CALGARY - Canadian Natural Resources (TSX:CNQ) is hitting the restart button on a thermal oilsands project it suspended nearly two years ago, counting on lower costs to shave $100 million from the original $1.45-billion price tag. The Calgary-based company said Thursday it will move ahead with the half-built 40,000-barrel-per-day Kirby North project, starting with a $28-million engineering and procurement budget in 2017 that will focus on finding construction cost savings. The [Read more]
Penn West reduces Q3 loss to $232M, adjusts outlook in line with asset sales
CALGARY - Penn West Petroleum Ltd. (TSX:PWT) says its third-quarter revenue was less than half what it was a year ago, but its loss for the period was reduced by nearly 70 per cent as it slashed operating costs. The Calgary-based company's lost $232 million or 46 cents per share in the three months ended Sept. 30, an improvement from a $764-million loss or $1.52 per share in the third quarter of 2015. Oil and natural gas sales and other income totalled $115 million, down from [Read more]
NewsAlert:TransCanada sells U.S. power assets expected to deliver US$3.7B
CALGARY - Pipeline company TransCanada (TSX:TRP) says it expects to realize US$3.7 billion from the sale of its U.S. Northeast power business to two buyers. It announced earlier this year it would sell the assets in order to finance its purchase of the Columbia Pipeline Group. TransCanada also announced it plans to maintain full ownership interest in its Mexican natural gas pipeline business and said it would raise $3.2 billion through a bought deal offering of common shares. More [Read more]
Alberta carbon plan to shrink GDP, but province expects long-term growth
EDMONTON - Alberta released estimates Monday showing its climate change plan will shrink the economy in the short term, but Environment Minister Shannon Phillips said the figures are a work in progress. The province estimates the economic impact of the plan will be 0.3 or 0.4 per cent of the GDP by the year 2022, which translates into slower growth of .05 per cent per year during that time. It also estimates that getting a pipeline to tidewater, which would give Alberta a better price for [Read more]
Alliance opposed to oilsands development asks PM to denounce Enbridge
OTTAWA - A First Nations alliance opposed to expanding the oilsands wants the prime minister to condemn energy giant Enbridge Inc. for its alleged role in violating the rights of indigenous people in the United States. In North Dakota, hundreds of Standing Rock Sioux tribal members have been taking part in a massive protest of the 2,000-kilometre Dakota Access oil pipeline project, which they say will damage the region's water supply and endanger sacred sites. Enbridge says it is [Read more]
Federal government approves $1.3B Nova natural gas system expansion in Alberta
CALGARY - The federal government has conditionally approved an expansion of TransCanada's (TSX:TRP) Nova Gas Transmission gathering system in northern Alberta. The decision includes 36 binding conditions as set out by the National Energy Board in its recommendation for approval in June. Five of the conditions concern protection and restoration of caribou habitat as the project would run through three boreal woodland caribou ranges. Natural Resources Canada says it expects [Read more]
Dallas-based HollyFrontier to buy Petro-Canada Lubricants from Suncor for $1.125B
CALGARY - Suncor Energy (TSX:SU) will sell the Petro-Canada lubricants business for $1.125 billion to HollyFrontier Corp. of Dallas under a proposed deal announced Monday by the two companies. Calgary-based Suncor said it plans to sell a manufacturing, research and sales centre in Mississauga, west of Toronto, that supplies a broad spectrum of motor oils and fluids as well as specialty lubricants and high-purity oils sold around the world. HollyFrontier would also acquire a [Read more]
U.S. pipeline project pushes Enbridge Energy Partners to US$406.4-million loss
HOUSTON - Enbridge Energy Partners said it lost US$406 million in its third quarter, primarily due to the indefinite deferral of the proposed Sandpiper pipeline in the U.S. Midwest. The limited partnership managed by Calgary-based Enbridge Inc. (TSX:ENB) announced in September that it would shelve the long-delayed $2.6-billion Sandpiper pipeline because of a drop in expected crude oil production in North Dakota. The decision followed Enbridge's formation of a joint venture to buy [Read more]
Tougher Alberta rules convince oil and gas producers to accelerate well cleanups
CALGARY - Farmer Tony Nichols says he has mixed feelings about news that oil and gas companies in Alberta are accelerating voluntary reclamation of old well sites and pipelines. The handful of wells on his east central Alberta farm make navigation challenging for his farm equipment, but they've also been valuable contributors to farm income, paying between $2,000 and $3,000 each per year. "Yeah, they're a nuisance," says the 75-year-old. "You have to go around them. But you get [Read more]
Wildrose members give leader mandate to fight to end Alberta carbon tax
RED DEER, Alta. - Wildrose party members have given Official Opposition Leader Brian Jean a mandate to fight Alberta's looming carbon tax. Party rank and file, voting at the annual general meeting in Red Deer on Saturday, overwhelmingly endorsed a change to the policy manual in order to promise the Wildrose will repeal the $3-billion-a-year tax should it win power. "The members have ratified exactly our position on a very bad and regressive tax," Jean said later in an interview. [Read more]
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