CALGARY - The federal government says the Trans Mountain pipeline has earned net income of $29 million from operating revenues of $728 million in the 19 months since it was purchased. In an analysis, the Parliamentary Budget Officer says the oil conduit running from Edmonton to the Vancouver area had operating expenses of $366 million since it was purchased in the fall of 2018 from Kinder Morgan Canada for about $4.4 billion. It also notes financing costs of $223 million and a $172 million [Read more]
PrairieSky Royalty reports lower second-quarter crude oil production
CALGARY - PrairieSky Royalty Ltd. says oil and gas production in the second quarter was down 16 per cent from the first quarter, a result expected to set the tone as the rest of Canada's oilpatch rolls out financial reports over the next few weeks. The Calgary-based company, which earns revenue by sharing in production from lands for which it holds the petroleum mineral rights, says it produced 18,670 barrels of oil equivalent per day in the three months ended June 30. It says crude oil [Read more]
Stirring in the oil patch, Chevron buys Noble for $5 billion
NEW YORK - Chevron will take over Noble Energy for $5 billion in the first big deal announced since the coronavirus pandemic shook the energy sector. Chevron has been shopping for assets since last year and with crude prices down more than 30% this year, it jumped Monday with its all-stock offering for the independent Houston oil and gas driller. Based on Chevron’s closing price on Friday, Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share. But with [Read more]
Michigan wants Enbridge to pledge funds in case of oil spill
TRAVERSE CITY, Mich. - Michigan sought a pledge Friday from Enbridge Inc. to cover costs that would arise if oil were to leak from its dual pipelines that extend across a channel linking two of the Great Lakes. Department of Natural Resources Director Dan Eichinger asked the Canadian pipeline company to carry $900 million of liability insurance and set aside about $1.88 billion in additional assets for use as needed in the event of a catastrophic spill. The twin pipes run along the bottom [Read more]
Major new pipelines and mines must show path to net zero to get approved
OTTAWA - Proposals for new mines, power plants, pipelines and railways in Canada will have to include plans to hit net zero emissions by 2050 if they have any hope of getting approved. The federal government today is finalizing the rules for how climate change will be considered in environmental reviews of major national projects. The final report of the strategic assessment of climate change says any projects that must undergo a federal impact assessment will need to show how they are [Read more]
Premier’s former campaign manager gets senior post with Alberta Energy Regulator
EDMONTON - Premier Jason Kenney is dismissing accusations that the appointment of his former campaign manager to a senior post with the Alberta Energy Regulator is a patronage plum. Kenney says he wasn't aware that John Weissenberger had even applied for the job, and notes that the regulator operates at arm's length from the United Conservative government. He also says Weissenberger has a doctorate in geology and experience in the energy business. Weissenberger announced on social media [Read more]
Oilpatch optimism expected to rise as difficult second-quarter finally ends
CALGARY - A rebound in oil prices as consumer demand for gasoline rises will buoy energy companies as they give quarterly results starting next week, but analysts say there are still too many uncertainties to expect any new spending in the sector. The second-quarter reporting season for Canadian major oil and gas producers begins July 22, with results from Calgary-based Suncor Energy Inc. The three months ended June 30 were marked by depressed oil prices blamed on a glut of oil from [Read more]
Pieridae Energy says engineering company seeking exit from Goldboro LNG deal
CALGARY - Pieridae Energy Ltd. says the engineering company it hired to build its proposed Goldboro LNG export facility in Nova Scotia is withdrawing from an agreement to provide a fixed price contract for the job. The Calgary-based company says it has received written notice from Kellogg Brown & Root Ltd. that it is no longer prepared to enter into a lump-sum turnkey engineering, procurement, construction and commissioning contract for the project as agreed in March 2019, although it is [Read more]
Irving Oil cutting 250 jobs, six per cent of workforce, due to the economy
SAINT JOHN, N.B. - Irving Oil is cutting its workforce by 250 people or about six per cent in light of the current economic conditions. The New Brunswick-based company says the reductions will affect operations in Canada, the United States, Ireland and Britain. No timeline for the cuts was immediately available. Irving Oil president Ian Whitcomb says in a statement that the challenges faced in its business and industry "are unlike any we have ever experienced." He says the company [Read more]
N.L. judge says extension of offshore drilling licence unreasonable
ST. JOHN'S, N.L. - The Newfoundland and Labrador Supreme Court has ruled the province's regulatory oil and gas board acted unreasonably by extending an exploration drilling licence beyond the defined term limit. Justice Rosalie McGrath wrote in a July 3 decision the Canada-Newfoundland and Labrador Offshore Petroleum Board did not have authority to grant a company another licence covering the same area in the Gulf of St. Lawrence in 2017. The licence extended Corridor Resources Inc.'s [Read more]
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