BOE Report

BOE Report Staff

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Natural gas withdrawal better than expectations

Working gas in storage was 1,673 Bcf as of Friday, March 29, 2013, according to EIA estimates. This represents a net change of -14 Bcf greater analyst estimates of ~-3 Bcf. Stocks were 804 Bcf less than last year at this time and 37 Bcf below the 5-year average of 1,739 Bcf. [table] [attr style="width: 25%"]`[attr style="width: 25%"]April 5`[attr style="width: 25%"]March 29`[attr style="width: [Read more]

Poseidon Concepts up for sale under supervision of court-appointed monitor

  CALGARY - Poseidon Concepts Corp. (TSX:PSN.TO ) has received temporary protection from its creditors under supervision of a court-appointed monitor and been put up for sale. The Calgary-based oilfield services company has been grappling with a number of problems, including the discovery that most of its revenue in the first nine months of 2012 was improperly booked and must be restated. PricewaterhouseCoopers Inc., a firm that provides audit, accounting and restructuring [Read more]

Redford warns carbon tax won’t necesarily increase 266%

By Canadian Press/BOE Report WASHINGOTN, - Alberta Premier Alison Redford is pouring cold water on reports her government already has a dollar amount in mind for an increase to its carbon tax on industry. Redford is in Washington talking up Alberta's environmental policies to support the approval of the Keystone XL pipeline. The premier has repeatedly stressed Alberta's existing $15 per tonne carbon tax on large emitters who don't meet a 12 per cent intensity reduction target. And [Read more]

US commercial crude inventories build below estimates

U.S. commercial crude oil inventories increased by 0.3 million barrels from the previous week, well below the expected build of ~1.5 million barrels. Total crude oil stocks of 388.9 million barrels are well above the upper limit of the average range for this time of year. Total commercial petroleum inventories increased by 5.9 million barrels last week. [table] [attr style="width: 25%"]April 5`[attr style="width: 25%"]March 29`[attr style="width: 25%"]Change`[attr style="width: 25%"]% [Read more]

Enbridge lawyers get their turn: question opponents at Northern Gateway hearings

  PRINCE RUPERT, B.C. - Lawyers for Enbridge Inc. (TSX:ENB) are getting their turn to question opponents of the proposed Northern Gateway Pipeline as hearings examining the project continue in Prince Rupert. Enbridge spokesman Ivan Giesbrecht says company lawyers want more detail about research methods and evidence presented at the joint review panel hearings by groups critical of a twinned pipeline between Alberta and B.C.'s West Coast. Giesbrecht says questions this week will [Read more]

US Energy secretary nominee Ernest Moniz backs increased use of natural gas

  WASHINGTON - Ernest Moniz, chosen by President Barack Obama to lead the Energy Department, says he will push to increase use of natural gas as a way to combat climate change even as the nation seeks to boost domestic energy production. Moniz, a physics professor at the Massachusetts Institute of Technology, said "a stunning increase" in domestic natural gas and oil production in recent years was nothing less than a "revolution" that has led to reduced emissions of carbon dioxide and [Read more]

Redford heads back to Washington to lobby for Keystone

  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]