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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
Alberta Orders Oil Production Cuts For 2019

Alberta Orders Oil Production Cuts For 2019

Cut will remove 375 MBOPD, or 8.7% OPEC isn’t the only group planning an oil production cut for 2019. Alberta Premier Rachel Notley announced temporary production cuts on Sunday as part of an effort to shore up pricing for ailing oil producers in her province. Canadian producers are grappling with punishing differentials, with the WCS-WTI differential reaching a staggering $50/bbl[Read More…]

December 3, 2018 - 5:24 pm 360 Articles, Canada, Closing Bell Story, Crude Oil News
Bellatrix Makes Asset Acquisition

Bellatrix Makes Asset Acquisition

Calgary’s Bellatrix Exploration Ltd. (stock ticker:BXE) has reported its plans to acquire complementary assets within its core Ferrier area of west central Alberta.

The company plans to acquire the assets from POSCO Daewoo E&P Canada Corporation for total consideration of approximately $9.5 million. Bellatrix also updated its commodity risk management contracts.

November 27, 2018 - 12:33 pm 360 Articles, A&D Transactions, Canada, Closing Bell Story, E&P, Top Story
Tamarack Valley Reports Record Production

Tamarack Valley Reports Record Production

Differentials may lead to deferred completions Tamarack Valley Energy (ticker: TVE) announced third quarter results today, showing net income of $13 million, or $0.06 per share. The company reported record production this quarter, with an output of 24,765 BOEPD, up 21% year-over-year. Tamarack spent $78.1 million drilling and completing wells in Q3, a program that the company reports has demonstrated[Read More…]

November 8, 2018 - 5:05 pm 360 Articles, 360 Profile Member, Canada, Closing Bell Story
TD Securities Initiates Coverage of Tamarack Valley Energy

TD Securities Initiates Coverage of Tamarack Valley Energy

Tamarack Valley Energy (ticker: TVE) is a rate-of-return focused Canadian E&P operating in the Western Canadian Sedimentary Basin. The company is currently targeting the Viking and Cardium in Alberta and Saskatchewan, each of which offers significant light oil potential. The company is primarily focused on the Viking, where Tamarack drilled 45 wells in Q3. The company is also ahead of[Read More…]

Blackbird Chalks Up 47% YOY Production Growth

Blackbird Chalks Up 47% YOY Production Growth

Upcoming drilling plan significantly exceeds last year’s Blackbird Energy (ticker: BBI) announced full year results today, showing production growth of 47% year-over-year. Blackbird produced an average of 1,148 BOEPD in the final quarter of its fiscal year, compared to 782 BOEPD last year. This growth was achieved despite the significant difficulties encountered at a third-party gas processing facility. Blackbird was[Read More…]

Source: Canadian Oil Sands Ltd.

Hostile Takeover Bid Shakes Up Canadian Oil Sands

Husky targets MEG Energy The Canadian oil sands space is set for a shakeup, as Husky Energy (ticker: HSE) announced a hostile takeover bid for MEG Energy (ticker: MEG) over the weekend. Under the terms of Husky’s proposal, the company will pay each MEG shareholder either C$11 in cash or 0.485 shares of Husky, subject to a maximum cash consideration[Read More…]

Razor’s WTI Torque High as Small Price Increase Brings Large Earnings Jump

Razor’s WTI Torque High as Small Price Increase Brings Large Earnings Jump

Razor Energy (ticker: RZE) announced second quarter results last week, showing net income of $2.5 million, or $0.16 per share. This result is a significant improvement over both Q2 2017 and Q1 2018, when the company reported a loss of 1.6 million and earnings of 0.3 million, respectively. Much of this improvement in results is due to the improved oil[Read More…]

Cabot Oil & Gas Expands Share Repurchase Program

Cabot Oil & Gas Expands Share Repurchase Program

Cabot Oil & Gas (NYSE: COG) announced Q2 results, showing net income of $42.4 million, or $0.09 per share. Highlights Daily equivalent production of 1,895 MMcfe/d Adjusted net income of $57.9 million Net cash provided by operating activities of $273.9 million Discretionary cash flow of $196.5 million Returned $239.6 million of capital to shareholders through dividends and share repurchases Improved[Read More…]

July 30, 2018 - 4:23 pm 360 Articles, Canada, Closing Bell Story, E&P, Earnings, Finance
PetChem Projects May Be Alberta’s Answer to Prayer

PetChem Projects May Be Alberta’s Answer to Prayer

Alberta and Louisiana are vying for billion-dollar projects  According to a report from Petrochemical Update, Canada is working to lure about 100 PetChem projects, valued at more than $12 billion, according to data from the Chemistry Industry Association of Canada (CIAC). Some examples: NOVA Chemicals announced a $2 billion expansion in December in Sarnia Lambton. Inter Pipeline authorized plans for[Read More…]

July 11, 2018 - 6:20 am 360 Articles, Canada, Closing Bell Story, Downstream
Bohrturm, Österreich: Weißer Hof 2014

Oil Price Reached $74 This Week, But Double That Could Be on the Horizon

Despite the surprise moderate build in U.S. crude oil stockpiles, analysts are worried of an impending price spike to $150 or more.  Prices Today Crude oil stocks rose by 1,245 MBBL last week to 417,881 MBBL from 416,636 MBBL. This is 17% below the 502,914 MBBL that was in storage at this point last year, and is 2% below the[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.

