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]
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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]
Bonterra Energy Corp. Announces 2017 Year End Corporate Reserves Information
CALGARY, Alberta, Feb. 07, 2018 (GLOBE NEWSWIRE) -- Bonterra Energy Corp. (www.bonterraenergy.com) (TSX:BNE) (“Bonterra” or “the Company”) is pleased to provide the summary results of its independent reserve report (the “Sproule Report”) prepared by Sproule Associates Limited (“Sproule”) with an effective date of December 31, 2017. Corporate Reserves Information The following summarizes certain information contained in the Sproule Report. The Sproule Report was prepared in accordance with the [Read more]
Wine war picks on small, family-owned operations: B.C. wine advocate
VANCOUVER - Western Canada's "wine war" could cost small family owned farms millions of dollars, says an advocate for British Columbia's wine industry. Alberta Premier Rachel Notley announced Tuesday that her government is banning B.C. wine in a spat between the two provinces over the expansion of the Trans Mountain pipeline. Independent producers will bear the brunt of the prohibition, said Miles Prodan, president of the B.C. Wine Institute. The Alberta government isn't [Read more]
U.S. closer to decision on sanctioning Venezuela oil: Tillerson
KINGSTON (Reuters) - The United States is closer to deciding whether to impose sanctions on Venezuelan oil, U.S. Secretary of State Rex Tillerson said on Wednesday, at the end of a five-nation tour of Latin America where he discussed the move with regional leaders. Tillerson said Canada, Mexico and the United States had agreed at a trilateral meeting last week to study what could be done to mitigate the impact of such a move. Tillerson said he had briefed President Donald Trump about the [Read more]