CALGARY - Kinder Morgan Canada Ltd. says the actual price the federal government will pay for its Trans Mountain pipeline system and expansion project will be hundreds of millions of dollars less than the $4.5 billion it announced in May. In a regulatory filing with the U.S. Securities and Exchange Commission, the company says it estimates it will have to pay at least $325 million in capital gains taxes to the Canadian government when the deal is concluded. It says that reduces the "net [Read more]
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Vertex Resource Group Ltd. Acquires Three Star Trucking
Acquisition Substantially Grows Vertex’s Fluid Hauling Capacity, Expanding Vertex’s Service Offering in the United States Sherwood Park, Alberta, July 13, 2018 (TSXV:VTX) - Vertex Resource Group Ltd. (“Vertex” or the “Company”) is pleased to announce that it has acquired Three Star Trucking Ltd. (Three Star), an environmental service company providing fluid hauling service, pressure truck services, hot oilers and combo vac services throughout western Canada on July 12th, 2018 (the [Read more]
Alberta United Conservatives hold on to two ridings with byelection wins
Alberta’s Opposition United Conservatives won two byelections Thursday, maintaining hold of ridings the party represented before the vote was called. In Innisfail-Sylvan Lake, United Conservative candidate Devin Dreeshen took about 80 per cent of the vote with the NDP’s Nicole Mooney running a distant second. The United Conservative margin of victory in Fort McMurray-Conklin was almost as one-sided, with Laila Goodridge winning about 66 per cent of the votes. New Democrat Jane Stroud was [Read more]
Surge Energy releases presentation with a statement of facts on Canadian energy
I am the President of a large, successful, TSX listed, public oil company based in Calgary called Surge Energy. As concerned Canadians we have taken several weeks to put together a short, 7 page, statement of facts (see attached) regarding the Canadian oil industry, and it’s extremely important place in Canada’s economy. Each statement of fact has been researched and footnoted accordingly. Basically, after being an extremely ethical, environmentally safe, highly regulated, resource based [Read more]
ConocoPhillips Expands 2018 Share Repurchase Program from $2 Billion to $3 Billion; Increases Previously Announced Repurchase Authorization by $9 Billion to a Total of $15 Billion; Achieves Debt Target of $15 Billion Significantly Ahead of Plan
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced a 50 percent increase in its planned 2018 share repurchase program, from $2 billion to $3 billion. The company expects to fully fund this year’s $3 billion program, as well as its dividend and capital expenditures, with cash from operations. The 2018 expansion to $3 billion, combined with the $3 billion of shares repurchased during 2016 and 2017, will fully utilize the board of directors’ existing share repurchase [Read more]
World’s oil cushion could be stretched to the limit, IEA warns
LONDON (Reuters) - The world’s oil supply cushion could be stretched to the limit due to prolonged outages, supporting prices and threatening demand growth, the International Energy Agency said on Thursday. The expected drop in Iranian crude exports this year due to renewed U.S. sanctions, coupled with a decline in Venezuela’s production and outages in Libya, Canada and the North Sea have driven oil prices to their highest since 2014 in recent weeks. OPEC and other key producers including [Read more]
US soon to leapfrog Saudis, Russia as top oil producer
The U.S. is on pace to leapfrog both Saudi Arabia and Russia and reclaim the title of the world's biggest oil producer for the first time since the 1970s. The latest forecast from the U.S. Energy Information Administration predicts that U.S. output will grow next year to 11.8 million barrels a day. "If the forecast holds, that would make the U.S. the world's leading producer of crude," says Linda Capuano, who heads the agency, a part of the Energy Department. Saudi Arabia and Russia [Read more]
Stampede spirit boosts attendance but Calgary economy still in recovery mode
Calgary's economy is looking good as Stampede spirit grips Canada's oil and gas headquarters city — but not quite as good as it was a few years ago. The annual outdoor event set an attendance record for its parade day last Friday and cumulative attendance through Tuesday is second only to the overall record set in 2012 when the Stampede celebrated its 100th anniversary. Similarly, sponsorship rights to the 36 chuckwagons invited to race at the Stampede raised $3.2 million last March in an [Read more]
Painted Pony announces significant liquids-rich well results on South Townsend block
July 11, 2018, CALGARY /CNW/ - Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) is pleased to announce results from two recent Lower Montney wells drilled on the northern edge of the South Townsend block. Preliminary results indicate production levels higher than Painted Pony management's Townsend type curve and include higher liquid yields compared to previous wells in the Townsend block. Painted Pony is encouraged by the results to-date and anticipates re-directing a [Read more]
Canadian oil executives downplay transportation bottlenecks
CALGARY (Reuters) - Executives at Canada’s largest integrated oil and gas producers on Tuesday downplayed the severity of transportation bottlenecks to move oil in the near term, citing existing pipeline commitments and refining capabilities. Canadian producers have faced steep discounts for western Canadian heavy crude this year due to bottlenecks, while new pipeline projects have dealt with delays and protests from environmental groups. Still, executives at Husky Energy Inc and Suncor [Read more]