Canadian oil producer MEG Energy Corp's CEO invited his Husky Energy Inc counterpart this month to negotiate a friendly takeover of MEG but Husky did not follow up, MEG's vice president of investor relations John Rogers said on Friday. Husky abandoned its hostile bid for MEG on Thursday, saying it could not win sufficient MEG shareholder support after Alberta's government ordered production cuts to reduce a crude glut. MEG Chief Executive Officer Derek Evans phoned Husky CEO Rob Peabody in [Read more]
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Canada Weekly Rig Count Up 25 to 209
Western Canada’s fleet of drilling rigs increased by 25 rigs to a total of 209 according to data collected by Baker Hughes for the week of January 18th. From last Friday, Alberta rig counts went from 122 to 138. Saskatchewan's rig count went from 40 to 50. Oil drilling went from 103 to 128; natural gas rigs remained at 81. View a full breakdown of western Canada’s rig activity. [Read more]
Alberta spending millions to promote Trans Mountain oil pipeline expansion
EDMONTON - The Alberta government is spending $23.4 million to convince Canadians why a major oil pipeline project is needed. The marketing campaign, Keep Canada Working, is aimed at getting people to support the Trans Mountain pipeline expansion. The project would triple the amount of oil that flows from Alberta to the B.C. coast for export and increase its value. The message is that Trans Mountain would boost Canada's economy and support jobs across the country. The money is for [Read more]
NEB rejects Burnaby’s bid to stop work at Trans Mountain pipeline terminal
BURNABY, B.C. - The National Energy Board has rejected the City of Burnaby's request that it rescind orders allowing the company building the Trans Mountain pipeline expansion to conduct work at its terminal in the city. The Metro Vancouver city had asked that the board cancel the orders after the Federal Court of Appeal quashed government approval for the expansion project. Burnaby had argued the terminal work was primarily related to the project, but the board said in a written decision [Read more]
Jupiter Announces 2019 Capital Program and Board of Directors
CALGARY, Jan. 17, 2019 /CNW/ - Jupiter Resources Ltd. and its affiliates (collectively, "Jupiter" or the "Company") announced today that its newly appointed Board of Directors has approved a $190 – 210 million capital program for 2019 weighted approximately two-thirds to the second half of the year. The 2019 program balances the importance of achieving profitable returns and preserving both liquidity and long-term flexibility. New capital investment is focused on Jupiter's liquids-rich natural [Read more]
Indigenous energy firm touts job creation in joint venture to make bitumen pucks
CALGARY - The CEO of an Indigenous energy company says a project to transform oilsands bitumen into pucks for safer shipping to customers around the world will potentially create needed jobs in northern Alberta while helping to recycle plastic litter. Jeff Paquin says the project his company, Wapahki Energy Ltd., is working on with Canadian National Railway Co. could also result in a long-term revenue stream for its owner, the Heart Lake First Nation, a tiny community of about 250 members [Read more]
Bernier looks to strike some popular chords during first East Coast stops
SAINT JOHN, N.B. - Maxime Bernier looked to garner support for his fledgling People's Party of Canada Thursday as he spoke to a small business audience in New Brunswick — his first East Coast foray since starting his new party four months ago. He pitched his support for a revived Energy East pipeline, reducing equalization and removing barriers to interprovincial trade. Speaking to about 60 members of the Saint John Region Chamber of Commerce, Bernier said the federal government needs to [Read more]
U.S. Gulf Coast hunt for heavy crudes send prices higher
Heavy, sour U.S. Gulf Coast crudes firmed to the strongest levels in three months this week on tight supplies of heavy oils, traders said on Thursday. Heavy Louisiana Sweet (HLS), a heavy coastal grade delivered into Empire, Louisiana, traded around an $8-per-barrel premium to U.S. West Texas Intermediate crude futures (WTI) on Wednesday, the strongest since mid-October and up $1 over last week. Valero Energy Corp, Marathon Petroleum Corp and other Gulf Coast refiners have plants that are [Read more]
MEG Energy Responds to Expiration of Husky Energy’s Takeover Offer
CALGARY, Jan. 17, 2019 /CNW/ - MEG Energy Corp. (TSX:MEG, "MEG" or the "Company") acknowledges Husky Energy's ("Husky") press release, stating that the takeover offer for MEG did not meet Husky's minimum tender conditions, due to insufficient shareholder support. "MEG Shareholders' rejection of the Husky offer confirms that the bid did not fully recognize the quality and long-term potential of MEG." said Derek Evans, President and Chief Executive Officer. "During this process we had the [Read more]
Husky Offer For MEG Expires Without Extension
Offer expired January 16 with minimum tender condition not met Husky will not extend its offer given lack of MEG Board and shareholder support Company to focus on developing its deep portfolio of organic growth projects as set out at Investor Day on May 28, 2018 Potential divestment of Husky’s retail business and Prince George Refinery will continue; proceeds provide for enhanced cash returns to shareholders and accelerating organic growth investments CALGARY, Alberta, Jan. 17, 2019 (GLOBE [Read more]