CALGARY - Bellatrix Exploration Ltd. (TSX:BXE) had a $444.2-million net loss last year, most of it due to asset writedowns in the fourth quarter, but says it exceeded its 2015 expense-reduction target and spent less money than it produced in the quarter.Net loss for the quarter was $356.6 million or $1.86 per share, which compared with a year-earlier profit of $54.83 million or 29 cents per share. Revenue dropped to $72.1 million from $130.2 million in the fourth quarter of 2014.The loss was [Read more]
Alberta energy minister keen on industry group’s well cleanup proposal
CALGARY - A proposal to use federal infrastructure funds to accelerate the cleanup of inactive oil and gas wells in Alberta — with the aim of spurring employment in the ailing industry — has the thumbs-up of the province's energy minister.The Petroleum Services Association of Canada announced Monday that it made the $500-million pitch to Ottawa earlier this month. The sum would cover a small fraction of the work needed to decommission the 75,000 wells across the province that are no longer [Read more]
Couche-Tard rolling out Circle K banner throughout southeastern U.S. this spring
LAVAL, Que. - Alimentation Couche-Tard Inc. says its Circle K brand will be in place at hundreds of additional U.S. stores by this spring as the Quebec-based company moves to adopt a global identity for its convenience stores and gas stations. Couche-Tard (TSX:ATD.B) says it's on track to put the new image on more than 400 stores in the southeastern United States by the end of its financial year, which concludes in April.In total, it expects to rebrand more than 1,000 stores in the region as it [Read more]
Oil and gas group asks for federal funds to clean up inactive wells
CALGARY - The Petroleum Services Association of Canada has asked Ottawa for $500 million in infrastructure spending to clean up inactive oil and gas wells in Alberta, a move the group says would provide a much-needed boost for the ailing industry.Mark Salkeld, who heads up the association, said as of January of this year there were more than 75,000 wells that need to be decommissioned across the province and the sums being requested would cover a small fraction of the task."The oilfield services [Read more]
Ambrose says Trudeau should have pressed Obama on Keystone
MONTREAL - It's very nice that Prime Minister Justin Trudeau was feted in Washington but Canada should hope for concrete benefits from his new relationship with the U.S. president, interim Conservative Leader Rona Ambrose said Monday.Ambrose, who was in Montreal to meet with female business leaders, said the prime minister "did the job he should do" during his trip to the United States in order to "make connections" with President Barack Obama.She said she was disappointed, however, that Trudeau [Read more]
Employers’ group letter asks Alberta government to stop ‘undermining’ business
EDMONTON - Alberta's finance minister is reminding a group of businesses seeking tax and wage relief that the province is already the lowest taxed jurisdiction in Canada.Joe Ceci also said Monday the tax changes being implemented by the NDP government won't change that and will put the province on a sounder footing."We have the lowest taxes overall of any province or territory in this country," Ceci told reporters at the legislature."The things we're doing put us on a better fiscal basis going [Read more]
Five things to watch for in the Canadian business world in the coming week
TORONTO - Five things to watch this week in Canadian business:Energy East: Quebec's environmental review agency continues to hold hearings in Montreal this week into TransCanada's Energy East project. The Quebec government recently filed an injunction that would force TransCanada to submit an impact study and undergo an evaluation before proceeding with its pipeline construction through the province.Fashion: Toronto Fashion Week kicks off Monday, featuring a roster of Canadian designers as they [Read more]
Tale of two cities: Jobless rate in Calgary surpasses Windsor, Ont.
CALGARY - The tale of two Canadian cities seems to have been turned on its head, with the unemployment rate in Calgary surpassing that of Windsor, Ont.Statistics Canada job figures for February show an unemployment rate of 8.4 per cent in Calgary, the epicentre of the country's oil wealth before the latest crude crash.In Windsor, hit hard by the downturn in the automotive sector in recent years, the jobless rate was at 7.7 per cent last month.Mike Moffatt, an economist at Western University in [Read more]
Imperial Oil seeks approval for new oilsands project on Cold Lake lands
CALGARY - Imperial Oil is seeking approval for a new, $2-billion oilsands project on its Cold Lake lease area in northeastern Alberta.The company says it has filed the regulatory paperwork with the Alberta Energy Regulator for the Cold Lake Expansion project, but Imperial spokeswoman Lisa Schmidt said development is not guaranteed."This is a preliminary and very important step in the regulatory process," Schmidt said Friday."Overall, we take a long-term approach to resource development and an [Read more]
Royal Bank cites low oil prices in lowering GDP forecast to 1.7 per cent
TORONTO - Royal Bank says low oil prices will make 2016 more challenging for Canada's economy than previously thought.The bank has lowered its forecast for this year's gross domestic product to just 1.7 per cent.That's down from RBC's December forecast of 2.2 per cent growth this year.RBC continues to expect Canada's economic growth will be underpinned by solid consumer spending, stronger exports and stimulus from the federal government.But it says oil prices were lower than estimated early this [Read more]
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