CALGARY - MEG Energy Corp. shares rose, fell and rose again Thursday morning after it formally rejected a hostile takeover offer from oilsands rival Husky Energy Inc. The target company said after markets closed Wednesday that the Husky offer is opportunistic and undervalues its assets and prospects, adding it intends to conduct a formal process that could identify a white knight to make a better offer. MEG shares rose by as much as 21 cents to $11 in morning trading on the [Read more]
Economy and environment go hand-in-hand, says natural resources minister
KITIMAT, B.C. - Canada's natural resources minister says the environment and the economy go hand-in-hand after he toured the site of a new liquefied natural gas venture in British Columbia, days after the United Nations warned more needs to be done to cut greenhouse gas emissions. Amarjeet Sohi said Wednesday the government is showing leadership on climate change to meet the requirements of the 2015 Paris climate change agreement by putting a price on pollution, encouraging more investment in [Read more]
Kinder Morgan posts $1.35B Q3 income on Trans Mountain sale
CALGARY - Kinder Morgan Canada Ltd. is reporting third-quarter net income of $1.35 billion, although most of that is a one-time gain from the sale of its Trans Mountain pipeline and expansion project to the federal government. The energy infrastructure company, which trades on the Toronto Stock Exchange but is 70 per cent owned by Houston-based Kinder Morgan Inc., sold its Trans Mountain assets to Ottawa for $4.5 billion in a deal that closed Aug. 31. In a news release, it says [Read more]
Oilsands target MEG formally rejects Husky Energy’s $3.3-billion takeover bid
CALGARY - MEG Energy Corp. says its board is unanimously recommending that shareholders reject Husky Energy Inc.'s $3.3-billion hostile takeover offer made on Oct. 2. In a news release, the Calgary-based oilsands company says the offer "significantly undervalues" its shares and is not in the best interests of the company. Husky is offering a combination of cash or shares worth $11 for each MEG share. The maximum cash available under the deal is capped at $1 billion and the [Read more]
Little hope seen for oilpatch activity growth as steep price discounts continue
CALGARY - An energy analyst warns the Canadian oil and gas sector is in a holding pattern in which spending and production growth can't occur until new ways to get products to export markets are found. CIBC analyst Jon Morrison says in a report that steep discounts being paid for Canadian heavy and light oil production compared with U.S. benchmarks won't end soon and that means there's no money for producers to increase their drilling budgets. The report bodes poorly for Canada's energy [Read more]
Earth samples show dust from B.C. pipeline blast not a health threat: Enbridge
VANCOUVER - The company that owns the natural gas pipeline that ruptured and burned one week ago in central British Columbia, says the dust that settled on homes near the blast site does not pose a health threat. The latest post on the Enbridge website says earth sampling near Prince George shows mineral and metal composition is well below provincial and federal standards for urban and residential areas. Enbridge also says construction of an access road to the damaged line continues and [Read more]
Alberta NDP demands Opposition detail planned cuts to regulations, labour rules
EDMONTON - Alberta's NDP says Opposition Leader Jason Kenney needs to explain what regulations and labour rules he would cut if he were to win power. Environment Minister Shannon Phillips says any cuts — and Kenney's promise that he would push them through within weeks of a spring election victory — would unduly punish workers while threatening public health and safety. "The mask has slipped with respect to what Jason Kenney wants to do to the people of this province," Phillips, [Read more]
Blast site at Irving Oil refinery remains ‘hot zone’ that is off limits
SAINT JOHN, N.B. - A week after a fiery explosion at Canada's largest oil refinery rocked the east side of Saint John, N.B., investigators say they have yet to examine the blast site because it remains a "hot zone." At least four workers received minor injuries on Oct. 8 as swirling flames and black smoke rose into the sky above the sprawling Irving Oil refinery, which produces more than 320,000 barrels of refined products every day. Workers hit by the explosion reported hearing [Read more]
Enbridge to begin building road to access pipeline explosion site in B.C.
VANCOUVER - Enbridge Inc. says it has begun construction of a temporary access road to the site of a natural gas pipeline explosion in Prince George, B.C. In a news release issued Sunday the company says construction will take a few days, but it has no timeline on when the repair work will be completed. An explosion Tuesday knocked out a 91-centimetre line and another pipeline is supplying natural gas on a reduced basis. Enbridge says it has completed soil sampling and [Read more]
Unicorns and pipelines: Notley and enviro-activist square off on Trans Mountain
EDMONTON - Alberta Premier Rachel Notley, with her arch pipeline foe sitting just a few feet away in the front row, compared Trans Mountain protesters Saturday to dewy-eyed unicorn jockeys from Salt Spring Island, B.C. "I would say to those who oppose our fight to build this pipeline, that they are being extremely foolish," Notley said in a speech to a teachers convention. "Maybe on Salt Spring Island you can build an economy on condos and coffee shops, but not in Edmonton and [Read more]
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