CALGARY - Husky Energy is planning further job cuts and asset sales as it looks to consolidate projects in Western Canada to help the company weather the ongoing downturn in the oilpatch."Basically we are transitioning from a business with a large number of small plays into a business with a focus on fewer but more material plays," Husky chief operating officer Rob Peabody said during an earnings conference call Friday.The company has already cut 1,400 jobs across its offices and field [Read more]
Shell says scrapped project not timed to coincide with Alberta budget
EDMONTON - Royal Dutch Shell says its announcement scrapping the Carmon Creek oilsands project in northwestern Alberta was not deliberately timed to coincide with this week's Alberta budget.In a letter to Cheryl Oates, Premier Rachel Notley's press secretary, Shell spokeswoman Tara Lemay says the timing of the announcement was "due to the market disclosure of an impairment" in advance of the company's quarterly results.Lemay says the company was given a brief window after the market closed to [Read more]
Cuts continue in oil and gas sector as companies struggle to reduce costs
CALGARY - Canada's oilpatch continues to move aggressively to cut costs and companies say the efforts are starting to show results.Cenovus Energy said Thursday that it had increased to 700 the number of people laid off in the second half of the year, roughly double what it forecast in July, after cutting 800 jobs in February.The company said it expects to end the year with 24 per cent fewer staff than it started with and there are plans for more cuts next year as it makes structural [Read more]
Wall defends lack of transparency on problems at carbon- capture facility
REGINA - Saskatchewan Premier Brad Wall is defending the government's silence on problems at the province's much-celebrated carbon-capture facility.The $1.5-billion facility at the Boundary Dam power plant near Estevan can capture 90 per cent of emissions when it's working. However, background notes prepared for the government and leaked to the Opposition NDP show it's only been working 45 per cent of the time.The premier says, in hindsight, the government and SaskPower could have been more [Read more]
Alberta and New Brunswick premiers pledge renewed effort on Energy East pipeline
EDMONTON - Alberta Premier Rachel Notley and her New Brunswick counterpart Brian Gallant say they're hoping for a renewed push to get the Energy East pipeline built under incoming prime minister Justin Trudeau.But both agreed specific steps to reduce climate change must work alongside the proposed $12-billion TransCanada line.Gallant said the record of outgoing Prime Minister Stephen Harper is testament to why fixing climate change is not only good policy but also good business."Under the Harper [Read more]
Suncor CEO says COS takeover offer is fair, signalling bid won’t be sweetened
CALGARY - The CEO of Suncor Energy is throwing cold water on speculation that its hostile takeover offer for Canadian Oil Sands will be sweetened.Steve Williams said Thursday the $4.3-billion bid should be good enough for shareholders given the gloomy outlook for oil prices, operational woes at the Syncrude oilsands mine, the absence of a competing offer and Suncor's better resilience to commodity swings than its target."We think it is a full and fair offer and compelling," he said Thursday, a [Read more]
Cenovus Energy plans to cut $400 million in costs, lay off more workers
CALGARY - Cenovus Energy says it plans to cut $400 million in costs and has laid off more workers than originally expected as it continues to tighten its belt amid prolonged low crude prices.In announcing its third-quarter results today, the Calgary-based oil producer and refiner said it has reduced its workforce by 700 people for the second half of the year, about double what it forecast in July.That's on top of the 800 positions Cenovus eliminated in February.Cenovus says it expects to finish [Read more]
Suncor says it can improve Syncrude performance with COS takeover
CALGARY - Suncor Energy Inc. (TSX:SU) says if it's able to increase its stake in the Syncrude oilsands mine, operations at the sprawling development north of Fort McMurray, Alta., will run more smoothly."We believe that we can drive real improvements in Syncrude's performance with a larger ownership interest," CEO Steve Williams said in a release announcing Suncor's third-quarter results late Wednesday.Earlier this month, the oilsands giant launched a hostile takeover bid for Canadian Oil Sands [Read more]
Bad news for Canadian oilsands? U.S. pipeline-fighters celebrate downward turn
WASHINGTON - Opponents of Canada's oil industry are celebrating this week over news they see as vindication of a pipeline-fighting strategy that began in the United States with Keystone XL.Their burst of enthusiasm was prompted by news that Shell was shuttering an 80,000-barrel-a-day project — and specifically citing the lack of pipeline infrastructure as part of the reason.That announcement prompted a congratulatory message from a political activist who began organizing Nebraska ranchers [Read more]
Alberta town disappointed with cancellation of Shell’s Carmon Creek project
PEACE RIVER, Alta. - The mayor and council of a northwestern Alberta town are reacting to Royal Dutch Shell's announcement that it is scrapping its Carmon Creek oilsands project.The project is near the town of Peace River.The council said in a statement posted on the town website that it has caused great concern as Shell helped fund several community projects.Mayor Tom Tarpey says his first thought was for those working on the project.The town says the cancellation will not affect upgrades to [Read more]
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