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BOE Report Staff

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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]

Alberta environment minister says CARBON TAX talks in early stages

  EDMONTON - Environment Minister Diana McQueen says Alberta is a long way from imposing higher carbon levies on its energy industry. Responding to a story in the Globe and Mail, McQueen on Thursday acknowledged that she's working with her federal counterpart on a new climate change policy. But she said those talks are preliminary and nothing specific has been determined. "We are currently in the early stages of exploring a variety of options through a collaborative process with [Read more]

Natural gas withdrawal beats estimates

Working gas in storage was 1,687 Bcf as of Friday, March 29, 2013, according to EIA estimates. This represents a net change of -94 Bcf beating analyst estimates of ~-90 Bcf. Stocks were 779 Bcf less than last year at this time and 37 Bcf below the 5-year average of 1,724 Bcf. [table] [attr style="width: 25%"]`[attr style="width: 25%"]March 29`[attr style="width: 25%"]March 22`[attr style="width: [Read more]

TSX sinks more than 2% on economic growth worries, threats from North Korea

By Malcolm Morrison, The Canadian Press TORONTO - The Toronto stock market tumbled about two per cent Wednesday, shedding all its year-to-date gains amid worries that the American economy is faltering and geopolitical concerns centred around threats from North Korea. The S&P/TSX composite index plunged 259.98 points to 12,422.12 in a selloff spread across most sectors in the wake of a report that had traders reconsidering their expectations for March job gains and other data pointing [Read more]

Shell submits Kitimat LNG project plans to environmental review agencies

  VICTORIA - Shell Canada Ltd. (TSX:SHC) has sent its plans to build a $4-billion pipeline and liquefied natural-gas export terminal at Kitimat in northwestern British Columbia to federal and provincial environmental regulatory agencies. Shell's plans, which are now among at least a half-dozen proposed B.C. LNG developments, include building a natural-gas pipeline from northeastern B.C. to Kitimat, where the liquefied gas will be loaded onto tankers and shipped to Asia. The LNG [Read more]

Alberta scientist claims link of crude oil to fish deformities

  By Bruce Cheadle OTTAWA - There appear to be "remarkable similarities" between fish deformities found downstream from Alberta's oilsands and those observed after the Exxon Valdez oil spill in Alaska and after Florida's Deepwater Horizon disaster, says a renowned ecologist. David Schindler of the University of Alberta has written an open letter to two federal cabinet ministers pointing out the recent research findings from scientists as far afield as the Gulf of Mexico. "Given [Read more]

U.S. crude stocks build slightly above expectations

U.S. commercial crude oil inventories increased by 2.7 million barrels from the previous week, slightly above the expected build of ~2.3 million barrels. Total crude oil stocks of 388.6 million barrels are well above the upper limit of the average range for this time of year. Total commercial petroleum inventories decreased by 0.1 million barrels last week. [table] [attr style="width: 25%"]March 29`[attr style="width: 25%"]March 22`[attr style="width: 25%"]Change`[attr style="width: 25%"]% [Read more]

Lack of pipeline capacity costing Canadian oil producers billions: report

  OTTAWA - A new report estimates Canada is losing billions of dollars in unrealized revenues because of its inability to efficiently get its oil to foreign markets. CIBC economists project that the country will continue to lose on average $15 billion a year from the price differential between world oil prices and what its producers get for shipments mostly to the United States. That represents about five per cent of gross domestic economies of Alberta and Saskatchewan. The [Read more]