CALGARY, May 3, 2018 /CNW/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today a further expansion of its Peace Pipeline system ("Phase VI") to accommodate incremental volume commitments in support of growth in the Montney and Deep Basin resource plays. Pembina's Board of Directors also approved a 5.6 percent increase in its monthly common share dividend rate, from $0.18 per common share to $0.19 per common share, and declared a monthly dividend of [Read more]
Headlines
U.S. lifts Keystone oil pipeline pressure restrictions
May 3 (Reuters) - Pressure restrictions on TransCanada Corp’s Keystone oil pipeline were lifted on Tuesday in a letter issued by U.S. pipeline safety regulators, a spokesman for the agency told Reuters on Thursday. It was not immediately clear what current flow rates are, said Darius Kirkwood, a spokesman for the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA). The company in November shut down its 590,000-barrel-per-day Keystone pipeline, which links Alberta’s oil [Read more]
Bonavista Energy Corporation Announces 2018 First Quarter Results
(TSX:BNP) - CALGARY, May 3, 2018 /CNW/ - Bonavista Energy Corporation ("Bonavista") is pleased to report to shareholders its financial and operating results for the three months ended March 31, 2018. Results for the first quarter of 2018 are highlighted by a 3% increase in production to 72,417 boe per day and a 6% reduction in total net debt when compared to the first quarter of 2017. The unaudited financial statements and notes, as well as management's discussion and analysis, are available on [Read more]
Baytex Reports Q1 2018 Results With Continued Strong Eagle Ford Performance
CALGARY, Alberta, May 03, 2018 (GLOBE NEWSWIRE) -- Baytex Energy Corp. ("Baytex") (TSX:BTE), (NYSE:BTE) reports its operating and financial results for the three months ended March 31, 2018 (all amounts are in Canadian dollars unless otherwise noted). “We successfully executed our first quarter plan which puts us on track to deliver our 2018 guidance. In the Eagle Ford, we achieved record production rates from new wells and our strongest operating netback since 2014. In Canada, we continued [Read more]
Enbridge agrees to pay $1.86 mln in pipeline inspection settlement
Enbridge Inc has agreed to pay $1.86 million in penalties for an alleged failure in inspecting certain lines within its Lakehead pipeline system. The settlement with the U.S. Justice Department and the Environmental Protection Agency, made public on Wednesday,resolves differences of opinion around the schedule under the consent decree for several internal inspections of pipelines - Line 2, 3, 4 and 5, Enbridge said. In 2016, Enbridge agreed to pay $1.77 million in penalties and improve [Read more]
TransCanada to start work on Keystone XL in Montana in fall 2018
TransCanada Corp plans to start preliminary work on its Keystone XL pipeline project in Montana in the fall of 2018 ahead of full construction in 2019, according to a letter from the U.S. State Department to Native American tribes. The letter, dated April 10, and seen by Reuters, states that the Assiniboine and Sioux tribes were being notified of the upcoming work as part of government consultation aimed at minimizing any adverse effect on their historic territory in northeast Montana. The [Read more]
Crescent Point adjusts executive pay, cuts spending as proxy battle nears end
CALGARY - Crescent Point Energy is adjusting its executive pay criteria, cutting $25 million from 2018 capital spending and announcing an asset sale to pay down debt as it faces a showdown with a dissident shareholder at its annual meeting on Friday. It reported a surprise net loss of $91 million or 17 cents per share for the three months ended March 31, compared with a net profit of $119 million in the year-earlier period. Analysts had expected a profit of seven cents according to [Read more]
N.S. premier to pitch federal panel on offshore oil, gas exploration
HALIFAX - Nova Scotia's premier says he will make the case for allowing offshore development to co-exist with the coastal fishery, when he goes before a federal panel on marine protected areas on Friday. Stephen McNeil will travel to Moncton, N.B., where he will appear before the National Advisory Panel on Marine Protected Area Standards. "We want to make sure that we work with the national government to achieve their objective of looking for marine protected areas," McNeil said following [Read more]
Canadian Natural choked back heavy oil output due to pipeline-linked low prices
CALGARY - Canadian Natural Resources Ltd. says it choked back heavy oil production by about 17,000 barrels per day in the first quarter to avoid selling at low prices it blames on poor pipeline capacity out of Western Canada. The company says it is now gradually ramping up output from its heavy oil wells in northern Alberta as the discount being paid for Western Canadian Select grade oil has narrowed in comparison with the U.S. benchmark West Texas Intermediate. Fellow Calgary-based [Read more]
Seven Generations delivers $381 million of funds from operations in first quarter of 2018
CALGARY, Alberta, May 03, 2018 (GLOBE NEWSWIRE) -- Seven Generations (TSX:VII) delivered funds from operations of $381 million or $1.05 per share in the first quarter, generating a trailing 12-month return on capital employed of 10.4 percent and a cash return on invested capital of 18.1 percent. Condensate production averaged 67,285 barrels per day (bbls/d), up 30 percent from the first quarter of 2017. Total production increased 23 percent to 187,686 barrels of oil equivalent (boe/d), with [Read more]