Phillips 66 is running all the heavy Canadian crude oil the independent refiner can handle at its U.S. refineries and will not seek additional supply from a new pipeline, Chief Executive Greg Garland said on Friday. "We're bringing over 500,000 barrels a day of Canadian crude in today," Garland said during a conference call with Wall Street analysts. "So we're the largest importer of Canadian crude. We're probably running at about 80 percent of it or so, I would guess. So we're kind of maxed [Read more]
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U.S. drillers add oil rigs for first week in three
U.S. energy companies this week added oil rigs for the first time in the past three weeks as drillers follow though on plans to spend more on exploration and production in anticipation of higher crude prices in 2018 than recent years. That move higher came despite recent declines in U.S. crude prices , which are on track to fall for a fourth week in a row this week on worries trade tensions between the U.S., China and Europe could hurt oil demand. Drillers added three oil rigs in the week [Read more]
Alberta man faces fraud charges over fracking product
RED DEER, Alta. - A central Alberta man faces fraud charges over an oilfield product that was supposed to have resulted in big profits. RCMP say investors instead lost $2.6 million. "It was one of the larger fraud files we've had in the area," Const. William Lewadniuk of the Red Deer Financial Crimes Unit said Friday. Lewadniuk said the man was selling a product he said would make fracking operations at oilwells cheaper and more environmentally friendly. He said, for example, he could [Read more]
Offshore oil worker who tested positive for drug use ordered reinstated: court
ST. JOHN'S, N.L. - Newfoundland and Labrador's highest court has upheld a decision to reinstate an offshore oil worker who was fired after he tested positive for taking an unauthorized form of tranquilizer. Drug tests were ordered in January 2015 for eight Hibernia platform employees after a series of mistakes were spotted in manifests used to track luggage loaded on the helicopters that carry workers to and from the platform. All parties involved in the case, including the Communications, [Read more]
Junex Inc. Determines That Most Recent Utica Offer Does Not Constitute Superior Proposal
QUEBEC CITY, July 27, 2018 (GLOBE NEWSWIRE) -- Junex Inc. (“Junex”) (TSXV:JNX) announces that it has determined that the unsolicited offer announced on July 23, 2018 from Utica Resources Inc. (“Utica”) to acquire all of the outstanding common shares of Junex (the “Utica Offer”) does not constitute a “Superior Proposal” under the arrangement agreement dated June 8, 2018 (the “Arrangement Agreement”) between Junex and Cuda Energy Inc. (“Cuda”). That determination follows a comprehensive review of [Read more]
Imperial earns $196 million in the second quarter of 2018
CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSX: IMO): Nearly $900 million of cash generated from operations; more than $1 billion returned to shareholders Renewed share purchase program; returned $1.6 billion to shareholders under prior 12-month program Major upstream and downstream planned maintenance completed; positioned for strong second half Second quarter Six months millions of Canadian dollars, unless [Read more]
Oilsands companies upbeat about future as Q2 results reveal gains and setbacks
CALGARY - Higher oil prices and signs that pipelines will be built to take growing production to market are fuelling optimism among oilsands producers as they roll out second-quarter results. The brighter picture is reflected in news that Husky Energy Inc. is increasing its dividend for the second time since reinstating it in April, along with reports of record production at Cenovus Energy Inc. and a faster-than-expected ramp up of Suncor Energy Inc.'s new Fort Hills oilsands mine and Hebron [Read more]
City of Burnaby going to court to help remove pipeline protest camp
BURNABY, B.C. - The City of Burnaby is going to B.C. Supreme Court asking for help in enforcing an eviction order on a pipeline protest camp that has grown to include two-storey structures, a shower and a sacred fire. A statement from the city issued Thursday says it has attempted to negotiate with those at "Camp Cloud" but there is no willingness by occupants to comply with its bylaws. City manager Lambert Chu says the city will seek an order from the court empowering it to enforce the [Read more]
Laricina Energy Ltd. Announces Acquisition by Canadian Natural Resources Limited
CALGARY, July 26, 2018 /CNW/ - Laricina Energy Ltd. ("Laricina" or the "Company") is pleased to announce that it has entered into a pre-acquisition agreement ("Agreement") with Canadian Natural Resources Limited ("Canadian Natural") pursuant to which Canadian Natural has agreed to make an offer to shareholders of Laricina to purchase all of the issued and outstanding common shares of the Company (the "Common Shares") for $0.0815 per share (the "Offer"). The Offer is the result of the [Read more]
Imperial announces appointment of Miranda C. Hubbs to its board of directors
CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited is pleased to announce the appointment of Miranda C. Hubbs to its Board of Directors, effective July 26, 2018. Ms. Hubbs is currently an independent director of Nutrien Ltd. and the Public Sector Pension Investment Board, one of Canada’s largest pension investment managers. She brings a wealth of experience within the energy industry, having received recognition as a leader and executive in the oil and gas investment community. Prior to [Read more]