ConocoPhillips says it's cutting about 300 jobs following a deal to sell most of its Canadian oil and gas holdings to Cenovus Energy. Spokesman Rob Evans said the layoffs are needed to adjust to the smaller size of the company following the $17.7 billion deal announced in late March. He said the cuts will be mainly in Calgary, and employees will know by mid May if they've lost their job. The layoffs come as Calgary's overall unemployment rate has been slowly dropping, as the energy [Read more]
Canadian Natural Resources approves another expansion of Horizon oilsands project
CALGARY - Canadian Natural Resources says it has approved another expansion of its Horizon oilsands mine but must revisit the scope of the project because of unexpectedly robust production from two previous expansions. Horizon, which currently has a maximum design capacity of 182,000 barrels per day, is churning out 205,000 bpd of upgraded bitumen, the Calgary-based oil and natural gas producer (TSX:CNQ) said Thursday. Engineering work is taking place to determine how much more [Read more]
ConocoPhillips cutting 300 jobs in Calgary following Cenovus deal
CALGARY - ConocoPhillips says it's cutting about 300 jobs following a deal to sell most of its Canadian oil and gas holdings to Cenovus Energy (TSX:CVE). Spokesman Rob Evans said the layoffs are needed to adjust to the smaller size of the company following the $17.7 billion deal announced in late March. He said the cuts will be mainly in Calgary, and employees will know by mid May if they've lost their job. The layoffs come as Calgary's overall unemployment rate has been [Read more]
B.C. NDP vows to fight Trans Mountain pipeline, but won’t say how
VANCOUVER - The British Columbia New Democrat platform promises to use "every tool in the toolbox" to stop Kinder Morgan's Trans Mountain pipeline expansion from going ahead. But what are those tools? NDP Leader John Horgan isn't saying. "I'm going to be discussing those with the prime minister the day after the election," he said on a campaign stop this week in Kamloops. Standing on the bank of the South Thompson River, Horgan wasn't far from where former NDP leader [Read more]
STEP Energy Services raises $100 million in IPO, half of initial target
CALGARY - STEP Energy Services (TSX:STEP) says it has raised $100 million in an initial public offering, falling short of the $200 million target it set out earlier this year. The offering illustrates how even with Canadian oil and gas services producers recovering from a two-year crude price crash, accessing capital markets can be a struggle. Last month, Source Energy Services (TSX:SHLE) went public in the first major energy company IPO since October 2014, suggesting markets [Read more]
B.C. First Nation begins social media campaign against Kinder Morgan expansion
VANCOUVER - A British Columbia First Nation hopes selfies and social media will add clout to its battle against the planned expansion of an oil pipeline. The Tsleil-Waututh Nation has erected a billboard near downtown Vancouver that proclaims "I'm Another Voter Against the Pipeline." It invites supporters to take a selfie in front of the board and post it online as voters in British Columbia get ready to head to the polls on May 9. Tsleil-Waututh spokeswoman Charlene [Read more]
Regina steelmaking plant to supply 75% of Trans Mountain Pipeline expansion needs
CALGARY - Kinder Morgan says it plans to buy more than 75 per cent of the pipe it needs for its Trans Mountain Pipeline expansion from a steelmaking factory in Regina. It says it has an agreement to purchase about 250,000 tonnes of pipe, equivalent to 800 kilometres of pipeline, from EVRAZ North America. In a joint news release, both companies say material for the pipe will be sourced from EVRAZ's recycled metal operations in Alberta, Saskatchewan, Manitoba and Ontario. [Read more]
Encana Q1 profit exceeds analyst estimates by wide margin
CALGARY - The head of Encana Corp. (TSX:ECA) says the company will continue to invest in Canada and the U.S. even if President Donald Trump erects border taxes on Canadian energy exports. The Calgary-based oil and gas firm has focused exploration and production activities on four formations over the past several years: the Permian and Eagle Ford in Texas and the Montney and Duvernay in B.C. and Alberta. A border adjustment tax could make it more difficult for Canadian producers [Read more]
Suncor says Mildred Lake shipments resume following fire in March
CALGARY - Suncor Energy (TSX:SU) says that shipments from the Syncrude Mildred Lake oilsands operation have resumed following a fire in March. The company says Syncrude completed repairs and startup activities over the weekend to begin shipping product by pipeline. The fire burned for two days in March at the Mildred Lake oilsands upgrader after a pipeline began leaking near one of its two hydrotreating units. The plant can produce about 350,000 barrels per day when it is [Read more]
Pembina Pipeline to buy Veresen Inc. in friendly stock and cash deal
CALGARY - Pembina Pipeline Corp. announced Monday a $9.7-billion friendly takeover offer for Veresen Inc. in the latest case of energy companies pushing for scale and diversification in uncertain times. The Calgary-based companies both provide pipeline, storage and processing infrastructure in several key oil-and-gas producing areas of Western Canada, but their geographic and product profiles are complementary, their officials told a conference call with financial analysts. "We [Read more]
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