Canada's federal government said on Wednesday it supports Kinder Morgan Canada Ltd's second appeal to the country's energy regulator over local permits for its planned Trans Mountain oil pipeline expansion project. Kinder Morgan has been pushing its C$7.4 billion ($5.9 billion) federally approved pipeline in an increasingly public way, repeatedly seeking regulatory intervention amid increased roadblocks with lower governments and environmentalist and aboriginal opposition. [Read more]
Canada says it supports Kinder Morgan’s Trans Mountain pipeline appeal
CALGARY, Alberta, Nov 29 (Reuters) - Canada’s federal government said on Wednesday it supports Kinder Morgan Canada Ltd’s second appeal to the country’s energy regulator over local permits for its planned Trans Mountain oil pipeline expansion project. Kinder Morgan has been pushing its C$7.4 billion ($5.9 billion) federally approved pipeline in an increasingly public way, repeatedly seeking regulatory intervention amid increased roadblocks with lower governments and environmentalist and [Read more]
Oil slips on OPEC deal uncertainty and rising U.S. inventories
LONDON (Reuters) - Oil prices slipped on Wednesday as doubts set in about Russia’s willingness to substantially extend a deal among some of the world’s biggest exporters to curb output to help tackle global oversupply and support prices. Brent crude futures were down 17 cents on the day at $63.44 a barrel by 1350 GMT, while U.S. light crude fell 28 cents to $57.71 a barrel. Oil ministers from the Organization of the Petroleum Exporting Countries and other producers began gathering in [Read more]
Keystone restarts, no date for return to full capacity -TransCanada spokesman
Transcanada Corp's Keystone oil pipeline restarted operations on Tuesday but the company has no timeline on when U.S. regulators will allow it to return to full capacity, a TransCanada spokesman said. The 590,000 barrel per day pipeline links Canada's oil sands to U.S. refineries and was shut down for nearly two weeks after a 5,000-barrel leak in rural South Dakota on Nov. 16. (Reporting by Nia Williams; Editing by Chris Reese) [Read more]
Oil prices slip on OPEC deal extension jitters
Oil prices eased on Tuesday, weighed down by uncertainty over the outcome of an OPEC meeting this week at which an extension to its price-supporting oil output cuts will be discussed. Prices also briefly came under pressure after a fire broke out at Exxon Mobil Corp's 362,300 barrel-per-day (bpd) Beaumont, Texas, refinery. Firefighters have since put out the blaze but the small crude unit is shut, sources said. Brent crude oil fell 44 cents, or 0.7 percent, to $63.40 a barrel by [Read more]
ExxonMobil’s Canada offshore project produces first oil
The Hebron oil project off the coast of eastern Canada has produced its first oil, operator Exxon Mobil said on Tuesday, in a boost to Atlantic Canada's output after years of weak crude prices. At its peak Hebron will produce up to 150,000 barrels per day (bpd), Exxon said. It will help Atlantic Canada offshore production climb 44 percent to 307,000 bpd by 2024, according to estimates from the Canadian Association of Petroleum Producers. The platform is located 200 miles (350 kilometres) [Read more]
TransCanada says EBITDA to grow at 10 percent through 2020
TransCanada Corp said it expects comparable earnings before interest, taxes, depreciation and amortization (EBITDA) to grow at an average rate of about 10 percent through 2020. TransCanada, which is holding an investor day on Tuesday, also said it expects to grow its annual dividend rate at the top end of its previously estimated range of 8-10 percent through 2020. The Calgary-based company said on Monday it would restart the Keystone crude oil pipeline at reduced pressure on Tuesday, [Read more]
Oil prices fall on uncertainty over OPEC output cuts, pipeline restart
Oil prices slipped in early Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts. U.S. West Texas Intermediate (WTI) futures were down 24 cents at $57.87 a barrel at 0117 GMT, after falling 1.4 percent in the previous session. U.S. crude touched $59.05 a barrel on Friday, the highest level since mid-2015, fuelled by the outage of the Keystone pipeline, one of Canada's [Read more]
Transcanada asks Nebraska to reconsider order on Keystone route
TransCanada Corp has asked the Nebraska Public Service Commission to reconsider its order approving an alternate route for the Canada-U.S. Keystone XL pipeline, according to a filing posted on the commission's website on Monday. The Canadian pipeline company is seeking a "clarification" on the PSC's Nov. 20 decision, a TransCanada spokesman said. The approved line was not TransCanada's preferred route for the Keystone XL pipeline, but for a more costly alternative [Read more]
Exxon Mobil CEO makes first big changes to refining
HOUSTON (Reuters) - Exxon Mobil Corp Chief Executive Darren Woods is reorganizing the company’s refining operations, part of a push to boost profits amid volatile oil and natural gas prices, the company said on Monday. The changes at the world’s largest publicly traded oil producer are the most sweeping to date by Woods, who became chief executive in January after former chief Rex Tillerson resigned to become U.S. secretary of state. Woods has moved first to reshape the parts of the [Read more]