North American energy traders are reluctant to take up long-term positions on Canadian crude price moves, preferring to stick to spot deals, as uncertainty around government intervention in the market grows following delays to a critical pipeline project. Enbridge Inc unexpectedly said earlier this month its Line 3 oil pipeline will be delayed until the second half of 2020, dealing another blow to the oil-rich province of Alberta, which is struggling with long-running congestion on export [Read more]
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Canada Weekly Rig Count Down 22 to 189
Western Canada’s fleet of drilling rigs decreased by 22 rig to a total of 189 according to data collected by Baker Hughes for the week of March 8th. From last Friday, Alberta rig counts went from 145 to 137. Saskatchewan's rig count from 48 to 33. Oil drilling went from 140 to 118; natural gas rigs remained at 71. View a full breakdown of western Canada’s rig activity. [Read more]
International Arbitration Tribunal Orders Venezuela to Pay ConocoPhillips $8.7 Billion for Unlawful Expropriation of Company’s Oil Investments
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) announced today that an international arbitration tribunal constituted under the auspices of the International Centre for Settlement of Investment Disputes (ICSID) has unanimously ordered the government of Venezuela to pay the company the amount of $8.7 billion in compensation for the government’s unlawful expropriation of ConocoPhillips’ investments in Venezuela in 2007, plus interest. The ICSID tribunal ruled in 2013 that the [Read more]
Norway’s US$1 trillion fund to dump oil and gas shares, including Canadian names
STAVANGER, Norway - Norway's US$1-trillion wealth fund, the biggest of its kind in the world, will begin dumping shares in oil and gas companies including some Canadian names, but stopped short of barring major producers like Suncor, ExxonMobil and Chevron. The move was hailed by environmental activists as a sign that the global economy is increasingly moving away from fossil fuels toward cleaner energy. The financial impact, however, may be relatively limited. The move will [Read more]
Line 3 pipeline delays make oilsands expansion unlikely, MEG Energy says
CALGARY - The CEO of MEG Energy Corp. says a one-year delay in Enbridge Inc.'s Line 3 pipeline replacement project makes it highly unlikely it will approve an option to spend about $75 million to complete an expansion of its Christina Lake oilsands project in northern Alberta. Derek Evans says about 60 per cent of the $275-million cost of the expansion has already been invested and it will take about a year to bring into production once approved, but there's no point in doing so if [Read more]
Salmon habitat to recover from Trans Mountain pipeline work within 2 years: DFO
VANCOUVER - Work on a Trans Mountain pipeline crossing in a British Columbia stream altered habitat for young salmon, but the creek is expected to return to normal in one to two years, says Fisheries and Oceans Canada. Two biologists with the department visited Stewart Creek in Chilliwack on Jan. 30 after receiving a complaint from Mike Pearson, a biologist with 30 years of experience who raised concerns about the work done by Trans Mountain Corp. Pearson said in January that the [Read more]
Yangarra Announces 2018 Year End Financial and Operating Results
CALGARY, March 7, 2019 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX:YGR) announces its financial and operating results for the year ended December 31, 2018. 2018 Highlights Average Production of 9,425 boe/d an increase of 64% from 2017. Oil and gas sales were $134 million with funds flow from operations of $82 million ($0.97 per share - basic). Adjusted EBITDA (which excludes changes in derivative financial instruments) was $82 million ($0.97 per share - [Read more]
MEG Energy reports record operational results for 2018
All financial figures in Canadian dollars ($ or C$) unless otherwise noted CALGARY, March 7, 2019 /CNW/ - MEG Energy Corp. (TSX:MEG, "MEG") today reported full-year 2018 results "While 2018 saw strong operational successes, the challenging commodity price environment, particularly during the fourth quarter, hindered bitumen realizations and adjusted funds flow for the company. Notwithstanding commodity price volatility and significant organizational changes, MEG's solid foundation remains [Read more]
Oilsands producer MEG Energy posts $199M loss, vows to ship more oil by rail
CALGARY - Oilsands producer MEG Energy says it has doubled its crude-by-rail shipments and will double them again to maximize prices in view of insufficient pipeline export capacity from Western Canada. The Calgary-based company says steep discounts for the bitumen it produces at its northern Alberta steam-driven project resulted in a net loss of $199 million or 67 cents per share in the fourth quarter of 2018. That compares with a net loss of $24 million or eight cents per share [Read more]
Freehold Royalties Ltd. Announces 2018 Results and Unveils 2019 Guidance
CALGARY, Alberta, March 07, 2019 (GLOBE NEWSWIRE) -- Freehold Royalties Ltd. (Freehold) (TSX:FRU) announced fourth quarter and year-end results for the period ended December 31, 2018. Results at a Glance Three Months Ended Twelve Months Ended December 31 December 31 FINANCIAL ($000s, except as noted) 2018 2017 Change 2018 2017 Change Royalty and other revenue 24,902 38,435 -35 % 145,236 151,894 -4 % Funds from [Read more]