CALGARY - Encana Corp. says it's even more optimistic about its prospects in 2017 than it was a few months ago. The Calgary-based oil and gas company (TSX:ECA) now expects its corporate profit margin to be above US$10 per barrel of oil equivalent. That's 25 per cent higher than the $8 per barrel margin anticipated at Encana's investor day in October. Encana says its new projection is based on anticipated cost reductions and higher total volumes in the second half of 2017. [Read more]
AltaGas formally commits to building B.C.’s first propane export terminal
CALGARY - AltaGas Ltd. says it has committed to building what it expects to be the first propane export terminal on Canada's west coast after receiving approval from federal regulators. The Calgary-based company (TSX:ALA) said Tuesday it plans to soon start construction on the roughly $475-million Ridley Export Terminal near Prince Rupert, B.C., with the goal of exporting propane by early 2019. The project is expected to create 200 to 250 construction jobs and about 40 to 50 [Read more]
Wildrose nixes NDP call to sack electricity critic over climate change skepticism
EDMONTON - Alberta's NDP says the Opposition Wildrose party needs to sack one of its critics for refusing to acknowledge the reality of climate change. NDP caucus member Shaye Anderson said Tuesday that the Wildrose's Don MacIntyre has made similar comments in the past, and his denials undermine his effectiveness as critic for electricity and renewables. "Time and time again, Mr. MacIntyre has made comments that are drawn from climate change-denying conspiracy theorists,” said [Read more]
Alberta minister says province ‘still standing’ on Day 2 of carbon tax
EDMONTON - Alberta Environment Minister Shannon Phillips said the province was "still standing" a day after its carbon tax took effect, and Albertans who opposed the levy could start seeing rebate cheques within days. But Opposition Wildrose critic Don MacIntyre said the majority of Albertans continue to oppose the tax, and that the science isn't settled on whether humans are responsible for the majority of climate change. The tax officially began Sunday, adding 4.5 cents per [Read more]
Alberta’s NDP government defends carbon tax on day when prices rise
EDMONTON - Alberta's NDP government jumped to defend its new carbon tax from detractors on New Year's Day as consumers got their first taste of some of the new prices they'll be paying in 2017. Deputy Premier Sarah Hoffman addressed reporters at the legislature on Sunday, where she stressed the link between the tax and getting pipelines to tidewater approved. Hoffman notes Prime Minister Justin Trudeau was clear when he approved Kinder Morgan's expansion of the Trans Mountain [Read more]
Ridgeback completes Lightstream takeover, prepares for 2017 under new identity
CALGARY - Lightstream Resources Ltd. is preparing to enter the new year with a new identity and owners but the same management team following the sale of the Calgary-based company's oil and gas assets to its creditors. Ridgeback Resources Inc. officially takes over the Lightstream business on Jan. 1, following a court-supervised sale process that closed Friday. Its creditors received shares in the new firm based on how much Lightstream debt they held. The companies say [Read more]
With blueprints done, Notley set to take hammer, saw to Alberta economy in 2017
EDMONTON - The blueprints are completed, so Alberta Premier Rachel Notley will begin hammering and sawing away at Alberta's energy base and economy in the coming year, in some cases stripping it down to the studs. "I reserve my right to come out with a couple of extra things, but I think at this point you've seen the majority of (the plan)," Notley said in a year-end interview with The Canadian Press. "Now it's about implementing and executing." They're changes that [Read more]
B.C.’s LNG minister predicts northern coast LNG decision by mid-2017
VICTORIA - British Columbia's minister of natural gas development is offering an optimistic prediction about the future of the proposed $36-billion Pacific NorthWest LNG project on B.C.'s northern coast. Rich Coleman says a decision on the development near Prince Rupert could come within the first six months of 2017. Coleman says he is very familiar with the development's design and tendering process and he anticipates several more meetings by mid-January with officials from [Read more]
Pipelines selected as Canadian Press business news story of the year
CALGARY - The increasingly divisive debate over pipelines, with the economic benefits and environmental concerns they carry, has been selected as The Canadian Press business story of the year. In an annual survey of newsrooms across the country, pipeline development edged out another politically charged issue — real estate — by a single vote, a reflection of how the two stories competed for attention throughout 2016. The year saw Prime Minister Justin Trudeau attempt to strike a [Read more]
In 2017, Canadian economy will get its first taste of the Trump era
OTTAWA - The Canadian economy exits 2016 with bruises from the still-tough adjustment to weak crude prices and scars from the devastating wildfires that singed the oil patch. It enters 2017 with lingering challenges and a potential new obstacle that could attract more attention than the rest: the economic unknowns of a Donald Trump presidency. While it remains to be seen what will become of the U.S. president-elect's vows in areas like taxation, trade and investment, their [Read more]
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