Athabasca Oil Corp.OTCPK - Current
Thu, Nov. 10, 4:59 PM
Wed, Jul. 27, 8:20 PM
Thu, May 26, 5:28 PM
- The amount of pollution created by vapor from Canada’s oil sands ranks on par with most major cities in North America, according to a new study by the country’s environmental regulator.
- While the connection between the oil sands’ carbon emissions and climate change is well documented, the study is the first to track the vapor produced in the process and the extent of the resulting pollution.
- Vapor from the bitumen of the oil sands is released into the air when it is dug up in open pit mines and later as the oil is separated out, and once in the atmosphere and exposed to sunlight, the vapors mix with other chemicals to become particles known as secondary organic aerosols; according to the study, the oil sands were rivaled by only the largest metro areas such as Los Angeles in creating the particles; vehicle exhaust and electrical generation are the main sources of the particles in cities.
- Relevant tickers: SU, CVE, IMO, XOM, RDS.A, RDS.B, CNQ, ENB, TRP, PDS, CEO, OTCPK:HUSKF, OTCPK:MEGEF, OTCPK:ATHOF
Wed, May 25, 11:16 AM
- Alberta's government introduced legislation yesterday to implement an economy-wide carbon tax starting next year, part of a broader environmental policy package expected to phase out coal-fired plants in the province and cap emissions from oil sands production.
- The new tax targets all fossil fuel consumption, including gasoline sales and natural gas for home heating; the government says it will levy a tax of C$20/metric ton from next January, which will be increased to C$30 from Jan. 1, 2018.
- Two major oil sands producers, Cenovus Energy (CVE +2.8%) and Suncor Energy (SU +1.9%), have welcomed the move to position the oil-rich province as a leader in environmental stewardship.
- Other relevant tickers: IMO, XOM, RDS.A, RDS.B, CNQ, ENB, TRP, PDS, CEO, OTCPK:HUSKF, OTCPK:MEGEF, OTCPK:ATHOF
Tue, May 10, 7:25 PM
- Canadian oil sands companies near Fort McMurray are beginning to restart their operations, as the out of control wildfire continues to rage but has now moved far enough away from the oil sands' sites to allow the companies to return.
- Royal Dutch Shell (RDS.A, RDS.B) is the first company to resume its operation in the area, restarting production at its Albian mine, and Enbridge (NYSE:ENB) has begun inspecting its facilities and prepares to restart operations shuttered during the blaze.
- Suncor (NYSE:SU) says it has restarted power generation at its Syncrude oil sands mine in Aurora, and CEO Steve Williams says he expects oil sands companies would resume production “in the coming days and maybe a week or so, but you’re not talking longer periods.”
- Alberta Premier Notley says there was no damage to oil sands facilities north of Fort McMurray, although the fire caused minor damage to Nexen’s (NYSE:CEO) oil sands facility south of the city and to ENB’s above-ground facilities along its pipelines in the area.
- The decline to production reportedly reached at least 839K bbl/day, or close to one-third of Canada’s overall daily production, before Shell's restart.
- While ~2,400 homes and buildings were destroyed by fire, officials say ~90% of buildings in Fort McMurray, including schools and a hospital, remain intact; two people died in accidents related to evacuating the fires.
- Other relevant tickers: XOM, IMO, COP, OTCPK:HUSKF, OTCPK:ATHOF, CNQ, CVE, OTCPK:MEGEF, OTCPK:IPPLF, OTC:KEYUF, TRP, PSX, STO
- ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
Mon, May 9, 3:19 PM
- Crude oil prices erased all of Friday's gains and more, as June futures ended the pit session 2.7% lower to $43.55/barrel even as the massive wildfires in the heart of Canada's oil sands continue to spread, albeit more slowly.
- But positioning in the oil market is very stretched, and analysts say speculators already hold the largest number of wagers for a rise in WTI futures since last summer and near-record high bullish bets on Brent, so the scope for further gains was limited without more clarity on the extent of damage to oil facilities or supply outages.
- The sacking of Ali al-Naimi as head of Saudi Arabia’s oil ministry also may be a reason why oil prices failed to maintain early gains, as successor Khalid al-Falih, the former head of Aramco, is expected to follow the strategy of protecting the country’s market share.
- Yesterday, Cnooc’s Nexen (NYSE:CEO) operations to the south of Fort McMurray reportedly suffered minor damage, while Suncor (NYSE:SU) says its facilities have not been damaged and is beginning to implement a plan for a return to operations.
- Other relevant tickers: RDS.A, RDS.B, XOM, IMO, COP, OTCPK:HUSKF, OTCPK:ATHOF, CNQ, CVE, OTCPK:MEGEF, ENB, OTCPK:IPPLF, OTC:KEYUF, TRP, PSX, STO
- ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM
- Now read Fort McMurray situation getting better - oil markets daily
Mon, May 9, 12:49 AM
- Athabasca Oil (OTCPK:ATHOF): Q1 EPS of -$0.16.
Sat, May 7, 12:32 AM
- The devastating wildfires in and around Alberta's Fort McMurray may double in size to 2K sq. km over the weekend and burn for weeks, officials say.
- Bank of Montreal has cut its Q2 Canadian GDP growth estimate to zero from 1.5%, citing “severe disruptions to oil production” due to the fires, and said the estimate was just a placeholder dependent on more information on the scope of the disaster.
