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Husky to shell out $3.8 million in fine for 2016 oil spill
June 13, 2019
Source: Reuters

Husky to shell out $3.8 million in fine for 2016 oil spill

Husky Energy yesterday said that the firm would pay $3.8 million in fine for the 2016 Saskatchewan oil spill. A Husky unit-operated pipeline was discovered to be leaking in the North Saskatchewan River, reportedly caused by ground movement over time. Husky affirmed about learning lessons from the pipeline leak including systematic geotechnical reviews of pipelines. The firm now uses fiber optic sensing technology for all the new large diameter projects.

Devon Energy farms out Canadian assets in $2.8b
May 30, 2019
Source: Reuters

Devon Energy farms out Canadian assets in $2.8b

US E&P firm, Devon Energy has agreed to farm out its Canadian assets to Canadian Natural Resources Ltd. CNRL said on Wednesday that it will shell out $2.81 billion in cash to acquire the assets in Alberta, considering their natural fit to its operations. CNRL’s share jumped the most in almost two months as otherwise skeptical investors realized a good fit.

TransCanada reports first quarter earnings
May 4, 2019
Source: Seeking Alpha

TransCanada reports first quarter earnings

TransCanada reported Q12019 earnings yesterday, registering a 2% rise in revenue, but remained short of the estimates. Earnings for the firm through its natural gas pipelines in the US climbed 22% to C$792M Y/Y and increased 6% from its Canadian gas pipelines. CEO, TransCanada said that the quarter's profits "reflect the strong performance of our legacy assets along with contributions from ~C$5.3B of growth projects that were placed into service."

Suncor reports profit in Q1
May 2, 2019
Source: Reuters

Suncor reports profit in Q1

Canada-based Suncor Energy has reported a profit in its first quarter of this fiscal year. The company has been benefitted by the improved Canadian heavy crude pricing because of production cutback by Alberta. Suncor's net earnings increased to $899.62 million. Suncor has been largely profited from the crude oil and refined product inventory valuation. The earnings of the company have beaten the estimates of the analysts.

Centurion acquires Tango Delta
April 11, 2019
Source: World Oil

Centurion acquires Tango Delta

In a major acquisition move, US-based Centurion Group has acquired Canadian communications and specialty equipment rentals business, Tango Delta. With this acquisition, Centurion Group, which provides critical rental, infrastructure and support services, has now expanded to drilling, completions and production (DCP) segment. Tango Delta operates within the Western Canadian Sedimentary Basin and delivers an extensive range of remote communication offerings.

Suncor registers loss in the fourth quarter
Feb. 6, 2019
Source: Reuters

Suncor registers loss in the fourth quarter

Canadian energy producer, Suncor registered a net loss of C$280 million in the fourth quarter. Total upstream production of Suncor jumped from 736,400 in the year-ago quarter to 831,000 barrels of oil equivalent per day. The loss is being attributed to the lower prices for Canada’s crude which has compensated for the profits from higher refinery margins.

TransCanada to rebrand as TC Energy
Jan. 10, 2019
Source: Bloomberg

TransCanada to rebrand as TC Energy

Established in the year 1951, TransCanada Corporation has announced about changing its name to TC Energy in the second quarter of 2019. The name change has come in the light of Calgary-based energy firm generating most of its revenue from outside Canada. TransCanada spent $10.2 billion to acquire Columbia Pipeline Group Inc. in 2016, diversifying its business in US.

Exxon shelves its WCC LNG project
Dec. 21, 2018

Exxon shelves its WCC LNG project

The energy giant ExxonMobil has got its West Coast Canada (WCC) LNG export terminal in Canada delisted from the environmental assessment process. WCC was expected to produce approximately 15 million tonnes per year of LNG. This withdrawal follows the go-ahead of Shell’s British Columbia project and ExxonMobil will now focus on LNG projects in Asia, the Middle East and United States.

Husky begins oil spill damage assessment
Nov. 20, 2018
Source: Reuters

Husky begins oil spill damage assessment

Canada’s Husky Energy and government agencies began underwater surveying on Monday, following an oil leak in the waters of Newfoundland & Labrador which forced shut down of all crude production in the region. Approximately 1,572 barrels of oil spill through a leaking flowline was detected from Husky’s White Rose Field to the SeaRose storage vessel on Friday. Canada-Newfoundland & Labrador Offshore Petroleum Board will decide when operations can resume.

