Canada's Trans Mountain said on Monday it was "still days away" from restarting the key oil pipeline at a reduced capacity as heavy rains continue to impede restoration efforts. The pipeline, owned by the Canadian government, ships 300,000 barrels a day of crude and refined products from Alberta to the Pacific Coast. It was temporarily shut down as heavy rains and flooding caused widespread disruption in parts of British Columbia. The operator said assessments of the impacts from the [Read more]
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MEG Energy announces 2022 capital investment plan, further debt repayment and go-forward capital allocation strategy
CALGARY, AB - MEG Energy Corp. (TSX: MEG) ("MEG" or the "Corporation") announced today its 2022 capital investment plan and operational guidance. Highlights include: 2022 capital budget of $375 million; 2022 production guidance of 94,000 to 97,000 barrels per day (bbls/d) which takes into account a planned major turnaround expected to impact full year production by approximately 6,000 bbls/d; 2022 non-energy operating costs and general and administrative ("G&A") expense guidance [Read more]
MEG Energy announces US$225 million debt repayment
CALGARY, AB - MEG Energy Corp. ("MEG" or the "Company") (TSX: MEG) announced today that it has issued a notice to redeem US$225 million aggregate principal amount of its 6.50% senior secured second lien notes due 2025 (the "Second Lien Notes") at a redemption price of 101.625%, plus accrued and unpaid interest to, but not including, the redemption date. The redemption is expected to be completed on or about January 18, 2022. Inclusive of the redemption, MEG will have redeemed US$579 million of [Read more]
Higher energy prices expected to deliver boost in Alberta budget update
EDMONTON - Alberta's finance minister says the recent bullish run on energy prices is part of a stronger economic story on the province's bottom line that will be revealed in the upcoming second-quarter budget update. Travis Toews says investment is gaining strength across a range of sectors. He is not revealing details until the update is delivered Tuesday. Economist Trevor Tombe says rising oil and natural gas prices could deliver a $2-billion boost to the budget. The province is [Read more]
Acquisition of 1.72% non-operated revenue and billing interest in Swan Hills Unit #1 – dividend of common shares of Waskahigan Oil & Gas Corp to TAPC shareholders
CALGARY, AB - Tenth Avenue Petroleum Corp. ("TPC")(TSXV:TPC) TPC wishes to announce it has received TSX Venture Exchange ("TSXV") approval to complete the acquisition of a non-operated 1.3089477% Unit Participation and 1.7224988% revenue and billing interest in the Swan Hills Unit #1 pool ("SHU Asset") from Salida Energy Inc. ("Salida"), an arm's length privately held company. The purchase price was $825,000 (inclusive of GST). The consideration consisted of 9,716,442 TPC common shares issued at [Read more]
U.S. natgas slumps 10% as warmer weather forecast tempers demand view
U.S. natural gas futures slid more than 10% on Monday, erasing gains from a post-Thanksgiving rally in the previous session, hurt by forecasts for lower-than-usual heating demand over the next two weeks. On their first trading day as the front-month, gas futures for January delivery had dropped 58.1 cents or 10.6% to $4.896 per million British thermal units (mmBtu) by 9:35 a.m. EST (1435 GMT). The front month contract is now on course for its worst day since January [Read more]
Oil rebounds on speculation OPEC+ may pause output increase
Oil prices rebounded on Monday as investors looked for bargains after Friday's slump and on speculation that OPEC+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant. U.S. West Texas Intermediate (WTI) crude was up $4.05, or 5.94%, at $72.18 a barrel, having tumbled $10.24 in the previous session. Brent crude futures climbed $3.31, or 4.54%, to $76.14 a barrel, after falling $9.50 on Friday. Oil prices [Read more]
Vermilion Energy Inc. announces Corrib acquisition and 2022 budget and guidance
CALGARY, AB - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX: VET) (NYSE: VET) is pleased to announce the acquisition of an incremental 36.5% interest in the Corrib Natural Gas Project ("Corrib") and our 2022 Budget and Guidance. Highlights Vermilion has entered into an agreement to acquire Equinor Energy Ireland Limited which owns a 36.5% interest in Corrib ("Corrib Acquisition") for total consideration of US$434 million ($556 million), before closing [Read more]
Omicron threatens oil demand recovery, already hit by Europe’s rising COVID cases
Asian oil refiners' margins have slumped to the lowest in nearly five months amid worries that the Omicron coronavirus variant could deal another blow to oil demand recovery, already hit by rising COVID-19 cases in Europe. Governments worldwide imposed travel curbs on travellers from southern Africa during the weekend to limit the spread of Omicron, first detected in South Africa. Scientists are racing to find out whether it is more transmissible or causes more severe disease than existing [Read more]
Capital Power and Enbridge to collaborate on carbon capture and storage solutions in Alberta
CALGARY, AB - Capital Power Corporation (TSX: CPX) and Enbridge Inc. (TSX: ENB) (NYSE: ENB) are pleased to announce a memorandum of understanding to collaborate on carbon capture and storage (CCS) solutions in the Wabamun area west of Edmonton, Alberta, near Capital Power's Genesee Generating Station. Enbridge and Capital Power have agreed to jointly evaluate and advance a CCS project, with Enbridge as the transportation and storage service provider and Capital Power as the CO2 provider, [Read more]
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