CALGARY - Crescent Point Energy is adjusting its executive pay criteria, cutting $25 million from 2018 capital spending and announcing an asset sale to pay down debt as it faces a showdown with a dissident shareholder at its annual meeting on Friday. It reported a surprise net loss of $91 million or 17 cents per share for the three months ended March 31, compared with a net profit of $119 million in the year-earlier period. Analysts had expected a profit of seven cents according to [Read more]
N.S. premier to pitch federal panel on offshore oil, gas exploration
HALIFAX - Nova Scotia's premier says he will make the case for allowing offshore development to co-exist with the coastal fishery, when he goes before a federal panel on marine protected areas on Friday. Stephen McNeil will travel to Moncton, N.B., where he will appear before the National Advisory Panel on Marine Protected Area Standards. "We want to make sure that we work with the national government to achieve their objective of looking for marine protected areas," McNeil said following [Read more]
Canadian Natural choked back heavy oil output due to pipeline-linked low prices
CALGARY - Canadian Natural Resources Ltd. says it choked back heavy oil production by about 17,000 barrels per day in the first quarter to avoid selling at low prices it blames on poor pipeline capacity out of Western Canada. The company says it is now gradually ramping up output from its heavy oil wells in northern Alberta as the discount being paid for Western Canadian Select grade oil has narrowed in comparison with the U.S. benchmark West Texas Intermediate. Fellow Calgary-based [Read more]
Suncor CEO says he’s ‘encouraged’ new pipelines will be built after PM’s visit
CALGARY - The CEO of oilsands giant Suncor Energy Inc. says he's confident new oil pipelines will be built after hosting Prime Minister Justin Trudeau at its newly opened Fort Hills oilsands mine in early April. The message he left with Trudeau was that pipeline access must be assured if the industry is to attract the capital it needs to grow, Steve Williams said on a conference call on Wednesday. "We don't want these new projects to have to bear the burden of some of these (oil price) [Read more]
TC Pipelines LP slashes distributions after U.S. move to eliminate tax break
CALGARY - TC PipeLines LP slashed its distributions to unitholders after a move in March by the U.S. government to eliminate a tax break for owners of certain interstate pipelines. The partnership, which is held in part by TransCanada Corp., says it would pay a first-quarter distribution of 65 cents per unit, down from its earlier payout of $1. The decision by the U.S. Federal Energy Regulatory Commission to no longer allow master limited partnerships to recover an income tax allowance [Read more]
Suncor reports lower net earnings as weather outage cuts into oilsands output
CALGARY - Suncor Energy Inc. says net earnings in the first quarter of 2018 fell to $789 million or 48 cents per share, compared to $1.35 billion or 81 cents per share in the same period of 2017. Net earnings included a $329-million non-cash foreign exchange loss and a non-cash gain of $133 million from an exchange of lands with Canbriam Energy Inc. It missed analyst expectations of $1.05 billion or 63 cents as reported by Thomson Reuters. Operating earnings, which strip [Read more]
Encana reports US$151M first-quarter profit, production up from year ago
CALGARY - Encana Corp. earned US$151 million in its latest quarter as it worked to increase production. The natural gas company, which keeps its books in U.S. dollars, says the profit amounted to 16 cents per diluted share for the three months ended March 31. That compared with a profit of $431 million or 44 cents per diluted share a year ago when the company benefited from a larger unrealized gain on risk management. Operating earnings amounted to $156 million for [Read more]
Provincial permits don’t consider Species at Risk Act: Environment Canada
OTTAWA - Recovery of Canada's declining caribou herds is being hampered because provincial agencies that license development on the habitat of the threatened species aren't required to follow federal environmental laws. "It is a concern," said Jonathan Wilkinson, parliamentary secretary to Environment Minister Catherine McKenna. On Monday, Environment Canada released a report assessing how provinces are doing in protecting habitat for caribou, a threatened species in every [Read more]
PM sells Trans Mountain pipeline as Amazon announces expansion in Vancouver
VANCOUVER - Prime Minister Justin Trudeau promoted the expansion of retail giant Amazon's technology hub in Vancouver on Monday as he used the region's record-high gas prices to continue selling the expansion of the Trans Mountain pipeline. "I know that part of the challenge that folks across the Lower Mainland and B.C. are facing right now is related to the fact that we are connected so closely to the U.S. market and to what happens in the United States," Trudeau said as the price of gas [Read more]
No relief in sight as gasoline price hits four-year high over $1.33 per litre
CALGARY - Canadians celebrating the onset of summer driving season have been dismayed by another spring phenomenon — rising gasoline prices across the country. According to GasBuddy.com, the average price of regular gasoline in Canada on Monday was about $1.33 per litre, up 22 cents from the average of $1.11 per litre at the same time last year. The record high for the same day was set in 2014 at just over $1.37. Vancouver region prices have spiked to all-time record highs over $1.61 [Read more]
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