OTTAWA - Federal Liberals are nervous about the future of the Trans Mountain pipeline project as a political shake-up in British Columbia seems likely to produce a provincial government that opposes the plan. Liberals waited anxiously throughout the day for details of a deal between B.C. NDP Leader John Horgan and Green Party Leader Andrew Weaver and were greeted at day's end by news the deal had not only been signed, but specifically included a plan to oppose the pipeline. The [Read more]
Going public: A look at some of the biggest Canadian IPOs by value since 2000
TORONTO - Rarely has an IPO drawn as much political attention as Kinder Morgan's sale of its Canadian unit, a deal designed to fund the Trans Mountain pipeline expansion. At $1.75 billion, the public market debut of Kinder Morgan Canada (TSX:KML) is on track to be the fourth most valuable in Canadian history. Here's a look back at some of the biggest IPOs in Canada since Manulife Financial went public for $2.49 billion in 1999. The figures, based on data provided by Thomson Reuters, [Read more]
Five-year plan provides Husky Energy growth despite modest crude oil prices
CALGARY - Husky Energy (TSX:HSE) released a new five-year plan Tuesday that braces for lower oil prices while forecasting average production to grow by nearly five per cent annually. The Calgary-based company said it will aim to reduce its break-even price point by 2021 to US$32 per barrel from the current US$33.50. Crude settled Tuesday at $49.66 per barrel. "Over the next five years we see average production growth of about 4.8 per cent annually, approaching 400,000 barrels (of [Read more]
‘Mark my words:’ Alberta’s Notley says pipeline coming no matter B.C. politics
EDMONTON - Alberta Premier Rachel Notley wants everyone to mark her words: the Trans Mountain pipeline expansion will go ahead to deliver her province's oil to the West Coast and jobs to British Columbia. Notley says she doesn't believe it makes much difference who is running B.C., because the federal government has already approved the Kinder Morgan (TSX:KML) project. "The decision has been taken," she said Tuesday when asked about the pipeline as she was announcing a new [Read more]
B.C. NDP’s Horgan gathers caucus to ratify deal to govern with help of Greens
VICTORIA - British Columbia's New Democrats and Greens signed a four-year political manifesto Tuesday with a long list of ambitions to run the province, including a new voting system and a ban on corporate and union donations. It also seeks to stop the Kinder Morgan's $7.4 billion pipeline expansion project and require further reviews of the $8.8 billion Site C hydroelectric dam. But the unprecedented political agreement for an NDP minority government will have to wait until [Read more]
Kinder Morgan Canada shares fall in debut amid political uncertainty in B.C.
CALGARY - British Columbia's NDP and Greens are vowing to bring the Trans Mountain expansion to a halt should they form government, one of several promises that could have widespread ramifications on the business community that extend beyond the pipeline project. From B.C. to Bay Street, the alliance formalized Tuesday between the two parties served as a potential foreshock to the private sector. Kinder Morgan Canada, the proponent behind the Trans Mountain expansion, made a [Read more]
Trudeau stands by Kinder Morgan despite changing politics in B.C.
ROME - Prime Minister Justin Trudeau is standing by the Kinder Morgan pipeline project, even as the New Democrats and Greens in B.C. are teaming up to fight it. "The decision we took on the Trans Mountain pipeline was based on facts and evidence on what is in the best interests of Canadians and indeed, all of Canada," Trudeau said Tuesday in Rome at a joint news conference with Italian Prime Minister Paolo Gentiloni. "Regardless of the change in government in British Columbia or [Read more]
Trans Mountain IPO to proceed despite B.C. Green-NDP deal, Kinder Morgan says
CALGARY - Kinder Morgan says it expects to proceed Tuesday with its initial public offering for the Trans Mountain expansion, just as the anti-pipeline Greens and NDP in B.C. announced they have come to an agreement that could cast the project's future into doubt. Dave Conover, a spokesman for the Houston-based energy company, said in an email that the share listing will go ahead on the Toronto Stock Exchange. Conover's confirmation came shortly after the leaders of the B.C. [Read more]
Oilpatch recovery to boost Alberta, Saskatchewan growth, says Conference Board
CALGARY - The Conference Board of Canada says a slow recovery in the oil and gas sector will allow Alberta and Saskatchewan to emerge from recession and lead the provinces in economic growth this year. In its spring provincial outlook, the board says Alberta will have the fastest growing economy this year after two years of contractions. Real GDP is forecast to increase by 3.3 per cent, thanks to startup of a new oilsands refinery near Edmonton and efforts to rebuild Fort McMurray after [Read more]
Husky Oil to proceed with West White Rose project off Newfoundland
ST. JOHN'S, N.L. - One of the largest oil developments to be approved in Canada this year lit up Newfoundland and Labrador's bleak economic outlook as Husky Energy announced an expanded West White Rose project. "It's a happy day," Malcolm Maclean, senior Atlantic vice-president for Husky (TSX:HSE), told reporters Monday. There will be hundreds of jobs plus royalties, equity and tax benefits expected to top $3 billion for a province that has reeled since the oil price collapse. [Read more]
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