EDMONTON - Alberta's incoming premier, Jason Kenney, met with his caucus Friday and told members that their United Conservative election win is already starting to ripple through the economy. "All week long, I've been receiving calls from CEOs from major corporations across Canada and around the world who want to invest in Alberta now," Kenney said in a speech Friday bookended by standing ovations at Edmonton's Federal Building. "People are making real, tangible life decisions — buying new [Read more]
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An Alberta refinery could help with squeezed gas supply in B.C.: Premier Horgan
LANGFORD, B.C. - British Columbia Premier John Horgan says Alberta may be the best place to boost refining capacity to increase a supply of fuel to the province. The price of gasoline has been rising in B.C. for the last month and the cost for a litre of gas in Metro Vancouver has been hovering around $1.70. Horgan says part of the problem is there's too much demand and not enough supply, but adds that a 30-cent rise in gas prices in the last three months appears to be a result of gouging [Read more]
Hess Corporation Makes Application to Cease to Be a Reporting Issuer in Canada
NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) ("Hess") announced today that it has applied to the Ontario Securities Commission (the "OSC") to cease to be a reporting issuer in Ontario (the "Order"). Hess has not been listed on a Canadian stock exchange for twenty years, and is not a reporting issuer in any other Canadian jurisdiction. If the OSC grants the Order, Hess will cease to be a reporting issuer in Canada but will continue to file all financial statements and other [Read more]
Oil companies say industry could take on Alberta crude-by-rail deals
CALGARY, Alberta/ WINNIPEG, Manitoba, April 26 (Reuters) - Executives at some of Canada's biggest oil producers say the private sector could potentially step in to take over Alberta government crude-by-rail contracts that the province's new premier has vowed to scrap. Alberta signed contracts to lease 4,400 rail cars and ship up to 120,000 barrels per day of crude by rail to help ease congestion on overcrowded oil export pipelines. The $4-billion plan was formulated last year by Rachel [Read more]
Canada Weekly Rig Count Down 3 to 63
Western Canada’s fleet of drilling rigs went down to 63 according to data collected by Baker Hughes for the week of April 26th. From last Friday, Alberta rig counts went down 2 to 46. Saskatchewan's rig count remained at 1 Oil drilling remained at 19; natural gas rigs went from 47 to 44. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. oil drillers make biggest rig cuts in over 3 months
U.S. oil drillers this week cut the most rigs in over three months and reduced the number of oil rigs operating for a second week in a row and for the fifth straight month, as independent producers follow through on plans to cut spending on new drilling and completions. Drillers cut 20 oil rigs in the week to April 26, the steepest decline since the week to Jan. 18, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. . The U.S. rig count, [Read more]
Chevron Reports First Quarter Net Income of $2.6 Billion
Upstream volumes up 7 percent from prior year Enters agreement to acquire Anadarko Petroleum Corporation SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today reported earnings of $2.6 billion ($1.39 per share – diluted) for first quarter 2019, compared with $3.6 billion ($1.90 per share – diluted) in the first quarter of 2018. Foreign currency effects decreased earnings in the 2019 first quarter by $137 million. Sales and other operating revenues in first quarter [Read more]
Imperial announces first quarter 2019 financial and operating results
CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSX:IMO): Earnings of $293 million; cash generated from operations of $1 billion $510 million returned to shareholders through share purchases and dividends Second quarter dividend increased by 16 percent to 22 cents per share First quarter millions of Canadian dollars, unless noted 2019 2018 ∆ Net Income (loss) (U.S. GAAP) 293 516 -223 Net Income (loss) per common share, [Read more]
Husky Energy Reports First Quarter 2019 Results
This news release contains references to the non-GAAP financial measures “funds from operations”, “free cash flow”, “net debt”, “net debt to trailing funds from operations”, “operating netback” and “EBITDA”. Please refer to “Non-GAAP Measures” at the end of this news release. CALGARY, Alberta, April 26, 2019 (GLOBE NEWSWIRE) -- Husky Energy (TSX: HSE) generated funds from operations of $959 million in the first quarter of 2019, compared to $895 million in the first quarter of 2018. Net earnings [Read more]
Suncor CEO urges Alberta to find way out of oil curtailments
The outgoing chief executive of Canada's Suncor Energy on Thursday urged the new Alberta government to find a way out of mandatory oil production curtailments that were imposed this year to help boost crude prices. Steve Williams also put Canada's failure to build new export pipelines that would ship more crude out of landlocked Alberta squarely at the feet of federal and provincial governments and regulators. Williams will retire next week after 17 years with Canada's largest energy [Read more]