CALGARY - The cost of looking after hundreds of wells, pipelines and other oilfield gear left behind by bankrupt Lexin Resources Ltd. has exceeded $2 million and the bills continue to roll in, says Alberta's Orphan Well Association. The association was handed responsibility for nearly 1,100 wells plus associated equipment after the Alberta Energy Regulator took the unusual step last February of shutting down all Lexin operations. The AER accused the Calgary-based oil and gas [Read more]
Suncor names shifts Mark Little to role of chief operating officer
CALGARY - Suncor Energy has named Mark Little as chief operating officer at the oilsands giant, shifting him from his current role as president of upstream operations. The company says he will be responsible for all operations and many of its corporate services as Suncor looks to push for efficiencies at both its own operations and at its majority-owned Syncrude facilities where he is chair of the board of directors. Suncor (TSX:SU) says Little has been with the company since [Read more]
TransCanada reports $612-million Q3 profit, awaits Keystone XL ruling
CALGARY - TransCanada Corp. said Thursday it received broad interest for space on its Keystone XL pipeline, with a final investment decision on the project possibly weeks away. The company (TSX:TRP) closed an extended bidding window for space on the pipeline on Oct. 26 and said in an earnings call that it continues to review the terms of the bids. CEO Russ Girling said he expects the final numbers to show enough support to underpin the project. "Overall we anticipate [Read more]
Tourmaline Oil chops 2018 budget by half a billion dollars due to low gas prices
CALGARY - Tourmaline Oil Corp. (TSX:TOU) says it is cutting its 2018 capital spending budget by half a billion dollars because of persistently low natural gas prices. The Calgary-based oil and gas company says it will dial back production growth to 10 per cent from a planned 15 per cent next year as it spends $1.08 billion, down from previous plans to spend $1.52 billion. The announcement signals a major change in strategy for the fast-growing company founded by industry veteran [Read more]
Supreme Court to decide on handling of abandoned oil wells
OTTAWA - The Supreme Court of Canada will hear an appeal from Alberta's energy regulator that seeks to overturn a ruling that could allow bankrupt energy companies to walk away from cleaning up abandoned oil wells. The decision could affect industrial sites across the country. The question is whether a cleanup order from a provincial body is a legal obligation or a financial liability, says Nigel Bankes, dean of natural resources law at the University of Calgary. "When a [Read more]
TransCanada reports $612-million Q3 profit, up from loss a year ago
CALGARY - TransCanada Corp. earned $612 million in its latest quarter compared with a loss a year ago. The pipeline company (TSX:TRP) says the profit amounted to 70 cents per share for the quarter ended Sept. 30. That compared with a loss of $135 million or 17 cents per share a year ago. Revenue fell to $3.24 billion compared with $3.63 billion in the same quarter last year. The company says comparable earnings for the quarter fell to a profit of $614 million or [Read more]
B.C. pipeline lawsuit dropped over worries costs would bankrupt non-profit group
VANCOUVER - A non-profit group has abandoned a legal challenge of the Trans Mountain pipeline project in British Columbia, saying losing the case could bankrupt the organization. Duff Conacher of Democracy Watch says the advocacy group decided to withdraw its legal action after the B.C. Supreme Court judge assigned to the case suggested from the bench the premier was not responsible for the decision to grant environmental approval to Kinder Morgan's pipeline expansion. The [Read more]
Alberta Premier Notley accuses male MLAs of ‘mansplaining’ and ‘hepeating’ over pipelines
Gender and vocabulary are clashing on the floor of the Alberta legislature. Premier Rachel Notley, one day after accusing a male opponent of mansplaining, is calling out another for “hepeating.” It came Wednesday during question period after United Conservative member Jason Nixon lauded Notley for taking his party’s advice on the fight to get more pipelines built, but also suggested Notley needs to do more. Notley rejected that statement, then added: “Can I just introduce a new word [Read more]
Encana Corp. reports third-quarter profit and revenue down from year ago
CALGARY - Encana Corp. (TSX:ECA) has no plans to spend more to increase production despite recent world oil price increases linked to unrest in Saudi Arabia, CEO Doug Suttles said Wednesday. He said the Calgary-based oil and gas company, which has a capital spending budget of about $1.7 billion this year, is wary of cost inflation and unconvinced that recent price increases will last. "If we ramp up activity, if we believe prices are strong, we'd only do that if we believe it's [Read more]
Keyera’s profits fall in latest earnings, as company announces new pipeline
CALGARY - Natural gas processor and transporter Keyera Corp. (TSX:KEY) saw its profits swing lower in its latest quarterly report released Tuesday after markets closed. The Calgary-based company saw its net earnings fall to $38 million or 20 cents per share in the third quarter ended Sept. 30 compared to $52 million or 28 cents per share a year ago. Keyera also announced plans Tuesday to construct a pipeline system to bring infrastructure and services to producers developing the [Read more]
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