CALGARY - Imperial Oil Ltd. is cutting one billion barrels from its inventory of oilsands bitumen following a year marked by low oil prices and budget cutting amid the COVID-19 pandemic and a global price war between major oil producers. In a regulatory filing on Wednesday, the Calgary-based company says its proved plus probable bitumen reserves fell to 4.46 billion barrels as of Dec. 31, 2020, from 5.45 billion barrels on the last day of 2019, with most of the change due to "technical [Read more]
Higher oil prices boosting Alberta’s bottom line as budget looms
Premier Jason Kenney says a recent bump in energy prices in the third quarter of the current budget is helping the bottom line as his government prepares to introduce its 2021-22 budget. The budget deficit was on track to exceed $21 billion this fiscal year, but Kenney said it will now be about $14 billion. Alberta Finance Department officials declined to confirm Kenney’s estimate. It’s been a roller-coaster ride for Alberta’s deficit this fiscal year, which ends March 31. The [Read more]
Keystone XL ‘clarity’ boosts Gibson Energy diluent recovery project, says CEO
CALGARY - The CEO of Gibson Energy Inc. says "clarity" about the future of the cancelled Keystone XL pipeline has prompted increased interest from potential customers in an expansion of its diluent recovery unit now under construction at the Hardisty crude transport hub in east central Alberta. Diluent, a light oil mixed with sticky, heavy bitumen from the oilsands to allow it to flow in a pipeline, makes up as much as a third of the volume of blended bitumen or "dilbit'' headed to U.S. [Read more]
TC Energy refuses to raise bid for TC PipeLines despite unitholder criticism
CALGARY - TC Energy Corp. says it has no intention of again sweetening its bid to buy out the other unitholders of TC PipeLines LP, a U.S. master limited partnership it operates, despite the vow of its largest non-affiliated investor to vote against the transaction. On Friday, Connecticut-based Energy Income Partners said it believes the offer of 0.7 common shares of TC Energy for each unit of TC PipeLines is inadequate and "significantly undervalues" its assets and growth potential. The [Read more]
Kenney says no new taxes as Alberta preps for another tough times pandemic budget
EDMONTON - On Thursday it’s budget day in Alberta, a time that will cruelly and ironically remind residents that last year’s projected eye-popping $6.8-billion deficit was actually the good old days. Since then, that deficit has tripled to $21 billion while taxpayer-supported debt has ballooned to $97 billion, victims of oil price wars and the COVID-19 pandemic that have decimated Alberta's bottom line. Finance Minister Travis Toews says the deficits will continue and the budget will focus [Read more]
Coastal GasLink bringing back pipeline workers after pandemic plan approved
TC Energy Corp. says it is gradually bringing back workers on its Coastal GasLink pipeline project in B.C. after health authorities approved its plan to deal with risks of the COVID-19 pandemic. The workforce fell from almost 3,700 people to fewer than 600 and pipeline construction ground to a near halt in January after an order was issued restricting worker numbers at industrial projects in the Northern Health Authority region of B.C. to control the pandemic. On Thursday, TC Energy CEO [Read more]
Inter Pipeline reviews options in response to hostile Brookfield takeover bid
Inter Pipeline Ltd. says it has initiated a review of strategic alternatives in response to a hostile takeover bid launched last week by its largest shareholder, Brookfield Infrastructure Partners LP. It says it will evaluate options that could include a corporate sale while it continues to try to find a partner to help develop its $4-billion Heartland Petrochemical Complex now under construction near Edmonton. Brookfield has said it would offer $16.50 per share in cash or 0.206 of a [Read more]
Head of new Indigenous committee aims for systemic change at Canada Energy Regulator
VANCOUVER - The leader of a new Indigenous Advisory Committee at the Canada Energy Regulator says he wants to fix the system of natural resource development in the country that has previously treated First Nations, Inuit and Metis people as an "afterthought." Tribal Chief Tyrone McNeil, a Sto:lo member in British Columbia's Fraser Valley, is the chairman of the committee, which was established by federal government legislation that replaced the National Energy Board with the new regulator in [Read more]
Unpaid oilpatch property taxes triple in two years, say rural municipalities
EDMONTON - Alberta's rural towns say property taxes that have gone unpaid by the province's struggling oilpatch have tripled in two years. A survey released by the Rural Municipalities of Alberta says industry owes a total of $245 million. The association's president, Paul Sutherland, says the provincial government should close loopholes that make it tough for communities to collect property taxes from energy companies. He also says the province's energy regulator should look more [Read more]
Shell to sell Alberta shale oil assets to Crescent Point in $900 million deal
CALGARY - Crescent Point Energy Corp. says it has struck a deal to buy Alberta oil and gas producing assets from the Canadian arm of Royal Dutch Shell for $900 million. The Calgary-based producer says it will pay $700 million in cash and issue 50 million shares in return for the Duvernay light oil shale assets in the western part of the province. Shell, which sold most of its oilsands assets in Alberta to Calgary-based Canadian Natural Resources Ltd. in 2017, says the deal announced after [Read more]
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