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STEADY AS SHE GOES: CP Rail proceeding cautiously with railway crude business

  By David Friend, The Canadian Press TORONTO - The head of Canadian Pacific Railway (TSX:CP) says he believes there is enough room in the oil and gas industry for businesses to oil ship by rail and by pipeline. However, Hunter Harrison told the company's annual meeting that the railway is "proceeding cautiously" in the business and doesn't plan to build long-term infrastructure for what could be a short-term boom. "It's an opportunity but it's something we have to be pretty [Read more]

U.S. crude inventories build well above expectations

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 range for this time of year. Total commercial petroleum inventories increased by 12.4 million barrels last week. [table] [attr style="width: 25%"]April 26`[attr style="width: 25%"]April 19`[attr style="width: 25%"]Change`[attr style="width: 25%"]% [Read more]

Talisman Energy swings to US$213M loss in Q1 as revenue drops 45%

By The Canadian Press CALGARY - Talisman Energy Inc. (TSX:TLM.TO) has posted a more than $200- million loss in the first quarter as revenue was cut almost in half amid lower production and prices. The Calgary-based oil and gas company said its net loss in the period was US$213 million or 21 cents per share, reversing a year-earlier profit of US$291 million or 28 cents per share. Revenue fell about 45 per cent to just under $1.1 billion from $1.97 billion in the same 2012 [Read more]

Canadian Oil Sands net income drops in first quarter on plant outages

  CALGARY - Canadian Oil Sands Ltd. (TSX:COS) posted a big drop in profit for the first three months of the year as unplanned outages at the Syncrude oilsands mine took a bite out of production. Net income during the first quarter was $177 million, or 37 cents per share, down from $318 million, or 66 cents per share during the same period a year earlier, the company said Tuesday. That missed the average analyst estimate of 41 cents per share, according to Thomson [Read more]

Canadians must fight U.S. protectionism in the energy sector, Prentice says

By Heather Scoffield, The Canadian Press OTTAWA - Former Conservative cabinet minister Jim Prentice says Canadians need to step up their efforts to maintain free and open energy markets for Canada's oil, gas and electricity in the United States. Prentice, who is now a vice-president at CIBC, is in Halifax Tuesday to discuss how Canada will fare in a North America that is on the verge of being energy independent. "If we play our cards right, there will be profound opportunities for [Read more]

Suncor shares rise on dividend hike, share buyback, earnings beat

By Lauren Krugel, The Canadian Press CALGARY - Shares in Suncor Energy Inc. rose nearly five per cent Tuesday after Canada's biggest energy company hiked its dividend 54 per cent, announced a $2-billion share buyback and delivered first-quarter operating earnings that beat expectations. Suncor shares were at $31.02 in late-morning trading on the Toronto Stock Exchange, an increase of $1.38. Late Monday, Suncor announced that its quarterly dividend, payable June 25, will rise to 20 cents [Read more]

Deputy Alberta energy minister named chief executive of new provincial regulator

  CALGARY - Alberta's former deputy minister of energy and environment has been named CEO of the province's new oil and gas regulator. Jim Ellis will handle the day-to-day operations of the revamped energy watchdog, which has a $200-million budget and will employ nearly 1,000 people. Ellis says a big part of his job will be ensuring Alberta has good environmental oversight for Canadian oil and gas sold to international customers. The inability to access the best paying markets - [Read more]

Woah! Former Liberal prime minister intends to let Americans know the benefits of Keystone

  CALGARY - A former Liberal prime minister says he plans to head to Washington, D.C., to speak out in favour of the Keystone XL pipeline. John Turner, who is 83, says he intends to spend time with Canadian Ambassador Gary Doer before meeting with some leaders in both the U.S. Congress and Senate. "I may be introducing him to a few people," said Turner with a chuckle while attending a luncheon speech in Calgary on Monday. "I'd like to meet with the president, No. 1, but I doubt [Read more]

Canada rig count little changed from last week, down from prior year count

[table] [attr style="width: 20%"]`[attr style="width: 35%"]`[attr style="width: 15%"]Oil`[attr style="width: 15%"]Gas`[attr style="width: 15%"]Total [attr rowspan="5" style="background-color: #E0E0E0; text-align: center; vertical-align: middle;"]Canada`This Week`66`56`122 Last Week`65`61`126 Last Year`76`58`134 Week over Week Change`+1`-5`-4 Year over Year Change`-10`-2`-12[/table] [table] [attr style="width: 20%"]`[attr style="width: 35%"]`[attr style="width: 15%"]Oil`[attr [Read more]

TransCanada says Keystone XL likely won’t be operating until second half of 2015

  CALGARY - TransCanada Corp. (TSX:TRP) said Friday its controversial and long-delayed Keystone XL pipeline will likely be in service in the second half of 2015 — months later than its previous estimate as the company continues to await U.S. government approval for the project. TransCanada had been sticking to its late 2014 or early 2015 start up target, though the later in the year a decision is announced, the harder it will be to meet that schedule. It added that the estimated [Read more]