Canadian police arrested two people on Thursday at a protest over Kinder Morgan Canada Ltd's Trans Mountain pipeline expansion after the protesters began blocking highway traffic and equipment. A man, 23, and a woman, 22, were arrested for mischief, the Royal Canadian Mounted Police said. The man was released without charge, while the woman, who had locked herself to a piece of machinery, faces one charge of mischief. The two were part of a peaceful protest in the Vancouver suburb of [Read more]
Kinder Morgan Canada set to fight back in pipeline battle
Kinder Morgan Canada Ltd is gearing up for a legal fight over British Columbia's plans to block increased oil shipments through the western Canadian province, as it questions the intent of the proposed rules which could further delay its Trans Mountain pipeline expansion project. In a five-page letter from Kinder Morgan Canada's President Ian Anderson to British Columbia Premier John Horgan, sent on Tuesday and seen by Reuters on Thursday, Anderson questioned the province's [Read more]
Suncor calls on Canada to ‘up its game’ in drive for investment
Suncor Energy Inc , one of Canada's biggest oil producers, said on Thursday that the country is losing ground to others in creating conditions to attract investment. The warning from Suncor Chief Executive Steve Williams came hours before Prime Minister Justin Trudeau's Canadian government was scheduled to unveil changes to the regulatory regime for resource projects. "We are having to look at Canada quite hard. The cumulative impact of regulation (and) higher taxation than other [Read more]
Canada’s MEG Energy to sell pipeline, storage assets for C$1.61 bln
Canadian oil sands producer MEG Energy said on Thursday it had agreed to sell some pipeline and storage assets in Alberta to Wolf Midstream Inc for C$1.61 billion ($1.28 billion) to pay down debt and fund its flagship project in Athabasca. MEG said it would sell its 50 percent interest in the Access Pipeline for C$1.4 billion and its full interest in the 900,000-barrel Stonefell oil storage facility for C$210 million. MEG said it will get C$1.52 billion in cash when the deal closes, and a [Read more]
Suncor reports boost in fourth-quarter profit
Suncor Energy Inc , Canada's second-largest energy producer, reported a higher fourth-quarter profit on Wednesday, topping analysts' estimates on stronger oil prices and lower costs. The Calgary, Alberta-based company reported net earnings of C$1.38 billion, or 84 Canadian cents per share, in the three months ended Dec. 31. In the year-prior quarter, net earnings were C$531 million, or 32 Canadian cents per share. Suncor's operating profit, which excludes one-time items, was [Read more]
U.S. closer to decision on sanctioning Venezuela oil: Tillerson
KINGSTON (Reuters) - The United States is closer to deciding whether to impose sanctions on Venezuelan oil, U.S. Secretary of State Rex Tillerson said on Wednesday, at the end of a five-nation tour of Latin America where he discussed the move with regional leaders. Tillerson said Canada, Mexico and the United States had agreed at a trilateral meeting last week to study what could be done to mitigate the impact of such a move. Tillerson said he had briefed President Donald Trump about the [Read more]
U.S. shale surge sends warning to OPEC: Kemp
LONDON, Feb 7 (Reuters) - U.S. crude oil production is set to increase by more than 1.2 million barrels per day in 2018 compared with 2017, according to the latest short-term forecasts from the U.S. Energy Information Administration. U.S. crude production will average almost 10.6 million barrels per day (bpd) this year compared with 9.3 million bpd in 2017 (“Short-Term Energy Outlook”, EIA, Feb. 6). The forecast has been revised sharply higher from less than 10.3 million bpd at the time of [Read more]
U.S. crude stocks rise on record output, fuel supply up too: EIA
(Reuters) - U.S. crude stocks rose last week even though refineries hiked output, which also boosted gasoline and distillate inventories, the Energy Information Administration said on Wednesday. Refinery crude runs rose by 784,000 barrels per day, EIA data showed. Refinery utilization rates rose by 4.4 percentage points. That boosted inventories of gasoline and diesel fuel heading into the less busy season, feeding concerns about supply. Oil production appeared to reach a new U.S. record, [Read more]
In Canada pipeline feud, Alberta halts B.C. wine purchases
Canada's oil-rich province of Alberta struck back at neighboring British Columbia on Tuesday, halting purchases of that province's wines in retaliation for it potentially holding up expansion of a crude pipeline. British Columbia proposed rules last week to temporarily block increased oil shipments through the Pacific Coast province, adding another hurdle to Kinder Morgan Canada's planned C$7.4 billion Trans Mountain pipeline expansion. Alberta's New Democrat Premier [Read more]
EIA expects U.S. oil output to exceed 11 million bpd by late 2018
NEW YORK, Feb 6 (Reuters) - U.S. oil production is expected to surpass 11 million barrels per day in late 2018, a year earlier than projected last month, the U.S. Energy Information Administration said on Tuesday. Domestic crude oil production in 2018 is also expected to rise by more than previously projected, the agency said in its monthly short-term energy outlook. U.S. production has risen steadily in recent months and is expected to average 10.24 million bpd during the first quarter of [Read more]