CALGARY - Calfrac Well Services Ltd. (TSX:CFW) is cutting its dividend by 75 per cent, the second reduction this year in response to low oil and natural gas prices.The Calgary-based company provides specialized oilfield services to increase production of wells drilled in western Canada, the United States, Russia, Argentina and Mexico.Calfrac says its next payout to shareholders will be about 1.5 cents per common share, payable Oct. 15, down from 6.25 cents per share paid on July 15.The dividend [Read more]
Saskatchewan government says rejection of Keystone XL pipeline seems likely
REGINA - One of the biggest backers of the Keystone XL pipeline is acknowledging that the project is likely doomed to fail.The Saskatchewan government is expecting Keystone's (TSX:TRP) demise after American Democratic presidential contender Hillary Clinton said she opposes it.Clinton said Tuesday that the project has been a distraction and she doesn't believe it's in the best interests of what needs to do be done to combat climate change.Saskatchewan Economy Minister Bill Boyd says he's not [Read more]
Imperial squeezing “staggering” savings from suppliers by stoking competition
CALGARY - Imperial Oil says it has been able to achieve "staggering" savings in the oilsands by stoking competition between suppliers.When crude prices began their steep descent late last year, Imperial held a "reverse auction" for earth-moving contracts at its Kearl oilsands mine north of Fort McMurray, Alta., CEO Rich Kruger told investors and analysts Wednesday.Firms vying for Imperial's business sought to outbid each other for the lowest price."We don't tell folks how long the auction's [Read more]
Conference Board outlook paints bleak picture for Alberta in 2015
CALGARY - Finance Minister Joe Oliver's assertion that there has been no recession in Canada this year is of little solace in Alberta."It reminds me of that legend of Nero fiddling while Rome burned," said Keith Brownsey, a political scientist at Calgary's Mount Royal University."Apparently there's no recession," Brownsey scoffed. "You tell that to people in this town right now."Oliver made his pronouncement on the recession in an interview with The Associated Press on Wednesday."We don't [Read more]
‘Dirtiest fuel’: Clinton makes Canadian oil an election issue
WASHINGTON - A campaign promise by Hillary Clinton rippled across the border into Canada's federal election on Wednesday, with parties responding to her call for a broad, North American climate-change plan.She released a policy paper that proposed climate negotiations among Canada, the U.S. and Mexico, one day after she announced her opposition to the Keystone XL pipeline.The position paper from the presidential contender added a new wrinkle to a pipeline issue that has already inserted itself [Read more]
C.D. Howe says design of Alberta royalty regime should be overhauled
CALGARY - The C.D. Howe Institute has some advice for Alberta's royalty review panel: focus on the design of the system rather than the rates oil and gas producers have to pay.A new report from the think-tank argues Alberta's current regime for conventional oil and natural gas royalties in Alberta leaves a lot to be desired.Right now, those royalties are calculated based on gross revenues, but the report says a cash-flow tax would be a better way to increase the government's take without [Read more]
Notley tells business leaders energy industry must clean up its act
EDMONTON - The energy industry will be critical to Alberta's economy for many years to come, but it must "clean up its environmental act," the province's premier told business leaders Tuesday night.In her keynote address to the Alberta Chambers of Commerce, Premier Rachel Notley acknowledged the fiscal challenges facing the province while sounding a note of optimism about its future.She said her NDP government will work to promote a healthy business climate, noting she will be travelling to New [Read more]
Encana reports natural gas well blowout in northern Alberta, AER investigates
FOX CREEK, Alta. - Emergency protocols kicked into gear Monday afternoon after a natural gas well blowout in northern Alberta.Peter Murchland of the Alberta Energy Regulator said they were notified of the blowout about 2 p.m. on Monday by Encana Corp. (TSX:ECA).The well, located about 18 kilometres west of Fox Creek, is licensed for hydrogen sulfide, a poisonous gas that smells like rotten eggs."We don't have all the details at this point," said Murchland. "At this point, we haven't identified [Read more]
Companies increasingly putting price on carbon to plan for risk – report
CALGARY - A new study shows companies in Canada and around the world are increasingly putting a price on carbon emissions in their financial planning in order to mitigate risks.The London-based CPD organization says 437 companies factored in carbon pricing in 2015, nearly triple the 150 companies from last year, as climate change becomes part of mainstream business decision-making globally.The report found that in North America, the number of companies assuming a price on carbon has more than [Read more]
First Nation to claim land title to block Pacific NorthWest LNG terminal
LELU ISLAND, B.C. - A northern British Columbia First Nation says it is seeking aboriginal title to the land where a Malaysia-led consortium hopes to build a $36-billion liquefied natural gas terminal.The Lax Kw'alaams First Nation says it will launch an action claiming title to Lelu Island and Flora Bank, where the Pacific NorthWest LNG project would be built.The nation says if it successfully establishes title, the province would have to seek its consent for massive projects like the one [Read more]
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