CALGARY - Precision Drilling Corp. (TSX:PD) is writing down the value of its assets and planning for a much smaller capital spending budget next year, the company said Thursday as it reported a 38 per cent decline in third-quarter revenue.The Calgary based company reported an $87 million net loss, or 30 cents per share, for the three months ended Sept. 30, as revenue dropped to $364 million from $584.5 million in last year's third quarter when the oil and gas industry was booming.Precision [Read more]
Wall attends climate talks in Paris to voice Saskatchewan’s concerns
REGINA - Saskatchewan Premier Brad Wall says more can be done to help protect the environment, but he also wants to make sure new policies don't hurt the province.Wall says that's why it's important to raise Saskatchewan's concerns at a major climate talk in Paris."We want to make sure that whatever Canada is committing to doesn't kneecap our economy in the West," Wall said of the Paris talks."We think what we've seen so far from Mr. Trudeau, there are not a lot of details, but so far his [Read more]
COSIA boss says members “doubling down” despite low crude prices
CALGARY - Members of Canada's Oil Sands Innovation Alliance are "doubling down" on sharing their green technologies despite the pinch from low crude oil prices, the group's boss said Wednesday.Oilsands firms are sharing about as many different technologies now, with oil below US$50 a barrel, as they were last year, when crude peaked at US$107 a barrel, Dan Wicklum said in an interview.The aim of COSIA, which was launched in early 2012, is to enable competing oilsands companies to share [Read more]
Shell changes response to possible blowout, gets OK to drill off Nova Scotia
HALIFAX - A federal regulator will allow Shell Canada Ltd. to begin exploration drilling off Nova Scotia after it reduced the number of days it would take the company to bring in capping technology in the event of a subsea well blowout.The company says it would have a capping stack on site within 12 to 13 days after previously saying it would take up to 21 days.The Canada-Nova Scotia Offshore Petroleum Board said Tuesday it is satisfied that Shell is taking all reasonable precautions to protect [Read more]
Alberta Energy Regulator says charges laid against Apache Canada for 2013 spill
CALGARY - An energy company with a troubled safety history is facing seven charges related to a pipeline spill that leaked roughly 1.8 million litres of contaminated water in a remote area of northwestern Alberta.Apache Canada Ltd. has been charged under the Environmental Protection and Enhancement Act, the Public Lands Act and the Pipeline Act for the October 2013 spill near Zama City that leaked a mix of water, salt, oil and minerals onto more than 3.8 hectares of land.Alberta Energy Regulator [Read more]
Oil and gas industry struggles to balance environmental and budgetary pressures
CALGARY - Canada's oil and gas industry is facing increased environmental and budgetary pressures, with experts saying the sector is struggling to balance the two.Oilsands companies have, in recent years committed billions of dollars to pilot projects that promise to reduce environmental impacts, says Eddy Isaacs, chief executive of the energy and environment wing of Alberta Innovates, a provincial organization that fosters research. But Isaacs notes that as low oil prices drag on, companies are [Read more]
Standard and Poor’s says credit outlook worsens for some Canadian energy firms
CALGARY - Standard and Poor's says the picture is getting worse for six Canadian oil and gas names as low oil and gas prices linger.The credit rating agency said Friday it has taken "negative rating actions" on two big companies — Cenovus Energy (TSX:CVE) and Husky Energy (TSX:HSE) — along with four smaller ones.Credit ratings matter to companies because they can affect borrowing costs.Cenovus and Husky are still considered "investment grade," meaning they have a high likelihood of meeting their [Read more]
Alberta Premier Notley creates advisory panel to diversify economy
EDMONTON - Premier Rachel Notley has struck a committee to give her ongoing advice on ways to improve and diversify Alberta's oil-based economy.Notley says the 10-member panel is to meet four times a year to discuss ways to better position the province to compete in the global marketplace."The province's future is at stake and questions like these need very practical answers," Notley told reporters Wednesday."They will advise us on identifying, promoting and developing a means of growth beyond [Read more]
B.C. premier remains confident in LNG despite energy market decline
VANCOUVER - Premier Christy Clark is defending her optimism on British Columbia's fledgling liquefied natural gas industry, despite growing First Nations protests and sinking international demand.Speaking at the third annual International LNG in B.C. conference, the premier maintained her rosy outlook in a speech to hundreds of business, government and aboriginal leaders in Vancouver."If you're not from British Columbia, you won't know that I'm always accused by my political opponents of being [Read more]
Suncor may be shopping, but others in oilpatch seen staying on sidelines for now
CALGARY - Just because oilsands giant Suncor Energy is aiming to gobble up one of its smaller peers doesn't mean others in the oilpatch are eager to do the same just yet, industry players told an energy conference Wednesday.The pace of mergers and acquisitions in the industry is expected to be relatively limited for the time being, said Drew Ross, managing director of Scotia Waterous, the arm of Scotiabank that focuses on oil and gas deals."I can't see it as broad-spread, unfortunately, as I [Read more]
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