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Encana provides interim update on strength of operations

Capital spending shifts and increased free cash flow generation included in Husky five-year plan update

With a focus on generating increased free cash flow, the updated Husky Energy five-year plan shows reduced capital spending to achieve an annual average of $3.15 billion for 2019 - 2023 versus the previously planned 2018 - 2022 annual average of $3.5 billion. Total capital spending over the 2019 - 2023 five-year period is reduced by about $1.7 billion, with total free cash flow before dividends expected to reach $8.7 billion at a flat $60 US WTI planning price.

Husky Energy reports first quarter 2019 results

Husky Energy generated funds from operations of $959 million in the first quarter of 2019, compared to $895 million in the first quarter of 2018. Net earnings were $328 million, compared to $248 million in Q1 2018 and free cash flow was $147 million, compared to $258 million in the first quarter of 2018. Cash flow from operating activities, which includes changes in non-cash working capital, was $545 million, compared to $529 million in Q1 2018.

Canadian Natural Resources Limited announces establishment of Automatic Securities Purchase Plan

Canadian Natural Resources Limited announces in connection with its previously announced Normal Course Issuer Bid to purchase up to 61,424,856 of its common shares, it entered into an Automatic Securities Purchase Plan with a designated broker. The ASPP is intended to allow for the purchase of Shares under the NCIB when the Company would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods.

Diversification pays off for Vertex Group entering 2019

Vertex Resource Group Ltd. reports its financial and operational results for the fourth quarter and year ending December 31, 2018. The results for the three months and year ending December 31, 2018 were highlighted by improvements in revenue, gross profit, EBITDA and net income as compared to the corresponding periods of 2017. Net income increased as a result of improved EBITDA and the bargain purchase gain from the three acquisitions completed in 2018 (which are discussed in more details in the MD&A and the Company's Annual Information Form filed on SEDAR at www.sedar.com), offset by increases in amortization and finance costs.

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Operations strong but challenging Canadian industry knocks Cenovus for net loss in 2018

Cenovus Energy Inc. delivered strong operating performance in 2018 but took a financial hit in the process, the company reported in its year-end results release. While solid production continued across Cenovus operations, a $1.3 billion loss in the fourth quarter pushed it to a net loss of $2.9 million for the year.

ARC Resources Ltd. reports fourth quarter and year-end 2018 financial and operational results

ARC Resources Ltd. has reported its fourth quarter and year-end 2018 financial and operational results. Fourth quarter production averaged 136,502 boe per day, net income was $159.7 million ($0.45 per share), funds from operations totaled $208.6 million ($0.59 per share), and net debt was $702.7 million as at December 31, 2018. 

Cenovus’s 2019 budget demonstrates cost leadership and capital discipline

Cenovus Energy Inc. remains committed to increasing shareholder value through cost leadership, capital discipline and safe and reliable operations. These commitments, in combination with the company's high-quality upstream assets and joint ownership in strong refining assets, are expected to further strengthen Cenovus's ability to generate free funds flow and continue deleveraging its balance sheet in 2019.

Petroshale announces financial and operating results for the third quarter of 2018 and executive appointment

PetroShale Inc. has announced its financial and operating results for the three and nine month periods ending September 30, 2018. In addition, the Company announces the appointment of Mr. Caleb Morgret as Chief Financial Officer (CFO), who will assume the role from Mr. David Rain, who is retiring effective November 30, 2018. 

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Delphi Energy wraps up successful winter capital program

Delphi Energy Corp. has completed its 2018 winter capital program including the Company's Bigstone Montney amine processing facility, the drilling of four (2.6 net) new Montney wells, and the completion of seven (4.6 net) new wells. The extended winter conditions have allowed the Company to get all seven wells pipeline connected to its facilities, with plans to have all the wells on production in the second quarter.

No likely impact to financial guidance through FERC revised policy statement: Enbridge

Enbridge does not expect a material impact to its previously disclosed financial guidance over the 2018-2020 horizon as a result of the Federal Energy Regulatory Commission (FERC) revised policy statement on interstate pipeline tax allowance recovery in Master Limited Partnerships (MLPs) nor from FERC's Notice of Proposed Rule-Making (NOPR).  

