CALGARY, Feb. 4, 2019 /CNW/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) along with Petrochemical Industries Company K.S.C. ("PIC") of Kuwait, is pleased to announce a positive final investment decision to construct a 550,000 tonne per annum integrated propane dehydrogenation ("PDH") plant and polypropylene ("PP") upgrading facility ("PDH/PP Facility") through their equally-owned joint venture entity, Canada Kuwait Petrochemical Corporation ("CKPC"). CKPC [Read more]
Headlines
Invitation for offers: Force Rentals Ltd. and 5604070 Manitoba Ltd. o/a Titan Production Testing
Force Rentals Ltd. (“Force”) and 5604070 Manitoba Ltd. o/a Titan Production Testing (“Titan”) (collectively, the “Companies”) provided oilfield services and equipment rentals primarily in and around Southwestern Manitoba. Deloitte Restructuring Inc., in its capacity as Receiver of the Companies invite offers to purchase the Receiver’s right, title and interest, if any, in the assets of the Companies as follows: Parcel 1: Force equipment and inventory Parcel 2: Titan equipment and [Read more]
Canadian Natural Resources Limited Announces Establishment of Automatic Securities Purchase Plan
CALGARY, Alberta, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited (“Canadian Natural" or the "Company") announces in connection with its previously announced Normal Course Issuer Bid ("NCIB") to purchase up to 61,424,856 of its common shares (“Shares"), it entered into an Automatic Securities Purchase Plan ("ASPP") with a designated broker. The ASPP is intended to allow for the purchase of Shares under the NCIB when the Company would ordinarily not be permitted to purchase [Read more]
Column: Weather isn’t Climate, but…
Now of course we all know weather isn’t climate, but carbon tax proponents never miss using a heat wave to argue for the necessity of their “price” on carbon, so I don’t mind using a cold snap like this weekend to point out that a price on carbon is really a tax on staying alive since without fossil fuels thousands of people would be freezing to death right now. Last week as the polar vortex dipped deep into the Midwest US I heard a lot of smug Canadians joking about American reactions to the [Read more]
U.S. government appeals ruling that blocked Keystone pipeline
The Trump administration is appealing a court ruling that blocked the Keystone XL oil pipeline. Justice Department attorneys on Friday appealed the November ruling from U.S. District Judge Brian Morris that blocked a construction permit for the 1,184-mile (1,900-kilometre) pipeline. The line sponsored by Calgary-based TransCanada would begin in Alberta and shuttle as much as 830,000 barrels a day of crude through a half dozen states to terminals on the Gulf Coast. It was rejected by [Read more]
Connacher Oil and Gas Limited Announces Further Extension of Time to Complete Restructuring Transaction
CALGARY, Feb. 1, 2019 /CNW/ - On February 1, 2019, Connacher Oil and Gas Limited ("Connacher" or the "Company") and East River Oil and Gas Ltd. (the "Plan Sponsor"), with the consent of the Consenting First Lien Lenders (as defined in the Company's Amended and Restated Plan of Compromise and Arrangement (the "CCAA Plan")) and in consultation with Ernst & Young Inc., the monitor ("Monitor") in the Company's proceedings under the Companies' Creditors Arrangement Act ("CCAA"), entered into an [Read more]
Supreme Court’s well ruling ‘credit negative’ for energy firms, says Moody’s
CALGARY - A credit rating agency says high court support for the Alberta Energy Regulator's ability to force a bankruptcy trustee to pay out well-abandonment obligations before paying back creditors is credit negative for energy companies. Moody's Investor Services says the Supreme Court of Canada ruling Thursday creates a "super priority position" for payment of such liabilities over repaying other creditors. It says the decision potentially reduces how much a lender could [Read more]
Imperial Oil blames curtailment program as it cancels crude-by-rail shipments
CALGARY - Imperial Oil Ltd. is cutting its crude-by-rail shipments from 168,000 barrels per day in December to "near zero" this month and its CEO is placing the blame squarely on the Alberta government's oil production curtailment order. The collapse in discounts on western Canadian crude oil prices since the cuts were announced in early December has ruined the economic case for shipping oil by rail to customers in the United States, Rich Kruger told a conference call Friday. [Read more]
Heavy crude differential widens after Imperial Oil slows rail
The Canadian heavy oil differential widened against the West Texas Intermediate (WTI) benchmark on Friday after Imperial Oil said it was slowing rail shipments due to the price impacts of Alberta production cuts:* Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, traded on Friday afternoon at $10.25 a barrel below WTI crude futures , wider than Thursday's settle of $9.55 below WTI, according to Net Energy Exchange.* Imperial, one of Canada's [Read more]
U.S. oil drillers cut active rigs to lowest in 8 months -Baker Hughes
U.S. energy firms this week cut the number of oil rigs operating to their lowest in eight months as some drillers follow through on plans to spend less on new wells this year.Drillers cut 15 oil rigs in the week to Feb. 1, bringing the total count down to 847, the lowest since May 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That was the fourth time drillers cut rigs in the past five weeks.More than half the total U.S. oil [Read more]