CALGARY - Oilsands transport company Inter Pipeline Ltd. is reporting record second-quarter net income of $260 million or 63 cents per share, nearly double the $136 million or 35 cents it declared in the same period of 2018. The increase comes despite only a slight rise in revenue to $642 million from $631 million and a decrease in its core pipeline volumes to 1.34 million barrels per day from 1.38 million bpd a year earlier. Analysts had expected net income of $114 million on [Read more]
Alberta creates two industry panels to help reduce regulatory red tape
Alberta is moving into the next phase of its plan to cut regulatory red tape. Premier Jason Kenney's government announced Friday that two industry panels tasked with advising it on redundant and ineffectual rules will begin meeting next week. One panel is composed of oil and gas leaders, and the other is made of up of people in the tourism and hospitality industries. Grant Hunter, the associate minister in charge of the file, will chair both panels. The oil and gas panel includes Tim [Read more]
Ottawa opposes Saskatchewan’s move to have top court delay carbon tax case
REGINA - Ottawa is pushing back against Saskatchewan's request to have the Supreme Court of Canada delay hearing its challenge of the federal carbon tax. The press secretary for federal Environment and Climate Change Minister Catherine McKenna calls Saskatchewan's move an irresponsible example of Conservative politicians battling climate action using taxpayers' money. Sabrina Kim says the federal government has submitted arguments as to why the case should be heard in a timely manner, [Read more]
Coastal GasLink lacks assessments, halts work on part of LNG pipeline in B.C.
VANCOUVER - The company building a 670-kilometre natural gas pipeline from northeastern British Columbia to the coast in Kitimat, B.C., says clearing along a section of the pipeline route has been suspended because some work began before required assessments were in place. Coastal GasLink says in a statement that an internal audit determined archaeological impact assessments were not done before construction began at two points along the pipeline route east of Kitimat. The assessments are [Read more]
Enbridge helped by demand for pipeline capacity; Q2 adjusted earnings rise
CALGARY - Enbridge Inc. says a number of unusual factors boosted its second-quarter profit to $1.74 billion, while operations also performed well amid strong demand for transporting crude oil through its pipeline systems. Net income attributable to common shares of the Calgary-based company was 86 cents per share. That was up from $1.07 billion or 63 cents per share in last year's second-quarter, which also included unusual items. Enbridge's adjusted earnings and revenue [Read more]
Alberta hires former journalist to devise fight-back plan against energy foes
CALGARY - The Alberta government has hired a former journalist to develop a plan to fight back against oil and gas industry foes. Claudia Cattaneo retired last year as the National Post's western business columnist based in Calgary. Energy Minster Sonya Savage says Cattaneo has joined "the fight against lies and myths being spread about Alberta's energy industry." The United Conservative government's so-called fight-back strategy includes rebutting critics through a [Read more]
Oilsands CEOs take federal election message to voters in full-page newspaper ads
CALGARY - Three of Canada's biggest oilsands producers are going directly to voters today to ask them to "influence the outcome" of big decisions concerning the oil and gas sector as a fall federal election looms. In full-page ads in about 30 English and French daily newspapers across Canada, the CEOs of Canadian Natural Resources Ltd., Cenovus Energy Inc. and MEG Energy Corp. ask readers to call on "leaders of all political stripes" to lend their support to the energy industry. [Read more]
Oilsands production growth cut despite lower building costs in CERI forecast
CALGARY - Growth in oilsands production over the next 20 years is expected to be slower than previously forecast, despite falling project construction costs, according to a study update by the Canadian Energy Research Institute. Total oilsands output is expected to grow from about three million barrels per day in 2018 to between 4.1 million and 5.8 million bpd in 2039, based on low and high growth scenarios presented by the Calgary-based think-tank. In its reference or base case, [Read more]
Ministers set to discuss timing of carbon tax legal challenges during meeting
SASKATOON - Attorneys general from Alberta and Ontario say they will discuss the timeline of the different legal challenges launched against the federal carbon tax when they meet in Saskatoon today. The two justice ministers will be joined by their legal teams and their counterparts from New Brunswick and Saskatchewan. Saskatchewan is hosting the meeting to discuss the appeal to the Supreme Court of Canada. It argues a federally imposed carbon tax on consumers is [Read more]
Appeal of NEB pipeline jurisdiction decision ‘highly probable’: B.C. activist
CALGARY - B.C. environmental activist Mike Sawyer says it's "highly probable" he will appeal a National Energy Board ruling that a pipeline designed to deliver natural gas to the $40-billion LNG Canada project falls under provincial, not federal, jurisdiction. The NEB ruled Friday against Sawyer's application which contended the $6.2-billion Coastal GasLink project proposed by TC Energy Corp. falls under federal jurisdiction because it will connect with the Nova Gas Transmission Ltd. [Read more]
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