Encana Widens N. America Reach with $5.5 bln Newfield Deal
Canada's Encana Corp will buy Newfield Exploration Co for $5.5 billion, giving the natural gas producer greater access to North America's biggest oilfields.Thursday's all-stock deal will give Encana more acreage in United States' Anadarko and Permian basins as well as Canada's Montney regions.
Why Canada is the Next Frontier for Shale Oil
The revolution in U.S. shale oil has battered Canada's energy industry in recent years, ending two decades of rapid expansion and job creation in the nation's vast oil sands. Now Canada is looking to its own shale fields to repair the economic damage. Canadian producers and global oil…
Encana's Q3 Profit Down 7%
Canadian oil and gas producer Encana Corp on Wednesday posted a third-quarter profit above analysts' estimates but 7.3 percent below the same period last year as a result of lower production. Encana also joined other producers in the country in hedging more of its future production, taking…
Dirty Water in U.S. Shale Patch Drives Investment in Water Handlers
Huge volumes of dirty water produced by U.S. shale firms are driving up investment in water-handling specialists, as cash-conscious oil and gas companies try to trim costs. For every barrel of crude, drillers generate up to six barrels of brackish water containing chemicals used to release oil and gas from shale rock.
Encana Smashes Profit Estimates
Canadian oil and gas producer Encana Corp on Friday posted a quarterly profit that handily beat estimates and the company said it was expecting a strong 2018 even with current commodity prices. Oil prices began to rise late last year after a two-year slump and are now hovering around…
Options Bulls Betting on U.S. Energy Rebound
Some U.S. equity options traders are betting that the recent rebound in the price of crude oil spells good news for the battered energy sector. The S&P energy index is still down about 9.9 percent this year, making it the second worst-performing sector among S&P's tracking indexes. That contrasts against the broad benchmark S&P 500 stock index…
Encana Posts Better-than-expected Operating Profit
Encana Corp, Canada's No. 2 oil and natural gas producer, reported a better-than-expected quarterly operating profit on Thursday, helped by a cash tax recovery. The Calgary-based company also updated 2017 guidance, forecasting capital expenditures between $1.6 billion and $1.8 billion and production between 320…
Encana Slashes 2016 Costs by $50 Mln
Encana Corp said on Wednesday it has made $50 million in cost savings in 2016, continuing a trend of Canadian oil and gas producers squeezing spending in response to the prolonged downturn in global crude prices. Calgary-based Encana updated its 2016 guidance to reflect savings in production and mineral taxes…
Precision Drilling: Producers Hiking Budgets
Company says Q2 drilling activity lowest in decades; U.S. rig count up 27 pct to 28 active rigs from trough. Canada's Precision Drilling Corp said drilling activity in North America in the second quarter was the lowest in decades, but added that oil producers were resetting capital budgets due to the recent rally in crude prices.
Encana to cut CapEx, Production, Jobs
Canada's Encana Corp cut its capital budget and production target for 2016 and said it would slash more jobs as the company struggles to cope with a steep fall in oil prices. Encana lowered the upper end of its production target for this year to 360,000 barrels of oil equivalent per day (boepd) from 370…
Encana Slashes Dividend, Cuts Capex
Canadian oil and natural gas producer Encana Corp , responding to a sharp drop in oil prices, has slashed its dividend by about 79 percent and its 2016 capital budget by more than a quarter. The company's shares fell as much as 10 percent on the Toronto and New York Stock Exchanges on Monday.
Hurting Canadian Oil Producers Signal Further Cuts to Come
Canadian energy companies, especially those at higher cost oil sands producers, are signalling they will cut capital spending for a second straight year in 2016 as they adjust to a painful new reality of oil near $40 a barrel. Energy executives, coming off a bleak third-quarter earnings season and due to roll out capital budgets in coming weeks…
Encana Defers Next Duvernay Gas Plant, Awaits Alberta Govt Reviews
Canadian oil and gas producer Encana Corp said on Thursday it will defer the start of its next gas plant in the Duvernay play until it sees the results of the Alberta government's ongoing reviews. The Alberta government is currently conducting reviews into how much producers pay in resource royalties and into climate change policies.
Canadian Natural to Sell Royalty Assets to PrairieSky
Canadian Natural Resources Ltd will sell most of its royalty assets to PrairieSky Royalty Ltd in a C$1.8 billion ($1.4 billion) deal, joining other oil producers in shedding assets to weather a slump in crude prices. The deal comes just a week after Canadian Natural Chief Executive Steve…
BHP Shedding 100 HQ Jobs Amidst Commodities Rout
Global mining giant BHP Billiton intends to cut about 100 jobs at its Melbourne headquarters in coming years as it strives to lower overheads and streamline corporate operations amid a crash in minerals prices. BHP has reported double-digit price falls across all of its main commodities in fiscal 2015…
Canadian Oil Producers Look to Squeeze Costs Even Further
Low crude prices present a great opportunity to drive down oil sands costs even further, adding to the 25 percent savings so far this year, some of Canada's largest producers said on Tuesday. The bitumen deposits in Alberta's vast oil sands are the world's third-largest crude reserves…
Encana Q1 Profit Drops 98 pct
Encana Corp, Canada's largest natural gas producer, reported an 98 percent drop in quarterly operating profit, hurt mainly by a steep drop in oil and natural gas prices. The Calgary-based company's operating profit, which excludes most one-time items, fell to $9 million, or 1 cent per share…
Encana CEO: Ready if Right Asset Sale Opportunities Arise
Canada's largest natural gas producer Encana Corp is prepared to respond if the right opportunities to sell assets come along, Chief Executive Doug Suttles told a fourth quarter earnings call on Wednesday. In response to a question on whether there may be further opportunities to sell assets this year…
Encana Shugs off Prices, Ups 2015 CapEx
Canada's Encana Corp said it would boost capital spending in 2015 to focus on its more-profitable shale oil fields, bucking an industry-wide move to cut spending as oil prices tumble. The company said it would spend between $2.7 billion and $2.9 billion in 2015, up from the $2.5 billion and $2.6 billion it had estimated for this year.
Cenovus Eyes Options for Its Freehold Properties
Cenovus Energy Inc , Canada's No.2 independent oil producer, said on Thursday it believes it is not realizing the full potential of its freehold lands and third-party royalty production and is now assessing options to boost their value. Brian Ferguson, the company's chief executive, said…
