All financial figures are in Canadian dollars, unless otherwise noted CALGARY, Alberta, Feb. 12, 2018 (GLOBE NEWSWIRE) -- Suncor today announced it has reached an agreement to acquire Mocal Energy’s 5% interest in the Syncrude joint venture for US$730 million, or approximately Cdn$920 million, subject to closing adjustments. The transaction will be effective as of Jan.1, 2018 and is anticipated to close in the first quarter of 2018. “This transaction reflects our confidence in the [Read more]
Headlines
Oil prices tumble as hedge funds liquidate record bullish position: Kemp
LONDON, Feb 12 (Reuters) - Hedge funds have started to liquidate some of their record bullish positions in crude oil and refined fuels as the rally has gone into reverse and amid signs that U.S. shale production is surging. Hedge funds and other money managers cut their combined net long position in the six most important futures and options contracts linked to petroleum by the equivalent of 41 million barrels in the week to Feb. 6. The combined net long position has been cut by a total of [Read more]
Crude Observations: Closure on Trans Mountain spat (until the next time)
So there I sat last Thursday, at home, watching Calgary Snowpocalypse 2018 unfold all around me. Calgary received at last count about 35 to 50 cm of snow in 24 hours. In non-metric speak, that is about 12 to 18 inches. Part and parcel of that is a snow day, because driving in these conditions can at best be described as white knuckled terror. Of course as we all know, it’s not the driving so much as the drivers. Anyway, there I sat, wondering if I should go to the well one last time on this [Read more]
Oil and gas price shocks make producers hedge their bets with forward contracts
CALGARY - Like gamblers who have been burned too often, Canadian energy producers are lining up to "hedge their bets" on oil and gas by locking in price contracts today for deliveries to be made months or years from now. Observers say more companies than ever are hedging future volumes, shocked by events like this week's plunge in benchmark American oil prices from three-year highs above US$65 per barrel, as well as memories of the collapse to below US$30 in early 2016. Hedging [Read more]
Former B.C. premier Christy Clark says blocking Trans Mountain is ‘illegal’
OTTAWA - British Columbia's efforts to block the Trans Mountain pipeline expansion are illegal and will hurt all of Canada, says the former B.C. premier who originally approved the interprovincial project. The way B.C.'s New Democrat government is handling Trans Mountain is putting future jobs at risk, Christy Clark told a gathering of conservatives in Ottawa on Saturday. "In this country, we set rules. We set goal posts. And you can't change them halfway through," she said to a [Read more]
Energy: Ottawa’s new rules create more uncertainty
MONTREAL, Feb. 9, 2018 /CNW Telbec/ - The new review process for industrial projects unveiled by Ottawa risks hurting the Canadian economy's competitiveness even more by creating greater uncertainty among investors, points out the MEI, adding that the energy sector is already going through a difficult period. The abandonment of the Energy East project and the recent complications surrounding the Trans Mountain project in Western Canada were already sending the wrong signal to investors. "We [Read more]
U.S. drillers boost oil rig count to highest nearly 3 years -Baker Hughes
U.S. energy companies added 26 oil rigs this week, boosting the count to 791, its highest since April 2015, even as crude pulled back from three-year highs with drillers expecting higher prices for their output in 2018 than last year. The increase in the week to Feb. 9 was the biggest weekly rise since January 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, is much [Read more]
Canada Weekly Rig Count Down 17 to 325
Western Canada’s fleet of drilling rigs went down by 17 rigs to the current count of 325 actively drilling rigs according to data collected by Baker Hughes for the week of February 9th. From one week ago, Alberta rig counts decreased from 229 to 228, the Saskatchewan rig count decreased from 75 to 66. Oil drilling went from 234 to 221; gas rigs went up from 108 to 104. View a full breakdown of western Canada’s rig activity. [Read more]
From BC wineries to Canadian business to natives, Trans Mountain protesters are hurting us all with zero environmental benefits to show for it
There is a palpable sense of frustration building across the land at Canada’s inability to build anything. A snapshot of news headlines this cold wintry day lists this and this and this, from a variety of mainstream news organizations. The current BC standoff is, fundamentally, not up for debate. Federal jurisdiction over waterways is the law of the land. It is in Alberta, when a pipeline must cross a river, or any activity comes near a natural waterway. It is on the coasts, all of them, and [Read more]
Saturn Oil + Gas Inc. Provides Operational Update to Winter Drill Program
SASKATOON, Saskatchewan, Feb. 09, 2018 (GLOBE NEWSWIRE) -- Saturn Oil + Gas Inc. (“Saturn” or the “Company”) (TSX.V:SMI) (FSE:SMK) would like to provide an update on the Company's recent land acquisition and Q1/2018 drill program. Saturn has closed its land acquisition with Whitecap Resources Inc. The Company has acquired one section of land with rights from base Colorado to base Mannville. The acquired section is adjacent to Saturn’s existing land holdings and the Company has licensed its [Read more]