CALGARY - Executives with two big Canadian oil companies are taking recent oil price weakness in stride, signalling no immediate plans to throttle back spending, but ensuring they have the flexibility to do so if needed.Cenovus Energy Inc. (TSX:CVE) and Husky Energy Inc. (TSX:HSE) are both in the midst of finalizing their capital budgets in 2015, with details set to be unveiled in December.Cenovus CEO Brian Ferguson gave a glimpse Thursday of what next year's budget will look like — roughly the [Read more]
Headlines
No need for Kinder Morgan to register as third party advertiser: Elections BC
VANCOUVER - Elections BC says energy giant Kinder Morgan does not need to register as a third-party advertiser in the province's civic election campaign.A Vancouver-area member of Parliament asked Elections BC look into the issue, saying Kinder Morgan is running advertisements about the Trans Mountain pipeline expansion during the municipal election period.Burnaby-Douglas New Democrat MP Kennedy Stewart said the pipeline proposal is a key campaign issue for several municipalities and he [Read more]
Tuscany Announces Normal Course Issuer Bid
CALGARY, ALBERTA--(Marketwired - Oct. 23, 2014) - Tuscany Energy Ltd. (TSX VENTURE:TUS) announced that it has filed with the TSX Venture Exchange (the "Exchange") a Notice of Intention to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 2,300,000 of the issued and outstanding Common Shares (being approximately 5% of the 46,130,892 Common Shares outstanding at October 23, 2014. Purchases will be made on the open market [Read more]
Husky Energy On Track with Third Quarter Results
CALGARY, ALBERTA--(Marketwired - Oct. 23, 2014) - Husky Energy (TSX:HSE) delivered another steady performance in the third quarter, with its balanced growth and focused integration strategy contributing to predictable results. "With all areas of our business, we are carefully staging our activities to not only provide dependable cash flows and returns, but to also fund future projects," said CEO Asim Ghosh. "Husky's expansive portfolio and strong balance sheet give us the flexibility to [Read more]
Penn West Announces $355 Million Non-Core Asset Disposition
CALGARY, Oct. 23, 2014 /CNW/ - PENN WEST PETROLEUM LTD. (TSX: PWT) (NYSE: PWE) ("Penn West", the "Company", "we", or "our") is pleased to announce that it has signed an agreement to sell non-core assets located in south central Alberta for expected proceeds of approximately $355 million to a private company. The assets are currently producing approximately 7,500 barrels of oil equivalent ("boe") per day (weighted approximately 80 percent toward natural gas and natural gas liquids). The [Read more]
Cenovus oil sands production increases 23%
Company generates nearly $1 billion in cash flow Production at Christina Lake averaged more than 68,000 barrels per day (bbls/d) net in the third quarter, an increase of 30% when compared with the same period a year earlier. Foster Creek production averaged almost 57,000 bbls/d net in the quarter, 15% higher than the same quarter in 2013. Cenovus achieved first production from its Foster Creek phase F expansion in September. Cash flow was almost $1 billion in the third quarter, a 6% [Read more]
Petronas-led Pacific Northwest LNG consortium reviewing B.C. tax announcement
CALGARY - A consortium led by Malaysian energy giant Petronas says it's not yet clear what British Columbia's new tax on liquefied natural gas will mean for the economics of its proposed multibillion-dollar project near Prince Rupert, B.C."It's important to take time to gain a wholesome understanding of taxation matters before commenting in detail," Spencer Sproule, senior adviser of corporate affairs for Pacific Northwest LNG, said in an emailed statement.The new tax starts in 2017 at a rate of [Read more]
Bank of Canada report expected to measure cheap oil’s effect on Canadian economy
OTTAWA - It is essential for the bulk of Canadian economic activity to begin shifting from the backs of households to business investment and exports, the Bank of Canada said Wednesday as it kept its trend-setting interest rate fixed at one per cent.In its monetary policy report, the central bank pointed to rock-bottom borrowing rates as a contributor to "renewed vigour" in consumer spending and the real estate market since July."Household spending still represents more than its long-run [Read more]
Petro One Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 22, 2014) - Petro One Energy Corp. (TSX VENTURE:POP)(FRANKFURT:C6K1) reported on October 8, 2014 that it had closed a private placement of $3,260,842.75 on October 7, 2014 and that it had received confirmation from Korea Myanmar Development Company Ltd. ("KMDC") that that KMDC intended to wire the balance of the funds owing to fulfill its contractual obligations in respect of the non-brokered private placement announced on July 28, 2014 ("PP#1") [Read more]
FortisBC starts construction of expanded Tilbury LNG Facility
$400-million expansion will significantly increase natural gas liquefaction and storage capacity to support growing demand for B.C. LNG SURREY, B.C., Oct. 21, 2014 /CNW/ - FortisBC – a subsidiary of Fortis Inc. (TSX:FTS) – officially started construction of its $400-million Tilbury LNG Facility expansion project today. The company is adding 1.1 million gigajoules of liquefied natural gas (LNG) to storage and 34,000 gigajoules per day of liquefaction capacity. FortisBC marked the occasion [Read more]