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]
Imperial Oil Q3 profit edges above $1 billion, thanks to sale of gas stations
CALGARY - Lower production due in part to unexpected repair work at Canada's newest oilsands mine was offset by near-record high production at one of its oldest in the third quarter, Imperial Oil (TSX:IMO) reported Friday. The Calgary-based company said its Kearl mine project averaged 159,000 barrels per day of bitumen in the three months ended Sept. 30, down 12 per cent from 181,000 bpd in the same period last year. Two financial analysts said in notes to investors that Imperial [Read more]
Motion on carbon tax on agenda as Wildrose party holds annual general meeting
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
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
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
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
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
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]
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