Jun. 07, 2017
Canada’s economy grows for fourth month
Canada’s GDP has grown for the fourth straight month by 0.6% from the month previous. While the mining sector was down, oil and gas, manufacturing, and retail trades all expanded. Even the Canadian dollar rose, trading as high as 77.65-cents USD. (Written by: N. Reitmayer; Original information source: CBC http://www.cbc.ca/news/business/january-gdp-economy-1.3514012) Read more
Jun. 07, 2017
Trader who predicted oil crash suggests oil rebound
The hedge-fund manager who predicted the collapse of the oil economy is now predicted a more positive future for the industry. Pierre Andurand, the chief investment officer of the London-based hedge fund Andurand Capital Management LLP, said he believes a “multi-year bull run” is in order. “After having been in an oversupplied market we expect inventory draws to start in Read more
Jun. 07, 2017
Penn West cells core asset for $148 million
Penn West Petroleum Ltd. has announced it plans to sell a core asset property in Slave Point, Alberta for $148-million. With the additional sale of non-core assets, the company is set to collect $230-million. The deal is expected to close in the second quarter of 2016. (Written by: N. Reitmayer; Original information source: Financial Post) Read more
Jun. 16, 2017
Calgary Stampede canvas auction reflects oil patch lows
It is said that the state of Alberta’s oil and gas economy is reflected each year in one event: the Calgary Stampede Canvas Auction. Each year, companies bid on the advertising rights to the canvas covering the chuckwagons at the Calgary Stampede. When the economy is hot, bidding can reach record highs. This year, however, the auction raised just under Read more
Jun. 07, 2017
Alberta to receive $251.4-M Fiscal Stabilization payment
The federal government has announced a fiscal stabilization payment to Alberta to assist with the impact of the dismal oil economy. Federal Finance Minister Bill Morneau made the announcement, with the online statement: “It was determined that Alberta qualified for the maximum amount of $60 per person, for a total amount of $251.4 million.” So far Alberta is the only Read more
Jun. 07, 2017
Oil prices climb heading into weekend
Oil investors saw some positive news heading into the weekend. West Texas crude jumped 10.5% by $2.75 to $29.14-per barrel during the hour noon in New York. OPEC has stated that it is willing to work with other producers but won’t make cuts unless there is complete cooperation. (Written by: N. Reitmayer; Original information source: Calgary Herald http://calgaryherald.com/business/energy/oil-price-jumps-more-than-10-per-cent-in-morning-trading) Read more
Jun. 07, 2017
Suncor announces new Canadian oil sands executives
After winning its aggressive campaign to takeover Canadian Oil Sands Ltd., Suncor Energy Inc. announced yesterday a list of new executives and directors for the company. The deal, worth $6.8-billion, closed on Friday. Meanwhile, approximately two dozen Calgary employees of COS will have to wait until the end of February to learn if they will be transitioned into the new Read more
