From Reuters/Globe and Mail Canadian Natural Resources Ltd (CNRL) , one of Canada’s biggest oil and gas producers, will produce less than expected this spring, it said on Thursday, as transport bottlenecks pressure prices of Canadian heavy crude. Tight capacity on pipelines and rail lines from the province of Alberta early this year led to the biggest discount in four
From The Star CALGARY—Alberta’s beleaguered oil industry may, in the second half of the year, get some relief from its persistent shipping bottlenecks as producers strike deals with rail companies to move more crude. Oil producers and railroads have room to strike deals that will make economic sense for both parties, Cenovus Energy Inc. chief executive officer Alex Pourbaix said.
Current production of 54,000 BOEPD – SLB, Torxen plan 1,600 well program starting in 2018 Cenovus Energy Inc. (ticker: CVE) said it will sell its Palliser crude oil and natural gas assets in southeastern Alberta to privately held Torxen Energy and Schlumberger (ticker: SLB) for cash proceeds of CAD$1.3 billion. The Palliser Block consists of oil and gas wells, surface
Canadian Natural Resources Limited (ticker: CNQ) has entered into an agreement to acquire heavy oil assets in the Greater Pelican Lake region and other miscellaneous assets in northern Alberta from Cenovus Energy Inc. (ticker: CVE), for gross cash consideration of $975 million. The assets generate production of approximately 19,600 BOEPD, Canadian Natural Resources said in a press release. Cenovus plans
Debt and equity raises rebound following the end of 2014 Publicly-listed Canadian oil and gas companies raised $10.5 billion in debt and equity raises in the first half of 2015, nearly in-line with the previous year before oil prices tumbled, reports The Financial Post. The money raised by Canadian companies represented a 28% increase from the second half of 2014
In an effort to strengthen its balance sheet, Cenovus (ticker: CVE) has sold its royalty unit to Ontario Teachers’ Pension Plan (Teachers’) for gross cash proceeds of approximately $3.3 billion. The unit, named Heritage Royalty Limited Partnership (HRP), is a wholly owned subsidiary consisting of 4.8 million gross acres of royalties and mineral fee titles in Alberta, Manitoba and Saskatchewan.
Cenovus first-quarter oil sands production up 20% Oil sands per-unit operating costs decline 31% Combined oil sands production averaged more than 144,000 barrels per day (bbls/d) net in the first quarter, up 20% from the same period in 2014. Total oil production was more than 218,000 bbls/d, 11% higher than in 2014. Upstream per-unit operating costs declined 23%, including a
