VICTORIA - British Columbia has announced details on how it plans to spend $120 million in federal funds earmarked for cleaning up inactive oil and gas well sites across the province. Premier John Horgan says restoring more than 2,000 inactive oil and gas wells would support upwards of 1,200 jobs in B.C. The federal government announced $120 million for cleaning up so-called orphan wells in B.C. in mid-April, money the province says it intends to spend on three new programs once a final [Read more]
Oilpatch welcomes federal aid for large firms despite climate change conditions
CALGARY - The oil and gas sector and the Alberta government are applauding a federal financing relief package for large Canadian companies despite conditions that could link the aid to an individual company's climate change goals. In Edmonton, Alberta Finance Minister Travis Toews welcomed the announcement, saying that the province's large companies, particularly in oil and gas and aviation, need relief quickly. He says that while the province still needs to see the details of the federal [Read more]
Work-from-home success changing Calgary office use assumptions, CEOs say
CALGARY - Work-from-home measures taken to control the spread of the COVID-19 pandemic are challenging long-held assumptions about how Canada's oil and gas sector should provide and care for its office workers. The ramifications as downtown offices reopen in Calgary could mean fewer face-to-face meetings, less travel, more flexibility for workers in where, when and how they work and, ultimately, lower leasing bills, CEOs say. "There's been a lot of learnings from this working from home, [Read more]
Inter Pipeline warns of higher costs, delays for Alberta petrochemical project
CALGARY - Inter Pipeline Ltd. is warning that the cost of building its Heartland Petrochemical Complex has risen by about half a billion dollars and its in-service date may be delayed due to factors including the impact of the COVID-19 pandemic. When announced in December 2017, the cost of the plant northeast of Edmonton designed to convert plentiful Alberta propane into polypropylene plastic pellets for export to manufacturers was estimated at $3.5 billion. The Calgary-based company says [Read more]
Trudeau says he does not share view that oil and gas sector is beyond saving
OTTAWA - Prime Minister Justin Trudeau says he does not agree that oil and gas in Canada is dead. Bloc Quebecois Leader Yves-Francois Blanchet and Green parliamentary leader Elizabeth May both claim the oil price shock that has devastated Canada's oil patch in recent weeks should be the final sign that the industry cannot and should not be saved. Both would rather the government pour economic recovery money into transitioning workers in Alberta's oil industry to renewable energies [Read more]
Canadian Natural looks to cut spending, reports $1.28B first-quarter loss
CALGARY - Canadian Natural Resources Ltd. said it is looking to cut its costs this year by $745 million compared with last year as it reported a first-quarter loss of $1.28 billion. The oilsands company said it was also cutting its capital spending by an additional $280 million on top of its cut of more than $1 billion announced in March due to the plunge in oil prices as a result of the pandemic and a price war between Saudi Arabia and Russia. Canadian Natural now expects capital spending [Read more]
Alberta suspends environmental monitoring rules for oilsands over COVID concerns
EDMONTON - The Alberta Energy Regulator has suspended a wide array of environmental monitoring requirements for companies in the oilsands. The suspensions have been granted over public health concerns raised by the COVID-19 pandemic. The decision, released earlier this week, affects the operations of Imperial Oil, Suncor, Syncrude and Canadian Natural Resources Ltd. They no longer must test ground and surface water, look for leaking gases, or monitor wildlife and birds. Air-quality [Read more]
Crescent Point reports $2.32-billion Q1 loss due to plunge in oil prices
CALGARY - Crescent Point Energy Corp. reported a $2.32-billion first-quarter loss as it took a non-cash charge of $3.56 billion due to the plunge in oil prices. The company says the loss amounted to $4.40 per diluted share for the quarter ended March 31 compared with a profit of $1.9 million or less than a penny per diluted share a year ago. Crescent Point says its adjusted net earnings from operations totalled $48.7 million or nine cents per share for the quarter ended March 31 compared [Read more]
Enbridge converts idled Mainline export system pipeline for crude storage
CALGARY - Analysts say an Enbridge Inc. plan to use an idled leg of its Mainline pipeline system to store surplus Western Canadian oil will help offset lower volumes on the system as U.S. refineries buy less oil to match lower demand. Enbridge has applied to the Canada Energy Regulator for permission to use a portion of its Line 3 pipeline in Saskatchewan and Manitoba to store about 900,000 barrels of oil starting June 1. The pipeline is scheduled to be decommissioned next year after it [Read more]
MEG Energy cuts capital spending plan again, reports $284M Q1 loss
CALGARY - MEG Energy Corp. cut its capital spending guidance for a second time due to the COVID-19 pandemic as it reported a first-quarter loss of $284 million. The company now expects its capital spending to total $150 million, down from an estimate of $200 million in March and $250 million in its original guidance released late last year. The company is also reducing non-energy operating cost and general and administrative expenses by $20 million and $10 million respectively. The [Read more]
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