Canada's energy regulator ruled on Thursday in favor of Kinder Morgan Canada Ltd in its appeal seeking to sidestep some municipal permits needed for the company's C$7.4 billion ($5.8 billion) Trans Mountain pipeline expansion. The ruling, which came three days after the regulator heard the case, could offset some of the construction delays afflicting the company, which said on Monday the project could be further set back if it could not get clarity about the permits. Kinder Morgan Canada [Read more]
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Enbridge Announces the Closing of CDN$1.5 Billion of Common Shares by Private Placement
CALGARY, ALBERTA--(Marketwired - Dec. 7, 2017) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) closed its previously announced private placement of 33,456,003 common shares for gross proceeds of approximately CDN$1.5 billion on December 6, 2017. [Read more]
Crude oil rally stalls as fuel prices soften: Kemp
LONDON, Dec 7 (Reuters) - Surging prices for refined products, especially distillate fuel oil, led crude prices higher between June and November, but now fuels are slipping and putting crude under pressure. Gross refining margins for producing distillate fuel oil from U.S. crude rose from $14 per barrel in June to more than $25 per barrel in the middle of November. The U.S. distillate market started the year in substantial oversupply, with inventories well above the long-term [Read more]
Enbridge Income Fund Holdings Inc. Announces the Closing of Common Share Offering, Full Exercise of the Underwriters’ Over-Allotment Option and Concurrent Private Placement for $718 Million
CALGARY, ALBERTA--(Marketwired - Dec. 7, 2017) - Enbridge Income Fund Holdings Inc. (the Company) (TSX:ENF) today announced the closing of its previously announced public offering (the Offering) of common shares (Common Shares) of the Company. The Company, through a syndicate of underwriters led by Scotiabank, RBC Capital Markets and TD Securities Inc., issued 20,683,900 Common Shares, inclusive of 2,697,900 Common Shares issued on full exercise of the underwriters' over-allotment option, at a [Read more]
Pembina Pipeline Corporation Announces Closing of $400 Million Preferred Share Offering
CALGARY, Dec. 7, 2017 /CNW/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its previously announced public offering of cumulative redeemable minimum rate reset class A preferred shares, Series 21 (the "Series 21 Preferred Shares") for aggregate gross proceeds of $400 million (the "Offering"). The Offering was announced on November 28, 2017 when Pembina entered into an agreement with a syndicate of underwriters co-led [Read more]
Baytex Announces 2018 Budget and Board Succession
CALGARY, Alberta, Dec. 07, 2017 (GLOBE NEWSWIRE) -- Baytex Energy Corp. (“Baytex”) (TSX:BTE) (NYSE:BTE) announces that its Board of Directors has approved a 2018 capital budget of $325 to $375 million, which is designed to generate average annual production of 68,000 to 72,000 boe/d. Commenting on the announcement, Ed LaFehr, President and Chief Executive Officer, said: “Our 2018 budget builds on the operational momentum established in 2017 which has positioned our business for success in [Read more]
Canada’s Desjardins lifts temporary halt on pipeline lending
Canadian lender Desjardins Group has lifted a moratorium on loans for energy pipeline projects, CBC News reported on Wednesday, citing Canadian Press. Chief Executive Guy Cormier said the credit union would continue to live up to its agreements with energy companies after extensive consultations with supporters and opponents of the sector over the past four months, according to the report. Desjardins was not immediately available for a comment outside regular business hours. Desjardins, [Read more]
Chevron Announces $18.3 Billion Capital and Exploratory Budget for 2018
SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE:CVX) today announced a 2018 capital and exploratory spending program of $18.3 billion. This figure includes $5.5 billion for the company’s share of expenditures by affiliated companies. “Our 2018 budget is down for the fourth consecutive year, reflecting project completions, improved efficiencies, and investment high-grading,” said Chairman and CEO John Watson. “We’re fully funding our advantaged Permian Basin position and [Read more]
Athabasca Oil Corporation Provides Operations Update and 2018 Outlook
CALGARY, Alberta, Dec. 06, 2017 (GLOBE NEWSWIRE) -- Athabasca Oil Corporation (TSX:ATH) (“Athabasca” or the “Company”) is pleased to provide an operations update and 2018 outlook. Highlights include: Balanced 2018 Budget: $140 million capital budget ($70 million in each of Light Oil and Thermal Oil) aligned to $145 million funds flow (US$55 WTI) Production Growth: 2018 production outlook of 38,500 – 41,000 boe/d (87% liquids), representing 11% per share growth year-over-year [Read more]
Alberta Energy Regulator to ask tougher questions of oil well applicants
EDMONTON - Alberta's energy regulator is making changes that it hopes will keep bad operators out of the oilpatch. Jim Ellis of the Alberta Energy Regulator says his agency will start asking tougher questions of companies applying for a licence to operate. He says the regulator will look at the past performance of companies and directors before deciding to allow them to drill. The regulator will look at such things as bill payment and past regulatory compliance. [Read more]