Canada's integrated oil company Imperial Oil Ltd on Friday posted a quarterly profit that beat analysts' estimate, as cheap crude prices enhanced margins at its refining division.Imperial, majority owned by Exxon Mobil Corp , said income from its refining unit jumped nearly four-fold to C$1.14 billion ($868.2 million). Canadian crude prices have been hurt by a glut in storage as pipelines have been running at full capacity. "Imperial has taken a strategic approach to increase [Read more]
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Imperial announces 2018 financial and operating results
CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSX:IMO): Full-year earnings of $2,314 million; $3,922 million cash generated from operations Record annual gross production at Kearl of 206,000 barrels per day Returned more than $2.5 billion to shareholders through share purchases and dividends Fourth quarter Twelve months millions of Canadian dollars, unless [Read more]
U.S. says non-U.S. entities must wind down Venezuela oil buying
WASHINGTON (Reuters) - Any non-U.S. entities purchasing petroleum and petroleum products from Petróleos de Venezuela SA in transactions that involve any U.S. persons, the U.S. financial system or U.S. brokers must be wound down by April 28, the U.S. Treasury Department said in a notice posted early on Friday. Americans who work for non-U.S. companies located outside of the United States and Venezuela have until March 29 to conduct “certain maintenance or wind-down transactions,” according to [Read more]
Pembina Pipeline Corporation Approves Phase VIII Peace Pipeline Expansion
CALGARY, Jan. 31, 2019 /CNW/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today that it has approved an additional expansion of its Peace Pipeline system ("Phase VIII"), which will accommodate incremental customer demand in the Montney area by debottlenecking constraints, accessing downstream capacity, and further enhancing product segregation on the system. Phase VIII has an estimated capital cost of approximately $500 million and is supported by [Read more]
Toronto stock market gains 8.5 per cent in January on surging crude oil prices
TORONTO - Canada's main stock index rebounded from December's selloff by gaining 8.5 per cent in January, fuelled by a surge in crude oil prices. North American markets as a whole performed well in the month, led by the Nasdaq composite, which ended 9.7 per cent higher. The gains were pretty impressive especially since the month started with investors unsure if there would be a temporary or so-called dead cat bounce or a sustainable rally, says Colin Cieszynski, chief market [Read more]
Prairie Provident Announces Record Year-End 2018 Reserves and Full-Year Production Volumes
CALGARY, Alberta, Jan. 31, 2019 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (“Prairie Provident”, “PPR” or the “Company”) is pleased to announce the results of our independent 2018 year-end reserves evaluation conducted by Sproule Associates Limited (“Sproule”) with an effective date of December 31, 2018 (the “Sproule Report”) and provide highlights from our year-end 2018 operations. 2018 RESERVES HIGHLIGHTS Increased proved developed producing (“PDP”), total proved (“1P”) and [Read more]
Amid cries of ‘traitor,’ Canada’s Trudeau set for ugly election
Canadian Prime Minister Justin Trudeau, who swept to power on a wave of optimism in 2015, is set for an ugly reelection campaign this October, judging by exchanges with voters in public town halls this month where he was grilled on topics ranging from immigration to housing affordability. Opinion polls show his center-left Liberals are barely ahead of their rivals, and party insiders privately admit they might lose their majority in the House of Commons, which would crimp the government's [Read more]
Bankrupt energy companies can’t abandon old wells, top court rules
OTTAWA — The Supreme Court of Canada says the trustee for a bankrupt Alberta energy company cannot simply walk away from unprofitable wells on agricultural land without having to clean up. The high court’s 5-2 ruling overturns an Alberta Court of Appeal ruling that upheld a 2016 decision in the Alberta Court of Queen’s Bench that effectively allowed a bankrupt energy company to sever its connection with unprofitable and unreclaimed wells when the company’s assets were sold off to [Read more]
Feds paid on high end for Trans Mountain pipeline, spending watchdog says
OTTAWA - Canada's parliamentary budget watchdog says the Liberal government paid the "sticker price" when it bought the Trans Mountain pipeline from Kinder Morgan for $4.5 billion. Parliamentary Budget Officer Yves Giroux estimates the Trans Mountain pipeline and planned expansion project are worth between $3.6 billion and $4.6 billion. This means government's purchase price of $4.5 billion was on the high end of the project's total calculated value. Giroux also estimates [Read more]
Marksmen Announces Closing of Financing to Replace Outstanding Debenture
CALGARY, Alberta, Jan. 31, 2019 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) announces that it has closed its previously announced non-brokered financing to replace an outstanding debenture by issuing a non-convertible secured debenture (“Debenture”) in the amount of $1,250,000 and 1,800,000 share purchase warrants of the Company (the “Warrants”). Each whole Warrant entitles the holder thereof to purchase one common share of the Company for $0.24 per share if the [Read more]