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360 Articles

Enerflex Appoints New CFO, General Counsel

Enerflex Appoints New CFO, General Counsel

By Tyler Losier, Energy Reporter, Oil & Gas 360 Enerflex names Sanjay Bishnoi as senior vice president and CFO, David Izett as senior vice president and general counsel Enerflex Ltd. (stock ticker: ENRFF), a Calgary-based oilfield service company, has appointed Sanjay Bishnoi as senior vice president and chief financial officer, and David H. Izett as senior vice president and general[Read More…]

Source: Pembina Pipeline Corporation

Pembina to Acquire Kinder Morgan Canada and Cochin Pipeline for CAD $4.35 Billion

By Tyler Losier, Energy Reporter, Oil & Gas 360 Pembina Pipeline Corporation will purchase Kinder Morgan Canada and U.S. portion of Cochin Pipeline for CAD $4.35 billion Pembina Pipeline Corporation (stock ticker: PBA), a midstream service provider based out of Calgary, has entered into agreements to acquire Kinder Morgan Canada Limited (stock ticker: KMLGF) and the U.S. portion of the[Read More…]

Source: Angkor Gold Corp.

Angkor Subsidiary Receives Approval for Cambodian Oil and Gas Concession

By Tyler Losier, Energy Reporter, Oil & Gas 360 EnerCam Resources receives approval from the Royal Government of Cambodia to develop Petroleum Block VIII EnerCam Resources Co. Ltd., a subsidiary of Canadian mineral company Angkor Gold Corp. (stock ticker: ANK:CA, ANKOF), has received approval from the Royal Government of Cambodia on its application for a 7,300 square kilometer oil and[Read More…]

Source: CSV Midstream Solutions

Paramount Resources Closes Sale of Karr 6-18 Nat Gas Facility

By Tyler Losier, Energy Reporter, Oil & Gas 360 Paramount Resources completes divestiture of its Karr 6-18 facility to CSV Midstream Solutions Paramount Resources Limited, a liquids-focused independent E&P based in Calgary, has completed the sale of its Karr 6-18 natural gas facility to CSV Midstream Solutions for a total of approximately $470 million. The consideration includes approximately $330 million[Read More…]

Photo by Mike Goldwater"

UGI Subsidiary Closes on Columbia Midstream Deal

By Tyler Losier, Energy Reporter, Oil & Gas 360 UGI Energy Services completes acquisition of TC Energy subsidiary Columbia Midstream UGI Energy Services LLC, a subsidiary of UGI Corporation (stock ticker: UGI), has completed its previously announced acquisition of the equity interests of Columbia Midstream Group, a subsidiary of TC Energy Corporation (stock ticker: TRP), for approximately $1.275 billion. The[Read More…]

Source: Enbridge Inc.

Enbridge Holds Open Season for Canadian Mainline Pipeline

By Tyler Losier, Energy Reporter, Oil & Gas 360 Enbridge seeks up to 20-year contracts for transportation services on its Canadian Mainline pipeline system  Enbridge Inc. (stock ticker: ENB), an energy infrastructure company headquartered in Calgary, will be holding an open season for transportation services on its Canadian Mainline pipeline system. As of right now, 100% of the Mainline’s capacity[Read More…]

Toronto's Portlands Energy Centre (source: CNW Group/Ontario Power Generation Inc.)

TC Energy to Sell Ontario Natural Gas-Fired Power Plants for US $2.18 Billion

By Tyler Losier, Energy Reporter, Oil & Gas 360 TC Energy to sell three natural gas-fired power plants to Ontario Power Generation subsidiary for USD $2.18 billion TC Energy Corporation (stock ticker: TRP), an energy infrastructure company based out of Calgary, has entered into an agreement through its wholly-owned subsidiary, TransCanada Energy Limited, to sell interests in three Ontario natural-gas[Read More…]

Cuda Oil and Gas Divests Quebec for US $8.05 Million

Cuda Oil and Gas Divests Quebec for US $8.05 Million

By Tyler Losier, Energy Reporter, Oil & Gas 360 Cuda Oil and Gas to sell all of its Quebec assets for a transaction value of US $8.05 Million Cuda Oil and Gas Inc. (stock ticker: CUDA), a Calgary-based E&P with operations across North America, has entered into a series of binding asset purchase agreements (APAs) to sell all of its[Read More…]

TransCanada acquired several natural gas assets in the United States, including the Hickory Bend Gathering System and Cryogenic Processing Plant, in Ohio, as part of the Columbia Pipeline Group acquisition in 2016.

