Premier Rachel Notley says the Canadian economy is losing out because oil from Alberta is selling about $45 a barrel less than West Texas Intermediate in the United States.
Company will spend $650 million in 2019 to drill up to 120 wells in the Deep Basin of northeastern BC and northwestern Alberta.
Analysts note there are fewer significant assets available after more than a year of consolidation transactions.
Deal makes the US-based company the latest international energy producer to lessen it’s exposure to Alberta.
Energy producer will resume Christina Lake expansion.
Study finds the number of companies factoring carbon pricing in their finances has tripled since last year.
Facility has been offline since May 23 because of a large wildfire in the area.
“Perfect storm” of events cut average production to 3.98 million barrels of oil a day in May.
Closures account for 10% loss of Alberta’s daily crude production.
Takes hit from currency loss, lower oil and gas price.
Energy producer announces $472 million loss for the quarter that ended Dec. 31.
Will implement cost-savings initiatives to save up to $500 million a year by 2018.
Analysts expect lower earnings from Encana, Talisman as both companies concentrate their operations.
The railed oil would represent about 10% of Cenovus’ crude volumes.
Butane taps freer flowing oil.