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]
TC Energy expects ‘substantive’ charge related to Keystone XL permit revocation
CALGARY - TC Energy Corp. says it expects to take a "substantive" charge when it reports its first-quarter results for 2021 due to the decision by U.S. President Biden to revoke the presidential permit for its Keystone XL pipeline. The company says it couldn't yet say what the size of the charge will be, which it expects to be predominantly non-cash, but that it was assessing its options. It also noted that the viability of certain projects currently associated with the Keystone XL [Read more]
U.S. deep freeze weather boosts Canadian oil and gas producer profits and prospects
CALGARY - Canadian oil and gas producers are banking higher profits as unusually severe winter weather sidelines U.S. rivals this week and drives up demand and prices for their products. But analysts say that while the higher prices are providing a needed short-term boost for the struggling Canadian oilpatch, the gains will likely gradually fall away when warmer weather allows American producers to get back in the field to repair and restart their facilities. IHS Markit natural gas analyst [Read more]
Spartan Delta buys Inception Exploration and oil and gas assets for $148 million
Calgary producer Spartan Delta Corp. says it has agreed to buy private rival Inception Exploration Ltd. and two packages of oil and gas assets in northwestern Alberta for a total of $148 million in cash and shares. The company, founded last spring through a recapitalization of Return Energy Inc. that put in place a new management team, says it has also arranged an $80-million equity financing through National Bank Financial. Spartan says it has agreed to issue 23.7 million common shares to [Read more]
Former Obama adviser Podesta on Biden’s Keystone XL decision: ‘He’s not going back’
WASHINGTON - A prominent former adviser to Barack Obama says it's time for Canada to get over the demise of the Keystone XL pipeline expansion. John Podesta, who once also was Bill Clinton's White House chief of staff, says the project is dead and not coming back. Podesta made the pronouncement today during a panel with Gerald Butts, a former principal secretary to Prime Minister Justin Trudeau. Butts was less declarative about Keystone XL, but says he agrees President Joe Biden isn't [Read more]
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