Suncor outlines capital program

Suncor

Suncor Energy Inc. released its 2017 corporate guidance today, which includes a capital spending program of between $4.8 billion and $5.2 billion and average production of 680,000 to 720,000 bbls of oil equivalent per day. The midpoints of these ranges represent a year over year increase to production of more than 13 per cent and a reduction to capital spending …

BP Announces First Quarter Results

British Petroleum announced an 80% reduction in first quarter profits over last year, dropping from $2.6-billion in 2015 to $532-million this year. The company said it will likely cut capital spending further from $17-billion this year, down about $2-billion. In 2015, BP reduced capital spending three times, cut nearly 10% of its 80,000 person workforce, and drastically worked to reduce …

Oilsands Megaproject construction to be phased out

Megaprojects in Canada’s oilsands which have been so dominate over the last economic boom are now likely a thing of the past, according to the CFO of Suncor. “The years of large, multibillion-dollar projects are probably gone,” Alister Cowan, chief financial officer of Suncor, said Tuesday at the CAPP Scotiabank Investment Symposium in Toronto. Plans for multi-billion dollar expansions have …

Murphy Oil to make job cuts in Calgary

Murphy Oil has announced it will be making significant cuts at its Calgary office as well as throughout its worldwide operation. The company reduced capital spending by 75% in 2016 compared to the year before. “We’ve reduced headcount across all functions and in every location,” said spokeswoman Kelly Whitley. She added that the unknown number of cuts would be made …

Terra Energy shuts down after bank calls in loan

Terra Energy Corp., a Calgary-based energy producer, has shut down following an act from the bank seeking to recall a $15.9-million loan. Under the federal Bankruptcy and Insolvency Act, Canadian Western Bank flexed its right to recall the loan plus interest, costs and fees. The company has until Monday to repay. This crippling blow comes as the company was already …

Cenovus, Encana debt rating reduced to junk

The debt ratings of Cenovus Energy Inc. and Encana Corp. have been reduced to junk status by Moody’s Investors Service. Journalist Rebecca Penty of Bloomberg News wrote, “Moody’s cut the ratings of senior unsecured notes for both Canadian producers three steps to Ba2, or two levels below investment grade, from Baa2, according to separate statements Thursday. It also reaffirmed the …

Prime Minister Trudeau arrives in Alberta

Prime Minister Justin Trudeau will arrive in Alberta on Wednesday to address the ailing economy in the province. Despite his visit, it’s not expected Trudeau will be able to make any promises to Albertans until the federal budget in March. Assistance to the province could include employment insurance changes or a financial stability program. He’s scheduled to spend time in …