CALGARY - Husky Energy Inc. says it plans to spend approximately $3.4 billion on its capital expenditure program next year. The energy company says the total is about $300 million less than it forecast earlier this year and includes spending cuts resulting from Alberta's mandated oil production cuts and lower global oil prices. The Alberta government has ordered production cuts in the oilpatch next year in a bid to boost oil prices. Husky says spending is being cut in [Read more]
More than 1,000 trucks rally for oil and gas industry south of Edmonton
NISKU, Alta. - More than a thousand trucks drove in a convoy south of Edmonton to protest the ailing state of the oil and natural gas industry. The convoy was part of a pro-pipeline rally featuring Opposition Conservative leader Andrew Scheer in Nisku, Alta. Laurie Ryan, of Laurlee Energy Services, says more pipeline capacity is needed to get Alberta energy products to world markets. Ryan says it is important to get fair market value for the benefit of families across Canada. Scheer [Read more]
New natural gas producer members back $3-million gas clean tech program
CALGARY - An industry-sponsored fund designed to help develop clean technology using Canadian natural gas is launching a $3-million call for project proposals. The Natural Gas Innovation Fund says the call for applications, with a February deadline, is being made possible by the addition of seven western Canadian natural gas producers to a membership previously made up of six natural gas utilities. The new members include the Canadian branches of two partners in the proposed $40-billion [Read more]
North American market hit new lows for the year after the Fed hikes rates
TORONTO - North American markets hit lows for the year in the wake of the Federal Reserve's move Wednesday to increase interest rates and provide a more dovish outlook that didn't go far enough for investors. Markets were trading higher until the 2 p.m. announcement, after which they plunged to set new lows for the year before rising a bit but not enough to prevent the lowest closings so far in 2018. The moves were "massive" for about an hour, said Michael Currie, vice-president and [Read more]
Hostile Husky takeover bid for MEG Energy now expected to succeed as proposed
CALGARY - A CIBC oil and gas analyst says the recent deterioration in crude oil prices makes it unlikely that a better offer will emerge to force Husky Energy Inc. to sweeten its hostile takeover bid for an oilsands rival. Husky reported Tuesday that it had received all necessary regulatory approvals for the takeover of MEG Energy Corp. and is now waiting for shareholders' response to its offer which expires in mid-January. Analyst Jon Morrison says in a research report that [Read more]
‘A start:’ Alberta critical of Ottawa’s $1.6B package for ailing energy sector
EDMONTON - Alberta Premier Rachel Notley says Ottawa's new $1.6-billion aid package for the oilpatch will help, but is essentially tone deaf and won't fix the pipeline bottleneck crippling the province. "We don't need help finding more markets. We need help moving our product, and I don't know that we could have been much more clear about that," Notley said Tuesday in Calgary. "Offering Alberta business owners and industry the opportunity to go further in debt is not any kind of [Read more]
Mid-sized Whitecap Resources unveils cautious $450-million capital budget
CALGARY - Oil and gas producer Whitecap Resources Inc. says it will choke back spending in the first half of 2019 in view of recent extreme volatility in world and western Canadian oil prices. The mid-sized producer says it will remain "cautious and defensive" with its plan to spend about $450 million next year, about the same as this year, to grow output by about six per cent to a fourth quarter average of about 78,000 barrels per day. Crude prices in Western Canada suffered [Read more]
Federal government unveils $1.6 billion boost for Canadian energy sector
OTTAWA—Canada’s battered energy industry will get a $1.6-billion boost from Ottawa on Tuesday to try to slow the political and economic bleeding. Natural Resources Minister Amarjeet Sohi and International Trade Diversification Minister Jim Carr will be at an Edmonton college campus to unveil a support package for oil and gas companies, which are reeling from record-low oil prices. The funds will be divided among several different programs, including money to help companies invest in clean [Read more]
Groups preparing new pipeline legal challenge, argue government’s mind made up
OTTAWA - A Vancouver-based environment charity is readying itself to go back to court if — or they believe when — the federal government re-approves the Trans Mountain pipeline expansion next year. The Wilderness Committee returned $25,000 in participant funding to the National Energy Board last month citing the short timeline for the board's new review on the marine impacts of the proposed expansion. Peter McCartney, climate campaigner for the committee, says the timelines are [Read more]
Ottawa to announce help for struggling oil patch, but no money for rail cars yet
OTTAWA - The federal government is taking a step Tuesday to help Canada's battered energy industry. Natural Resources Minister Amarjeet Sohi and International Trade Diversification Minister Jim Carr will be at an Edmonton college campus to unveil a support package for oil and gas companies to reach new markets. The announcement is in Alberta, but the funds are available to any oil and gas companies nationwide. Premier Notley has made no secret in recent weeks of her desire to have [Read more]
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