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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 Read more

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 Read more

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

Encana Corp. has announced it plans to cut its workforce by 20% this year. Last year, the company already laid off 19% of its employees. It’s expected another 500 employees will be released over the course of 2016. “The job reductions not only at Encana but across the industry have been as severe as I’ve ever seen in 33 years,” Read more

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 Read more

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 Read more

For the first time in over a decade, Chevron lost money in a fiscal quarter. The company has been profitable in every financial quarter since 2002 until now. Chevron reported on Friday that it lost $588-million in the fourth quarter, compared to a profit of $3.47-billion in the same quarter of the year previous. Chevron has so far sold off Read more