Enbridge Exits Canadian Gas Gathering

$3.3 billion sale values assets at 12xEBITDA Enbridge (ticker: ENB) continued its transformation yesterday, exiting the gas gathering business in Canada. Enbridge will sell its Canadian natural gas gathering and processing infrastructure to Brookfield Infrastructure (ticker: BIP) and its institutional partners. The assets cover the heart of Canadian natural gas, including the Montney, Peace River Arch, Horn River and Liard[Read More…]

Canadian Shutdown Wipes Out Half of OPEC’s Production Boost

Canadian Shutdown Wipes Out Half of OPEC’s Production Boost

A Syncrude transformer failure takes 360 MBOPD offline On Friday OPEC secured an agreement to add production back onto the market in order to avoid a possible oil shortage due to declining production in Venezuela and Iran. A disruption in Canada, however, has now singlehandedly wiped out half of OPEC’s added output, at least in the short term. Syncrude’s oil[Read More…]

June 25, 2018 - 5:39 pm 360 Articles, Canada, Closing Bell Story, Crude Oil News
Bohrturm, Österreich: Weißer Hof 2014

Baytex Energy and Raging River to Create 100 MBOEPD Company

Combined company targets 100 MBOEPD in 2019 with $750 million CapEx budget After a quiet first quarter, Canadian M&A activity has been busy in Q2 2018, with two major producers merging today. Baytex Energy (ticker: BTE) and Raging River Exploration (ticker: RRX) announced a strategic combination, creating a company with a combined enterprise value of about $5 billion. The combined[Read More…]

When Will Canadian Oil Production Be Competitive?

When Will Canadian Oil Production Be Competitive?

“The competition for capital investment in the global marketplace is fierce and Canada is losing,” Canadian Association of Petroleum Producers (CAPP) CEO Tim McMillan said in a statement this week. McMillan said that a lack of regulatory clarity, and the inability to see federally-approved pipelines get built, sends the signal that Canada is closed for business. CAPP released its 2018[Read More…]

Trans-Alaska oil pipeline

LNG Project Closes In With Key Executive Additions

An Oil & Gas 360® Exclusive In the first half of 2018, Canada’s Steelhead LNG has been busy. The Vancouver-based LNG project added two key North American natural gas and pipeline industry leaders to its executive team as the company prepares to steer its proposed Kwispaa LNG export project into the fast lane. Steelhead’s floating liquefaction model Steelhead’s concept would[Read More…]

Two Oilfield Service Companies Combine

Two Oilfield Service Companies Combine

AKITA Drilling Ltd. (ticker: AKT) and Xtreme Drilling Corp. (ticker: XDC)  are combining under the AKITA name and will be operating 44 high-spec drilling rigs across multiple basins in the U.S. and Canada. The transaction value is approximately CAD$209 million, which includes CAD$10 million of Xtreme’s net debt. Per agreement terms, Xtreme shareholders will receive 0.29 of an AKITA class[Read More…]

June 5, 2018 - 5:46 pm 360 Articles, Canada, Closing Bell Story, Popular 1
PETRONAS Back In: Buys 25% of LNG Canada

PETRONAS Back In: Buys 25% of LNG Canada

Malaysian energy company PETRONAS is apparently back as an active LNG player in Canada, with the announcement today that it is buying a 25% equity stake in LNG Canada. LNG Canada is a proposed natural gas export project that is planned for Kitimat, British Columbia, Canada. The move was unexpected after PETRONAS withdrew from the $36 billion Pacific NorthWest LNG[Read More…]

May 31, 2018 - 4:32 pm 360 Articles, Canada, Closing Bell Story, LNG
"El Merk, Algeria, March 2013: The CPF


Photo by Mike Goldwater"

Canada’s Proposed Bill C-69 Would Require Energy Project Environmental Assessments to Take Climate Change into Account

Bill gives cabinet and environment minister final power to approve or reject a project regardless of the findings of an environment assessment In February 2018, Catherine McKenna, the federal Minister of Environment and Climate Change, introduced Bill C-69. The bill may replace the Canadian Environmental Assessment Act of 2012 (CEAA 2012) with the Impact Assessment Act. McKenna claimed the new[Read More…]

Warburg Pincus Invests $138 Million in Canadian E&P

Warburg Pincus Invests $138 Million in Canadian E&P

Calgary-based E&P Artis Exploration Ltd. closed a CDN$180 million (USD$138 million) growth equity investment from Warburg Pincus. Founded in 2015, Artis is focused on the Duvernay East Shale Basin of Western Canada, where the company holds a contiguous acreage position of over 260,000 net acres. Artis is led by Darryl Metcalfe, who was previously president and CEO at Artek Exploration.[Read More…]

