Tag: Low Oil Prices

ben
Husky Energy to sell some Saskatchewan assets for C$595 mln

Husky Energy to sell some Saskatchewan assets for C$595 mln

Husky Energy to sell some Saskatchewan assets for C$595 mln May 10 (Reuters) – Husky Energy said it would sell some assets in southwest Saskatchewan for C$595 million to fellow oil and gas producer Whitecap Resources Inc as it looks to raise cash. This is Husky’s third asset sale this year. The company said on […]

May 11, 2016 | By | Reply More
Norway to dig deeper in wealth fund to counter economic slowdown

Norway to dig deeper in wealth fund to counter economic slowdown

Norway cut interest rates, raised spending from wealth fund to combat low oil prices   By Camilla Knudsen OSLO, May 11 (Reuters) – Norway will take more money from its $858-billion sovereign wealth fund to combat a deeper-than-expected economic slowdown as the drop in oil prices continues to hurt western Europe’s top crude exporter. With the […]

May 11, 2016 | By | Reply More
Canadian Western sets aside more money for loan losses

Canadian Western sets aside more money for loan losses

Canadian Western direct exposure to energy industry is about 5 per cent of total loans May 3 (Reuters) – Canadian Western Bank said it set aside more money to cover bad loans for the full year, hurt by weak oil prices. The bank said it expects annual provision for credit losses to be between 0.35 […]

May 3, 2016 | By | Reply More
Pacific Exploration gets court approval for $500 mln DIP facility

Pacific Exploration gets court approval for $500 mln DIP facility

Pacific Exploration also plans to file for protection under Chapter 15 in the US April 27 (Reuters) – Pacific Exploration & Production Corp said an Ontario court approved a $500 million debtor-in-possession financing facility for the Canadian company and its units, hours after it filed for creditor protection. The Ontario Superior Court of Justice also approved […]

April 27, 2016 | By | Reply More
Laid off oilpatch workers who moved provinces could face big tax bill

Laid off oilpatch workers who moved provinces could face big tax bill

Oilpatch workers who left Alberta before year’s end may owe extra taxes OTTAWA _ When times were good, Canadians moved from across the country to the oilpatch in Alberta looking for work. But crude prices collapsed last year, throwing thousands of them out of work. That could mean big bills come tax time for those who […]

April 7, 2016 | By | Reply More
Cequence Energy dismisses CEO, 2 VPs, promotes COO to CEO

Cequence Energy dismisses CEO, 2 VPs, promotes COO to CEO

Todd Brown new CEO at Cequence Energy CALGARY _ Cequence Energy Ltd. (TSX:CQE) has abruptly replaced its chief executive and dismissed two of its vice-presidents as part of a strategic change in direction and cost-cutting efforts due to low natural gas prices. The company has promoted Todd Brown as CEO, replacing Paul Wanklyn immediately. Brown […]

March 30, 2016 | By | Reply More
2016 Budget: Oil patch woes give federal Liberals cold feet on cutting fossil fuel subsidies

2016 Budget: Oil patch woes give federal Liberals cold feet on cutting fossil fuel subsidies

Environmental groups give 2016 budget a passing grade OTTAWA _ Now is not the time to phase out fossil fuel subsidies, Natural Resources Minister Jim Carr said Wednesday, despite what a Liberal cabinet colleague is billing as the greenest federal budget ever. The big-spending fiscal blueprint is dotted with environmental measures, ranging from green infrastructure […]

March 23, 2016 | By | Reply More
Geo Jade of China offers to take over Bankers Petroleum in $575M cash deal

Geo Jade of China offers to take over Bankers Petroleum in $575M cash deal

Bankers Petroleum deal would allow company to accelerate Albanian activity CALGARY _ Bankers Petroleum Ltd. (TSX:BNK) has received a friendly takeover offer that values the Calgary-based company at $575 million, excluding debt obligations. The directors and management of Bankers are fully supporting the offer from Charter Power and a numbered Alberta company, which are affiliates […]

March 21, 2016 | By | Reply More
Penn West selling Slave Point, withdraws from one of its core areas

Penn West selling Slave Point, withdraws from one of its core areas

Since 2015, Penn West has completed or arranged $1 billion in cash asset sales CALGARY _ Penn West Petroleum Ltd. (TSX:PWT) says it has negotiated the sale of an additional $230 million of assets, including a formerly core property in the Slave Point area of northern Alberta. The Slave Point transaction is worth $148 million. The sale […]

March 21, 2016 | By | Reply More
Trican Well Services cutting 100 jobs in southeastern Alberta

Trican Well Services cutting 100 jobs in southeastern Alberta

Trican scaling back operations in Redcliff area MEDICINE HAT, Alta. _ Trican Well Services has announced it’s cutting about 100 jobs in southeastern Alberta. Employees at the company’s Redcliff base near Medicine Hat were told today that the company was scaling back operations in the area. Rob Cox, Canadian region vice-president, says while a core […]

March 16, 2016 | By | Reply More