Suncor Energy Inc , Canada's second-largest energy producer, does not need to reduce crude output as some of its peers are doing to cope with low prices, Chief Executive Steve Williams said on Thursday.Suncor, which has dedicated pipeline space for its crude as well as refineries in Canada, is mostly insulated from the impact of growing price discounts that U.S. refineries apply to Canadian oil, which have hurt rival producers, Williams said. Those discounts are largely attributed to [Read more]
Suncor Energy CEO sees no need for oil output cuts despite growing discounts
Suncor Energy Inc , Canada's second-largest energy producer, does not need to reduce crude output as some of its peers are doing to cope with low prices, Chief Executive Steve Williams said on Thursday.Suncor, which has dedicated pipeline space for its crude as well as refineries in Canada, is mostly insulated from the impact of growing discounts on Canadian crude that are due to pipeline constraints. (Reporting by Rod Nickel in Calgary, Alberta) [Read more]
Marathon Petroleum’s Canadian imports climb to 500,000 bpd – CEO
Marathon Petroleum CEO Gary Heminger told investors on Thursday that the company is importing more than 500,000 barrels per day of Canadian crude into its refinery network.Marathon , the nation's largest refiner with more than 3 million bpd of capacity, is taking advantage of steep discounts being offered by Canadian producers who lack enough pipeline and rail capacity to move crude oil.Heminger made the comments during an earnings call Thursday. (Reporting By Jarrett Renshaw Editing by [Read more]
Cenovus sees crude differentials to ease out by mid-2019
Canadian oil and gas producer Cenovus Energy Inc expects the spread between Western Canadian Select (WCS) and U.S. benchmark Crude (WTI) to "significantly" ease out by mid 2019, Chief Executive Officer Alex Pourbaix said on a call.Cenovus also expects crude by rail to reach 300,000 barrels per day by the end of this year, the company said on a post-earnings call with analysts on Wednesday.Last month, the company signed three-year deals with Canada's two major railways to [Read more]
Next-wave LNG race hits hurdles in U.S.-China trade war
The delay of a U.S. Gulf Coast liquefied natural gas (LNG) export project has crystallized fears that the U.S. trade battle with China is hampering efforts to line up buyers needed to move ahead with multi-billion-dollar builds. The United States is positioning itself as the dominant provider of the supercooled fuel as Asian nations shift away from dirtier power sources like coal, and this month's approval of a giant Canadian project led by Royal Dutch Shell bolstered enthusiasm for the [Read more]
U.S. drillers add oil rigs for third week in a row
U.S. energy firms added oil rigs for a third week in a row for the first time since June, keeping the rig count at its highest in over three years, as declining productivity in some shale fields force companies to drill more to keep output growing.Drillers added two oil rigs in the week to Oct. 26, bringing the total count to 875, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. For the month, the [Read more]
Venezuela, Mexico divert crude to U.S. as Canadian barrels get stuck
Cash-strapped state-run oil companies in Mexico and Venezuela have begun diverting crude historically processed for domestic use and sending it to U.S. refiners now facing transportation constraints to secure similar grades from Canada, data shows. The situation reflects an unusual set of events, including urgent needs by Venezuela and Mexico for cash for debt payments and investment, and demand for heavy crude in the United States due to less availability of Canadian oil, said traders and [Read more]
Enbridge seeks to put more of Ohio TEAL natgas pipe into service
Canadian energy company Enbridge Inc on Wednesday sought permission from U.S. energy regulators to put the remaining part of its Texas Eastern Appalachian Lease (TEAL) Phase 1 natural gas pipeline in Ohio into service.In a filing with the U.S. Federal Energy Regulatory Commission (FERC), Enbridge said it expects to complete work on the last part of the $200 million TEAL project by Oct. 26 and would like FERC to approve of its request by Oct. 30.The facilities Enbridge is seeking to put into [Read more]
Woodfibre LNG project set to go ahead in early 2019
A small liquefied natural gas project north of Vancouver is poised to move to construction in the first quarter of 2019, adding momentum to Canada's efforts to become a significant exporter of the supercooled fuel. The $1.6 billion Woodfibre LNG project, backed by Indonesian billionaire Sukanto Tanoto's RGE Group, would be Canada's second LNG project to go ahead, following the approval of the massive LNG Canada project earlier this month. "We're hoping to move to a notice to proceed to [Read more]
Trudeau vows to impose carbon tax despite resistance
Prime Minister Justin Trudeau on Tuesday said he would press ahead with plans to impose a carbon tax on provinces unwilling to combat climate change despite resistance in voter-rich parts of the country. Starting in April 2019 carbon pollution will initially cost $20 a tonne, rising by $10 a year until it reaches $50 in 2022. Trudeau, whose ruling Liberals face an election in October 2019, told a news conference that all the money collected would be returned directly to taxpayers in the [Read more]