CALGARY - Suncor Energy Inc. is well-positioned to buy competitors that are hurting from substantial price discounts on their oilsands crude, CEO Steve Williams said Thursday. Canada's largest energy company is insulated from low prices being paid for Western Canadian Select heavy oil because it has plenty of contracted pipeline capacity and is able to use its crude in its refineries, Williams said told a conference call following the company's latest financial results. "It [Read more]
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Kelt Reports Significant Increases in Oil & Gas Reserves and Net Asset Value as at December 31, 2017
CALGARY, Alberta, Feb. 08, 2018 (GLOBE NEWSWIRE) -- Kelt Exploration Ltd. (“Kelt” or the “Company”) is pleased to report on its oil & gas reserves and production for the year ended December 31, 2017. Kelt's audit of its 2017 annual consolidated financial statements has not been completed and accordingly all financial amounts relating to 2017 referred to in this news release are unaudited and represent management's estimates. Readers are advised that these financial estimates are subject [Read more]
Canbriam Energy Outlines 2018 Capital Budget, Announces Strategic Land Transaction and Provides Operational Update
CALGARY, Feb. 8, 2018 /CNW/ - Canbriam Energy (Canbriam) is pleased to announce a number of corporate updates including plans to invest between $50 million to $60 million in the first half of 2018, which is expected to support full year production between 37,000 and 39,000 boe per day, including approximately 15 percent liquids component. Production expectations represent effective capacity of Canbriam's 100 percent owned and operated processing facilities. The full year 2018 capital budget is [Read more]
Wolf Midstream Inc. to Acquire Remaining 50% Interest in Access Pipeline
Wolf to hold 100% ownership interest in Access Pipeline CALGARY, Feb. 8, 2018 /CNW/ - Wolf Midstream Inc. (Wolf) announced today that it has signed an agreement with MEG Energy Corp. (MEG) to acquire MEG's 50% ownership interest in Access Pipeline (Access) and 100% ownership interest in the Stonefell Terminal for $1.52 billion plus capital commitments of approximately $90 million. With this acquisition, Wolf will become the 100% owner and operator of Access. Wolf completed the acquisition of [Read more]
MEG Energy Announces the Sale of Access Pipeline and Stonefell Terminal for $1.61 Billion
All financial figures in Canadian dollars ($ or C$) unless otherwise noted CALGARY, Feb. 8, 2018 /CNW/ - MEG Energy Corp. (TSX:MEG) ("MEG" or the "Company") is pleased to announce that it has entered into an agreement with Wolf Midstream Inc. ("Wolf") for the sale of the Company's 50% interest in Access Pipeline and 100% interest in Stonefell Terminal (the "Transaction") for cash and other consideration of $1.61 billion, representing 13.4x 2018 annualized EBITDA. MEG will receive $1.52 [Read more]
MEG Energy reports strong fourth quarter and full-year 2017 results
Strong cash position at year end 2017, driven by the seventh consecutive year of record-low non-energy operating costs, supports highly-economic growth to 100,000 bpd by early 2019 All financial figures in Canadian dollars ($ or C$) unless otherwise noted CALGARY, Feb. 8, 2018 /CNW/ - MEG Energy Corp. (TSX:MEG) today reported fourth quarter and full-year 2017 operating and financial results. Highlights include: Record fourth quarter production volumes of 90,228 barrels per day (bpd) [Read more]
Alberta and B.C. left with limited options to escalate trade war
CALGARY - British Columbia Premier John Horgan held off on ratcheting up a trade war with Alberta Wednesday, but experts say both provinces still have a few limited options to raise the stakes. Alberta Premier Rachel Notley has already deployed some of the weapons in the province's arsenal to protest B.C.'s proposed restriction on bitumen shipments, when she announced a ban on B.C. wine on Tuesday and an end to talks on increased electricity imports last week. The limits on B.C. [Read more]
Suncor Energy reports fourth quarter 2017 results
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards (IFRS), specifically International Accounting Standard (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production volumes are presented on a working interest basis, before royalties, except for Libya, which is on an entitlement basis. Certain financial measures [Read more]
Suncor Energy declares increased dividend
CALGARY, Alberta, Feb. 07, 2018 (GLOBE NEWSWIRE) -- Suncor Energy’s Board of Directors has approved a quarterly dividend of $0.36 per share on its common shares, payable March 26, 2018 to shareholders of record at the close of business on March 5, 2018. This dividend represents a 12.5% increase over the prior quarter and marks 16 years of consecutive annualized dividend increases. Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development [Read more]
B.C. premier says he won’t escalate trade dispute with Alberta over pipeline
VICTORIA - British Columbia Premier John Horgan doesn't intend to respond to any provocation from Alberta in the escalating trade dispute over the Trans Mountain pipeline. Horgan said Wednesday it is not in anyone's interests to fuel the spat between the two provinces. "I hope that we would see the end of the back-and-forth," he told a news conference in Victoria. "I deliberately wasn't available to you yesterday because I don't think it's in anyone's interests to have duelling [Read more]