Canadian oil and gas infrastructure company Gibson Energy laid off staff across its Canadian operations on Thursday, according to a company spokeswoman who declined to provide exact numbers. Calgary-based Gibson Energy provides storage and transportation services for energy companies across North America and has been hard hit by a prolonged slump in oil and gas prices. (Reporting by Nia Williams) [Read more]
Headlines
Canadian Natural commits to shipping more crude on Keystone XL pipeline
Canadian Natural Resources Ltd has increased its volume commitment on TransCanada Corp's Keystone XL pipeline by about 46 percent to 175,000 barrels per day (bpd), Canadian Natural President Steve Laut told Reuters on Thursday. The bigger commitment from one of Canada's largest oil and gas producers will be a boon to TransCanada, which recently held an open season to gauge interest from oil producers wanting to ship on the pipeline. The open season ended last week. Canadian [Read more]
Canadian Natural mine project completion to boost oilsands output
CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) says it has completed construction of a major expansion of its Horizon oilsands mine and will gradually ramp up production to 240,000 barrels per day of synthetic crude by year-end. CEO Steve Laut says startup of the 80,000-bpd Phase 3 expansion is the final step in the company's transition to a "long-life low-decline asset base" that will free up cash to boost returns to shareholders and power potential acquisitions. The [Read more]
Pulse Oil Corp. Completes Transactions to Increase its Interest at Bigoray and Operations Underway to Grow Production and Cashflow
CALGARY, Nov. 2, 2017 /PRNewswire/ - Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL) announces that Pulse has completed its two transactions previously reported on October 16, 2017 to consolidate its interests in the Bigoray area of Alberta, resulting in 100% control of Pulse's Bigoray operations. The transactions secure Pulse's interest in two strategic Nisku oil pools, providing substantial upside to Pulse through the addition of new reserves, restarting of existing behind-pipe [Read more]
Seven Generations delivers $284 million of funds from operations in third quarter, up 22 percent per share
CALGARY, ALBERTA--(Marketwired - Nov. 2, 2017) - Seven Generations' strong production growth drove funds from operations to $284.3 million or 78 cents per share in the third quarter of 2017, representing a 22 percent increase in funds from operations per share compared to the same period one year ago. Production averaged 183,920 boe/d in the third quarter of 2017, up 39 percent from the third quarter of 2016, with liquids making up 59 percent of 7G's total production. THIRD QUARTER [Read more]
Enbridge Inc. Reports Third Quarter 2017 Results
CALGARY, ALBERTA--(Marketwired - Nov. 2, 2017) - Q3 HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise noted) Earnings were $765 million or $0.47 per common share for the third quarter and $2,322 million or $1.57 per common share for the nine-month period, both including the impact of a number of unusual, non-recurring or non-operating factors Adjusted earnings were $632 million or [Read more]
Booming oil demand is eroding inventories: Kemp
LONDON, Nov 2 (Reuters) - Global oil consumption is growing rapidly, helping account for the decline in reported inventories, the recent surge in prices and the shift in futures markets from contango to backwardation. Consumption is much harder to measure than production, which is why the demand side of the market receives less attention. Even in the advanced economies, consumption data is only available with a delay of two months or more, and reliable data from emerging economies often not at [Read more]
Baytex Reports Q3 2017 Results and Board Appointment
CALGARY, Alberta, Nov. 02, 2017 (GLOBE NEWSWIRE) -- Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) reports its operating and financial results for the three and nine months ended September 30, 2017 (all amounts are in Canadian dollars unless otherwise noted). “We continue to reposition our business for the current low commodity price environment by reducing our cash costs and improving capital efficiencies. I am pleased that production is trending toward the high end of guidance while our [Read more]
Cenovus reports solid third quarter results
CALGARY, Alberta, Nov. 02, 2017 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) delivered strong cash from operating activities and adjusted funds flow in the third quarter including three full months of solid contribution from the oil sands and Deep Basin assets acquired on May 17, 2017. To further optimize its portfolio and deleverage its balance sheet, the company has announced sale agreements for its Pelican Lake, Suffield and Palliser assets for combined gross cash proceeds of [Read more]
Canadian Natural Resources Limited Announces 2017 Third Quarter Results
CALGARY, ALBERTA--(Marketwired - Nov. 2, 2017) - Commenting on Company results, Steve Laut, President of Canadian Natural (TSX:CNQ)(NYSE:CNQ) stated, "Canadian Natural has reached a major milestone with the successful completion of the Phase 3 expansion at our world class Horizon Oil Sands Mining and Upgrading asset, a significant event. The completion of the Phase 3 expansion also marks the final step of our transition to a long life low decline asset base. High value upgraded products will [Read more]