CALGARY - TransCanada Corp. says it expects to raise its dividend at an average annual rate of eight to 10 per cent through 2021. Ahead of its investor day in Toronto today, the company says its dividend outlook is supported by expected growth in earnings and cash flow. The pipeline operator has increased its dividend on common shares in each of the last 18 years. TransCanada says it expects comparable earnings before interest, taxes, depreciation and amortization to grow to about $10 … [Read more...]
Economic cost of Canadian oil price discounts counted in billions of dollars
CALGARY - Imagine producing a bumper crop of a product in high demand around the globe, only to learn you must settle for a discounted price because there's no easy way to get your product to market. Canadian grain farmers experienced that situation in 2013 and again last winter when their harvest outstripped the transport capacity of Canada's rail companies. Western Canada's oil companies are now in the same boat thanks to production gains that have not been matched by export pipeline capacity … [Read more...]
WTI drops for a 10th straight day, dipping below US$60 to a near nine-month low
TORONTO - Crude oil prices dipped to near a nine-month low as they fell for a tenth consecutive day, potentially having an impact on the Bank of Canada interest rate decision next month. West Texas Intermediate dipped to a low of US$59.26 before closing off 83 cents or 1.4 per cent to US$59.84. Since its peak last month, WTI is down about 22 per cent as it experienced a fifth consecutive weekly drop. And the December crude contract was down 48 cents at US$60.19 per barrel … [Read more...]
Hold put on Keystone: Alberta says it will keep working on other ways to move oil
EDMONTON - Alberta's energy minister says a U.S. court decision ordering a halt to the Keystone XL pipeline project is frustrating. Marg McCuaig-Boyd says the province will look to see what it can do to get the project restarted and also to find other ways to get more oil to market. A federal court judge in the United States on Thursday blocked a construction permit for the Keystone project until it passes further environmental reviews. McCuaig-Boyd says pipeline bottlenecks and a … [Read more...]
New gas plants should pay carbon levy on all emissions by 2030, advocates say
OTTAWA - Climate-change advocates and renewable-fuel producers want Ottawa to make sure natural-gas power plants have to pay a price for every ounce of their greenhouse-gas emissions within 12 years. The federal government is still finalizing emissions standards for various sources of electricity that will determine how much they will pay in a carbon levy. Ottawa has set a cap on the maximum emissions allowed for each type of emitting fuel — coal, natural gas, and diesel — before … [Read more...]
TransCanada says it is committed to Keystone XL pipeline after judge orders halt
CALGARY - The Canadian proponent of the $10-billion Keystone XL crude pipeline says it remains committed to the project despite a Montana judge's ruling that it must pass a further environmental review. The company has received the judge's ruling and is reviewing it, said TransCanada Corp. spokesman Terry Cunha in a brief email on Friday. U.S. District Judge Brian Morris put the project on hold on Thursday, ruling that the potential impact had not been considered as required by … [Read more...]
Enerplus Q3 profit up from year ago, boosted by higher prices and production
CALGARY - Enerplus Corp. reported a third-quarter profit of $86.9 million, up from $16.1 million a year ago, boosted by higher energy prices and increased production. The oil and gas producer says its profit amounted to 35 cents per diluted share for the three months ended Sept. 30, up from seven cents per diluted share a year ago. Oil and natural gas sales amounted to $373.6 million, up from $196.1 million in the same quarter last year. Total production for the quarter … [Read more...]
Operations suspended after chain falls near workers on N.S. offshore drill rig
HALIFAX - Operations of some non-producing wells at the Sable Offshore Energy Project have been suspended after an accident on a drilling rig involved in decommissioning wells off Nova Scotia. A news release Thursday from the Canada-Nova Scotia Offshore Petroleum Board reported a near miss on Nov. 5 after a chain dropped on the Noble Regina Allen rig. The safety officer with the regulator confirmed that a 15-metre chain, along with a swivel and shackle with a combined weight of … [Read more...]
Energy companies roll out production cuts along with third-quarter results
CALGARY - Production cutbacks and deferred drilling programs are emerging as a common theme as Calgary-based oil and gas companies elect to leave barrels in the ground rather than sell at current low prices. In third-quarter results released this week, energy companies large and small say they are avoiding wider-than-usual price discounts compared with U.S. benchmark prices blamed on difficulty in getting barrels to market due to full export pipelines. At least 110,000 barrels per day of … [Read more...]
Mishaps put spotlight on Irving family’s relationship with Saint John, N.B.
SAINT JOHN, N.B. - It's been a tough month for one of Canada's wealthiest families. The Irvings of New Brunswick are facing renewed scrutiny after a major industrial accident at the Irving Oil refinery in Saint John — one month ago Thursday — and three guilty pleas the following day from Irving Pulp and Paper for polluting the Saint John River. The sudden spate of bad publicity has drawn into sharp focus the delicate relationship between the Irving group of companies and the 69,000 … [Read more...]
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