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]
Headlines
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]
Crescent Point Announces Q1 2018 Results With Production Exceeding Targets, Reduced Annual Capital Expenditures and a $225 Million Non-Core Disposition
CALGARY, Alberta, May 03, 2018 (GLOBE NEWSWIRE) -- Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:CPG) (NYSE:CPG) is pleased to announce its operating and financial results for the quarter ended March 31, 2018. KEY HIGHLIGHTS Exceeded first quarter average production budget and currently ahead of expectations for second quarter 2018. Reduced 2018 capital expenditures by $25 million and targeting a total payout ratio of less than 100 percent. Finalizing agreement [Read more]
Enerplus Announces First Quarter 2018 Results
CALGARY, May 3, 2018 /CNW/ - Enerplus Corporation ("Enerplus" or the "Company") (TSX & NYSE: ERF) is pleased to announce first quarter 2018 operating and financial results. The Company reported first quarter 2018 net income of $29.6 million or $0.12 per share. HIGHLIGHTS 2018 adjusted funds flow expected to exceed capital expenditures and dividends by approximately $100 million based on current forward strip pricing Strong growth underway with second quarter liquids production [Read more]
Canadian Natural Resources Limited Announces 2018 First Quarter Results
CALGARY, Alberta, May 03, 2018 (GLOBE NEWSWIRE) -- Commenting on first quarter 2018 results, Steve Laut, Executive Vice-Chairman of Canadian Natural stated, "The strength of our well balanced and diverse portfolio, combined with our long life low decline asset base, delivered a strong first quarter for Canadian Natural. Our balanced production mix is a key component of our strategy to create shareholder value throughout the commodity price cycle. In 2018, the Company remains focused on [Read more]
Op Ed: Balkissoon column in Globe misses the mark
Dear Ms. Denise Balkissoon, As a former Ontario resident who grew up in Ottawa, but now live and work in Alberta, I view your recent article as words seeking a timely headline. "To be a climate hawk living in Ontario is complicated. Without a doubt, climate change is a global emergency, one that requires immediate, drastic action, including the rapid phasing-out of fossil fuels. At the same time, I know that’s an easy position to take when no one I know works in oil or gas." “I’m glad the oil [Read more]