Last week’s ranty diatribe about the Canadian energy sector sure seemed to strike a nerve with a number of readers, as it certainly appears that there are many people who, like me, are completely frustrated with the state of the industry and the attitude of various levels of government towards it. This frustration reached an almost fever pitch this week as the BC provincial government announced on Tuesday that it would appoint a special council to study and comment on diluted bitumen and what [Read more]
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PNG Exchange New Property Listing
Intermediate E&P – East Shale Basin Duvernay The Offering includes the properties of Three Hills and Mikwan within the boundaries of Township 029-038, Range 21-24 W4. Includes 17.5 gross sections of Duvernay rights in the Mikwan property and 29.5 gross sections in the Three Hills property. With a material resource size estimated at 10mmbbl/section, the offering has a total estimated resource of oil in place of over 400mmbl. Non-binding proposals due February 14, 2018. Visit [Read more]
Amid unrest, Canada plans to overhaul energy project assessments
The Canadian government, which faces growing protests against major energy projects, this week will present plans to improve the way oil pipelines and mines are assessed, two well-placed sources said. Three entities share responsibility for probing the environmental impact of proposed projects, a system the ruling Liberals say the public does not trust. Ottawa is due to unveil draft legislation creating a single body to look into projects on federally regulated land, said the sources, who [Read more]
Proposed pipeline regulations shouldn’t start a ‘trade war:’ B.C. premier
VANCOUVER - British Columbia's premier says his government is trying to protect the province, not be provocative, over a proposed ban on an increase of diluted bitumen shipped from the west coast. John Horgan said Friday that his government's announcement earlier this week is cautionary and designed to make sure B.C. doesn't suffer in the event of a catastrophic spill. "I did not set out to be provocative," he said at a news conference. "In fact, I would suggest that a press [Read more]
Journey Energy Inc. Announces the Closing of Its Repurchase of Common Shares
CALGARY, Feb. 2, 2018 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") announces that it has today completed the acquisition of 12.7 million of its outstanding shares from its largest shareholder. Share Repurchase Journey has today closed the previously announced acquisition of 12.7 million common shares from MIE Maple Investments Limited ("MIE") at a price of $1.68 per share (the "Share Repurchase"). The shares repurchased have been returned to treasury for [Read more]
Experts question Alberta power threats to B.C. as pipeline politics intensify
CALGARY - Alberta Premier Rachel Notley's promise to suspend electricity talks with British Columbia over a pipeline dispute may not carry much weight, according to energy experts. Notley made the commitment Thursday in protest to B.C.'s announcement that it would at least temporarily restrict increases in diluted bitumen shipments, creating more uncertainty for Kinder Morgan Inc.'s delayed Trans Mountain expansion project. The amount of power in question is, however, relatively [Read more]
Canada Weekly Rig Count Up 4 to 342
Western Canada’s fleet of drilling rigs went up by 4 rigs to the current count of 342 actively drilling rigs according to data collected by Baker Hughes for the week of February 2nd. From one week ago, Alberta rig counts decreased from 232 to 229, the Saskatchewan rig count increased from 69 to 75. Oil drilling went from 220 to 234; gas rigs went down from 118 to 108. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. drillers add oil rigs for second consecutive week
U.S. energy companies added oil rigs for a second week in a row as crude prices hovered near their highest levels since 2014, prompting drillers to return to the well pad. Drillers added 6 oil rigs in the week to Feb. 2, bringing the total count up to 765, the highest level since August 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, is much higher than a year ago [Read more]
Vertex Resource Group Ltd. Acquires HMA Land Services
Acquisition Expands Vertex's Geographic Expertise in Large Pipeline, Utility and Mineral Land Projects across Canada. This is Vertex's second acquisition thus far in 2018. SHERWOOD PARK, AB, Feb. 1, 2018 /CNW/ - (TSX.V:VTX) - Vertex Resource Group Ltd. ("Vertex") is pleased to announce that it has acquired the business of HMA Land Services ("HMA"). The expertise of the HMA team will further strengthen Vertex's professional land consulting practice, with particular focus on large pipeline, [Read more]
Chevron Reports Fourth Quarter Earnings of $3.1 Billion, Annual Earnings of $9.2 Billion
Strong cash flow drives dividend increase of $0.04 per share Reserves replacement tops 150 percent Production grows 5 percent; 4 to 7 percent growth targeted for 2018 SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today reported earnings of $3.1 billion ($1.64 per share – diluted) for fourth quarter 2017, compared with $415 million ($0.22 per share – diluted) in the 2016 fourth quarter. Included in the quarter were non-cash provisional tax benefits of $2.02 billion [Read more]