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Stock Market & Financial Investment News

News Breaks
January 14, 2013
05:55 EDTPWE, PWE, PWE, TGA, TGA, TGA, IVAN, IVAN, IVAN, IMO, IMO, IMO, ERF, ERF, ERF, ENB, ENB, ENB, CVE, CVE, CVE, CNQ, CNQ, CNQ, BTE, BTE, BTE, PBA, PBA, PBA, TRP, TRP, TRPTD Securities to host a conference
London Energy Conference is being held in London on January 14-16.
News For PWE;PBA;BTE;CNQ;CVE;ENB;ERF;IMO;IVAN;TGA;TRP From The Last 14 Days
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September 18, 2014
07:32 EDTPWEPenn West provides operational updates
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07:29 EDTPWEPenn West reports Q2 EPS C$29c vs. (C$11c) a year ago
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07:24 EDTPWEPenn West reduced headcount by almost 50% since 2012
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07:22 EDTPWEPenn West President: company on track for FY14 production goal 101K-106K Boe/d
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07:20 EDTPWEPenn West says 'fundamentals remain strong'
Penn West announced that the company's long term strategy, operations, strategy and anticipated growth going forward are unchanged. Cash and debt balances are unaffected by restatement. FY14 production guidance of 101,000 boe-106,000 boe remain unchanged. FY14 development activities remain unchanged. FY13 year end independent reserves estimates remain unchanged. Reports Q1 net income up 7%, or $7M. Reports FY13 net income up 3%, or 29M. Reports FY12 net income down 16% or 24M.
07:17 EDTPWEPenn West reports Q3 total production 106,706 Boe/d vs. 140,083 Boe/d a year ago
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07:14 EDTPWEPenn West announces action initiated as result of review
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07:13 EDTPWEPenn West reports Q2 EPS CAN29c vs. (CAN11c) a year ago
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07:12 EDTPWEPenn West provides results of review, confirms no impact to strategic direction
Penn West announced the results of the voluntary internal review undertaken by the Audit Committee of certain accounting practices, completed the restatement of certain financial statements and related management's discussion and analysis, or MD&A, and confirmed that the Audit Committee's findings do not impact Penn West's strategic direction. The Review identified that certain operating expenses were reclassified to property, plant and equipment without adequate support and were determined to be incorrectly recorded as property, plant and equipment. Reversing the capitalization of operating expenses results in adjustments of $11M in 1Q14, $85M in 2013 and $94M in 2012 decreasing reported property, plant and equipment and increasing operating expenses. As a result of these adjustments, depletion and depreciation expense, impairment charges, gains on dispositions and deferred income tax expense have also been restated in 1Q14, 2013 and 2012, together with the effect of these items from prior periods on opening retained earnings as at January 1, 2012, as further described in our restated financial statements and restated MD&A for the year ended December 31, 2013. The net impact of reversing these reclassifications increases operating expenses and decreases property, plant, and equipment by the following amounts: $66M in 2012; $71M in 2013; $9M in 1Q14.
September 17, 2014
17:06 EDTCVECenovus Energy provides update on Foster Creek
Cenovus Energy achieved first oil production at its recently-completed Foster Creek phase F expansion earlier this month. Phase F is expected to add 30,000 bbls/d of capacity, with production ramping up over the next 12 to 18 months. By year-end, production from phase F is expected to be approximately 5,000 bbls/d. Phases G and H are under construction and are expected to add another 30,000 bbls/d each with first production anticipated in late 2015 and 2016, respectively. This will bring total expected gross production capacity at Foster Creek to 210,000 bbls/d. Following the completion of phases F, G and H, optimization work is expected to increase total capacity by another 15,000 to 35,000 bbls/d. Cenovus expects the F, G and H expansion and optimization projects can be completed with capital costs of between $35,000-$38,000 per incremental barrel, better than industry average.
08:12 EDTENBEnbridge Energy receives $900M drop down proposal from Enbridge
Enbridge Energy Partners (EEP) has received a proposal initiated by Enbridge (ENB) through Enbridge Energy Company, EEP's general partner, under which Enbridge would drop down its 66.7% interest in the U.S. segment of the Alberta Clipper Pipeline to EEP for aggregate consideration of approximately $900M. The proposed consideration includes cash of approximately $300M, plus approximately $600M of a new Class E limited partner equity units to be issued to Enbridge by EEP. The proposed terms would not require EEP to issue any equity in the public market. The board of Enbridge Energy Management, the delegate of Enbridge, has appointed a special committee comprised of independent directors to review the proposal. Its acceptance is subject to the review and favorable recommendation by the special committee and final approval by the board. The drop down transaction is targeted to close by the end of 2014. The proposed contribution value corresponds to an approximate 11 times multiple of expected 2015 EBITDA. Alberta Clipper earns a stable cost of service return, which is not subject to variations in throughput or operating costs. EEP estimates that the proposed drop down is expected to be immediately accretive to distributable cash flow per unit by approximately 3%.
08:02 EDTENBEnbridge proposes to transfer $900M asset to Enbridge Energy
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September 15, 2014
09:59 EDTTRPOn The Fly: Analyst Downgrade Summary
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07:55 EDTIVANIvanhoe Energy announces resignation of CFO Greg Phaneuf
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07:36 EDTERF, TGAFirstEnergy to hold a conference
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05:31 EDTTRPTransCanada downgraded to Sell from Neutral at Goldman
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September 12, 2014
05:39 EDTCNQCanadian Natural announces production has recommenced at Horizon Oil Sands
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September 10, 2014
16:27 EDTPBAPembina Pipeline raises capacity of Phase 3 pipeline expansion
Pembina Pipeline announced that due to strong customer demand, it plans to expand its previously announced Phase III pipeline expansions by constructing a new 16" diameter pipeline from Fox Creek, Alberta into Namao, Alberta and a new 12" diameter pipeline from Wapiti, Alberta into Kakwa, Alberta. The 16" diameter pipeline will span approximately 270 kilometres in length and be built in the same right-of-way as the proposed 24" diameter pipeline from Fox Creek to Namao. Pembina expects the two pipelines to initially have a combined capacity of 420,000 barrels per day and an ultimate capacity of over 680,000 bpd with the addition of midpoint pump stations. Since December 2013, Pembina has secured an additional 59,000 bpd under contract. With these commitments, total volumes under contract are approximately 289,000 bpd, or 69% of the initial combined capacity. The proposed Wapiti to Kakwa Pipeline is intended to debottleneck a portion of Pembina's existing pipeline system. It will be approximately 70 km in length and is expected to have an initial capacity of approximately 95,000 bpd. This debottleneck will ultimately allow product to be delivered into the Company's core segment of the Phase III Expansion between Fox Creek and Namao. As part of this project, Pembina also plans to build two new pump stations. Subject to regulatory approval, Pembina expects the Wapiti to Kakwa Pipeline to be in-service in late-2016 to mid-2017, consistent with the timing of the initial expansion. Combined, Pembina expects to incur additional capital expenditures for the additional 16" diameter pipeline and the Wapiti to Kakwa Pipeline of approximately $435M, bringing total estimated capital for the Phase III Expansion to $2.44B.
September 9, 2014
17:41 EDTPWEPenn West says audit committee review ongoing
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07:08 EDTCVEPeters & Co. Ltd to h old a conference
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