TC Energy Unloads Columbia Midstream for $1.3 Billion

By Tyler Losier, Energy Reporter, Oil & Gas 360 UGI subsidiary to acquire Columbia Midstream from TC Energy subsidiary UGI Corporation (stock ticker: UGI) subsidiary UGI Energy Services has signed a definitive agreement to acquire the equity interests of Columbia Midstream Group (CMG) from a subsidiary of TC Energy Corporation (stock ticker: TRP) for approximately $1.275 billion. The assets owned[Read More…]

Devon Closes Canada Deal 

Devon Closes Canada Deal 

By Bevo Beaven, Editor, Oil & Gas 360 Devon Energy Corp. (stock ticker: DVN) has completed the sale of its Canadian business segment to Canadian Natural Resources (stock ticker: CNQ) for CAD $3.8 billion, or US $2.8 billion.   Devon secured net proceeds from the deal of US $2.5 billion. The company said it plans to repatriate the net sales proceeds[Read More…]

June 28, 2019 - 9:44 am 360 Articles, A&D Transactions, Canada, Closing Bell Story, E&P
Source: Woodfibre LNG

Canadian LNG Company Signs SPA with BP

By Tyler Losier, Energy Reporter, Oil & Gas 360 Woodfibre LNG to deliver 0.75 Mtpa over 15-year period Woodfibre LNG, a wholly owned subsidiary of Pacific Oil & Gas Limited, has signed a binding sales and purchase agreement with BP Gas Marketing Limited, a wholly owned subsidiary of BP (stock ticker: BP), for the delivery of 0.75 Mtpa of LNG[Read More…]

Source: Razor Energy

Razor Energy Partners with Canadian Government, Alberta Innovates

By Tyler Losier, Energy Reporter, Oil & Gas 360 Geothermal power project gets $7 million contribution Razor Energy Corp. (stock ticker: RZE), a Canadian oil and gas company based out of Calgary, has partnered with the Canadian government through Natural Resources Canada, as well as Alberta Innovates, to develop a geothermal electricity project. The technology behind the project works by[Read More…]

Source: Arrow Exploration

Two New Discoveries in Colombia

Arrow Exploration Corp. Arrow Exploration Corp. (stock ticker: AXL:CA), operating in Colombia via its 100% owned subsidiary Carrao Energy S.A., announced that the 11-day production test of its Rio Cravo Este-1 (RCE-1) exploration well had concluded June 9. RCE-1 is located on the Tapir block in the Llanos basin. Source: Arrow Exploration The well was originally spud on April 25[Read More…]

Source: Canadian Natural Resources

Devon Energy Sells Canada for $2.8 Billion

By Tyler Losier, Energy Reporter, Oil & Gas 360 Devon looks to focus on oil-based growth in U.S., departs Canada Canadian Natural Resources Limited (stock ticker: CNQ) inked a deal this Wednesday to acquire Devon Energy Corp.’s (stock ticker: DVN) Canadian assets for a cash purchase price of approximately US$2.8 billion (CAD $3.8 billion). The deal is expected to close[Read More…]

May 30, 2019 - 6:08 pm 360 Articles, A&D Transactions, Canada, Closing Bell Story, E&P
Source: TC Energy

TC Energy Secures $1.15 Billion from Sale of 56 Mile Pipeline

By Tyler Losier, Energy Reporter, Oil & Gas 360   85% interest expected to gross $1.15 billion TC Energy Corporation (stock ticker: TRP) has entered into an agreement to sell an 85% equity interest in the Northern Courier Pipeline to Edmonton-based Alberta Investment Management Corporation (AIMCo), an investment manager responsible for the investments of 31 pension, endowment and government funds[Read More…]

May 28, 2019 - 1:06 pm 360 Articles, Canada, Closing Bell Story, Finance, Midstream
Tamarack Valley Energy CEO Brian Schmidt Discusses Ramping his Company’s Waterflood on a Billion-Barrel Oilfield

Tamarack Valley Energy CEO Brian Schmidt Discusses Ramping his Company’s Waterflood on a Billion-Barrel Oilfield

Canada’s curtailments, Cardium’s surprise: Tamarack Valley drills a record lateral for Western Canada Tamarack Valley Energy (stock ticker: TVE, $TVE) is a Canadian exploration and production company with strong economics and a few nice surprises in Q1 2019. The company’s operating netbacks for the quarter were 58% higher than Q4 2018. Oil & Gas 360® had the opportunity this week to[Read More…]

Canadian Senate Committee Nixes Oil Tanker Moratorium Act that would Prevent Energy Exports from B.C.

