OPEC has raised its forecast for oil supply from non-member countries in 2018 as higher prices encourage U.S. shale drillers to pump more, offsetting an OPEC-led deal to clear a supply glut and a deepening plunge in Venezuelan production. In a monthly report on Thursday, the Organization of the Petroleum Exporting Countries said outside producers would boost supply by 1.15 million barrels per day (bpd) this year, up from 990,000 bpd expected previously. “Higher oil prices are bringing [Read more]
Headlines
Pengrowth Announces $65 Million 2018 Capital Budget With Expected Growth of 25 Percent in Exit Production
CALGARY, Alberta, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Pengrowth Energy Corporation (TSX:PGF) (NYSE:PGH) today announced that the Company’s Board of Directors has approved a 2018 capital expenditure budget of $65 million. 2018 capital spending will be focused on adding production volumes at the Company’s two 100 percent owned and operated assets at Lindbergh and Groundbirch. The 2018 capital budget is expected to grow production volumes through the course of the year from a December 2017 exit [Read more]
Obsidian Energy Comments on Statement by FrontFour Capital Group LLC
CALGARY, Jan. 17, 2018 /CNW/ - OBSIDIAN ENERGY LTD. (TSX/NYSE – OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") confirms it is aware of a statement by FrontFour Capital Group LLC ("FrontFour") regarding their views on the direction of the Company. Obsidian Energy's corporate strategy is well defined and has the unanimous support of the Board of Directors (the"Board"). We have been organically growing the Company through the combination of sustaining a low decline production base [Read more]
Husky ordered to halt SeaRose operation after iceberg close call
Canadian regulators on Wednesday ordered Husky Energy to suspend operations on its 27,000-barrel-per-day SeaRose floating production vessel off the coast of eastern Canada after an iceberg came too close to the facility in March 2017. The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) made its decision after an investigation found Husky did not follow its own Ice Management Plan when an iceberg came within 0.25 nautical mile of the floating production, storage and [Read more]
Chinook Energy Inc. Provides Operational and Corporate Update
CALGARY, Alberta, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Chinook Energy Inc. (TSX:CKE) ("Chinook" or the "Company") is pleased to provide the following operational and corporate update. Operational Update On December 22, 2017, Chinook commissioned the on-time expansion of its compressor station at Birley/Umbach from 25 mmcf/d to 50 mmcf/d. Total costs for this facility expansion were $13.8 million ($11.1 million net). With the completion of this expansion, the Company now has the capacity to [Read more]
Kinder Morgan says Trans Mountain project could be a year behind schedule
CALGARY - Kinder Morgan Canada Ltd. said Wednesday that the Trans Mountain pipeline expansion project could be a year behind schedule as it continues to encounter permitting delays. The estimate is three months further behind from the company's last estimate in December, and now potentially puts the $7.4-billion project in service by Dec. 2020 depending on regulatory, permit and legal approvals. Calgary-based Kinder Morgan Canada (TSX:KML) said it has scaled back spending in 2018 [Read more]
Kinder Morgan Canada Limited Declares Dividends and Announces Results for Fourth Quarter of 2017
Continues to Pursue Primarily Permitting Strategy on Trans Mountain Expansion Project; Made Progress on Permitting in the Fourth Quarter; Ends 2017 with No Outstanding Debt CALGARY, Jan. 17, 2018 /CNW/ - The Kinder Morgan Canada Limited (TSX: KML) board of directors has declared a dividend for the fourth quarter of 2017 of $0.1625 per restricted voting share ($0.65 annualized), payable on February 15, 2018, to restricted voting shareholders of record as of January 31, 2018. KML's restricted [Read more]
Oil edges back from early gains, but prices still supported
Oil prices weakened following early gains on Wednesday, but remained underpinned by tightening supply and strong global demand. Tighter fundamentals have lifted both crude futures benchmarks about 13 percent above levels in early December, helped by production curbs by OPEC and Russia, as well as by healthy demand growth. U.S. West Texas Intermediate (WTI) crude futures were at $63.63 a barrel, down 10 cents on the day and down from an earlier high of $63.96. WTI hit $64.89 on Tuesday, [Read more]
Kuwait oil minister says so far no plan to exit oil cuts
Kuwait’s oil minister Bakhit al-Rashidi said on Wednesday there is no plan or intention so far to exit from a production-cutting agreement among OPEC and non-OPEC oil producers. “The production-reduction agreement will remain for a long time and there is no thinking right now to exit it,” Rashidi told a news conference in Kuwait City. He said a Jan. 21 committee meeting of some OPEC and non-OPEC ministers in Oman would focus on reviewing adherence to the cuts, adding that compliance in [Read more]
Long-Term Shareholder FrontFour Capital Expresses Concerns Regarding Obsidian Energy Ltd.
GREENWICH, Conn., Jan. 17, 2018 /PRNewswire/ -- FrontFour Capital Group LLC together with its affiliates ("FrontFour") today commented on recent developments related to Obsidian Energy Ltd. ("Obsidian" or the "Company") (TSX/NYSE: OBE). FrontFour and its principals are significant long-term shareholders of Obsidian, collectively beneficially owning over 28 million outstanding shares, representing approximately 5.7% of Obsidian's outstanding capital. As previously disclosed in its Schedule 13D [Read more]