Capital spending in Alberta’s oilpatch continues to decline

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 oilpatch continues to declineCapital 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)…

CNRL acquiring Painted Pony Energy

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 acquiring Painted Pony EnergyCanadian 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…

TC Energy sees hike in net income in Q2

Company announced Thursday it has approved the $400 million US Elwood Power Project/ANR Horsepower Replacement

TC Energy sees hike in net income in Q2TC 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…

Canadian drilling forecast decreased again

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

Canadian drilling forecast decreased againThe 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…

Growing LNG industry would lead to huge economic gain

The report said Alberta’s GDP would see an annual increase of $1.6 billion, or just over 0.5 per cent.

Growing LNG industry would lead to huge economic gainA 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.…

Campaign launched to promote energy sector

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.

Suncor Energy operating loss close to $1.5 billion in Q2

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

Suncor Energy operating loss close to $1.5 billion in Q2Calgary-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…

Hard hit oil and gas sector leads to GDP decline

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

Hard hit oil and gas sector leads to GDP declineUnless 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.…

State of Canada’s energy sector

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.

Canadian crude oil production plunges amid COVID-19

Canada produced 129.2 million barrel of crude oil and equivalent products in April, down 9% from April 2019, largest year-over-year decrease since June 2016

Canadian crude oil production plunges amid COVID-19Canada produced 20.5 million cubic metres (129.2 million barrels) of crude oil and equivalent products in April, down 9.0 per cent from April 2019, which was the largest year-over-year decrease since June 2016 (-9.4 per cent) in the aftermath of the widespread wildfires that affected northern Alberta earlier that spring, according to Statistics Canada. The…
1 2 3 7