 41 from 44. View a full breakdown of Western Canada’s rig activity. [Read more]
Oil prices slide as U.S.-China trade war escalates
Oil prices fell sharply on Friday after China unveiled retaliatory tariffs against about $75 billion worth of U.S. goods, marking the latest escalation of a protracted trade dispute between the world’s two largest economies. U.S. West Texas Intermediate (WTI) crude futures slid by $1.50 to $53.86. Brent crude futures, the international benchmark for oil prices, fell $1.19 to $58.73 a barrel by 1250 GMT. “Policymakers and investors remain cognizant of the economic headwinds that are [Read more]