Cenovus Energy Inc Chief Executive Brian Ferguson said on Tuesday that the company expects to cut some jobs as part of an effort to reduce costs by C$1 billion ($754 million). Ferguson disclosed the plan in a briefing with reporters, saying the company would make the cuts as it assessed its operations to identify "redundancies" and "overlap" in the company. [Read more]
Headlines
New British Columbian government seen short-lived
A new left-leaning government has yet to take office in the Canadian province of British Columbia after a drawn-out vote recount, but speculation is mounting there may soon be a new election. With a fragile one-seat lead, the government set to be formed by a New Democrat-Green alliance could be sunk by a single lawmaker missing a crucial confidence vote due to unforeseen events. The political limbo has created uncertainty for business in Canada's third-most-populous province, notably for [Read more]
Oil prices hit seven-month lows on global oversupply
Oil prices fell to seven-month lows on Tuesday after news of increases in supply by several key producers, a trend that has undermined attempts by OPEC and others to support the market through reduced output. Benchmark Brent LCOc1 dropped $1.29 to a low of $45.62 a barrel, its weakest since Nov. 15, two weeks before OPEC and other producers agreed to cut output by 1.8 million barrels per day (bpd) for six months from January. Brent was trading around $45.81, down $1.10, by 1330 GMT. The [Read more]
Keyera Announces $400 Million Private Placement Debt Financing
CALGARY, June 20, 2017 /CNW/ - Keyera Corp. (TSX:KEY) ("Keyera") announced today that it is entering into a private placement of 10-year senior unsecured notes (the "Notes") totaling CAD$400 million with a group of institutional investors in Canada and the United States. The Notes will bear interest at 3.68% and mature on September 20, 2027. RBC Capital Markets, LLC acted as lead placement agent on the offering and Citigroup Global Markets Inc. acted as co-placement agent. The transaction [Read more]
Cenovus CEO to retire; company to announce sale of $4B-$5B in assets
CALGARY - Cenovus Energy (TSX:CVE) shares fell more than 10 per cent on Tuesday after the oil company announced plans for more asset sales, deeper cost-cutting and the unexpected retirement of CEO Brian Ferguson. Its stock fell as low as $9.11 or 11.4 per cent from Monday's close and down about 48 per cent since it announced in late March a $17.7-billion blockbuster deal buy assets from ConocoPhillips. "It has been a trying time for our shareholders," Ferguson said during a [Read more]
Enercore Energy Capital Delivers Fresh International Capital to the Canadian Junior Oil and Gas Market
Enercore Energy Capital Opens New Office in Calgary to Facilitate International Debt and Equity Capital Into the Canadian O&G Market Calgary, Alberta– (June 1, 2017) - Enercore Energy Capital, a boutique capital advisory firm, is pleased to announce the opening of a new office in Calgary, with the mandate of attracting international capital to the presently challenged junior oil and gas market in Canada. Perry M. Anderson, CEO and Managing Partner of Enercore Energy Capital, states [Read more]
E3 Metals Corp Signs Collaboration Agreement with the University of Alberta to Develop Technologies for Lithium Extraction
Vancouver, British Columbia - (June 19, 2017) – E3 METALS CORP. (TSX.V: ETMC.H) (the “Company” or “E3 Metals”) is pleased to announce that it has signed a collaboration agreement with the University of Alberta (the “U of A”) for the purpose of developing lithium extraction process technology. The goal of this collaboration is to develop a cost-effective technology to extract lithium from brines, specifically the lithium-enriched Petro-Brines present within the company’s permit areas. E3 Metals [Read more]
Substandard pop-culture energy reporting is going to cost us some day
It doesn’t seem fair to pick on big media machines for cranking out low-grade stuff that panders to current fashion in an arms-flailing attempt at popularity. I’d do the same if I were ambitious. The tactic isn’t a big deal when the readership is fervently awaiting news about, for example, Taylor Swift’s new boyfriend, but when it comes to matters of energy – i.e., what feeds us, moves us, and keeps us warm – we should hope that mainstream news editors might apply some critical thinking before [Read more]
Business model has changed for Western Canadian junior oil and gas industry
The business model for junior oil and gas producers in western Canada has changed dramatically over the last 10 years, with the loss of the royalty trust model the junior industry no longer has a willing buyer ready to snap them up the minute they reach a certain size or discover a promising field where production could be easily ramped up with a large development drilling program. Junior E&P companies were forced to change their models with some companies focusing more on long term growth [Read more]
Canada Energy Partners Updates Appeal Process for Water Disposal
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 20, 2017) - The Oil & Gas Appeal Tribunal of British Columbia (the "Tribunal") has revised the timeline for Canada Energy Partners Inc.'s (TSX VENTURE:CE) (the "Company") appeal of the order issued by the British Columbia Oil & Gas Commission ("OGC") suspending all disposal activities at the Company's water disposal well in northeast British Columbia. All submissions related to the appeal must now be delivered by July 20th, after which the [Read more]