News

Oil & Gas

Tamarack Valley Energy To Acquire Rolling Hills Energy for C$93 Million

Edward Kim | Equities.com |

The company also announced a 20% increase in its dividend.


Bird Construction Awarded C$90 Million in New Contracts

Equities Staff | Equities.com |

The new contracts span across the upstream oil and gas and petrochemical sectors.


California Proposes Oil and Gas Drilling Buffer Zone Around Communities

Kimberly Redmond | Equities.com |

California Gov. Gavin Newsom has proposed a statewide ban on oil and gas drilling within 3,200 feet of homes, schools and hospitals in order to protect public health and further its goal to combat climate change.

The draft rules, released last week by the state’s oil regulator California Geologic Energy Management Division (CalGEM), aim to create what would be the largest buffer zone in the country. Existing wells in those setback areas would not be banned, but subject to stricter regulation.


Hurricane Ida Expected To Inflict Much Smaller Economic Toll Than Katrina

AP News | Equities.com |

With more than 1 million customers in Louisiana and Mississippi having lost power, Hurricane Ida is sure to take a toll on the energy, chemical and shipping industries that have major hubs along the Gulf Coast. But the impact on the overall U.S. economy will likely be modest so long as damage estimates don’t rise sharply and refinery shutdowns are not prolonged, economists say.

The hurricane is expected to inflict a less severe financial impact than Hurricane Katrina did 16 years ago, thanks in part to a lower storm surge and the improved levee system in New Orleans. Analysts at Boenning & Scattergood, a financial consultancy, noted that Ida’s wind field is smaller than Katrina’s, which likely narrows the area of catastrophic damage. The analysts estimated that losses for the insurance industry will hit around $10 billion, far less than the $90 billion-plus from Katrina.


$268 Billion New York State Pension Fund To Review All Oil Holdings

Reuters | Equities.com |

The third-largest U.S. public pension fund on Thursday said it is launching reviews over climate concerns on $640 million invested in 42 shale oil and gas firms, including ConocoPhillips, Hess and Pioneer Natural Resources.

The move by the New York state pension fund comes days after the United Nation's Intergovernmental Panel on Climate Change reported global warming was nearly out of control, and calling its findings "a death knell for coal and fossil fuels."


Royal Dutch Shell To Increase Distributions to Shareholders After Oil Price Gains

Reuters | Equities.com |

Royal Dutch Shell will boost returns to shareholders via share buybacks or dividends earlier than expected after a sharp rise in oil and gas prices helped it reduce debt, the Anglo-Dutch energy firm said on Wednesday.

Shell will increase its distribution to shareholders to 20% to 30% of cash flow from operations beginning in the second quarter, the company said in a trading statement before quarterly results.


Chevron Earnings Fall 29% on Weaker Refining Margins and Winter Storm Impact

Reuters | Equities.com |

Chevron Corp's first-quarter profit fell 29% compared with the same period a year ago as gains from oil and gas prices were undercut by weaker refining margins, production losses and the impact of an asset sale that benefited results last year.

Oil companies are generally enjoying a recovery in energy prices, up at least a third this year, after the pandemic hammered demand at the start of 2020. Chevron and its peers slashed spending, paving the way for several firms to post sharply better results.


BP Profit Triples to $2.6 Billion in Q1; Share Buybacks To Resume

Reuters | Equities.com |

BP’s profit more than tripled to $2.6 billion in the first quarter thanks to stronger oil prices and bumper revenue from natural gas trading, paving the way for the energy company to start buying back its shares.

The jump in profits from a year earlier comes as BP says it expects oil demand to recover in 2021 due to strong growth in the United States and China as COVID-19 vaccination programs accelerate.


BP Expects To Hit Net Debt Target of $35 Billion in Current Quarter, Ahead of Schedule

Reuters | Equities.com |

Energy group BP said on Tuesday it expects to have hit its $35 billion net debt target in the first quarter of this year, sooner than expected and paving the way for it to deliver on its promise of buying back shares.

“This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter,” Chief Executive Bernard Looney said in a statement.


Senators Introduce Bipartisan Bill To Reform Oil and Gas Drilling on Public Lands

Reuters | Equities.com |

(Reuters) - Two U.S. senators on Wednesday said they have introduced a bipartisan bill aimed at boosting taxpayer returns from federal oil and gas leasing, the latest in a string of moves in Washington seeking to reform drilling on public lands.

The bill, authored by Senators Jacky Rosen, a Democrat from Nevada, and Chuck Grassley, a senior Republican from Iowa, would increase the minimum bid price per acre during lease auctions and raise the royalty rate companies must pay on...


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