CALGARY, Alberta, June 20, 2017 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) today announced that its President & Chief Executive Officer Brian Ferguson will be retiring as an officer and director of the company on October 31, 2017. Ferguson will continue in his roles leading the company and serving on the Board of Directors until that time. The Board will engage immediately in a broad global search for a new President & Chief Executive Officer. Following his retirement [Read more]
Headlines
Cenovus plans to grow free funds flow 14% a year through 2021
Company targets $4 billion to $5 billion in asset sale agreements by year end CALGARY, Alberta, June 20, 2017 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) today put forward a five-year plan that the company expects will generate 14% annualized free funds flow growth through 2021 at a West Texas Intermediate (WTI) price of US$55 per barrel (bbl) while increasing production at a 6% compound annual growth rate and reducing its debt. The plan entails disciplined capital investment [Read more]
Encana increases Permian type curves and premium return inventory; driving efficiency with cube development
CALGARY, Alberta, June 20, 2017 (GLOBE NEWSWIRE) -- Encana’s (TSX:ECA) (NYSE:ECA) cube development approach combined with advanced completion practices have significantly enhanced its Permian well performance and led to a 20 percent increase in the company’s Permian type curves and 700 new premium return locations. The 700 new premium return locations is five times the quantity the company will drill this year and brings total premium return locations in the play to 3,450. Encana expects it will [Read more]
Innovators toil to revive Canada oil sands as majors exit
In the boreal forests and on the remote prairies of Alberta, a handful of firms are running pilot projects they hope will end a two-decade drought in innovation and stem the exodus of top global energy firms from Canada's oil sands. They are searching for a breakthrough that will cut the cost of pumping the tar-like oil from the country's vast underground bitumen reservoirs and better compete with the booming shale industry in the United States. If they fail, a bigger chunk of the world's [Read more]
Gibsons Announces Change to Board of Directors
CALGARY, ALBERTA--(Marketwired - June 19, 2017) - Gibson Energy Inc. ("Gibsons" or the "Company"), (TSX:GEI), today announced that incoming President and Chief Executive Officer, Steve Spaulding, has been appointed to the Board of Directors (the "Board"). Former President and Chief Executive Officer, Stewart Hanlon, has stepped down from the Board, effective today, as part of the Company's leadership succession. As announced, Mr. Hanlon will continue in an advisory capacity to facilitate a [Read more]
EQT Corporation to Acquire Rice Energy for $6.7 Billion
PITTSBURGH--(BUSINESS WIRE)--EQT Corporation (NYSE:EQT) and Rice Energy Inc. (NYSE:RICE) announce that they have entered into a definitive merger agreement under which EQT will acquire all of the outstanding shares of Rice common stock for total consideration of approximately $6.7 billion – consisting of 0.37 shares of EQT common stock and $5.30 in cash per share of Rice common stock. EQT will also assume or refinance approximately $1.5 billion of net debt and preferred equity. The transaction [Read more]
Alberta advisory group sets out recommendations on oilsands emissions cap
CALGARY - Oilsands producers could face steep fines and suspended projects if industry comes close to hitting a mandated 100-megatonne limit under recommendations proposed by Alberta's Oil Sands Advisory Group. But the non-binding report sets out a series of policies options to help avoid reaching that point, including requiring the use of better technology, setting out emissions management plans and costs, and improved regulations. Advisory group co-chair Dave Collyer said the [Read more]
Canada Weekly Rig Count Up 20% to 159
Western Canada’s fleet of drilling rigs have risen again this week to 159 actively drilling rigs according to data collected by Baker Hughes for the week of June 16. Drilling activity has increased the last month, and is still very active in comparison to last year’s count. From one week ago, Alberta rig counts rose from 78 to 88, Saskatchewan added rigs once more for the fifth straight week – current count at 43 which is up 30 from last week. Oil drilling rose to 91 rigs from 74; gas [Read more]
US rig count rises this week 6 to 933
HOUSTON - The number of rigs exploring for oil and natural gas in the U.S. rose by six this week to 933. A year ago, just 424 rigs were active. Houston oilfield services company Baker Hughes said Friday that 747 rigs sought oil and 186 explored for natural gas this week. Among major oil- and gas-producing states, North Dakota added three rigs while Alaska, Colorado and New Mexico gained two rigs each. California and Louisiana increased by one apiece. Oklahoma [Read more]
Westcore Energy Ltd. Provides Drilling Update at Flaxcombe
SASKATOON, SASKATCHEWAN--(Marketwired - June 16, 2017) - Westcore Energy Ltd. ("Westcore" or the "Company") (TSX VENTURE:WTR) announces that it has completed the initial drilling operations on its three well program at Flaxcombe, along with its partner Eros Resources Corp. The three well program commenced on June 1, 2017 and drilling was completed on June 14, 2017. The program was designed based on the re-interpretation of a 3D seismic survey that Westcore acquired with the property. All [Read more]