By The Canadian Press CALGARY - Penn West Exploration Ltd. (TSX:PWT.TO) shares surged as high as seven per cent on Monday after the oil and gas company named two prominent oilpatch veterans as chairman and vice-chairman. The stock soared as high as $10.20 — an increase of 7.2 per cent from Friday — but retreated somewhat to trade for $10.11, or 6.3 per cent higher, by mid-day. On Sunday, Penn West said former Suncor Energy Inc. (TSX:SU.TO) CEO Rick George was appointed board chairman. George [Read more]
ANNOUNCEMENT: BOE Report now featured in the CamTrader!
We’re pleased to announce the BOE Report news feed is now featured in the CamTrader! The CamTrader is the most trusted oil and gas classifieds network in which the members assist one another to achieve their desired results: whether it’s finding the next greatest employee, job, vendor, equipment, needing a referral or personal item. Visit CamTrader.ca to get on the most exclusive oil and gas network in the western Canadian oilpatch. Josh Groberman, Publisher [Read more]
Trudeau praises Redford for Keystone efforts
By Dean Bennett, The Canadian Press EDMONTON - Federal Liberal Leader Justin Trudeau has praised Alberta Premier Alison Redford for her efforts to get the United States to approve the Keystone XL pipeline. But Trudeau said Prime Minister Stephen Harper's government hasn't done enough to push the project. "This (federal) government hasn't done a very good job of reassuring either Canadians or our trading partners that we are serious about managing environmental sustainability," Trudeau [Read more]
Groups demand that head of new Alberta energy regulator resign before he starts
EDMONTON – Almost three dozen landowner, labour, aboriginal and environmental groups are demanding that the man hired to head Alberta’s new energy regulator resign before he even starts. A letter signed by such organizations as the Treaty 8 First Nations, the Alberta Federation of Labour and the Canadian Association of Physicians for the Environment says industry insider Gerry Protti is not the appropriate choice. “I’ve seen biased appointments before, but this one tops the [Read more]
Kirby oilsands project ahead of schedule: CNRL
CALGARY – Canadian Natural Resources Ltd.’s Kirby South oilsands project will start up sooner than planned, the company said Thursday as it reported quarterly earnings that missed analysts’ expectations. The Calgary-based company (TSX:CNQ) had originally planned for first-steam at the 40,000-barrel-per-day project in November, but now it’s looking like that will take place during the third quarter. The company also said the Kirby project remains on budget. Canadian Natural [Read more]
Petro-Canada stations running dry as repairs underway at Edmonton refinery
By The Canadian Press CALGARY - Some Petro-Canada stations are running out of gasoline because of repairs taking place at a refinery in Edmonton. Gasoline-producing units at the Edmonton refinery were supposed to keep running during a period of planned maintenance work, which began about a month ago. But during routine inspections, Petro-Canada discovered that repairs needed to be done and the gasoline units were taken out of service temporarily. "So as a result, we have had to stop [Read more]
Oil and gas drillers make technological leaps, while renewable energy industry struggles
By Jonathan Fahey, The Associated Press NEW YORK - Technology created an energy revolution over the past decade — just not the one we expected. By now, cars were supposed to be running on fuel made from plant waste or algae — or powered by hydrogen or cheap batteries that burned nothing at all. Electricity would be generated with solar panels and wind turbines. When the sun didn't shine or the wind didn't blow, power would flow out of batteries the size of tractor-trailers. Fossil [Read more]
Nat gas storage builds well above expectations, futures prices sink
Working gas in storage was 1,734 Bcf as of Friday, April 26, according to EIA estimates. This represents a net change of +44 Bcf;well above estimates of ~+32 Bcf. As a result, U.S. nat gas futures on NYMEX sank more than 5% Thursday. [table] [attr style="width: 25%"]`[attr style="width: 25%"]April 26`[attr style="width: 25%"]April 19`[attr style="width: 25%"]Change East`704`686`+18 West`339`334`+5 Producing`734`714`+20 Total`1,777`1,734`+43 [/table] Source: EIA [Read more]
Shell CEO Voser to retire in 2014; company first quarter profit dips on lower oil prices
BY Toby Sterling, The Associated Press AMSTERDAM - Royal Dutch Shell PLC said Monday Chief Executive Peter Voser will step down in early 2014, and the company reported lower first-quarter profits in the wake of a decline in oil prices. The departure comes as a surprise, as Voser is just 54 years old and is well-regarded within the industry. Shell broke with a longstanding tradition of alternating British and Dutch chief executives with the July 2009 appointment of Voser, a Swiss [Read more]
US crude plummets on massive inventory build, weak US and China economic data
By The Associated Press/BOE Report NEW YORK, N.Y. - The price of oil dropped more than two per cent Wednesday after disappointing economic news from the world's two biggest oil-consuming countries and crude stock increase well above analyst estimates. U.S. commercial crude oil inventories increased 6.7 million barrels from the previous week, well above the expected build of ~1.0 million barrels. Total crude oil stocks of 395.3 million barrels are well above the upper limit of the average [Read more]
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