WASHINGTON - Alberta Premier Alison Redford returns to Washington, D.C., today to lobby for the Keystone XL pipeline and highlight the province's record on the environment. Redford meets today with Canada's ambassador to the United States, Gary Doer, and will speak about the Keystone issue at the Brookings Institute. On Wednesday she will meet with members of Congress to reiterate the importance of the pipeline to the Canadian and American economies. U.S. President Barack [Read more]
Keyera to spend $210M on new sour gas pipeline, additions to Simonette plant
CALGARY - Midstream natural gas company Keyera Corp. (TSX:KEY) is spending $120 million to construct a 90-kilometre, 12-inch sour gas gathering pipeline in northwestern Alberta. The Calgary-based company said Monday the sour gas gathering pipeline will run from the Wapiti region to the company's Simonette gas plant located northwest of Edson, Alta. Construction is slated to begin in the fall of 2013, and expected to be in service by the second quarter of 2014, pending regulatory [Read more]
Iron Lady dies at 87
LONDON (AP) -- Margaret Thatcher, the "Iron Lady" who infuriated European allies, found a fellow believer in Ronald Reagan and transformed her country by a dedication to free markets in 11 years as prime minister, has died. She was 87 years old. Here are the milestones in the life and career of Britain's former Prime Minister Margaret Thatcher: Oct. 13, 1925: Born at Grantham, central England. June 1947: Graduates from Oxford with a chemistry degree. Dec. 13, 1951: Marries Denis [Read more]
GE to buy Lufkin Industries for about $3B
NEW YORK (AP) — General Electric has agreed to buy oilfield equipment maker Lufkin Industries for $3 billion, as GE takes steps to grow its oil and gas operations. GE said Monday that it would pay Lufkin shareholders $88.50 per share in the all-cash deal, a 38% premium over Lufkin's closing price Friday of $63.93. With 33.1 million Lufkin shares outstanding, that would value Lufkin at about $3 billion. The companies valued the deal at $3.3 billion. GE CEO Jeff Immelt is in the process [Read more]
Enbridge, EDF Energies buy $600-million Alberta wind project from Greengate
By The Canadian Press TORONTO - Enbridge Inc. (TSX:ENB.TO ) and a subsidiary of EDF Energies Nouvelles have teamed up to buy the Blackspring Ridge wind project in Alberta on a 50-50 basis. The project was acquired from Greengate Power Corp., which says Blackspring Ridge represents a $600-million investment in wind energy. Financial details of the transaction weren't disclosed in Monday's announcement. When completed, it will have 166 turbines — making it the biggest wind power [Read more]
Natural gas surges to 20-month high
By BOE Report staff Natural gas prices have been rising quickly in recent months as cold weather blanketed the United States through March and into early April. Half of U.S. homes use natural gas for heating. NYMEX natural gas rose 4.6 per cent Friday to close at $4.13 per thousand cubic feet. That's the highest close for natural gas since August 2011. The price has doubled since last year at this time, when the nation was emerging from the warmest winter on record. AECO gas finished up [Read more]
OY VEY! Group concerned about “climate change” proposes warning labels for gas nozzles
TORONTO – An environmental group focused on the dangers of climate change is lobbying for Canadian municipalities to pass bylaws that would require warning labels on gas station pump nozzles. Lawyer Robert Shirkey says the warning labels on the nozzles would be similar to those found on cigarette packages and would act to warn users of the negative effects of fossil fuels. “The future of the planet is literally in the palm of your hand (when you pick up the nozzle),” Shirkey, [Read more]
Canadian Natural Resources spends about $345.9 million on stock buyback program
CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ.TO) spent about $345.9 million buying back its own shares on the public market over the past year, according to figures released Friday by the Calgary-based oil and gas company. CNQ says it has repurchased 11,886,200 shares on the Toronto and New York stock exchanges at a weighted average price of C$29.10 under a 12-month buyback program that ends April 8. Most of the shares were repurchased by the end of the first quarter, at a [Read more]
TSX racks up 3rd day of losses amid weak U.S. jobs data, lower commodity prices
By Malcolm Morrison, The Canadian Press TORONTO - The Toronto stock market closed lower for a third session Thursday as further weak employment data raised worries about slowing U.S. economic conditions. The S&P/TSX composite index fell 59.07 points at 12,363.05. On Wednesday, two soft economic reports and growing geopolitical risks had sent the main index tumbling 260 points, erasing TSX gains for the year. The Canadian dollar edged up 0.21 of a cent to 98.78 cents US. U.S. [Read more]
SNC-Lavalin renewal hits boardroom with departure of chairman, three others
By Ross Marowits, The Canadian Press MONTREAL - Embattled engineering giant SNC-Lavalin's efforts to turn the page on its troubled past is moving from the executive suite to the boardroom. After hiring a series of new executives in the past year, including a CEO and chief financial officer, the company says one-third of its directors including chairman Gwyn Morgan won't stand for re-election at its annual meeting next month. Including three new directors who will be elected at the [Read more]
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