GRANDE PRAIRIE, Alta. - RCMP are investigating an explosion at an oil and gas facility in northwestern Alberta. Emergency crews responded to a blast Friday afternoon at a compressor building near Musreau Lake south of Grande Prairie. Three people working near the building were hurt. RCMP say they were transported to hospital with non-life threatening injuries. Investigators say there is no public safety concern. [Read more]
Failure of MEG takeover deal is ‘credit positive’ for Husky, says agency
CALGARY - Shares in oilsands producer MEG Energy Corp. continued to slide Friday after a credit rating agency said rival Husky Energy Inc.'s failure to consummate a hostile takeover bid was actually "credit positive" for Husky. After falling 35.6 per cent on Thursday, MEG stock traded down by as much as 3.3 per cent on Friday morning on the Toronto Stock Exchange. Husky, after gaining 12.4 per cent Thursday, fell by as much as 4.2 per cent Friday. Husky's decision to abandon its bid for [Read more]
Alberta spending millions to promote Trans Mountain oil pipeline expansion
EDMONTON - The Alberta government is spending $23.4 million to convince Canadians why a major oil pipeline project is needed. The marketing campaign, Keep Canada Working, is aimed at getting people to support the Trans Mountain pipeline expansion. The project would triple the amount of oil that flows from Alberta to the B.C. coast for export and increase its value. The message is that Trans Mountain would boost Canada's economy and support jobs across the country. The money is for [Read more]
Alberta premier warns Opposition United Conservatives eyeing toll roads
EDMONTON - Premier Rachel Notley says Opposition Leader Jason Kenney's plan to build user-pay infrastructure if his party is elected can mean only one thing — tolls on roads. In a speech to energy producers in Edmonton, Notley suggested that recent comments by Kenney lauding user-pay infrastructure can only mean he would bring in tolls for drivers. She said that would affect everything from industrial users to families driving to the store on weekends to go shopping. [Read more]
NEB rejects Burnaby’s bid to stop work at Trans Mountain pipeline terminal
BURNABY, B.C. - The National Energy Board has rejected the City of Burnaby's request that it rescind orders allowing the company building the Trans Mountain pipeline expansion to conduct work at its terminal in the city. The Metro Vancouver city had asked that the board cancel the orders after the Federal Court of Appeal quashed government approval for the expansion project. Burnaby had argued the terminal work was primarily related to the project, but the board said in a written decision [Read more]
Indigenous energy firm touts job creation in joint venture to make bitumen pucks
CALGARY - The CEO of an Indigenous energy company says a project to transform oilsands bitumen into pucks for safer shipping to customers around the world will potentially create needed jobs in northern Alberta while helping to recycle plastic litter. Jeff Paquin says the project his company, Wapahki Energy Ltd., is working on with Canadian National Railway Co. could also result in a long-term revenue stream for its owner, the Heart Lake First Nation, a tiny community of about 250 members [Read more]
Bernier looks to strike some popular chords during first East Coast stops
SAINT JOHN, N.B. - Maxime Bernier looked to garner support for his fledgling People's Party of Canada Thursday as he spoke to a small business audience in New Brunswick — his first East Coast foray since starting his new party four months ago. He pitched his support for a revived Energy East pipeline, reducing equalization and removing barriers to interprovincial trade. Speaking to about 60 members of the Saint John Region Chamber of Commerce, Bernier said the federal government needs to [Read more]
Natural gas producer Peyto Exploration shares fall on dividend and spending cuts
CALGARY - Shares in Peyto Exploration and Development Corp. fell by as much as 15 per cent after it said it would cut its dividend and capital spending due to low natural gas prices in Western Canada. In early trading on the Toronto Stock Exchange on Thursday, the Calgary-based company's shares fell to a low of $6.91 from their Wednesday close of $7.93. Peyto, which says it is the fifth largest natural gas producer in Canada, says it is temporarily cutting its monthly dividend to [Read more]
Husky Energy walks away from its hostile takeover bid for MEG Energy
CALGARY - Husky Energy Inc. is walking away from its hostile takeover offer for MEG Energy Corp. after failing to win enough shareholder support. Husky says there have also been several negative surprises in the market since it first announced its offer at the end of September last year. The company cited production cuts for the oil industry mandated by the Alberta government and a lack of progress on Canadian oil export pipeline developments. The company's offer for MEG [Read more]
Wait until Trans Mountain pipe built before buying in, Indigenous investors told
CALGARY - Indigenous communities interested in taking an equity stake in the Trans Mountain pipeline should wait until after its controversial expansion is built to avoid risk, says Barrie Robb, a principal with Fivars Consulting Ltd. of Calgary. Taking an ownership stake in a major energy project can deliver significant rewards, said the consultant who helped broker a $545-million investment by two northern Alberta Indigenous communities in a Suncor Energy Inc. oilsands storage tank farm in [Read more]
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