CALGARY - Negative market reaction to a slight rise in its 2018 spending plan by natural gas producer Seven Generations Energy Ltd. (TSX:VII) shows how little patience investors have for anything but conservative management in the oilpatch, analysts say. On Thursday, shares in the company plunged by as much as 10 per cent after it announced it would increase its budget by five per cent to about $1.75 billion next year compared with 2017. The stock closed at $16.58, down $1.37 or nine per [Read more]
Suncor Energy’s 2018 capital spending plan set at nearly $5 billion
CALGARY - Suncor Energy Inc. (TSX:SU) says it will spend between $4.5 billion and $5 billion in 2018 to deliver average upstream production of about 760,000 barrels of oil equivalent per day. The midpoint in spending guidance represents a decline of about $750 million from the 2017 budget and is largely in line with analyst expectations. The Calgary-based company, Canada's largest energy firm by market capitalization, says its spending next year will largely be focused on [Read more]
Obsidian Energy settles with U.S. Securities Commission over fraud charges
CALGARY - Obsidian Energy Ltd. says it has reached a US$8.5-million settlement with the U.S. Securities and Exchange Commission over fraud-related charges filed earlier this year. The SEC had alleged the company and three executives participated in a "multi-year accounting fraud" where hundreds of millions of dollars were moved from operating expense accounts to capital expenditure accounts to improve the appearance of its operating metrics. Under the settlement, the company [Read more]
New Cenovus Energy CEO says he will fix balance sheet and regain trust
CALGARY - The new CEO of Cenovus Energy Inc. (TSX:CVE) says he will focus on paying down debt through asset sales as he works to regain the trust of investors. Alex Pourbaix, 52, says he wants to ensure the Calgary-based company produces oil and gas that's cost competitive with any other region of the world to ensure ongoing profitability. The lawyer who retired last spring as chief operating officer of pipeline company TransCanada Corp. (TSX:TRP) says supporting new energy [Read more]
Ambitious Canadian coal plan vulnerable to provincial ‘slippage,’ critics say
Canada's drive to shut down all of its coal-fired power plants by 2030 could be undermined by provincial side-deals like the one currently being negotiated with Nova Scotia, critics say. "A 2030 date, overall for Canada, is achievable and ambitious — it strikes that sweet spot," Erin Flanagan, federal program director at the Pembina Institute, said Tuesday. "We don't want to see any policy slippage during the negotiations ... We want to make sure that each of the provinces is [Read more]
Nebraska regulators to vote on TransCanada’s Keystone XL pipeline next week
LINCOLN, Neb. - A decision on the last major regulatory hurdle for TransCanada (TSX:TRP) in its nine-year quest to complete the Keystone XL pipeline will be made next week. The Nebraska Public Service Commission says in statement that a vote on the application will be held during its meeting on Nov. 20. Approving the project would allow TransCanada to gain access to holdout landowners' property using Nebraska's eminent domain laws. The pipeline would transport oilsands [Read more]
Cenovus agrees to sell Saskatchewan enhanced oil recovery assets to Whitecap
CALGARY - Cenovus Energy Inc. (TSX:CVE) says it is selling its majority stake in a Saskatchewan enhanced-oil recovery project to Calgary-based Whitecap Resources Inc. (TSX:WCP) for $940 million. The deal is the last on a list of four asset sales the major oilsands producer vowed to complete to help pay for its $17.7-billion acquisition of most of the Canadian assets of Houston-based ConocoPhillips earlier this year. It has previously agreed to sell its Palliser assets in [Read more]
AltaCorp Capital founder, oil and gas financier George Gosbee dies suddenly
CALGARY - Investment firm AltaCorp Capital Inc. says its founder and CEO, Calgary oil and gas financier George Gosbee, died suddenly on Sunday. Gosbee was a former governor of the National Hockey League and, in 2013, led a group to purchase the Arizona Coyotes and restructure the team. Current team owner Andrew Barroway tweeted he was "deeply saddened" by the news. Gosbee, 48, founded AltaCorp Capital in 2010 and struck a deal to partner it with ATB Financial, an Alberta [Read more]
Canada’s push to eliminate coal power takes on U.S. clean coal in Bonn
OTTAWA - Climate change talks in Germany are headed for a collision course on coal this week — and Canada is right in the middle of it. Environment Minister Catherine McKenna is arriving today in Bonn, Germany, to attend the second week of COP23, the annual United Nations climate change talks that two years ago led to the Paris climate change accord. This year, the parties to Paris are hammering out rules for how that accord will be implemented, how carbon will be counted and how [Read more]
Canadian Natural proposes bitumen-only expansion at its Horizon oilsands mine
CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) is considering adding a 30,000- to 40,000-barrel-per-day bitumen-only project to its Horizon oilsands mine to take advantage of excess ore production and pipeline capacity. The proposed project could be approved by the company as early as 2019 and would continue a trend in the sector to bolt on brownfield production to avoid the high costs and risks of building new mines from scratch. "Canadian Natural has a near-term [Read more]
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