CNRL reports record production volumes, touts Horizon 3 launch in 2017 results

A strategy to transition to a long life, low decline asset base helped Canadian Natural Resources Limited to a solid result in 2017, with the company achieving a total earnings of $2.3 billion through the year. After adjustments, the company saw an increase of $2.07 million from its 2016 levels, in a year that saw CNRL also generate record production levels.

Cenovus records strong earnings for 2017

Cenovus Energy Inc. delivered strong cash from operating activities and adjusted funds flow in 2017. Through its continued focus on capital discipline and reliable operational performance, the company generated almost $1.3 billion in free funds flow last year. Cenovus also completed the divestitures of its legacy conventional oil and natural gas assets within its expected timeframe. 

Suncor reports $1.31 billion earnings in fourth quarter 2017

Suncor recorded fourth quarter 2017 operating earnings of $1.310 billion ($0.79 per common share) compared to $636 million ($0.38 per common share) in the prior year quarter. Highlights of the quarter include improved crude oil pricing and benchmark crack spreads, lower operating and exploration costs, refinery utilization of 94%, higher sales volumes at Oil Sands and continued strong upstream production. Improved benchmark pricing in the quarter was partially offset by the strengthening of the Canadian dollar.

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Encana reports strong finish to 2017, anticipates continued growth in 2018

Encana delivered strong performance through the fourth quarter of 2017 to close another year successfully executing its strategy, delivering significant oil and condensate growth and driving additional efficiency gains, the company reported in a summary of the year. Supported by the strong finish to 2017, the company states it is firmly on track to meet or exceed the targets in the five-year plan shared at its Investor Day in October 2017.

Cenovus shows strong third quarter results

Cenovus Energy Inc. delivered strong cash from operating activities and adjusted funds flow in the third quarter including three full months of solid contribution from the oil sands and Deep Basin assets acquired on May 17, 2017. To further optimize its portfolio and deleverage its balance sheet, the company has announced sale agreements for its Pelican Lake, Suffield and Palliser assets for combined gross cash proceeds of approximately $2.8 billion. Cenovus continues to target $4 billion to $5 billion of cumulative announced sale agreements in 2017. Through a continued focus on capital discipline and strong operational performance, Cenovus generated $544 million in free funds flow in the quarter.

Key highlights 
  1. Increased third quarter cash from operating activities and adjusted funds flow by 91% and 133% respectively, compared with the same period in 2016
  2. Recorded a net loss of $69 million, a 73% improvement over Q3 2016
  3. Retired $950 million of the company's $3.6 billion asset-sale bridge facility
  4. Reduced planned 2017 capital spending guidance by $100 million to $1.6 billion at the midpoint with no expected impact to production in core areas. The reduced capital forecast reflects further cost and capital improvements achieved this year.

Pembina reports solid second-quarter results as agreement with Veresen moves forward

Pembina Pipeline Corporation has announced its results for the second quarter of 2017, an eventful period for the company which joined with Veresen to create one of the largest energy infrastructure companies in Canada. The company reported $2.8 billion worth of new projects going into service by the end of the second quarter, under budget and either on time or ahead of schedule. Pembina generated second-quarter earnings of $124 million, a 10 percent increase over 2Q 2016, and has earned $339 million year-to-date, up 58 percent year over year.

Attitudes shifting in purchasing approach for oil companies

The price of products and services trails other significant factors, such as value, life cycle, and durability as a purchase priority, according to a recent independent survey of oil and gas professionals making procurement decisions, conducted on behalf of Trelleborg’s oil and marine operation. Despite challenging times for the industry, when asked to rank different factors affecting their decision to purchase an oil hose, respondents listed ‘durability and life cycle’ as ‘vital’ over 80% of the time. The next most ‘vital’ factors were ‘aftersales support and service’, and ‘ease of installation’ at 32% and 28% respectively.

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