Vermilion Energy Closes $1.4 Billion Acquisition

Vermilion Energy Closes $1.4 Billion Acquisition

Vermilion Energy Inc. (ticker: VET) closed the acquisition of Spartan Energy Corp. for a total consideration of $1.40 billion, comprised of $1.23 billion in Vermilion shares plus the assumption of approximately $175 million in debt. Vermilion acquired all of the issued and outstanding common shares of Spartan on the basis of 0.1476 of a Vermilion share for each Spartan common[Read More…]

The Government of Canada Agrees to Buy Trans Mountain Pipeline and Expansion Project from Kinder Morgan

The Government of Canada Agrees to Buy Trans Mountain Pipeline and Expansion Project from Kinder Morgan

Kinder Morgan (ticker: KMI) subsidiary Kinder Morgan Canada Limited (TSX: KML) has agreed to the purchase of the Trans Mountain Pipeline system and the expansion project (TMEP) by the Government of Canada for C$4.5 billion, the company said in a press release this morning. Kinder Morgan said it will work with the Government of Canada to seek a third-party buyer[Read More…]

Enbridge Sells U.S. Midstream for $1.1 Billion

Enbridge Sells U.S. Midstream for $1.1 Billion

Enbridge Inc. (ticker: ENB) said its indirect subsidiary, Enbridge (U.S.) Inc., has entered into an agreement to sell Midcoast Operating, L.P. and its subsidiaries to AL Midcoast Holdings, LLC (an affiliate of ArcLight Capital Partners, LLC) for a cash purchase price of US$1.120 billion. Courtesy of Enbridge “The sale of Midcoast is an important step in our shift towards a[Read More…]

Courtesy of Encana

Encana Sees 30% Growth within Cash Flow

Encana Corporation (ticker: ECA) opened 2018 with Q1 net earnings of $151 million. This compares to Q1 2017’s net earnings of $431 million. Cash generated from operating activities reached $381 million, which compares to $106 million in Q1 2017. Encana’s first quarter production totaled 324,400 BOEPD, of which the company’s core assets contributed 307,500 BOEPD. Total liquids production grew by[Read More…]

Quantifying the Effects of Canada’s Takeaway Trouble

Quantifying the Effects of Canada’s Takeaway Trouble

Canada’s PSAC Cuts Canadian Drilling Activity Forecast for 2018 Without adequate pipeline capacity or forthcoming export projects for Canada’s crude oil and natural gas, there is a tough energy economy in Canada that is going to be taking an economic toll on oil and gas development activity. Canada is besieged by pipeline turmoil between provinces on top of the withdrawal of[Read More…]

ConocoPhillips Produces 1,224 MBOEPD, Nets $0.9 Billion

ConocoPhillips Produces 1,224 MBOEPD, Nets $0.9 Billion

ConocoPhillips Company (ticker: COP) reported first quarter 2018 earnings of $0.9 billion, or $0.75 per share. This compares to first quarter 2017 earnings of $0.6 billion, or $0.47 per share. First quarter production, excluding Libya, was 1,224 MBOEPD. Production from Libya was 45 MBOEPD. Conoco said that it grew year-over-year production in the Eagle Ford, Bakken and Delaware by 20%.[Read More…]

Cenovus Expects Full Year Oil Sands Volume to be 364,000-382,000 Barrels Per Day in 2018

Cenovus Expects Full Year Oil Sands Volume to be 364,000-382,000 Barrels Per Day in 2018

Cenovus Energy Inc. (ticker: CVE) posted a net earnings loss from continuing operations of $914 million, or $(0.74) per diluted share for Q1 2018, compared to Q1 2017 recorded a net profit of $211 million, or $0.25 per share. “The challenges we experienced in the first quarter had a significant impact on our financial results, but the underlying performance of[Read More…]

Razor Energy Reports Q4

Razor Energy Reports Q4

Razor Energy Corp. (ticker: RZE) recorded a positive Q4 2017 net income of $2.3 million, or $0.14 per share. For 2017, the company had a net loss of $3.7 million, or $(0.27) per share. The company produced 4,534 BOEPD in Q4, and had a full-year average production of 3,813 BOEPD. In 2017, the company completed three asset acquisitions in the[Read More…]

Canada’s Energy Sector Faces Rough Waters

Canada’s Energy Sector Faces Rough Waters

Stiff U.S. competition, an inter-province pipeline row prolongs limited export opportunity, and U.S. is its only big export customer   With U.S. shale on a tear, imports are dropping Total U.S. crude production reached 10 MMBOPD in November 2017 and the Canadian Industrial Outlook report from The Conference Board of Canada estimates that U.S. production will pass 11 MMBOPD in[Read More…]

ConocoPhillips Doubles Down in British Columbia’s Montney with 35,000-Acre Acquisition

ConocoPhillips Doubles Down in British Columbia’s Montney with 35,000-Acre Acquisition

Oil and gas investment in politically risky British Columbia Just a few days before Kinder Morgan Canada said it would halt investment and construction on the Trans Mountain pipeline expansion due to political risk in British Columbia, ConocoPhillips (ticker: COP) announced an acreage buy in British Columbia’s Montney play. ConocoPhillips Company acquired about 35,000 net acres in the Montney play[Read More…]