NEW YORK (Reuters) - U.S. crude oil futures recovered some losses on Thursday after a larger-than-expected decline in inventories, but U.S. futures remained under pressure in comparison to global Brent crude, which rallied to push the spread between the two to the highest level in more than three years. U.S. oil inventories fell by 3.6 million barrels in the week to May 25, the U.S. Energy Information Administration said, exceeding expectations for a decline of 525,000 barrels. Gasoline and [Read more]
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U.S. crude inventories fall, products build as refiners ramp up: EIA
(Reuters) - U.S. crude oil stockpiles fell more than expected last week, while gasoline and distillate inventories posted surprise builds as refiners ramped up their activity to the highest since January ahead of Memorial Day weekend, the Energy Information Administration said on Thursday. Crude inventories fell 3.6 million barrels in the week to May 25, compared with analysts’ expectations for a decrease of 525,000 barrels. The drawdown assuaged some worries from U.S. traders who have [Read more]
U.S. oil output jumps to record 10.47 million barrels per day in March: EIA
(Reuters) - U.S. crude oil production jumped 215,000 barrels per day (bpd) to 10.47 million bpd in March, the highest on record, the Energy Information Administration (EIA) said in a monthly report on Thursday. Production in Texas rose by 4 percent to almost 4.2 million bpd, a record high based on the data going back to 2005. The Permian basin, which stretches across West Texas and eastern New Mexico, is the largest U.S. oilfield. Output from North Dakota held around 1.2 million bpd, while [Read more]
InPlay Oil Corp. Announces a 25% Increase in Its Credit Facility to $75 Million
CALGARY, Alberta, May 31, 2018 (GLOBE NEWSWIRE) -- InPlay Oil Corp. (TSX:IPO) (OTCQX:IPOOF) ("InPlay" or the "Corporation") is pleased to announce that its credit facility has been increased 25% to $75 million following the completion of its annual borrowing base review. This increase reflects the Company’s expanding reserve base and increasing underlying reserve value. It also complements the Company’s already solid financial position providing additional financial flexibility to expand [Read more]
Delphi Energy Announces Extension of Credit Facility and Increase in Borrowing Base
CALGARY, Alberta, May 31, 2018 (GLOBE NEWSWIRE) -- Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce that it has extended its senior secured credit facility with a syndicate of lenders, led by Alberta Treasury Branches and including The Bank of Nova Scotia and Bank of Montreal, and that the borrowing base of the facility has been increased to $105 million from $95 million. Subject to the lenders’ semi-annual review, the facility is available on a revolving basis until May [Read more]
Pipeline assets will attract buyers if feds can complete expansion, experts say
CALGARY - If the federal government manages to overcome strong opposition in British Columbia and complete construction of the Trans Mountain pipeline expansion, experts say it will have an asset that will be of great interest to potential buyers. But, given the level of controversy surrounding construction, that's a hefty 'if'. Experts were also quick to add it's unlikely Ottawa will succeed if it tries to sell the Trans Mountain assets it is buying from Kinder Morgan Canada Ltd. while [Read more]
Rising oil prices bring hope to gloomy Canadian energy sector
CALGARY, Alberta/VANCOUVER (Reuters) - Years of low oil prices and high costs spurred a stampede by multinational majors out of Canada’s oil sands last year, leaving the remaining crude producers struggling to weather painful drops in profit. Environmentalists derided the “tar sands” as too dirty for investment, and analysts said the region’s high production costs made little sense in a world of $50-a-barrel oil. But this month, global benchmark prices rebounded to $80 per barrel, cheering [Read more]
PETRONAS enters agreement to acquire 25% equity in LNG Canada Project
KUALA LUMPUR, Malaysia, May 31, 2018 /CNW/ - PETRONAS is pleased to announce that its wholly-owned entity, the North Montney LNG Limited Partnership ("NMLLP"), has entered into a Purchase and Sales Agreement for an equity position in the LNG Canada project in Kitimat, British Columbia, Canada. Upon the completion of the transaction, which is subject to international regulatory approvals and the completion of other associated agreements, the composition of ownership in the project will be [Read more]
Canadian Spirit Resources Inc. Announces First Quarter 2018 Financial Results
CALGARY, Alberta, May 30, 2018 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) announces the release of its interim financial results and Management Discussion and Analysis (“MD&A”) for the three month period ended March 31, 2018. This news release summarizes information contained in the unaudited interim condensed financials statements and MD&A for the three month period ended March 31, 2018 and should not be considered a [Read more]
If you’re buying Trans Mountain, where’s your backing for Energy East: Raitt
OTTAWA - If Prime Minister Justin Trudeau is willing to go to the wall to save the Trans Mountain pipeline and get oil to Canada's west coast, federal Conservatives say it should be equally willing to do the same to revive a pipeline that would have brought oil to Canada's east coast. And at least one Liberal backbencher is echoing that sentiment. A day after Finance Minister Bill Morneau announced the federal government has made a $4.5-billion offer to buy Trans Mountain from Kinder [Read more]