CALGARY - Oilsands producer MEG Energy Corp. says it has selected veteran oilman Derek Evans to replace interim CEO Harvey Doerr. The appointment comes less than five months after Evans' retirement from Pengrowth Energy Corp., where he had been CEO for nine years. At the time, 61-year-old Evans said he would take a few months off but planned to assume an undefined advocacy role for the oil and gas industry after that. MEG chairman Jeffrey McCaig says Evans was selected [Read more]
Saudi Arabian crude oil imports to Canada easy to replace, says energy economist
CALGARY - Canada can easily replace the oil it imports from Saudi Arabia should relations with the Middle Eastern kingdom deteriorate to the point that trade in crude is halted, says an energy economist. But this week's trade tension escalation means Canada will be on the sidelines as the Saudis try to diversify their economy away from its dependence on oil and gas, said Omar Allam, a Canadian consultant who specializes in advice on doing business in Saudi Arabia. Eastern [Read more]
Cost to twin Trans Mountain pipeline now $1.9B higher, Kinder Morgan says
OTTAWA - Kinder Morgan Canada documents say expanding the Trans Mountain pipeline will cost the federal government another $1.9 billion beyond the company's original construction estimate and will take another full year to complete. The figure is included in documents Kinder Morgan Canada filed Tuesday with the United States Security and Exchange Commission related to the company's plan to sell the pipeline to the Canadian government for $4.5 billion. Kinder Morgan has long said [Read more]
Questions persist after oil spill at Nova Scotia Power generating station
HALIFAX - An environmental activist says an oil spill in Halifax harbour might be a good opportunity for Nova Scotia Power to reconsider its use of crude oil. The utility said Monday it could be weeks before crews fully clean up about 5,000 litres of oil at the Tufts Cove generating station, and Ecology Action Centre policy director Mark Butler said he has questions about how the oil spilled and how long it took to be discovered. "One of my questions would be, understanding [Read more]
Enbridge Inc reports improved second-quarter earnings amid asset sales
CALGARY - Pipeline operator Enbridge Inc. reports better-than-expected second-quarter earnings of $1.07 billion, as it worked to sell a number of non-core assets to help eliminate debt. The Calgary-based company's profit amounted to 63 cents per share and compared with $919 million, or 56 cents per share in the second quarter of 2017. Both quarters included the impact of a number of unusual items. Adjusted earnings came in at 65 cents per share, up from 41 cents in the [Read more]
Feds mull further changes to carbon tax plan amid U.S. tax changes and tariffs
OTTAWA - The federal carbon pricing system for heavy emitters, softened last week to ease the impact on Canadian industry, could be amended even further this fall as Ottawa looks to address competitiveness fears in corporate Canada fuelled by U.S. tax cuts, tariffs and environmental policy roll backs. Environment Canada also now has to consult on the proposed plan with more than a dozen industrial sectors specific to Ontario that weren't originally expected to be affected by the federal [Read more]
Canadian Natural unveils plan to add 100,000 bpd of Horizon oilsands output
CALGARY - Canadian Natural Resources Ltd. said Thursday it will spend an additional $170 million this year to advance projects that could add almost 100,000 barrels per day of production at its Horizon oilsands mine in northern Alberta. The Calgary-based company said its increased spending will be used to advance engineering and buy equipment for the projects which could be constructed through 2019 and 2020. Canadian Natural will present "a clear execution strategy and cost estimates for [Read more]
Bidder selected to buy insolvent oilsands producer Connacher for $113.5M
CALGARY - Insolvent junior oilsands producer Connacher Oil and Gas Ltd. says a buyout bid by East River Oil and Gas Ltd. has been selected in a court-supervised sales process. Documents show East River would pay $113.5 million to buy Connacher if the deal is approved by the courts and company creditors later this year. The transaction would allow Connacher to exit Companies' Creditors Arrangement Act protection after more than two years. The sales process was launched in March after [Read more]
TransCanada beats expectations in Q2 despite falling profits
CALGARY - TransCanada Corp. reports second-quarter profits fell by 11 per cent as the pipeline operator also announced it would sell wind power assets in Quebec for some $630 million. Net income attributable to common shareholders amounted to $785 million, or 88 cents per share, down from $881 million, or $1.01 per share during the same period in 2017. The most recent quarter included an $11 million after-tax loss related to the winding down of U.S. Northeast power marketing [Read more]
AltaGas founder remains mum on sudden resignation of CEO David Harris
CALGARY - The chairman of AltaGas Ltd. says its leadership team is "stepping in and stepping up" in the wake of the sudden departure of president and CEO David Harris last week. AltaGas founder and chairman David Cornhill, who is filling in with director Phillip Knoll as interim co-CEOs of the Calgary-based company, said at the start of a conference call he will not take questions about why Harris has left the company. He repeated information in a statement last week that Harris [Read more]
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