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Cenovus reports $1.36-billion Q4 loss due to deep discounts on Canadian oil

February 13, 20196:01 AM The Canadian Press0 Comments

Cenovus Energy

CALGARY - Cenovus Energy Inc. reported a $1.36-billion loss in its latest quarter as it faced deep discounts for Western Canadian Select oil. The company says the loss amounted to $1.10 per share for the quarter ended Dec. 31, compared with a profit of $620 million or 50 cents per share in the last three months of 2017 when its results were boosted by the sale of assets in Alberta and Saskatchewan. Cenovus had an operating loss from continuing operations of $1.67 billion or $1.36 [Read more]

Cenovus

$300K in damage: Calgary men charged after copper wire thefts from oilwell sites

February 12, 20191:50 PM The Canadian Press0 Comments

Pumpjacks

CALGARY - Two Calgary men face multiple charges after thefts of copper wire and tools at several rural oilwell sites. Police say about $300,000 in damage was caused by thieves who cut the wire out of buildings. The Calgary Police Service says it worked with RCMP to track, locate and arrest two suspects. Pieces of unstripped copper wire and heavy equipment tools, including bolt cutters and power tools, were found in a vehicle. Brian Tanner, who is 43, and Jonathan [Read more]

Indigenous pro-oil rally in Alberta stresses energy industry is vital for them

February 10, 20195:37 PM The Canadian Press0 Comments

LAC LA BICHE, Alta. - Indigenous supporters of Canada's oil and gas industry turned out here in force Sunday to make the point that the sector plays a vital role in their lives. "It doesn't matter if you're a business owner or a worker or an aboriginal community. We're all in this together," Lee Thom, a councillor from Kikino Metis Settlement, told a crowd gathered in a recreation centre in Lac La Biche, Alta. Rene Houle from Whitefish Lake First Nation said the energy industry [Read more]

B.C. Oil and Gas Commission warns Coastal GasLink over pipeline construction

February 8, 20196:15 PM The Canadian Press0 Comments

VANCOUVER - Coastal GasLink must submit a notice of construction at least 48 hours before it starts work under its permit to build a pipeline that is opposed by some members of the Wet'suwet'en First Nation, the B.C. Oil and Gas Commission said. The commission has warned the Calgary-based company after it received complaints from the Office of the Wet'suwet'en that alleged that Coastal GasLink engaged in construction without an archaeological impact assessment and also destroyed [Read more]

Washington Governor will try to influence Trans Mountain ‘every way’ it can

February 7, 20195:21 PM The Canadian Press0 Comments

SEATTLE - Washington Gov. Jay Inslee says his state shares concerns with British Columbia about the Trans Mountain pipeline expansion and will continue to voice its objections any way it can. Inslee made the comments at a joint news conference in Seattle on Thursday with B.C. Premier John Horgan, who is visiting the state to discuss partnerships on endangered killer whales, clean energy and high-speed rail. Asked how Washington could influence the pipeline project, Inslee replied: "Every [Read more]

Trans Mountain Pipeline

Alberta Government contributes $3.3M for huge solar farm in remote Fort Chipewyan

February 7, 20194:17 PM The Canadian Press0 Comments

EDMONTON - Alberta will work with Indigenous groups in the province's remote northeast corner on what the government says will be Canada's largest off-the-grid solar power project. The plan is for 7,500 solar panels to be erected at the power plant near the airport at Fort Chipewyan. It's expected the solar farm will be operating by next year and replace the equivalent of 800,000 litres of diesel fuel — about 25 per cent of the community's energy use. Alberta is contributing $3.3 [Read more]

CNQ partners in ‘significant’ South Africa offshore oil and gas find

February 7, 20199:44 AM The Canadian Press0 Comments

CALGARY - Canadian Natural Resources Ltd. says its partner in an deep water offshore drilling project in South Africa is reporting a "significant gas condensate" discovery. The Calgary-based company best known for its Alberta oilsands production traded an ownership stake in the offshore exploration block known for its challenging sea conditions to Total S.A. in 2013, in return for the French oil giant taking over as operator and covering initial exploration costs. Kevin [Read more]

Canadian Natural Resources

Higgs says no progress on carbon tax and other issues after meeting with Trudeau

February 5, 20195:22 PM The Canadian Press0 Comments

OTTAWA - New Brunswick Premier Blaine Higgs says his latest meeting with the prime minister produced little or no progress on major issues facing his province. Higgs met with Justin Trudeau on Tuesday in Ottawa, but the premier said there was no movement on the contentious issue of the federal government's carbon tax. New Brunswick is an intervener in legal challenges launched by Saskatchewan and Ontario and has launched its own legal challenge of the carbon tax. Higgs [Read more]

Carbon Tax

Pembina going ahead with polypropylene plant joint venture with Kuwaiti firm

February 4, 20197:19 AM The Canadian Press0 Comments

CALGARY - Pembina Pipeline Corp. says it is going ahead with its joint venture with Kuwait's Petrochemical Industries Co. to build an integrated propane dehydrogenation plant and polypropylene upgrading facility in Alberta. The project is estimated to cost $4.5 billion including the plants and supporting facilities. Pembina's share will be $2.5 billion including a 50 per cent interest in the joint venture, which will own the plants, and a 100 per cent stake in the supporting [Read more]

Pembina Pipeline

Supreme Court’s well ruling ‘credit negative’ for energy firms, says Moody’s

February 1, 20192:28 PM The Canadian Press0 Comments

Alberta pumpjack in the winter

CALGARY - A credit rating agency says high court support for the Alberta Energy Regulator's ability to force a bankruptcy trustee to pay out well-abandonment obligations before paying back creditors is credit negative for energy companies. Moody's Investor Services says the Supreme Court of Canada ruling Thursday creates a "super priority position" for payment of such liabilities over repaying other creditors. It says the decision potentially reduces how much a lender could [Read more]

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