CALGARY - The National Energy Board says crude-by-rail exports from Canada rose to a record 229,544 barrels per day in August. That's up more than 11 per cent from 206,624 bpd in July and 91 per cent from just under 120,000 bpd in August 2017. Pipeline export constraints are being blamed for a glut of oil in Western Canada that have caused the price discount to peak at more than US$50 per barrel for Western Canadian Select oilsands blend versus New York benchmark West Texas [Read more]
Alberta’s Notley announces candidacy, slams Kenney in speech to NDP members
EDMONTON - Rachel Notley has made it official, announcing she will run again in the next election, touting her government's record while slamming opponent Jason Kenney as a self-serving policy huckster. "I'm am not done fighting because we have only just begun!" said Notley to a standing ovation in her keynote address Sunday to party faithful. "My name is Rachel Notley, and I am running again to be your premier!" It was one of 15 standing ovations as Notley spoke Sunday to 1,200 [Read more]
Industrial natural gas users put backup plans in action ahead of winter shortage
VANCOUVER - A natural gas shortage projected to stretch through the winter months could mean higher vegetable prices this spring, as gas users from mills to local governments hustle to conserve and find alternative fuel sources. The shortage follows a pipeline explosion near Prince George earlier this month and one of the province's largest utilities, FortisBC, says it means supply will be reduce by 50 to 80 per cent during the coldest months of the year. Linda Delli Santi, executive [Read more]
NEB orders tighter safety measures at B.C. site of natural gas pipeline blast
VICTORIA - The National Energy Board has issued new safety orders for a pipeline explosion site in north-central British Columbia to strictly monitor natural gas flows to protect people and the environment. The federal regulator says in a statement it ordered Calgary-based Enbridge to limit gas flows at 80 per cent pressure levels as a safeguard near the blast site, located about 15 kilometres northeast of Prince George. The Oct. 9 explosion ruptured a 91-centimetre natural pipeline, but [Read more]
Government support for energy sector growth urgently needed, says bank CEO
CALGARY - The CEO of the Royal Bank says the oil and gas sector is poised to deliver billions of dollars in new revenue to Canadian governments over the next decade by meeting growing global energy demand but it can't do it without urgently needed support. Dave McKay, who has previously taken Ottawa to task over Canada's lagging tax competitiveness with the U.S., says a new RBC study suggests that Canadian governments could earn an extra $195 billion in revenues between now and 2030 with the [Read more]
U.S. Exxon lawsuit takes aim at Alberta oilsands over climate risks
A lawsuit filed this week in a U.S. court says ExxonMobil has dramatically underestimated the risks its oilsands assets face from efforts to reduce carbon emissions. The lawsuit, filed after a three-year investigation by the New York attorney general's office, charges that Exxon deliberately lowballed by $30 billion the carbon costs faced by 14 different Alberta oilsands operations it runs through its subsidiary Imperial Oil. "For one of these projects, an investment at Kearl (oilsands [Read more]
Trans Mountain like Monty Python’s dead parrot under Trudeau government: Scheer
CALGARY - The federal Opposition leader is likening the stalled Trans Mountain pipeline expansion to a famous Monty Python sketch in which two men argue over whether a parrot is actually dead. "(Prime Minister) Justin Trudeau has bought a pipeline with no plan to actually build it. Conservatives will build pipelines without having to buy them," Conservative Leader Andrew Scheer told the Energy Relaunch conference in Calgary on Thursday. "I believe it is Justin Trudeau's strategy to not [Read more]
Vermilion Energy hikes 2019 budget after buying Wyoming assets for $186 million
CALGARY - International oil and gas producer Vermilion Energy Inc. is increasing its exposure to the U.S., announcing a $186-million acquisition of assets in the Powder River Basin in Wyoming near its existing operations. It says the purchase includes wells producing about 2,500 barrels of oil equivalent per day (63 per cent oil and natural gas liquids) as well as land upon which it expects to drill 93 future wells using horizontal drilling and multi-stage hydraulic fracturing [Read more]
Crescent Point reports $30.5M Q3 profit compared with a loss a year ago
CALGARY - Crescent Point Energy Corp. posted a profit of $30.5 million in its latest quarter compared with a loss of $270.6 million a year ago. The energy company says the profit amounted to six cents per share for the quarter ended Sept. 30 compared with a loss of 50 cents per share in the same quarter last year. Production in what was the company's third quarter averaged 174,275 barrels of oil equivalent per day compared with 176,069 boepd in the third quarter last year. [Read more]
Husky Energy reports third-quarter profit up from year ago, tops expectations
CALGARY - Husky Energy Inc. topped expectations as it said it earned $545 million in its latest quarter, up sharply from $136 million in the same quarter last year. The energy company says the profit amounted to 53 cents per share for the quarter ended Sept. 30, compared with a profit of 13 cents per share a year ago. Production in the quarter totalled 297,000 barrels of oil equivalent per day, down from 318,000 boepd. On an adjusted basis, Husky says it earned 57 cents [Read more]
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