Net income slipped by 82 per cent in the second quarter, Calgary-based Imperial Oil, thanks to lower oil and gas prices, maintenance activities in oilsands, heavy oil and refining segments and fewer asset sales. For full story, click here
The completion of a debt offering by a Calgary-based integrated oil company has kick-started construction on a stalled oilsands project south of Ft McMurray in northern Alberta. For full story, click here
After failing to land an acceptable construction loan, Calgary-based Connacher Oil and Gas Ltd. is issuing $150 million US worth of first lien secured notes to get its Algar thermal oilsands project back on track this summer. For full story, click here
Oilsands Quest Inc. declared that its participation at the Canadian International Petroleum Conference being held in Calgary from June 16-18, 2009. For full story, click here
Connacher Oil and Gas Ltd., a Calgary-based oilsands producer and international operator, declared that it has approved the restart of the Algar oilsands project after closing a major financing for the project. For full story, click here
International Finance Corp. announced that it has agreed to financially support further privatization of Albania’s Patos Marinza oil field with a $50 million loan to Bankers Petroleum Ltd., Calgary. For full story, click here
Due to a combination of lower commodity prices and the continuing global recession, Calgary energy companies are expected to turn in the lowest first-quarter profit performance in almost a decade when the oilpatch starts releasing financial results next week. For full story, click here
French oil giant Total SA is reported to have bumped up its takeover bid for Calgary-based oilsands player UTS Energy Corp. to $829.8 million, but the target company and at least two of its major shareholders say the offer is still too low. For full story, click here
Suncor Energy Inc., an integrated energy company headquartered in Calgary, Alberta with its oil sands business, located near Fort McMurray, Alberta, extracts and upgrades oil sands and markets refinery feedstock and diesel fuel, while operations throughout western Canada produce natural gas, showcased the best of the best at its President’s Operational Excellence Awards on March [...]
By Duncan Sutherland – Exclusive to Heavy Oil Investing News Market news As predicted, the combination of falling oil prices, demand destruction and tight credit is beginning to affect heavy oil and oil sands. Energy stocks and trusts are down, and the news marginalia suggests that companies have a bleak outlook for the future profitability [...]
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