EDMONTON - The Alberta government says depressed oil prices and a shrinking economy pushed its deficit up to $6.4 billion last year — $324 million higher than expected. Revenues for the fiscal year that ended March 31 were down more than anticipated due mainly to lower oil revenue and a reduced take in corporate and personal income taxes. The government's annual financial report says Alberta's economy contracted by 3.7 per cent in 2015. Spending increased for health care [Read more]
Three Amigos to align on climate, clean energy plan, says White House
OTTAWA - A North American-wide commitment to cut methane emissions and a pledge to get half the continent's electricity generation from renewable sources will anchor the Three Amigos summit this week, White House officials said Monday. When the leaders of Mexico, the United States and Canada convene in Ottawa on Wednesday, the "central focus" will be climate and clean energy, said Brian Deese, senior adviser to President Barack Obama. "We find ourselves now in a moment where the [Read more]
Researchers predict 1 million barrels per day of oilsands growth by 2025
CALGARY - A U.S. research organization says Canada's oilsands companies will gradually switch from new projects to expansion of existing operations as production grows over the next nine years to 3.4 million barrels a day from 2.4 million at present. Kevin Birn, director for IHS Energy, said Monday that construction of new oilsands projects approved by before the fall in oil prices in 2014 will add 600,000 barrels a day of production by 2020. Another 400,000 barrels per day will [Read more]
Standard & Poors downgrades Saskatchewan credit rating due to budget concerns
REGINA - Low natural resource prices have prompted Standard & Poor's to downgrade Saskatchewan's credit rating to double-A-plus from triple-A. The agency says the move reflects the impact that "persistently low natural resource prices, in particular oil and potash, have had and are expected to continue having" on the province's budget. "I'm not pleased about that obviously," Finance Minister Kevin Doherty said Monday at the legislature. "But we're working hard towards our [Read more]
Connacher Oil and Gas extends deadline for court-supervised bid submissions
CALGARY - Connacher Oil and Gas Ltd. (TSX:CLC) has extended the bid deadlines for the sale of its oilsands leases and extraction plants by two weeks, at the request of interested parties. The Calgary-based company is operating under court protection from creditors as it deals with depressed prices for oil and its limited ability to raise capital. Prospective buyers originally had until June 30 to submit initial non-binding letters of intent. That has been extended to July 14, [Read more]
TransCanada takes next step to get $15 billion for Keystone XL rejection
CALGARY - TransCanada Corp. is moving forward with its attempt to seek more than $15 billion compensation under the North American Free Trade Agreement following the U.S. government's rejection of the company's proposed Keystone XL pipeline. The Calgary-based company made a formal request for arbitration from the International Centre for Settlement of Investment disputes under the trade deal on Friday, after giving notice of its intention to make the claim back in January. The [Read more]
Alberta’s Notley speaks about climate plan to Trans Mountain Pipeline panel
EDMONTON - Alberta Premier Rachel Notley says she told an environmental review panel on the Trans Mountain Pipeline that her province is doing its bit to control greenhouse gas emissions. Notley says she told the three-member panel that Alberta's climate plan will cap oilsands emissions to 100 megatonnes and phase out coal-fired electricity by 2030. "Alberta has done its own homework and is on it," Notley told reporters at the legislature Thursday, after meeting with the panel [Read more]
Canada’s oil industry lowers 2030 output estimate but says growth will continue
CALGARY - Canada's oil producers have once again lowered their long-term production estimates as low oil prices take a toll on oilsands growth. The Canadian Association of Petroleum Producers says it now estimates Canada will produce 4.9 million barrels per day by 2030 — a 28 per cent increase from last year's production of 3.8 million barrels per day, but down 400,000 barrels a day from last year's forecast. It's the third year in a row that CAPP has revised its outlook [Read more]
Oilpatch observers add up losses as crude price crash reaches second anniversary
Calgary oil and gas producer Long Run Exploration (TSX:LRE) was riding high two years ago. Fuelled by US$100 per barrel crude prices, the company was committed to reaching "critical mass" by assembling lands in northwestern Alberta that would allow it to become a large, profitable intermediate that could boost production while paying a healthy dividend to investors. On June 12, 2014, it announced the latest in a string of acquisitions, a $357-million deal to buy fellow Calgary [Read more]
Company-wide Fridays off no longer affordable for some oil and gas firms
CALGARY - Getting paid time off is a great perk. Getting one or two paid Fridays off every month of the year is a Calgary oilpatch-style perk. Or at least it used to be. As oil prices plunged over the past two years, so too have the storied perks, including the much-envied "Golden Fridays" that some large oil and gas companies offered their office workers to ensure a healthy work-life balance. In October, oilsands giant Cenovus Energy (TSX:CVE) announced employees would [Read more]
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