- Royal Bank of Canada estimates that as much as 1M bbls/day of production has been shut, or ~40% of oil sands output, as companies including Suncor (NYSE:SU), Shell (RDS.A, RDS.B), Exxon (NYSE:XOM) subsidiary Imperial Oil (NYSEMKT:IMO), ConocoPhillips (NYSE:COP), Husky Energy (OTCPK:HUSKF) and Athabasca Oil (OTCPK:ATHOF) cut production.
- The fire is said to be “at the gates” of Nexen’s (NYSE:CEO) Long Lake project, but a few companies including Canadian Natural Resources (NYSE:CNQ), Cenovus (NYSE:CVE) and MEG Energy (OTCPK:MEGEF) say their production has been unaffected so far.
- Among pipeline companies, no assets have incurred significant damage, but Enbridge (NYSE:ENB) shut all pipelines in and out of Cheecham Terminal, Inter Pipeline (OTCPK:IPPLF) shut parts of its system in the province, and Keyera's (OTC:KEYUF) South Cheecham rail and truck terminal is shut down; TransCanada (NYSE:TRP) says it does not expect the fires to affect deliveries of natural gas.
- SU, Phillips 66 (NYSE:PSX) and Statoil (NYSE:STO) have declared force majeure on supplies from the region.
Fri, Mar. 11, 6:18 AM
- Athabasca Oil (OTCPK:ATHOF): Q4 EPS of -$1.50
Wed, Jan. 27, 5:54 PM
- Enbridge (NYSE:ENB) agrees to acquire Murphy Oil's (NYSE:MUR) Tupper Main and Tupper West gas plants and pipeline assets in British Columbia for C$538M.
- The deal includes the sale of existing infrastructure capable of processing up to 320M cf/day.
- MUR says it plans to invest some of the proceeds in a new joint venture with Athabasca Oil (OTCPK:ATHOF) to develop the Duvernay and Montney fields in the Kaybob area.
Oct. 5, 2015, 5:49 PM
- Investors rushed back into Canadian oil companies today in hopes of picking up the next takeover target following news of Suncor's unsolicited $4.3B bid for Canadian Oil Sands.
- MEG Energy (OTCPK:MEGEF) jumped 22% on speculation it could be the next in line to be taken over, perhaps by Imperial Oil (NYSEMKT:IMO), which has been considered a possible suitor for Canadian Oil Sands.
- Penn West (NYSE:PWE) also surged 22% as investors "clearly are positioning themselves into the next potential target, and both of them [MEG and PWE] make some sense,” says TriVest's Martin Pelletier. "They both have stretched balance sheets, both have been beaten up in the market, and they are a heck of a lot cheaper than last year.”
- Other oil sands stocks also climbed following the Suncor offer: CVE +3.3%, OTCPK:ATHOF +14.5%, CNQ +8.8%.
Apr. 21, 2015, 3:22 PM
- Athabasca Oil (OTCPK:ATHOF) says it has begun operations at its C$708M Hangingstone thermal oil sands project in Alberta, although the facility is not expected to reach its full 12K bbl/day capacity until late next year.
- Athabasca says it began injecting steam used to liquefy tarry oil sands deposits into the Hangingstone reservoir on March 23 and expects first oil from the site within six months.
- The company expects the project to produce as much as 6K bbl/day by year's end, which would double its year-end 2014 production.
Mar. 18, 2015, 11:59 AM
- Athabasca Oil (OTCPK:ATHOF +1.4%) says it will separate the roles of the chairman and CEO effective April 20, with Tom Buchanan remaining as chairman and President Rob Broen taking the CEO role.
- Broen is currently President and COO, having joined the company in 2012 as head of the light oil division, and his promotion is not a surprise to analysts.
- "It’s not uncommon to see an interim CEO put in place to execute some difficult restructuring, before handing over the reins to the heir apparent," says FirstEnergy analyst Michael Dunn.
- The company also says it has ended its cost-structure review and has cut costs in all areas, including cutting its HQ office staff by about half since the start of 2014.
Mar. 3, 2015, 11:27 AM
- Athabasca Oil (OTCPK:ATHOF) says it has received the first of three payments owed to it by PetroChina’s (NYSE:PTR) Canadian subsidiary, part of a deal announced last summer to complete the sale of the Dover oil sands operation in Alberta.
- Athabasca says it was paid C$302.5M ($241.2M), the largest of three interest-bearing promissory notes toward a C$1.18B purchase price for its stake in the Dover project.
- The company has said it expects to use the proceeds to develop its core light oil shale assets in the Kaybob Duvernay area of Alberta as well as its Hangingstone oil sands project southwest of Fort McMurray, Alberta.
Sep. 8, 2014, 8:15 AM
- Athabasca Oil (OTCPK:ATHOF) announces the retirement of CEO Sveinung Svarte effective Sept. 30, and says it is increasing its capital budget for FY 2014.
- ATHOF raises its capital budget to $667M from $527 but maintains its production outlook for H2, seeing output of 6K-6.5K boe.
- Svarte has served as CEO for seven years and will be replaced by current board chairman Tom Buchanan.
Aug. 29, 2014, 2:45 PM
- Athabasca Oil (OTCPK:ATHOF) says it has closed the sale of its 40% interest in the Dover oil sands project to PetroChina (NYSE:PTR) for $1.18B.
- Delays in completing the transaction have weighed on the stock price, and Athabasca says it can now focus on other projects and start a new chapter in its history.
- Shares are halted in Toronto.