CALGARY - Prospects are looking brighter in the Canadian oilpatch as commodity price increases drive higher profits and afford companies room to offer dividend hikes and share buybacks — but slumping stock prices show that the oil and gas sector remains in the penalty box with investors. It's getting so bad that not even Canadian institutional investors can be convinced to buy Canadian energy company shares, says Grant Fagerheim, CEO of Calgary-based Whitecap Resources Inc. "We want to get [Read more]
Headlines
Anti-pipeline protests continue in Burnaby, B.C.
BURNABY, B.C. - Anti-pipeline protesters are continuing to demonstrate near Kinder Morgan's terminal in Burnaby, B.C., today. Dozens of people followed Indigenous leaders in a march toward a gate to the Burnaby Terminal, with organizers saying more than 70 of them were prepared to be arrested. Protesters who tie themselves to the gate are violating a court injunction prohibiting them from five metres of the site and risk arrest. About 115 people, including Green Party [Read more]
Green Party leader, NDP MP arrested at anti-pipeline protest in B.C.
BURNABY, B.C. - Green Party Leader Elizabeth May and a New Democrat MP were arrested Friday at a protest against Kinder Morgan's expansion of the Trans Mountain pipeline in British Columbia. May and New Democrat MP Kennedy Stewart acknowledged they risked arrest by joining activists at a Trans Mountain pipeline terminal in Burnaby after the B.C. Supreme Court placed limits on where demonstrators could protest. As she was led away by police, May said the permits issued for the [Read more]
Western Canadian gas producers applaud B.C. LNG industry incentives
CALGARY - B.C. government tax incentives aimed at jump-starting the much-delayed West Coast LNG industry are being welcomed by Western Canada's hard-hit natural gas industry as a potential path to higher prices and better markets for their products. The government said Thursday it hopes its moves will result in a positive investment decision later this year for the $40-billion LNG Canada liquefied natural gas export terminal, pipelines and infrastructure which was delayed in 2016 by [Read more]
Alberta tells B.C. to stop opposing pipelines if it doesn’t like high gas prices
CALGARY - Alberta Premier Rachel Notley says if British Columbia wants to keep gasoline prices low it should stop opposing the Kinder Morgan oil pipeline expansion. B.C. Premier John Horgan said Thursday he would like to see the federal government step in to deal with high gas prices. "I would certainly love to see the federal government take some leadership in this regard," Horgan said in Victoria. "And the Kinder Morgan proposal, as it currently is constructed, will not bring down ... [Read more]
Canbriam Energy Announces Closing of Strategic Land Transaction
CALGARY, March 23, 2018 /CNW/ - Canbriam Energy (Canbriam) announced today that it has successfully closed the previously announced transaction with Suncor Energy Inc. (Suncor) to exchange all of Suncor's northeast British Columbia mineral land holdings and consideration of $52 million for a 37 percent equity interest in Canbriam. "We are pleased to close this acquisition and look forward to the seamless integration of the additional Montney lands into our operations." said Paul Myers, [Read more]
Canada Weekly Rig Count Down 58 to 161
Western Canada’s fleet of drilling rigs went down 58 rigs to the current count of 161 actively drilling rigs according to data collected by Baker Hughes for the week of March 23rd. From one week ago, Alberta rig counts decreased from 157 to 128, the Saskatchewan rig count decreased from 35 to 14. Oil drilling went from 144 to 93; gas rigs went down from 75 to 68. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. drillers add oil rigs for second consecutive week
(Reuters) - U.S. energy companies added oil rigs for a second week in a row as crude prices hover near three year highs, prompting drillers to boost spending plans for this year. Drillers added four oil rigs in the week to March 23, bringing the total count to 804, the highest level since March 2015, 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 higher than a year ago when [Read more]
U.S. natural gas Henry Hub premium over Marcellus on track for 5 year low
The premium of U.S. natural gas prices at the Gulf Coast over the Marcellus and Utica shale in Appalachia was on track to fall to its lowest since 2013 as more pipelines enter service, boosting takeaway capacity from the Northeast region. The new pipes have enabled producers to sell more of their low cost fuel from the pipeline-constrained Pennsylvania, West Virginia and Ohio region to other parts of the country where prices are higher. The premium of the Henry Hub benchmark in Louisiana [Read more]
Granite Oil Corp. Reports Fourth Quarter and Year End 2017 Financial Results
CALGARY, Alberta, March 22, 2018 (GLOBE NEWSWIRE) -- GRANITE OIL CORP. (“Granite” or the “Company”) (TSX:GXO) (OTCQX:GXOCF) is pleased to release its financial results for the year ended December 31, 2017. Granite has filed its audited financial statements for the year ended December 31, 2017 and related Management Discussion & Analysis with the applicable Canadian securities regulatory authorities. Granite's annual financial materials may be viewed in their entirety on www.sedar.com and on [Read more]