CALGARY - They are the early warning signs that a company may struggle to repay its debts: watch lists.In releasing their latest quarterly earnings, Royal Bank, CIBC and Scotiabank each added nine oil and gas firms to their loan watch lists, the latest sign of trouble in the oilpatch. The names of those companies are kept confidential.Gordon Sick, a finance professor at the Haskayne School of Business at the University of Calgary, said many energy companies are struggling and likely behind in [Read more]
Quebec court rejects bid to have hearings into Energy East suspended
MONTREAL - A Quebec court has rejected a request by an environmental coalition to have hearings into the Energy East pipeline project suspended.The coalition was seeking the injunction because it believes the hearings will not be complete without impact studies from TransCanada PipeLines Ltd., which is behind the $15.7-billion project.Friday's court decision paves the way for Quebec's environmental regulation agency to begin the hearings Monday.Quebec Environment Minister David Heurtel announced [Read more]
First ministers’ climate deal easy to mock, harder to dismiss
VANCOUVER - If 80 per cent of life is just showing up, in politics the total is probably closer to 90.Canada's first ministers emerged from two days of talks this week with an agreement on a plan to develop a framework for climate policy action.It would be easy to mock.But serious observers who study the difficult politics and policy of climate change believe Prime Minister Justin Trudeau and the provincial and territorial leaders did more than just show up at the Vancouver Convention [Read more]
Go East, Young Man: Opportunities abroad a rare bright spot for oilpatch players
CALGARY - The past year hasn't been kind to Western Canada's oilpatch, but some smaller energy outfits say their international presence has been a rare bright spot.Shortly after Blue Spark Energy started out in Calgary in 2011, CEO Todd Parker said he wondered whether to "put all our eggs in one basket here in Canada" or diversify into other markets.The second option turned out to be a good move, said Parker.The year after its inception, Blue Spark expanded into the U.S. It has since established [Read more]
Chamber CEO says both sides of Energy East need to start talking
SASKATOON - The head of the Canadian Chamber of Commerce says politicians on both sides of the Energy East pipeline debate need to stop shouting and start talking. Perrin Beatty told the Saskatoon Chamber of Commerce that Canada is the only oil producer that doesn't ship by pipeline to major seaports. Beatty says the United States is becoming less dependent on Canadian oil, and as a consequence Canada needs to be able to ship its oil to other parts of the world that need it. Beatty says [Read more]
Repsol cuts Calgary headcount by 10 to 15 per cent as oil downturn takes toll
CALGARY - Spanish energy giant Repsol is reducing its Calgary headcount by between 10 and 15 per cent as the downturn in oil prices continues to take its toll.Spokesman Brent Anderson declined to say how many workers the company employed in the city before the latest round of cuts.Anderson concedes it has been a tough week for employees, adding that the layoff decision was not made lightly.Repsol finalized its $13-billion acquisition of Calgary-based Talisman Energy last May.The Canadian [Read more]
Calfrac Well Services cuts another 500 jobs from North American workforce
CALGARY - Calfrac Well Services Ltd. has cut another 500 jobs as gloom continues to linger over the oil and gas sector.The Calgary-based oilfield services firm says it now has 2,300 fewer workers in North America than it did at the start of 2015.U.S. benchmark crude oil prices are at around US$35 a barrel — a dramatic drop from mid-2014 highs of US$108 a barrel.Calfrac CEO Fernando Aguilar says the price weakness has led to unprecedented cuts in capital spending from the exploration and [Read more]
Canadian Natural Resources barrels ahead with Horizon oilsands expansion
CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) is pushing ahead with $2 billion in spending on its Horizon oilsands project this year even as the company cuts a billion dollars from its 2016 capital budget.Calgary-based CNRL says completing the last two phases of the Horizon project by the end of next year is a priority. It will add 125,000 barrels a day of production and allow the company to further shift from conventional sources of oil and gas to long-life oilsands projects.CNRL says it [Read more]
Wall promises ‘constructive role’ as premiers sit down with Trudeau on climate
VANCOUVER - Prime Minister Justin Trudeau and the provincial premiers managed to bridge deep divides over carbon pricing Thursday en route to Canada's first national consensus on pursuing climate policy.But the deal hammered out in Vancouver by Trudeau and 13 provincial and territorial leaders appears destined to be relitigated in the months ahead as the hard details of the agreement take shape."The transition to a low-carbon economy will happen by a broad suite of measures, which will include [Read more]
Poll suggests two-thirds support for Energy East, but big regional divides
CALGARY - A new online poll by the Angus Reid Institute suggests 64 per cent of Canadians support the Energy East pipeline, but there are stark differences when the numbers are broken out by region.The proposal to ship Alberta crude to Atlantic Canada had the strongest backing in Alberta and Saskatchewan — 87 per cent and 78 per cent, respectively.Both are oil-producing provinces keen to get their crude to international markets — something Energy East would enable with a proposed export terminal [Read more]
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