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.
BNK Petroleum Inc. has announced that its total proved reserves as of the end of 2018 is 33.8 million barrels of oil equivalent (BOE), an increase of 26% over the previous year. Its proved plus probable reserves are an estimated 53.3 million BOEs.
Enbridge Inc. reported fourth quarter and full year 2018 financial results and provided a quarterly business update.
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.
Advantage Oil & Gas Ltd. has released a report on its 2018 reserves and an operational update on the Corporation's liquids development plan.
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.
Athabasca Oil Corporation is pleased to provide an update on its midstream process, preliminary 2019 capital guidance expectations and its recent reductions in corporate costs.
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.
Inter Pipeline Ltd. has announced a $1.46 billion capital expenditure program for 2019. Approximately $1.34 billion, or 92 percent, of total capital expenditures will be for organic growth initiatives with the remaining invested in sustaining capital projects.
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.
TC PipeLines, LP reported third quarter 2018 net income attributable to controlling interests of $62 million and distributable cash flow of $83 million.
Enbridge has reported a continued growth in its earnings through the first quarter of 2018, and expects the year to continue strong as it executes a number of key projects in a number of different areas.
Strength in the downstream and chemical segments, driven by operational reliability and market conditions, helped improve the bottom line of Imperialsignificantly through the first quarter of 2018, the company has reported.
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.
Cenovus Energy has reported a challenging first quarter of 2018, with a net loss of $914 million tied to a number of factors, including reduced production due to shipping concerns and heavy risk-management losses.
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).
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.
Pembina Pipeline has completed a successful 2017 with a hefty earnings increase to report, in large part thanks to the acquisition of Veresen that closed during the fourth quarter of the year.
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 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.
Imperial Oil has announced its 2017 financial results, showing a full-year net income of $490 million. The company, which experienced a strong 2016 due to retail site sales, saw its finances affected by two major projects being shelved in 2017.
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 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
- Increased third quarter cash from operating activities and adjusted funds flow by 91% and 133% respectively, compared with the same period in 2016
- Recorded a net loss of $69 million, a 73% improvement over Q3 2016
- Retired $950 million of the company's $3.6 billion asset-sale bridge facility
- 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 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.
Cenovus Energy Inc. had a strong second quarter that reflected 45 days of results from the assets recently acquired from ConocoPhillips. The acquisition gives Cenovus 100% ownership of its oil sands operations and a new production platform in the liquids-rich Deep Basin. Integration of the Deep Basin assets is on track.
Royal Dutch Shell has completed two previously announced agreements by Shell Canada Energy, Shell Canada Limited and Shell Canada Resources that will see Shell sell all its in-situ and undeveloped oil sands interests in Canada and reduce its share in the Athabasca Oil Sands Project (AOSP) from 60% to 10%.
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.
Continuing a pattern of aggressive growth, Calgary's AltaGas is moving to expand its markets in the eastern United States by acquiring Washington, D.C.-based WGL Holdings in a transaction valued at CAD$8.4 billion.
Veresen Inc. announced the sanction of $195 million ($93 million net to Veresen) in new capital projects at Veresen Midstream.
Canada's oil sands sector has experienced sustained cost-cutting, restructuring and deeper than anticipated job cuts in 2016, but a modest recovery of about 3,400 net jobs is projected over the next four years as companies shift their spending from expansion to maintenance, repair and optimization of their operations, according to the Oil Sands Labour Demand Outlook to 2020 Update report, released today by PetroLMI, a Division of Enform.
Toro Oil & Gas Ltd. has entered into a definitive agreement with Steelhead Petroleum Ltd., a private ARC Financial Corp. sponsored company, pursuant to which Steelhead will acquire all of the outstanding common shares of Toro for $0.37 per share in cash and the common share purchase warrants of Toro for $0.0001 per warrant in cash. The transaction is to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta).
Husky Energy has announced its 2017 production guidance and capital program. "Our vitals are strong, including a solid balance sheet, a low break-even and a high return portfolio," said CEO Rob Peabody. "Our investment program will generate higher margins, further lower our corporate break even and increase our free cash flow."
Canadian Natural Resources Limited has reached an agreement to monetize the Company's non-core ownership interest in the Cold Lake Pipeline, to Inter Pipeline Ltd. The transaction consists of the monetization of the Company's entire 15% ownership interest of Cold Lake Pipeline Ltd. and its 14.7% ownership interest in the Cold Lake Limited Partnership. Upon closing of the transaction the Company will receive gross proceeds of $350 million in cash and 6,417,740 common shares of Inter Pipeline at an ascribed value of $177.5 million for total value of approximately $527.5 million. The transaction is targeted to close in 2016.
Canada's oil industry heartland is expected to see a steady recovery in 2017, according to the newest outlook from the Conference Board of Canada. Both Alberta and Saskatchewan will see improved economic performance in the coming year, though it will be slow and steady in both cases.
Oil producers in key U.S. shale producing regions could see returns in excess of 40% in the wake of production cuts recently announced by the Organization of Petroleum Exporting Countries (OPEC) and other nations and the expected rise in oil prices, according to the Platts Well Economics Analyzer (WEA) analysis.