BOE Report

Alberta premier says oil cut plan working, takes yuletide jab at prime minister

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SLAVE LAKE, Alta. - Alberta Premier Rachel Notley says the decision to cut oil production seems to be working, but says it's not a long-term solution. Notley has ordered companies to cut production by almost nine per cent starting in the new year to close the price gap between Alberta oil and the North American benchmark. That price gap was growing so wide that vast reserves of oil were building up in Alberta and the price was falling through the floor, leading to fears of massive job cuts and [Read more]

AltaGas slashes dividend, sells remaining stake in B.C. hydroelectric operation

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CALGARY - AltaGas Ltd. is slashing its dividend by 56 per cent and selling its remaining majority stake in a B.C. hydroelectric power operation for $1.39 billion. The Calgary-based company says it will now pay a monthly dividend of eight cents per share, down from 18.25 cents per share. The cut to its payments to shareholders came as AltaGas announced plans to sell its remaining 55 per cent in the Northwest Hydro Facilities to a joint venture that is controlled by Axium [Read more]

Regulator schedules hearings for B.C. LNG natural gas pipeline challenge

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CALGARY - The National Energy Board is scheduling hearings over the next three months to consider a jurisdictional challenge of the approval of a pipeline needed to supply natural gas to the recently sanctioned $40-billion LNG Canada project. But planning for construction to begin early next year will continue based on the $6.2-billion Coastal GasLink Pipeline's provincial approvals and permits, said a spokeswoman for the project. The NEB hearings will consider only the question [Read more]

N.L. to enjoy fastest-growing economy thanks to oil production: report

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A dramatic economic turnaround is being predicted for Newfoundland and Labrador next year. The Conference Board of Canada says it is expected to lead the provinces in economic growth, thanks to offshore oil royalties. Just a year after having the weakest economic outlook in 2018, the province's real GDP is expected to grow by 5.2 per cent in 2019. Prince Edward Island and British Columbia are also expected to see strong growth of 2.7 per cent next year, with P.E.I. [Read more]

‘Part of the solution:’ Alberta seeks proposals to build new refinery

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EDMONTON - Alberta Premier Rachel Notley says the province is seeking expressions of interest in building a new refinery. Notley says a new refinery makes sense for Alberta where oil is being sold at bargain basement prices due to a glut and lack of pipeline capacity to get it to market. While the rest of the world sells its oil at about $50 per barrel, Notley has said Alberta fetches only $10. She says the successful refinery proposal will create jobs and will include [Read more]

Enbridge announces $1.8B in pipeline spending; raises dividend 10 per cent

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CALGARY - Enbridge Inc. is announcing $1.8 billion in new investments, including the $265-million purchase of pipeline and terminal assets in northern Alberta from oilsands producer Athabasca Oil Corp. The Calgary-based pipeline, utility and power company says it will also spend US$600 million to buy a 22.75 per cent interest in the Gray Oak Liquids Pipeline, which is under construction and expected to deliver light crude oil to Corpus Christi, Texas, starting in late 2019. [Read more]

Cenovus plans $1.2 billion to $1.4 billion in capital spending for 2019

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CALGARY - Cenovus Energy Inc. is planning total capital spending of between $1.2 billion and $1.4 billion for next year. The plan compares with its guidance for this year of between $1.3 billion and $1.4 billion. Cenovus says the reduction compared with its 2018 forecast is largely due to efficiency improvements and reduced development plans as a result of the current commodity price environment. The company says the majority of its budget for 2019 will be spent at its [Read more]

North American markets endure wild ride, bounce back from deep losses

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TORONTO - North American investors endured another wild ride Monday as markets rebounded from deep declines in trading on broad-based weakness led by the energy sector. "This is a market that just lacks conviction at the moment," said Craig Fehr, Canadian markets strategist for Edward Jones. "Not only is today a good example of that when we've seen some steep losses midday get reversed...but I think we've seen that show up over the past two weeks as well where two weeks ago we [Read more]

Husky Energy offers apology for largest ever oil spill off Newfoundland coast

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ST. JOHN'S, N.L. - Husky Energy is apologizing for Newfoundland's largest-ever oil spill last month, which saw 250,000 litres leak into the ocean. The huge spill of oil, water and gas happened while Husky Energy's SeaRose platform was preparing to restart production during a fierce storm that was, at the time, the most intense in the world. In a statement Monday, the company says it is "deeply sorry" for the incident and is committed to learning from it and putting measures in place "to [Read more]

Cdn environment groups tell world Canada failing to slow emissions from oil and gas

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OTTAWA - Canadian environment groups are at the global climate-change conference in Poland today calling out the federal government for letting the oil and gas industry undermine Canada's efforts to be a climate leader. Environmental Defence and Stand Earth are among the groups releasing a report that shows emissions from the oil-and-gas sector continue to rise and intensive lobbying from the industry means about 80 per cent of those emissions will be exempt from the federal carbon [Read more]