Canadian heavy crude rallied to a two-month high relative to U.S. crude this week, offering some relief to oil producers in Alberta struggling with thin margins amid plentiful supply. The rally was likely to be short-lived, traders and analysts said, because output continues to grow without a corresponding increase in transportation capacity. Canada's crude typically trades at a discount to U.S. benchmark West Texas Intermediate (WTI) light oil, reflecting transportation costs to U.S. [Read more]
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U.S. drillers add oil rigs for fourth consecutive week
U.S. energy companies added oil rigs for a fourth week in a row even though crude pulled back from three-year highs over the past couple of weeks as more drillers boost their 2018 spending plans. Drillers added seven oil rigs in the week to Feb. 16, bringing the total count up to 798, the highest level since April 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That was the first time since June that drillers added rigs for four [Read more]
Canada Weekly Rig Count Down 7 to 318
Western Canada’s fleet of drilling rigs went down by 7 rigs to the current count of 318 actively drilling rigs according to data collected by Baker Hughes for the week of February 16th. From one week ago, Alberta rig counts decreased from 228 to 222, the Saskatchewan rig count increased from 66 to 67. Oil drilling went from 221 to 218; gas rigs went up from 104 to 100. View a full breakdown of western Canada’s rig activity. [Read more]
Razor Energy Corp. Announces Significant Increases in 2017 Year-End Reserves and Net Asset Value
CALGARY, Alberta, Feb. 15, 2018 (GLOBE NEWSWIRE) -- Razor Energy Corp. (“Razor” or the “Company”) (TSXV:RZE) is pleased to provide a summary of its 2017 year-end reserves evaluation. The highlights and reserves summary below sets forth Razor’s gross reserves as at December 31, 2017, as evaluated by Sproule Associates Limited (“Sproule”) in an independent report (the “Sproule Report”). The figures in the following tables have been prepared in accordance with the standards contained in the [Read more]
Enbridge Inc. Reports Fourth Quarter 2017 Results
CALGARY, Feb. 16, 2018 /CNW/ - Enbridge Inc. (Enbridge or the Company) (TSX:ENB) (NYSE:ENB) today reported fourth quarter 2017 financial results and provided a quarterly business update. FOURTH QUARTER AND FULL YEAR HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise noted) Earnings of $207 million or $0.13 per common share for the fourth quarter and earnings of $2,529 million or $1.66 per common share for the full year, both including the impact of [Read more]
National Energy Board issues new approvals for Trans Mountain pipeline
CALGARY - The National Energy Board has issued three decisions for the Trans Mountain pipeline expansion approving the tunnel route through Burnaby, B.C., and allowing construction to begin on a tunnel entrance. The energy board said in a news release it is granting relief for pre-construction conditions on Trans Mountain property at the Westridge Marine Terminal where the Burnaby Mountain tunnel portal will be located. The federal government approved the 1,147-kilometre pipeline between [Read more]
Progress poised to execute growth plans in North Montney with sale of Alberta assets
CALGARY, Feb. 15, 2018 /CNW/ - Progress Energy Canada Ltd (Progress) has successfully divested its oil and natural gas assets in Alberta's Deep Basin. The company's success in developing those assets played a large part in generating considerable interest from domestic and international parties during the marketing process led by BMO Capital Markets. The proceeds of the sale will be used to grow the company's world-class unconventional natural gas assets in British Columbia's North [Read more]
Keyera Corp. Announces Year End 2017 Results
CALGARY, Feb. 15, 2018 /CNW/ - Keyera Corp. (TSX:KEY) ("Keyera") announced its 2017 year end results today, the highlights of which are included in this news release. The entire press release can be viewed by visiting Keyera's website at www.keyera.com, or, to view the MD&A and financial statements, visit either Keyera's website or the System for Electronic Document Analysis and Retrieval at www.sedar.com. HIGHLIGHTS Keyera achieved record net earnings of $290 million ($1.53 per [Read more]
Oilsands project reactivation spurs hiring activity by Korean subsidiary
CALGARY - A subsidiary of Korea National Oil Corp. is tripling its staff count and adding experienced executives as it reactivates its BlackGold oilsands project in northern Alberta. Harvest Operations Corp. says it has hired former Cenovus Energy Inc. executive Paul Vander Valk as chief operating officer for oilsands and former Pengrowth Corp. executive Jim Causgrove as chief operating officer for conventional operations. Spokesman Greg Foofat says the number of staff associated [Read more]
Inter Pipeline Reports Record 2017 Financial Results
CALGARY, Alberta, Feb. 15, 2018 (GLOBE NEWSWIRE) -- Inter Pipeline Ltd. (“Inter Pipeline”) (TSX:IPL) announced today financial and operating results for the three and twelve month periods ended December 31, 2017. 2017 Highlights Generated record funds from operations (FFO) of $991 million, a 17 percent increase over 2016 Net income increased by 10 percent to a record $527 million for the year Declared annual cash dividends of $610 million, or $1.63 per share Conservative annual payout [Read more]