Canadian Senate Committee Nixes Oil Tanker Moratorium Act that would Prevent Energy Exports from B.C.

The Senate Standing Committee on Transportation last night voted to defeat Bill C-48, the Oil Tanker Moratorium Act. “Bill C-48 would do virtually nothing to address legitimate marine safety concerns of local communities regarding thousands of cruise ships, fueling and other types of vessels that traverse Northern British Columbia waters on an annual basis; it contains no measure to improve[Read More…]

May 16, 2019 - 5:08 pm 360 Articles, Canada, Closing Bell Story, Law, Politics, Regulatory
Without Pipeline Capacity to Ports Canada’s Energy Sector Lost C$20.6 Billion in Foregone Revenues in 2018

Without Pipeline Capacity to Ports Canada’s Energy Sector Lost C$20.6 Billion in Foregone Revenues in 2018

Forced to sell to U.S. at a $26.50 per barrel discount to WTI Lack of pipeline capacity is driving down the price of Canadian oil, costing the country’s energy sector C$20.6 billion in lost revenues last year, Canadian public policy think-tank Fraser Institute calculates in a new study. “Without sufficient pipelines to coastal ports, Canadian oil producers must sell their[Read More…]

Former Oil and Gas COO Crosses over from Hydrocarbons to Helium

Former Oil and Gas COO Crosses over from Hydrocarbons to Helium

North American Helium, a Calgary-based private helium exploration and production company, said it has brought oil and gas producer Marlon McDougall on board as its president and COO. McDougall is a 30-year veteran of oil and gas industry operations, having recently served as COO of Grizzly Resources (private) and as COO of PennGrowth Energy (stock ticker: PGHEF, $PGHEF). Former E&P COO Crosses[Read More…]

April 15, 2019 - 2:07 pm 360 Articles, Canada, Closing Bell Story, E&P, People
Oil Differentials Have Shrunk, But Canada and the Permian Face Diverging Futures

Oil Differentials Have Shrunk, But Canada and the Permian Face Diverging Futures

Both regions have seen relief from 2018’s wide discounts By Richard Rostad, analyst, Oil & Gas 360 Producers in the Permian and Canada are enjoying relief from the punishing differentials seen last year, as new developments in both regional supply and takeaway normalize markets. However, this relief may be short-lived. The Midland-WTI differential attracted significant attention last year, as booming[Read More…]

Source: Canadian Oil Sands Ltd.

Canadian Oil Sands: Producers Weigh In On Curtailments, Historically High Differentials, Transporting Oil Out

Q4 earnings caps a wild quarter By Richard Rostad, analyst, Oil & Gas 360 Two major Canadian oil sands producers, Canadian Natural Resources (ticker: CNQ) and Meg Energy (ticker: MEG) held conference calls late this week, providing a glimpse of the thoughts of two of the largest producers in the country. As might be expected, both companies experienced wild quarters[Read More…]

Source: Energybc.ca

Delivering Game Changing Environmental Performance: ‘More Canadian Oil and Gas on the Global Market will Reduce GHG Emissions’ – CNQ Exec. Vice Chairman

“It’s not 2009 anymore” By Richard Rostad, analyst, Oil & Gas 360 The Canadian oil sands have often been criticized as a particularly environmentally unfriendly source of oil, but Canadian Natural Resources (stock ticker: CNQ) disagrees. CNQ’s Executive Vice Chairman Steve Laut laid out the environmental case for the company’s activities in its conference call yesterday, explaining “When it comes[Read More…]

March 8, 2019 - 5:38 pm 360 Articles, Canada, Closing Bell Story, Crude Oil News
Tourmaline May Take CNQ’s Title as Canada’s Largest Gas Producer

Tourmaline May Take CNQ’s Title as Canada’s Largest Gas Producer

Canadian NatGas producer Tourmaline is growing—fast; free cash will pay for dividend, debt reduction By Richard Rostad, analyst, Oil & Gas 360 Tourmaline Oil (ticker: TOU) announced fourth quarter results and reserves today, showing net earnings of $190.9 million, or $0.70 per share.  The company’s Q4 2018 earnings are more than double those of Q4 2017, as improved natural gas[Read More…]

