25 October

(Reuters) – Cenovus Energy Inc CVE.TO has agreed to buy rival Husky Energy Inc HSE.TO in an all-stock deal valued at C$3.8 billion ($2.9 billion) to create Canada’s No. 3 oil and gas producer as a pandemic-driven demand collapse and weak oil prices force the industry to consolidate. FILE PHOTO: Rows of steam generators line […]

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25 October

(Bloomberg) — Cenovus Energy Inc. agreed to buy Husky Energy Inc. in an all-stock deal valuing Husky at about C$3.8 billion ($2.9 billion), creating Canada’s third-largest oil and natural gas producer. The deal promises to combine two of the largest players in Canada’s oil sands at a time that valuations have crumbled in the sector. […]

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25 October

The merged firm will operate as Cenovus Energy Inc with headquarters in Alberta, Canada. Photo: Getty Canadian firms Cenovus Energy ( CVE ) and Husky Energy ( HSE.TO ) announced they will create a new integrated oil and natural gas company with an advantaged upstream and downstream portfolio. The deal will see oil and gas […]

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25 October

Cenovus CEO Alex Pourbaix, shown in Calgary in January. Boards of directors at both Cenovus Energy and Husky Energy have approved the deal between the two companies, expected to close in the first quarter of next year. Pourbaix will head the combined company. (Jeff McIntosh/The Canadian Press) Cenovus Energy Inc. has agreed to buy rival […]

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24 October

CALGARY — An inquiry into who is funding environmental opposition to the province’s oil and gas sector will be completed some time next year, at least six month later than its original target, Alberta Premier Jason Kenney said Saturday. CALGARY — An inquiry into who is funding environmental opposition to the province’s oil and gas […]

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24 October

Suncor’s Fort Hill oilsands site in Alberta, as pictured on Friday, April 6, 2018. The Alberta government says it will stop setting monthly oil production limits for producers by the end of the year. The government had previously planned to exit curtailment by the end of 2020 provided export routes were in place. The province […]

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23 October

(Bloomberg) — Alberta’s two-year experiment with OPEC-style crude production curbs is coming to an end after a Covid-driven collapse in demand led the Canadian province’s battered oil-sands industry to idle more output than required. A production cap of 3.81 million barrels a day will no longer be in effect in December, following months of output […]

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23 October

Credit Suisse says Canadian province of Alberta’s move to end oil production curtailments as of December would allow producers in the country to operate projects at higher rates. CS expects integrated companies Imperial Oil and Suncor to benefit from the removal of curtailment. Both IMO, SU were the most vocal critics of production curtailments; says […]

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23 October

Grounded WestJet Boeing 737 Max aircraft are shown at the airline’s facilities in Calgary, Alta., Tuesday, May 7, 2019. , THE CANADIAN PRESS/Jeff McIntosh The era of government-mandated curbs on oil production is ending in Alberta. The province announced Friday morning it will unshackle the industry from limits on its output starting in December. The […]

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23 October

Canada’s fleet of active drilling rigs is up 10 this week to 99 according to data from the Canadian Association of Oilwell Drilling Contractors. There are 99 total active drilling rigs, 41 are drilling for natural gas, 44 for oil, and 1 for potash. Drilling activity by province is 60 in Alberta, 20 in Saskatchewan, […]

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