MAIDSTONE, Sask. - Oil from a Husky Energy (TSX:HSE) pipeline spilled into the North Saskatchewan River on Thursday morning upstream from Maidstone, Sask. Ralph Bock of the Environment Ministry said Husky has told government officials between 200,000 and 250,000 litres spilled. "We've got containment of the spill at the release site, which is upstream, so there is no more product being released to the river," he said Thursday afternoon. "Downstream at the Paynton Ferry, [Read more]
Reduction of 70 workers expected to save $7M a year for AltaGas Ltd.
Calgary-based power and natural gas supplier AltaGas Ltd. said Thursday it has reduced its workforce by about 70 workers. It said the job cuts completed in June would result in a $7-million restructuring charge on its second-quarter earnings. The reduction of its non-utility workforce is expected to result in savings of about $7 million per year. The company listed 1,753 employees at the end of 2015 in a regulatory filing, with 1,056 considered utility workers and 697 in gas, [Read more]
Continued pain in second quarter for oil and gas sector, but signs of rebound
CALGARY - Early financial results from the second quarter show continued pain in the oil patch, but companies say there are also glimmers of hope for a turnaround. Encana Corp. swung to a US$89-million operating profit in the quarter compared with a US$167-million operating loss last year, saying cost cutting and efficiencies led to higher returns. "We have made our business massively more efficient," said Doug Suttles, the company's chief executive officer, in a conference call. [Read more]
Encana posts US$601 million loss for Q2 but takes more positive view of 2016
CALGARY - Encana Corp. had a US$601 million loss in the second quarter but says the latter part of 2016 is shaping up better than expected. The Calgary-based oil and gas company (TSX:ECA) says that some of its key expenses will be US$100 million less than the previous estimate and savings will be continued into 2017. It's also reinvesting savings and funds from the sales of key assets to increase its 2016 capital program by US$200 million. Encana expects to get US$1.1 [Read more]
Enbridge reaches US$177M settlement with U.S. Government for 2010 pipeline spills
CALGARY - Enbridge Inc. has reached a US$177-million settlement with the U.S. government six years after two major pipeline ruptures fouled rivers in the Midwest and damaged the company's reputation. The settlement announced Wednesday includes US$61 million in fines for violations of the Clean Water Act related to a pipeline spill near Marshall, Mich., that sent more than 3.19-million litres of crude into the Kalamazoo River — resulting in one of the costliest onshore oil spills in U.S. [Read more]
Higher prices from Fort McMurray wildfire to boost Q2 energy company results
CALGARY - Analysts predict oil prices driven higher by production stoppages during the Fort McMurray, Alta., wildfires in May will bolster the bottom lines of Canadian oil and gas companies as they report financial results starting this week. Western Canada Select, the benchmark price for blended oilsands bitumen, rose by 58 per cent in the three months ended June 30 to an average of Cdn$42.52 per barrel from $26.93 in the first quarter of the year, said analyst Nick Lupick of AltaCorp [Read more]
Republican platform calls for reviving the Keystone XL Canadian oil pipeline
CLEVELAND - Reviving the Keystone XL pipeline project from Canada has become an official policy of the Republican party in the 2016 election, with its inclusion in the platform that's just been approved at the national convention. The ill-fated oil pipeline is the only detailed reference to Canada in the 66-page document adopted by delegates to the convention in Cleveland which meets through Thursday. "Our Canadian neighbors can count on our co-operation and respect," the [Read more]
Alberta economic downturn will be longest since early 1980s, deeper than 2009
CALGARY - A new report says Alberta's current recession is expected to shrink the economy by more than double the average of the past four recessions. The TD Bank report released Monday said it estimates Alberta's economy will contract 6.5 per cent over 2015 and 2016, which would widely exceed the 2.7 per cent average retreat of previous economic downturns going back to the early 1980s. The estimate came after TD tripled this year's expected GDP decline to three per cent, after [Read more]
Private equity firms zeroing in on Western Canada oilpatch bargains
CALGARY - The largest energy-focused private equity firm in Calgary is ramping up its oilpatch investing pace to take advantage of bargain prices and an expected recovery in oil prices next year. ARC Financial Corp. has been more active than usual in 2016, fuelled in part by $1.5 billion pledged a year ago to a new investment fund, said co-CEO Lauchlan Currie in a recent interview. ARC has $5.3 billion in investor commitments through eight energy funds and has invested in over 180 [Read more]
Four major trade unions back Energy East oil pipeline citing job creation
OTTAWA - Four major trade unions have joined forces with TransCanada Corp. to push the proposed Energy East oil pipeline as a "nation-building" exercise. The alliance, symbolized by a memorandum of understanding signed Thursday, gives the 4,600-kilometre pipeline from Alberta to New Brunswick a rare public relations boost after many months of public protests and highly publicized rejections. "What we know is that there's a silent majority of folks that understand the need for [Read more]
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