LNG Canada Moves Forward: $937 Million in Contracts Approved

LNG Canada Moves Forward: $937 Million in Contracts Approved

LNG Canada has approved contracts totaling almost $1 billion (CAD) for the early construction phase of its  LNG export project near Kitimat, British Columbia. LNG Canada approved over $937 million (CAD) in contracts and subcontracts with First Nations enterprises and other businesses across Canada. This includes $175 million (CAD) to local First Nations businesses and, with the addition of contracts awarded to local Kitimat area businesses, including First[Read More…]

January 22, 2019 - 4:47 pm 360 Articles, Canada, Closing Bell Story, LNG
Tallgrass Energy, Kinder Morgan to Increase PRB, DJ Crude Oil Takeaway

Tallgrass Energy, Kinder Morgan to Increase PRB, DJ Crude Oil Takeaway

New venture will transport crude oil from the Powder River, DJ, Williston, Western Canada to Cushing System to take 800,000 barrels per day (bpd) of light crude oil and 150,000 bpd of heavy crude to Cushing, provide near term relief for Canadian shippers Tallgrass Energy, LP (stock ticker: TGE) and Kinder Morgan, Inc. (stock ticker: KMI) have an agreement in[Read More…]

January 22, 2019 - 4:17 pm 360 Articles, Canada, Closing Bell Story, Crude Oil News, Midstream
Razor Energy Gives 2019 Budget, Guidance

Razor Energy Gives 2019 Budget, Guidance

Calgary’s Razor Energy Corp. (stock ticker: RZE) has approved a capital budget of $13.5 million for fiscal 2019 that allows it to maintain production levels while continuing to pay a dividend. Reactivations, recompletions and optimizations $4.6 million Facilities and pipelines $5.2 million Other (oilfield IT and other) $1.5 million End of life expenditures $2.2 million Reactivations, recompletions and optimizations include[Read More…]

January 22, 2019 - 3:27 pm 360 Articles, 360 Profile Member, Canada, Closing Bell Story, E&P
Bellatrix Plans Stable Production in 2019

Bellatrix Plans Stable Production in 2019

CapEx funded by operating cash flow Bellatrix Exploration (stock ticker: BXE) announced fourth quarter production and 2019 plans, offering an example of how a micro-cap producer deals with the current oil and gas environment in Alberta. Bellatrix produced about 35.1 MBOEPD in Q4, giving the company an overall 2018 output of 35.6 MBOEPD. This surpasses expectations, as the company’s 2018[Read More…]

January 16, 2019 - 5:40 pm 360 Articles, Canada, Closing Bell Story, E&P
Tamarack Valley Sets Another Production Record

Tamarack Valley Sets Another Production Record

Tamarack Valley Energy Ltd. (stock ticker: TVE) has released its 2019 capital budget, guidance and a 2018 operational update that includes record production of approximately 24,780 BOEPD in Q4/18 with an oil and natural gas liquids (“NGL”) weighting of approximately 66%. Tamarack said it spent about $7.0 million less than the budgeted capital for the quarter due to the volatility[Read More…]

January 15, 2019 - 5:18 pm 360 Articles, Canada, Closing Bell Story, E&P
Source: Energybc.ca

Alberta Keeps Production Cuts Steady Despite Vanishing Differential

February cuts will be at same level as January Alberta is holding course on its production cut plan even though the program has already achieved one of its primary goals, based on a release today. The province’s production cut plan requires all major oil companies to cut output, starting January. The cuts are intended to fade away over time, with[Read More…]

January 10, 2019 - 5:11 pm 360 Articles, Canada, Closing Bell Story, Crude Oil News
A hydraulic shovel places overburden in a haul truck at the Fort Hills site.

Courtesy of Suncor

Alberta’s Mandatory Curtailments Manufacture Some Problems — Suncor Sets 2019 Spend in $5 Billion Range

Suncor said its 2019 upstream capital program is going to be $4.9 billion to $5.6 billion to achieve average upstream production of 780,000 to 820,000 barrels of oil equivalent per day (BOEPD) for 2019. The midpoints of these ranges represent a flat capital spend compared to 2018 and a year over year production increase of approximately 10%, including estimated mandatory[Read More…]

December 14, 2018 - 1:14 pm 360 Articles, Canada, Closing Bell Story