BOE Report

Motion on carbon tax on agenda as Wildrose party holds annual general meeting

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RED DEER, Alta. - Wildrose Leader Brian Jean, in a rousing speech Friday to party members, lamented an Alberta he says has been driven to dysfunction and dystopia by Premier Rachel Notley's NDP government. And he implored party members to drive a symbolic stake through the heart of the NDP's carbon tax. "There is nothing compassionate about a cold, removed, and centralized government more interested in paperwork than taking care of the needs of our neighbours, our friends, (and) [Read more]

Husky Energy says response to Saskatchewan oil spill cost $90 million

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CALGARY - Husky Energy says it has spent about $90 million responding to a pipeline spill in July that sent some 225,000 litres of heavy oil and diluent into the North Saskatchewan River. The Calgary-based company said Thursday that it believes the amount spent up to Sept. 30, when its most recent quarter ended, represents the cost of the incident, but that could be revised. The company wrapped up shoreline cleanup efforts earlier this month after recovering about 210,000 litres. [Read more]

Cenovus, Suncor differ on how to spend billions sitting on their balance sheets

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CALGARY - Two of Canada's richest oilsands companies presented very different spending outlooks Thursday, with Cenovus Energy indicating it is looking farther afield to add refining capacity and Suncor Energy dousing speculation it is planning a buying spree. Suncor (TSX-SU), which has access to $3.1 billion in cash and $6.7 billion in unused credit, is focused on returning money to investors through higher dividends and share buybacks rather than investing in growth, CEO Steve Williams [Read more]

Feds defend Pacific NorthWest LNG decision as court challenges filed

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VANCOUVER - The federal government is standing behind its decision to approve the massive Pacific NorthWest LNG project, despite facing new court challenges and accusations that it has broken climate promises. Two First Nations and an environmental group filed separate applications for judicial review in Federal Court on Thursday. The actions aim to quash the government's approval of the $11.4-billion export terminal near Prince Rupert on Britsh Columbia's northern coast. The [Read more]

Cenovus Energy’s operating loss grows despite cost-cutting progress

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CALGARY - Cenovus Energy Inc. (TSX:CVE) reported a $251-million loss for the third quarter and said Thursday it's looking for additional areas to cut costs. The loss amounted to 30 cents per share of the Calgary-based company, which is active in Alberta's oilsands, conventional oil production and oil refining. A year earlier, Cenovus recorded a third-quarter profit of $1.8 billion or $2.16 per share, boosted by a $1.9-billion gain on asset sales that offset an operating loss. [Read more]

Suncor production recovery after wildfire leads to $392 million net profit

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CALGARY - Oilsands giant Suncor Energy is reporting net third-quarter earnings of $392 million compared with a net loss of $376 million in the same period of last year. The Calgary-based company reports a strong production rebound after second-quarter interruptions caused by the wildfire that swept through Fort McMurray, Alta. It says output from its own oilsands operations rose to 433,700 barrels per day in the three months ended Sept. 30 from 178,000 bpd in the second quarter. [Read more]

First Nations filing lawsuit against Pacific NorthWest LNG project

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VANCOUVER - First Nations and environmental groups are planning to file lawsuits Thursday against the federal government and Malaysian state-owned oil firm Petronas in an attempt to stop a liquefied natural gas project on British Columbia's northern coast. The $36-billion Pacific NorthWest LNG project which includes a pipeline and terminal proposed for Lelu Island near Prince Rupert, received conditional approval from the federal government last month. Gitanyow Hereditary Chiefs [Read more]

Back-to-business results expected from oilsands as wildfire impact dissipates

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CALGARY - Oilsands producers are expected to report back-to-business third-quarter results over the next few days as they shrug off lingering impacts of last May's devastating wildfires in Fort McMurray, Alta. While provincial estimates report that Alberta oilsands production dropped by about one million barrels per day in May and by about 700,000 bpd in June, financial analysts say the industry's main players were producing normal volumes in the three-month period that followed. [Read more]

NEB revises down oil production outlook on lower prices, changing regulations

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CALGARY - The National Energy Board has revised down its long-term outlook for oil prices and Canadian production in the face of lower global industry costs and stricter environmental regulations. In an update released Wednesday, the regulator projects inflation-adjusted oil prices rising to US$68 a barrel by 2020 and US$90 by 2040, $12 and $17 a barrel lower, respectively, than in its January report. "A lot of it is the ability of oil production to be sustained at lower prices," [Read more]

Trilogy estimates pipeline spill at 250,000 litres of oil and water

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CALGARY - Trilogy Energy Corp. estimates a leak from its pipeline in west-central Alberta released 250,000 litres of oil and water before it was discovered in early October. The company announced the preliminary estimate Tuesday, the same day the Alberta Energy Regulator formally launched an investigation of the spill 16 kilometres northeast of Fox Creek, Alta. The regulator said it would determine its own estimate of the size of the spill, which was made up of equal parts oil [Read more]