Kinder Morgan Canada Ltd said Thursday that it has been unable to gain permits from the coastal city of Burnaby, British Columbia, for its Trans Mountain pipeline expansion and is appealing to the national regulator for construction approval. Burnaby has long opposed the expansion over environmental concerns, and the lack of permits from the city adds to the hurdles facing the C$7.4 billion ($5.9 billion) expansion, as North American energy projects face increasing opposition from activists. [Read more]
Headlines
Surge Energy Inc. Announces $37.2 Million Sparky Core Area Acquisition; $40 Million Convertible Debenture Financing; Upward Revision to 2017 Exit Guidance; 2018 Preliminary Guidance
CALGARY, ALBERTA--(Marketwired - Oct. 26, 2017) - Surge Energy Inc. ("Surge" or the "Company") (TSX:SGY) is pleased to announce the acquisition (the "Acquisition") of a low decline, high netback, waterflooded, crude oil producing asset (the "Assets") in its core Sparky area of Central Alberta for a purchase price of $37.2 million, which closed on September 8, 2017. Surge has identified up to 38 net Sparky development drilling locations on the Assets. The Assets have current core production of [Read more]
Petrolia Energy Announces Intent to Acquire Bow Energy
HOUSTON, TX--(Marketwired - October 26, 2017) - Petrolia Energy Corporation (OTCQB: BBLS) ("Petrolia" or the "Company") is pleased to announce the signing of a Letter of Intent ("LOI") to acquire 100% of Bow Energy Ltd. ("Bow") (TSX VENTURE: ONG). This LOI is non-binding and subject to various conditions, of which both parties have completed their accounting, technical, and legal due diligence, amongst others and have the approval of their respective Board of Directors. The parties have now [Read more]
Canada’s energy regulator says demand for fossil fuels will max out in two years
OTTAWA - The National Energy Board says Canada's addiction to fossil fuels will peak in two years, but the change won't affect economic growth. For the first time, the board's annual energy futures report says that with climate change policies and growth in clean energy, Canada's consumption of fossil fuels to run cars and heat homes will max out in 2019, start to decline slightly and then flatline over the next two decades. "If you look at our forecasts for the last 10 years, [Read more]
Husky Energy Reports Third Quarter 2017 Results
CALGARY, Alberta, Oct. 26, 2017 (GLOBE NEWSWIRE) -- Husky (TSX:HSE) recorded funds from operations of $891 million in the third quarter, leading to free cash flow of $380 million. “The steps we have taken to transform the Company’s asset base continue to reduce our cost structure and increase funds from operations. Combined with strong Downstream performance, this is unlocking significant value and providing for ongoing investment in low cost production growth,” said CEO Rob Peabody. “Funds [Read more]
Husky Energy profit beats estimates on higher output, prices
Canadian oil and gas producer Husky Energy Inc on Thursday reported a better-than-expected quarterly profit, helped by higher production and realized prices, and cut its capital budget for the year. The company said it expects to spend C$2.2 billion to C$2.3 billion ($1.7 billion to $1.80 billion) this year, less than its previous estimate of C$2.5 billion to C$2.6 billion. Husky, like other Canadian oil sands companies, has been trying to cut costs to offset weak demand for its heavy crude [Read more]
ConocoPhillips Reports Third-Quarter 2017 Results; Lowers Capital Guidance and Delivers on Strategic and Operational Targets; Strong Momentum Going into November Analyst and Investor Meeting
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today reported third-quarter 2017 earnings of $0.4 billion, or $0.34 per share, compared with a third-quarter 2016 loss of $1.0 billion, or ($0.84) per share. Excluding special items, third-quarter 2017 adjusted earnings were $0.2 billion, or $0.16 per share, compared with a third-quarter 2016 adjusted loss of $0.8 billion, or ($0.66) per share. Special items for the current quarter were primarily driven by a net gain from previously announced [Read more]
Crescent Point Announces Strong Q3 2017 Results and Upwardly Revised 2017 Guidance
CALGARY, ALBERTA--(Marketwired - Oct. 26, 2017) - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:CPG) (NYSE:CPG) is pleased to announce its operating and financial results for the quarter ended September 30, 2017. KEY HIGHLIGHTS Achieved third quarter 2017 average production growth of 10 percent year-over-year. Increased 2017 average production guidance to 175,500 boe/d from 174,500 boe/d based on positive operating results. Advanced new play development in [Read more]
MEG Energy reports strong operating and financial results and ongoing efficiency gains for the third quarter of 2017, contributing to an $80 million reduction in its 2017 capital investment and a further decrease in non-energy operating cost guidance
Strong cash position, proven technology and significant cost reductions position MEG well to continue highly-economic growth All financial figures in Canadian dollars ($ or C$) unless otherwise noted CALGARY, Oct. 26, 2017 /CNW/ - MEG Energy Corp. (TSX:MEG) today reported third quarter 2017 operating and financial results. Highlights include: Quarterly production volumes of 83,008 barrels per day (bpd) with October production currently averaging approximately 85,000 bpd, reflecting [Read more]
OPEC’s options for extending production pact: Kemp
LONDON, Oct 26 (Reuters) - Senior officials from the Organization of the Petroleum Exporting Countries and its allies are already discussing an extension of their production accord beyond its scheduled expiry at the end of March 2018. Current production limits have already been extended once, from the end of June 2017 to give more time for the oil market to rebalance. Ministers and officials are now discussing lengthening the agreement again, possibly until the end of 2018 (“OPEC seeking [Read more]