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]
B.C. Liberals to repeal Vancouver natural gas ban that city says doesn’t exist
VANCOUVER - The B.C. Liberals say they will repeal a City of Vancouver plan the party claims prohibits natural gas in some new buildings, but the city says no such ban exists. Andrew Wilkinson, candidate for Vancouver-Quilchena, said on Saturday the city's ban would increase costs to consumers, businesses and residents because it would raise building costs and create a reliance on electricity, which is more expensive. In a statement responding to the announcement, the city said [Read more]
Imperial Oil CEO defends absence from oilsands consolidation trend
CALGARY - CEO Rich Kruger said Friday his company has not been idle while other major Canadian producers snapped up oilsands assets from foreign rivals over the past year. The head of Imperial Oil (TSX:IMO) said the Calgary-based company, one of the top four oilsands producers in Canada, has been busy building and commissioning its Kearl oilsands mining project where the first phase started in 2013 and the second phase in 2015. It has also been dealing with operational issues at its [Read more]
Alberta Energy Regulator says will appeal Redwater case to Supreme Court
CALGARY - The Alberta Energy Regulator said Friday it will appeal to the Supreme Court of Canada a case that pits creditors' rights to oil and gas assets against environmental liabilities. The lawsuit involving bankrupt Redwater Energy Corp. has been closely watched as a precedent-setting case, as financial difficulties continue to afflict the oil and gas industry after more than two years of low commodity prices. On Monday, the Alberta Court of Appeal upheld in a 2-1 decision a [Read more]
Suncor CEO says more oilsands deals may appear in ‘exodus’ of foreign firms
CALGARY — Suncor Energy (TSX:SU) has a potential opportunity to make further purchases in Alberta's oilsands if foreign multinationals continue to exit the sector, the oil and gas company's chief executive said Thursday. Suncor feels no pressure to buy but is watching closely for opportunities and has the financial strength to act, Suncor CEO Steve Williams on a conference call with analysts. Williams said he doesn't think the "exodus" from the Alberta oilsands by big international [Read more]
Industry group raises oil and gas drilling forecast again on price stability
CALGARY - An oil and gas industry group is once again raising its drilling forecast for the year after seeing higher than expected activity. The Petroleum Services Association of Canada now expects 6,680 wells to be drilled across Canada in 2017, up about 60 per cent from what it had forecast in November. Association president Mark Salkeld said the stability of oil prices and lower costs are helping raise the expected number of wells. He said the biggest barriers to [Read more]
Alberta Court of Appeal upholds Redwater Energy decision
A court decision that gave secured creditors priority over environmental cleanup in the case of bankrupt Redwater Energy Corp. has been upheld by the Alberta Court of Appeal. The lawsuit has been closely watched as a precedent-setting case as bankruptcies continue to afflict the oil and gas industry after more than two years of low commodity prices. In a 2-1 decision released Monday, the appeal court upheld the ruling in favour of Grant Thornton, Redwater’s trustee in bankruptcy, and its [Read more]
Cenovus plans to accelerate drilling on acquired ConocoPhillips gas properties
CALGARY - Cenovus Energy (TSX:CVE) plans to ramp up the drilling of conventional gas wells on the lands it is buying from Houston-based ConocoPhillips in a $17.7-billion deal announced last month. The Calgary-based company intends to spend $650 million in 2019 to drill about 120 wells in what is known as the Deep Basin of northeastern B.C. and northwestern Alberta, CEO Brian Ferguson said in an interview on Friday. That's about five times the $120 million ConocoPhillips had [Read more]
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