CALGARY - The Alberta Orphan Well Association says it has taken the "unprecedented" step of having a receiver appointed to manage the oil and gas assets of failed Trident Exploration. The industry association that takes care of wells in Alberta when the owner can't or won't says accounting firm PricewaterhouseCoopers has been appointed by a court to maintain the company's roster of more than 4,400 wells, pipelines and other licensed oil and gas assets. Private Calgary-based [Read more]
TransCanada reports $1B first-quarter profit, up from $734M a year ago
CALGARY - TransCanada Corp. topped expectations as it reported a profit of $1.00 billion in its latest quarter, up from $734 million a year ago, as its revenue edged higher. The pipeline company says the profit amounted to $1.09 per share for the quarter ended March 31. That compared with a profit of 83 cents per share in the same quarter last year. Revenue for what was the company's first quarter totalled $3.49 billion, compared with $3.42 billion in the first quarter of 2018. [Read more]
Canadian LNG project in Oregon faces one-year delay for regulatory approvals
CALGARY - A Calgary company proposing to build a US$10-billion LNG export facility in Oregon says the project timeline is being delayed by about a year. Pembina Pipeline Corp. says it has decided to minimize project spending at about $50 million this year as it tries to vault remaining regulatory and permitting hurdles for the Jordan Cove liquefied natural gas project at Coos Bay, Ore., and a related 370-kilometre pipeline. The reduced level of work is expected to result in construction [Read more]
Ex-Obama envoy Heyman details ‘ice age’ with Harper over Keystone pipeline
OTTAWA - Barack Obama's former envoy to Ottawa has pulled back the veil on how the previous Conservative government of Stephen Harper froze him out over the controversial Keystone XL pipeline. Bruce Heyman, who was the U.S. ambassador to Canada from 2014 to 2017, offers an on-the-record insider account of one of the worst-kept secrets in Ottawa diplomatic circles in a new book penned with his wife, Vicki. Harper had staked a lot of his government's reputation on getting U.S. approval for [Read more]
Energy company’s bankruptcy may show lenders viewing industry differently: CAPP
The bankruptcy of an energy company that plans to walk away from thousands of gas wells may be a sign lenders are changing how they look at the industry in light of a recent Supreme Court ruling. "The credit industry is evolving the way it looks at risk," said Brad Herald, a vice-president with the Canadian Association of Petroleum Producers. "We knew there could be some increased defaults because of that evolving assessment." On Wednesday, Trident Exploration of Calgary announced it was [Read more]
Alberta’s ‘turn-off-taps’ law makes gas price jumps and shortages real
VICTORIA - Get ready for higher gasoline prices and shortages in British Columbia and a supply surplus on the Prairies if Alberta Premier Jason Kenney uses a newly proclaimed law to restrict fuel exports to its western neighbour, say industry experts and court documents. "The one wild card factor that we really can't predict is the political factor: would, in fact, the Alberta government actually put in effect, in practice, the curtailment of gasoline and diesel shipments from Alberta to the [Read more]
Suncor still opposed to Alberta oil cuts despite ‘slightly positive’ Q1 impact
CALGARY - Suncor Energy Inc. remains a foe of the Alberta government-ordered oil production curtailments, but new CEO Mark Little says the program was actually "slightly positive" for the company's financial results in the first quarter. The Calgary-based oilsands producer and refining giant says net income for the first three months of the year beat analyst expectations thanks to higher oil prices, record downstream results, growing oilsands production and a $264-million after-tax insurance [Read more]
Ahead of Trudeau meeting, Kenney calls assessment bill a threat to unity
OTTAWA - Alberta Premier Jason Kenney says if the federal bill overhauling environmental assessments passes in its current form it will threaten Canadian unity and there will be "an immediate constitutional challenge." Kenney is at the Senate energy committee this morning to talk about Bill C-69, which he calls the "no more pipelines" bill. He is telling the committee the bill flagrantly violates Alberta's constitutional right to regulate its natural resources. The legislation [Read more]
Political antagonists, Alberta’s Jason Kenney and PM Trudeau to meet
OTTAWA - Jason Kenney will meet face-to-face today with the political foe he attacked relentlessly in his successful bid to become Alberta's premier: Prime Minister Justin Trudeau. The two are to meet this afternoon in the Prime Minister's Office, just hours after Kenney is to testify before a Senate committee studying the government's bill to re-write the rules for environmental assessments of energy projects. Kenney, a former federal Conservative cabinet minister, calls the [Read more]
Higher prices, volumes credited as Suncor beats estimates with a $1.47B profit
CALGARY - Suncor Energy Inc. is reporting first-quarter net income that beat analyst expectations thanks to higher oil prices, record downstream results, more oilsands production and a $264-million insurance gain on its assets in Libya. The Calgary-based oilsands producer and refining giant says it had net earnings of $1.47 billion or 93 cents per share in the three months ended March 31, up from $789 million or 48 cents in the same period of 2018. That's well ahead of analyst [Read more]
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