EDMONTON - Alberta ended its most recent fiscal year with a $10.8 billion deficit and $33.3 billion in debt, but Finance Minister Joe Ceci said Thursday the economic outlook is improving and the NDP government still plans to balance its books in six years. The province's year-end financial statement said the Alberta economy shrank by more than seven per cent over 2015 and 2016 as the cratering in oil prices led to tens of thousands of layoffs and sharply cut government revenues. [Read more]
Oil price slump removes the ‘outrageous’ from Calgary Stampede party plans
CALGARY - Michael Werbisky fondly remembers getting the shaft at the posh Hyatt Regency Hotel during the Calgary Stampede about 10 years ago. The owner of Western Decor and Displays says he won a $50,000 contract to build an old-fashioned gold mine shaft in a hallway for a law firm's Stampede party, along with a saloon set and other rustic decorations. "We had it all done up in black material and the posts were done in rough wood and knee braces and so on, old-fashioned lanterns, [Read more]
RCMP investigate natural gas line blast west of Edmonton, no injuries
STONY PLAIN, Alta. - RCMP are investigating an explosion and fire caused by an apparent natural gas line breach just west of Edmonton. Police said no one was hurt by the blast in Stony Plain, which the fire department says appears to have been triggered when a construction crew hit a gas line. About 300 homes were forced to go without gas for the day, but service was restored by late Thursday evening. Fire officials said weather conditions helped crews minimize damage. [Read more]
What’s up for Canada Day? For a change, it’s not average gasoline prices
CALGARY - Canadian motorists hitting the road for the country's 150th Canada Day weekend are expected to find the lowest average gasoline prices in seven years, according to GasBuddy.com. The retail fuel price tracking company says that drivers will be paying an average of 104.4 cents per litre, 13 cents less than the 10-year average of $1.17 and the lowest Canada Day long weekend price since 2010. GasBuddy senior petroleum analyst Dan McTeague says the prices are a welcome [Read more]
Michigan looks at options to address spill risk of Enbridge’s underwater pipeline
CALGARY - Michigan has released a report looking at how to deal with the spill risk of Enbridge's Line 5 pipeline that runs exposed underwater in a strait between Lake Huron and Lake Michigan. The report Thursday by Dynamic Risk Assessment Systems found that building new pipelines around the Great Lakes would cost between US$2 billion and US$4 billion depending on the route. Barges and trucks were discounted as options because of the logistical constraints of trying to handle the 86 [Read more]
Head of NEB welcomes overhaul recommendations as way to keep up with times
CALGARY - The head of the National Energy Board says a proposed overhaul of how the federal regulator consults, operates and is organized will make it better prepared to respond to modern expectations. Speaking at the sidelines of an industry safety workshop Wednesday, NEB chairman Peter Watson says recommendations last month by a modernization panel could fix some of the limitations of the regulator and help it keep up with the times. "Some of the things at the root of our [Read more]
Canada Pension Plan arm commits up to $1 billion to U.S. energy partnership
TORONTO - The Canada Pension Plan Investment Board says it will commit up to $1 billion to a partnership with a Texas company which will buy oil and gas producing assets in the United States. CPPIB, which invests on behalf of the Canada Pension Plan, says its partner, Encino Energy, LLC, has pledged US$25 million to the partnership. It says the resulting company, dubbed Encino Acquisition Partners, will buy "large, high-quality assets" that have established production in mature [Read more]
Calgary businessman gets five years for defrauding oil and gas company
CALGARY - The co-founder of an Alberta oil and gas company has been sentenced to five years in prison for defrauding Arcan Resources Ltd., which he established with his brother and another man. Ian Wilson Fisher, 54, pleaded guilty Tuesday to fraud over $5,000, after being charged in August 2015. According to an agreed statement of facts, Fisher was operations manager at the time and created shell companies in 2008 and then made dozens of false invoices billing close to $5 [Read more]
Penn West name change approved; company plans growth with controlled spending
CALGARY - The CEO of Penn West Petroleum (TSX:PWT) says the oil and gas producer is changing more than its name as it looks to turn its back on its high-spending past and instead pursue affordable growth with spending budgets tightly tied to commodity prices. At its annual general meeting Monday, shareholders voted 92 per cent in favour of changing the Calgary-based company's name to Obsidian Energy. It is to start trading on the Toronto Stock Exchange under stock symbol OBE later this [Read more]
Brad Wall to extol free trade in meetings with western governors next week
REGINA - Saskatchewan Premier Brad Wall says he'll be reiterating a message about the importance of free trade when he attends a meeting of governors from western states. Wall says in a news release that his message next week will be the same one he delivered earlier this year in Iowa and Washington, D.C. — that Canada and the United States have both benefited greatly from liberalized trade. He says any renegotiation of the North American Free Trade Agreement must recognize just [Read more]
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