Encana buys out Newfield
Nov. 2, 2018
Source: World Oil

Encana buys out Newfield

Canada’s Encana Corp has entered into a buyout agreement to acquire U.S. shale producer, Newfield Exploration. The $5.5 billion acquisition is a total reversal on Encana’s years of narrowing its oil and gas holdings. The Canadian oil and gas firm will gain stakes in the STACK and SCOOP shale fields in Oklahoma, the Uinta play in Utah and the Bakken region of North Dakota.

Suncor not trimmig its crude output
Nov. 2, 2018

Suncor not trimmig its crude output

CEO of Suncor Energy Inc announced that unlike its rivals, Suncor will not reduce its crude output to deal with low prices. This is because Suncor Energy is isolated from the rising price discounts that are applied to Canadian oil by US refineries. He said, “The higher-cost producers are having to pull back because they're not making any margin on their last barrel. We're not in that circumstance.”

Husky’s profit increased in Q3
Oct. 26, 2018

Husky’s profit increased in Q3

Canada’s Husky Energy has reported big profit in its Q3 report which was majorly due to the increased crude prices. The net income of the company climbed to C$545 million ($418.27 million) in this quarter. Though the income of the company increased significantly, but the production reduced to 297 million barrels of oil equivalent per day. Earlier the production of Husky was 318 million boe/d.

MEG rejects Husky’s offer
Oct. 18, 2018

MEG rejects Husky’s offer

Earlier this month, Husky Energy Inc. made a formal offer to buy each MEG share for C$11 in cash. Canada’s MEG has rejected its rival’s offer by considering it as an undervalued proposal. MEG issued a statement saying, “The board ... has unanimously determined that the Husky offer significantly undervalues the common shares and is not in the best interests of MEG or MEG shareholders,”

Irving reports major incident at Saint John refinery
Oct. 9, 2018

Irving reports major incident at Saint John refinery

Canadian oil firm, Irving Oil has reported a major incident at its Saint John refinery in Canada. Residents in the area witnessed fire and explosion at the refinery. According to CNBC, the Saint John refinery has the capacity to refine 320,000 barrels per day of gasoline, diesel heating oil, jet fuel and other petroleum products. More than half of Irving Oil’s produce is supplied to the United States.

Flour bags contract for LNG Canada project
Oct. 3, 2018
Source: World Oil

Flour bags contract for LNG Canada project

Texas-based engineering firm, Fluor Corporation has secured LNG Canada’s $14-billion EPFC contract in a joint venture with JGC Corporation. The JV will deliver engineering, procurement, fabrication and construction on the LNG Canada project. Fluor will receive $8.4-billion share from the contract. LNG Canada is a JV between Shell, PETRONAS, PetroChina, Mitsubishi Corporation and KOGAS.

Husky offers to acquire MEG
Oct. 1, 2018

Husky offers to acquire MEG

Husky Energy announced that it has made an offer of acquisition of MEG Energy through an unsolicited bid. The deal is worth C$6.4 billion. The company also informed that the combined production would increase to over 410,000 barrels of oil equivalent per day and the refining and upgrading capacity will increase to 400,000 bpd. This acquisition has come at a time when Canadian oil producers are struggling with transportation problems.

Shell’s partners approve their share
Sept. 29, 2018
Source: World Oil

Shell’s partners approve their share

The LNG venture of Royal Dutch Shell in Canada is a step closer to a final approval after two of its partners approved their investment share. PetroChina confirmed its $3.46 billion share of the project and Korea Gas Corp did the same. The rest of the partners, Petroliam Nasional of Malaysia and Mitsubishi Corp. of Japan are required to do the same in order to approve final investment decision.

Cenovus agrees on a transportation deal
Sept. 28, 2018
Source: World Oil

Cenovus agrees on a transportation deal

Cenovus Energy, has signed a three year deal to transport heavy crude by rail to the US Gulf Coast. The agreement is to transport over 100,000 bpd of crude. The Canadian National Railway Co. will start transportation from the fourth quarter and Canadian Pacific Railway will take over the shipping part from the second quarter of next year. Recently, the pipeline holdup has negatively affected the oil prices in Canada.

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