EDMONTON - Alberta Premier Rachel Notley is urging patience as her government grapples with a budget deficit projected to hit almost $11 billion this year While the situation is bad, it would have been far worse if her NDP party had lost the last election to the Progressive Conservatives, Notley said in a spirited speech to Unifor union members at their convention in Ottawa on Wednesday. "Our province, we know, cannot run deficits indefinitely," Notley said. "We know that. We're [Read more]
Newfoundland boasts about latest oil and gas data from the Orphan Basin
ST. JOHN'S, N.L. - The Newfoundland and Labrador government has delivered some encouraging news about its potential offshore oil and gas resources, saying new seismic data is pointing to huge reserves in West Orphan Basin. Premier Dwight Ball announced Wednesday that an independent assessment of nine parcels in the basin found they could contain 25.5 billion barrels of oil and 20.6 trillion cubic feet of gas. The Canada-Newfoundland and Labrador Offshore Petroleum Board, which [Read more]
NEB to consider response to bias perceptions on Energy East panel
CALGARY - The National Energy Board says it is accepting written comments on motions calling for two of three people to step down from a panel reviewing the Energy East Pipeline over perceptions of bias. The move follows revelations, first reported by the National Observer, that panel members Jacques Gauthier and Lyne Mercier met privately with Jean Charest early last year while he was a consultant for TransCanada (TSX:TRP), the company behind the $15.7-billion Energy East project. [Read more]
Prince Albert lifts water restrictions in place after Husky oil spill
PRINCE ALBERT, Sask. - All water restrictions have been lifted in a city that was forced to close its water intakes after an oil spill on the North Saskatchewan River. The city of Prince Albert says it's confident there is ample supply from two temporary water pipelines, so residents can start watering lawns, washing vehicles and filling pools. People were told to conserve water after a Husky Energy pipeline leak last month spilled up to 250,000 litres of oil mixed with a lighter [Read more]
Study casts doubts about environmental benefits of Canadian LNG export industry
CALGARY - A new study is raising questions about the degree to which exports of Canadian liquefied natural gas would help reduce carbon emissions abroad — a core justification for developing such an industry. The C.D. Howe Institute released a report Wednesday that concluded that Canada's LNG exports could reduce carbon emissions in parts of Asia, but would likely increase emissions in the majority of other potential markets. The development of LNG exports requires power to cool [Read more]
Bank of Montreal sees profit rise despite rise in oilpatch loan losses
TORONTO - The Bank of Montreal, the first of Canada's big banks to report its third-quarter results, saw profits grow by four per cent in what one analyst says could be a signal that concerns over rising loan losses in the oilpatch may be overblown. BMO (TSX:BMO) reported net income of $1.25 billion during the quarter, up from $1.19 billion during the comparable three-month period ended July 31. On a per share basis, BMO's earnings amounted to $1.86, compared with $1.80 during [Read more]
Fire adds to deficit: Key numbers in Alberta’s first-quarter fiscal update
EDMONTON - Alberta Finance Minister Joe Ceci released revised budget estimates Tuesday in his 2016-17 first-quarter fiscal update. Here are some key numbers: $10.9 billion — Alberta's estimated deficit pushed up $500 million to almost $11 billion by the wildfire in Fort McMurray $195 million — Amount paid out by the province in disaster relief after federal aid transfers $300 million — Amount Alberta estimates it lost due to wildfire's impact on energy and forestry [Read more]
Fort McMurray wildfire adds $500M to Alberta’s projected deficit
EDMONTON - The devastating Fort McMurray wildfire is expected to torch Alberta's bottom line by about $500 million this year. Finance Minister Joe Ceci says he has had to revise the projected deficit upward in his first-quarter fiscal update to almost $11 billion from $10.4 billion. "I don't need to tell my fellow Albertans that as a result of the oil-price shock, the economic headwinds facing Alberta remain strong. Albertans see that every day. Many are suffering significant [Read more]
Enbridge files with SEC to raise up to US$7 billion through debt and shares
CALGARY - Enbridge Inc. is preparing to raise as much as US$7 billion through a mix of debt and shares, according to a filing with the U.S. Securities and Exchange Commission. Canada's largest pipeline company said in the filing that it plans to use funds raised for general corporate purposes including reducing debt and financing capital spending, but it doesn't expect to spend the money on any specific project. Calgary-based Enbridge (TSX:ENB) said it could raise the money over [Read more]
AIMCo investing US$500M in Howard Midstream for more U.S. oil and gas exposure
CALGARY - Alberta Investment Management Corp. says it is investing US$500 million in Howard Midstream Energy Partners to expand its exposure to the U.S. energy sector. The provincially-owned investment corporation said Monday it had already bought US$300 million worth of Howard Energy Partners preferred units and has committed to buy US$200 million more. AIMCo said the deal gives it exposure to an attractive infrastructure portfolio that will produce stable, fee-based cash flows. [Read more]
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