BOE Report

Cenovus Energy reports $69M third-quarter loss, production more than doubles

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CALGARY - Two Calgary-based oilsands producers reported huge production gains in their most recent quarters after spending billions of dollars last spring to buy assets from foreign companies anxious to exit the northern Alberta heavy oil resource. Canadian Natural Resources Ltd. (TSX:CNQ) said Thursday that for the first time, its output averaged more than one million barrels of oil equivalent per day during its third quarter ended Sept. 30. Production was up 41 per cent from the [Read more]

Emission-cutting policies expected to close refineries, new report says

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CALGARY - The Carbon Tracker Initiative says about 100 of the world's refineries may be forced to shut down in the next 18 years due to shrinking fuel demand as carbon emissions reduction policies are implemented. But the London-based environmental group says Canadian refineries are among the most likely to remain open as they pay less for the oilsands crude they use, which means their refining operations have healthier profit margins than many others. Author Andrew Grant says [Read more]

Canada not walking the walk on cutting greenhouse gas emissions: OECD head

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TORONTO - To an international diplomat, the irony is painful — the country that promised action on climate change is falling behind while the country that has spurned a major treaty on the issue is making progress. That's Canada and the United States, Angel Gurria, secretary-general of the Organization for Economic Co-operation and Development, said Wednesday. "It's a bit of a paradox, here," Gurria told The Canadian Press. "In Canada, you have a situation where you have a very [Read more]

Oil patch wants “flexibility” on coming methane cuts or says jobs are at risk

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EDMONTON - Thousands of jobs in the oil patch are at risk if governments try to impose the wrong approach to cutting back a highly potent greenhouse gas, says an industry lobby group. "Let's take the best opportunities as opposed to being very prescriptive," Tim McMillan, head of the Canadian Association of Petroleum Producers, said Monday. The federal and Alberta governments, with industry support, have announced plans to reduce emissions of methane by up to 45 per cent by 2025. [Read more]

Cenovus names former TransCanada executive Alex Pourbaix as new chief executive

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CALGARY - Cenovus Energy Inc. (TSX:CVE) is naming Alex Pourbaix as its new president and chief executive. Pourbaix retired from TransCanada Corp. earlier this year where he was most recently chief operating officer. He starts the new job on Nov. 6 and will also be a member of the Cenovus board of directors. He replaces Brian Ferguson, who is retiring after 33 years with Cenovus and its predecessor companies. Cenovus is an integrated oil company with oilsands [Read more]

Manitoba sets carbon tax at $25 a tonne as Trudeau warns feds will impose price

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WINNIPEG - The federal and Manitoba governments moved closer to a clash over carbon pricing Friday, as Prime Minister Justin Trudeau said his government will impose a carbon tax in Manitoba if need be. "There will be a federal backstop and if any province doesn't move forward in an appropriate way, the federal government will ensure that the equivalent price on carbon is applied to the specific jurisdiction," Trudeau said in Saint-Bruno-de-Montarville, just east of Montreal. "We [Read more]

Kinder Morgan appeals to energy board over permit delays for pipeline expansion

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VANCOUVER - Kinder Morgan Canada Ltd. (TSX:KML) wants the National Energy Board to clear the way for work on the Burnaby, B.C., portion of its Trans Mountain pipeline expansion project. A statement released by the company says it wants a determination from the board allowing the work to begin, even though it has failed to obtain municipal permits from the City of Burnaby. Kinder Morgan says Burnaby's "failure to act in a timely manner raises serious issues of jurisdiction" [Read more]

Imperial Oil reports $371-million third-quarter profit, down from year ago

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CALGARY - Imperial Oil Ltd. reported a smaller third-quarter profit compared with a year ago when it benefited from the sale of its retail sites. The energy company says it earned $371 million or 44 cents per diluted share in its third quarter compared with a profit of $1 billion or $1.18 per share in the same quarter last year. The year-ago results included a gain of $716 million or 84 cents per share from Imperial's sale of 497 Esso-branded gas stations. The company [Read more]

Province defies federal government demand for $50 a tonne price on carbon

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WINNIPEG - Manitoba's Progressive Conservative government will announce a carbon tax of $25 a tonne Friday — to be implemented sometime next year — and keep it at that rate, a government source familiar with the file confirmed to The Canadian Press. The source, who spoke on condition of anonymity because they were not authorized to speak on the record, said the province will refuse to follow federal government demands to raise the tax to $50 a tonne by 2022. The source confirmed [Read more]

Irving Oil fined after pleading guilty in 2013 Lac Megantic disaster

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SAINT JOHN, N.B. - Irving Oil has been ordered to pay $4 million after pleading guilty to 34 counts stemming from the investigation into the 2013 rail disaster in Lac Megantic, Que. The charges under the Transportation of Dangerous Goods Act result from a joint investigation by Transport Canada and the RCMP that was prompted by the deadly train derailment. On July 6, 2013, a train carrying 7.7 million litres of crude oil sped toward the small Quebec town at 104 km/h before [Read more]