CALGARY - Enbridge Inc. says the U.S. Federal Trade Commission has approved its proposed takeover of Spectra Energy Corp. in what will be the largest foreign takeover by a Canadian company. The all-stock deal, which valued Spectra at $37 billion when it was announced last September, still requires approval under the Canadian Competition Act. Enbridge (TSX:ENB) said Thursday that as part of the clearance by the FTC, it will keep some information related to the Discovery offshore [Read more]
TransCanada refiles application in Nebraska for Keystone XL pipeline route
CALGARY - TransCanada is once again seeking approval of its Keystone XL pipeline route in Nebraska in the latest move to push the polarizing project forward since getting a nod from U.S. President Donald Trump. The energy company says the application it filed with the Nebraska Public Service Commission Thursday is the clearest path to achieving route certainty, adding that it expects a decision from the commission by the end of the year. But with Nebraska the source of some of [Read more]
TSB calls for re-evaluation of speed limits for trains carrying oil
Current speed limits for Canada's oil-carrying freight trains may be too high to prevent serious accidents and should be re-evaluated, the Transportation Safety Board said Thursday as it released the findings of its investigation into a fiery 2015 derailment in northern Ontario. The TSB said its review of the incident that dumped 1.7 million litres of crude oil into the local ecosystem has raised concerns about the existing Transport Canada rules, particularly as they apply to older [Read more]
Cenovus Energy posts $545 million 2016 loss but returns to profitability in Q4
CALGARY - Cenovus Energy (TSX:CVE) ended 2016 with a $545 million loss for the full year but squeezed out a profit in the fourth quarter. The Calgary-based company — which is both an oil producer in Alberta and an oil refiner in the United States — says it had $91 million or 11 cents per share of net income in the fourth quarter ended Dec. 31. That compared with a loss of $641 million or 77 cents per share in the fourth quarter of 2015. Cenovus Energy CEO Brian Ferguson [Read more]
Encana posts reduced losses in 2016, expects 2017 to be a year of growth
CALGARY - Encana Corp. (TSX:ECA) says it delivered on its strategic objectives last year and is now poised for growth, after losing US$944 million in 2016 and US$5.17 billion in 2015. The 2016 full-year loss, which Encana reports in U.S. currency, included $1.4 billion of asset writedowns — substantially less than in 2015, when Encana recorded US$6.47 billion of impairments reflecting the reduced value of its assets. The Calgary-based company, which has focused its efforts on [Read more]
B.C. signs LNG benefits deals with First Nations on proposed Petronas project
VICTORIA - The manager of a proposed liquefied natural gas export plant on British Columbia's northern coast joined Premier Christy Clark Wednesday in touting two agreements reached with First Nations as important milestones for the project's future. Clark and Wan Badrul Hisham, Pacific NorthWest LNG's chief project manager, said the land, cash and environmental agreements are important steps forward. However, neither was prepared to make an official announcement about the [Read more]
Trudeau-Trump meeting provides measure of comfort for Corporate Canada
CALGARY - The sigh from the C-Suite was one of relief as Canadian business leaders took comfort Monday in the positive tone on trade struck by Prime Minister Justin Trudeau and President Donald Trump. From the forestry industry to the automotive sector to the oilpatch, Corporate Canada kept a close eye on the first one-on-one meeting between the two leaders, parsing every word they uttered for clues on the future of trade between the two countries. Trump, who won the U.S. [Read more]
Superior Plus to buy Canwest Propane from Gibson Energy for $412 million
TORONTO - Superior Plus Corp. (TSX:SPB) has signed a deal to buy the Canwest Propane industrial propane business in Western Canada from Gibson Energy Inc. (TSX:GEI) for $412 million. Canwest is a 30-year-old company with more than 50,000 customers, including international, national and large regional companies, making it one of Canada's largest industrial propane distributors. Toronto-based Superior Plus said it's aiming to find at least $20 million in pre-tax synergies within 24 [Read more]
Survey praises Canadian Arctic companies for respecting indigenous rights
An international survey on resource development in the Arctic has ranked Canadian companies among the highest in the world for their policies on respecting indigenous rights. A report from a member of the Norwegian Institute of International Affairs says that four of the top 10 companies operating north of the Arctic Circle are Canadian. They include miners such as Teck Resources (TSX:TCK.a) and energy majors such as Imperial Oil (TSX:IMO). "Companies operating in Canada and the [Read more]
Statoil shift to offshore over oilsands improves market access, say analysts
CALGARY - A week after Statoil sold off all its assets in Alberta's oilsands, it looked eastward, to Newfoundland's offshore. There, the Norwegian energy giant saw opportunity in the North Atlantic, announcing this week plans to drill two offshore exploratory wells this summer in the Flemish Pass Basin, roughly 500 kilometres east of St. John's, N.L. It is a gamble — pulling out of one area with vast pools of proven oil reserves, while simultaneously launching a drilling program [Read more]
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