While still significant at $16.6 billion, this year’s spending will be 30 per cent (-$7.1 billion) below the amount spent in 2019 and 58 per cent (-$228 billion) below the 10-year average
Capital spending in Alberta’s oil and gas extractions sector in 2020 will be the lowest it has been since at least 2006 when the current data series began, according to a report by ATB Financial’s Economics & Research Team. “While still significant at $16.6 billion, this year’s spending will be 30 per cent (-$7.1 billion)…
Acquisition consists of a cash consideration of $0.69 per share and it will also assume Painted Pony’s total debt of approximately $350 million
Canadian Natural Resources Limited has entered into an agreement to acquire Painted Pony Energy Ltd. In a news release, CNRL said the acquisition consists of a cash consideration of $0.69 per share and it will also assume Painted Pony’s total debt of approximately $350 million. CNRL said Painted Pony’s land and production are located within…
Company announced Thursday it has approved the $400 million US Elwood Power Project/ANR Horsepower Replacement
TC Energy Corporation announced Thursday net income attributable to common shares for second quarter 2020 of $1.3 billion or $1.36 per share compared to net income of $1.1 billion or $1.21 per share for the same period in 2019. In a news release, it said for the six months ended June 30, net income attributable…
The company had net earnings of $370 million in the second quarter of 2019
Husky Energy reported Thursday it had a net loss of $304 million in the second quarter of this year compared to net earnings of $370 million in the second quarter of 2019. In a news release, the company recorded funds from operations of $18 million in the second quarter. Cash flow from operating activities, which…
Activity levels are at lows not seen in decades and are taking their toll on a sector that was in its sixth year of a downturn when COVID-19 hit
The Petroleum Services Association of Canada (PSAC) has decreased its forecasted number of wells to be drilled (rig released) across Canada for 2020 from 3,100 (April 2020 revision) to 2,800 wells drilled. The association said it is basing its updated 2020 Forecast on average natural gas prices of $2.00 CDN/mcf (AECO), crude oil prices of…
The report said Alberta’s GDP would see an annual increase of $1.6 billion, or just over 0.5 per cent.
A new Conference Board of Canada report, which was released on Monday, estimates that growing the liquefied natural gas (LNG) industry in British Columbia could create 96,550 new jobs, boost total wages in Canada by over $6 billion, and increase Canada’s Gross Domestic Product (GDP) by $11 billion every year for the next 44 years.…
Tom Olsen, CEO of the Canadian Energy Centre, talks about a campaign launched to promote the energy sector
On today's It's Your Business with Mario Toneguzzi, Tom Olsen, CEO of the Canadian Energy Centre, talks about a campaign launched to promote the energy sector. Please subscribe to our YouTube channel to receive all our latest videos.
In the second quarter of 2020, crude oil and refined product realizations decreased significantly, with crude oil and crack spread benchmarks declining by more than 50 per cent
Calgary-based Suncor Energy had a net loss of $614 million ($0.40 per common share) in the second quarter of 2020, compared to net earnings of $2.729 billion ($1.74 per common share) in the prior year quarter, the company reported on Wednesday. It also said its second quarter operating loss was $1.489 billion ($0.98 per common…
The anticipated reduction in oil and gas production and investment will be dramatic and will lead to significant drops in GDP and total number of jobs
Unless supply and demand conditions for oil and gas unexpectedly improve during the course of 2020, the anticipated reduction in oil and gas production and investment will be dramatic and will lead to significant drops in GDP and total number of jobs in the total economy, says a new report released Wednesday by Statistics Canada.…
Tim McMillan, President and CEO of the Canadian Association of Petroleum Producers, talks about the state of the industry amid lower oil prices and the COVID crisis
On today's episode of Business Insider with Mario Toneguzzi, Tim McMillan, President and CEO of the Canadian Association of Petroleum Producers, talks about the state of the industry amid lower oil prices and the COVID crisis.
Capital spending in Alberta’s oil and gas extractions sector in 2020 will be the lowest it has been since at least 2006 when the current data series began, according to a report by ATB Financial’s Economics & Research Team. “While still significant at $16.6 billion, this year’s spending will be 30 per cent (-$7.1 billion)…
