CALGARY - Calgary-based Encana Corp. (TSX:ECA) reported Tuesday a US$379-million net loss for the first quarter mainly due to writedowns and lower oil and gas prices as revenue fell 40 per cent compared with the same time last year.A year ago, the oil and gas producer had a US$1.71-billion loss, also mainly due to asset writedowns.The company, which reports in U.S. dollars, also said it is taking a $31-million restructuring charge to account for a 20 per cent reduction in its workforce in [Read more]
Freehold Royalties paying $165 million for Husky oil and gas royalty assets
CALGARY - Freehold Royalties Ltd. is buying a portfolio of oil and gas royalty assets from Husky Energy Inc. for $165 million.The deal will see Freehold gain the equivalent of about 1,700 barrels of oil production and add $11.6 million to annual operating income.The company says it will also increase its total royalty land holdings by 74 per cent to 2.39 million hectares with the addition of properties in southern Saskatchewan and Alberta's Deep Basin.Freehold says it will pay for the deal [Read more]
Strong bitumen blending prices expected to continue to hurt oilsands
CALGARY - High prices for condensate, a diluent that allows sticky oilsands bitumen to flow in a pipeline, are expected to remain a thorn in the side of producers already reeling from low prices.In first-quarter results last week, both Cenovus Energy Inc. (TSX:CVE) and MEG Energy Corp. (TSX:MEG) complained their losses were magnified by the high cost of condensate. For every 10 barrels of raw bitumen, about three barrels of condensate are required.While bitumen prices tumbled briefly to below [Read more]
CEOs of TransCanada, Imperial Oil say new emission rules not necessary
CALGARY - The CEOs of two of Canada's biggest energy companies spoke out Friday against recent moves by federal and provincial governments to toughen emission-based regulations.Russ Girling, CEO of TransCanada Corp. (TSX:TRP), said he believes new federal requirements that take into account upstream emissions when reviewing pipelines are not needed.Oil and natural gas projects are already subject to vigorous regulation, Girling said, adding that the regulatory process for pipelines should focus [Read more]
Alberta’s Notley says Washington trip successful, but long road ahead on climate
EDMONTON - Premier Rachel Notley says she made inroads in Washington, D.C., when she explained Alberta's climate-change plan."My message everywhere was the same, that Alberta is now one of the world's most responsible energy producers, that we are an extremely attractive place to do business, and that we hope to be a valued partner in driving green and value-added technologies," said Notley in a conference call with reporters Friday."It's a message that resonated with everyone I met."Notley met [Read more]
Imperial Oil reports Q1 loss on lower oil price, offset in part by weaker loonie
CALGARY - Imperial Oil Ltd. (TSX:IMO) lost $101 million in its latest quarter, hurt by lower oil prices, but offset in part by a weaker Canadian dollar.The company says the loss amounted to 12 cents per share for the quarter ended March 31 compared with a profit of $421 million or 50 cents per share in the same quarter last year.Revenue and other income totalled $5.22 billion for the quarter, down from $6.2 billion a year ago.Imperial also declared a second-quarter dividend of 15 cents per [Read more]
TransCanada Q1 profit falls compared with year ago due to one-time charges
CALGARY - The CEO of TransCanada says upstream greenhouse gas emissions should not be included in the federal pipeline review process.Russ Girling says the regulatory process should focus on safety and spill response rather than issues like upstream emissions that he says aren't germane to pipeline development.He says oilsands and natural gas projects are already subject to a review process that considers emissions and therefore another regulatory hurdle for pipeline approval is [Read more]
Let’s not make pipelines national-unity issue, Alberta premier says in interview
WASHINGTON - Alberta's new premier began her campaign to rehabilitate the reputation of her province's oilsands in the United States, where it was battered by the debate over the Keystone XL pipeline.Rachel Notley walked a Washington audience through the climate-change measures taken by her new NDP government; she also described her province as home to nature-lovers who care about the environment and about being good global citizens."I'm sure you've heard a lot about our province, especially the [Read more]
Suncor Energy CEO says hard to see more major growth projects on the horizon
CALGARY - The head of Suncor Energy is outlining a near-term future without major growth projects as Canada's largest oilsands company focuses on lower costs and reducing its environmental footrprint.CEO Steve Williams told investors at the company's annual general meeting Thursday that Suncor is taking a more disciplined approach to growth, citing the deferral of projects like the MacKay River Expansion, a steam-driven oilsands development in northeastern Alberta, and the White Rose offshore [Read more]
Trudeau pushes back on pipeline criticism while on trip to Saskatchewan
SASKATOON - The prime minister pushed back Wednesday at federal Conservatives critical of his position on pipelines, as he visited Saskatchewan where the premier is pressing for action.Low energy prices are battering the province's economy and have Premier Brad Wall's government in the red, but Justin Trudeau opted to repeat his often-used line that the Conservatives had years to build a pipeline while in government and couldn't get it done."I have been crystal clear for years now on pipelines," [Read more]
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