BOE Report

Apache agrees to sell Australian operations to private equity funds for $2.1 billion in cash

HOUSTON - Apache Corp. says it is selling its Australian oil exploration and production subsidiary for $2.1 billion in cash.The Houston-based company said Wednesday that a consortium of private equity funds managed by Macquarie Capital Group Ltd. and Brookfield Asset Management Inc. agreed to buy Apache Energy Ltd.The assets of Apache Energy Ltd. and its subsidiaries averaged production of roughly 49,000 barrels of oil equivalent per day in March.The transaction is expected to close by [Read more]

Shell to buy BG Group in $69.7B takeover as low oil prices force industry consolidation

THE HAGUE, Netherlands - Royal Dutch Shell has agreed to buy British gas producer BG Group for 47 billion pounds ($69.7 billion) in cash and stock, the companies announced Wednesday. The move gives oil giant Shell a greater stake in natural gas markets in the wake of tumbling oil prices.Consolidations through takeovers and mergers are among the ways energy companies are seeking to reduce costs and become more efficient as oil prices have slumped.A joint statement said the boards of both [Read more]

Greenpeace activists board drill rig retained by Shell for Arctic offshore drilling

ANCHORAGE, Alaska - Six Greenpeace activists protesting Arctic offshore drilling on Monday boarded a drill rig as it was transported across the Pacific Ocean toward Seattle, where it will be staged for drilling on Shell leases in Alaska waters.The 400-foot Polar Pioneer, owned by Transocean Ltd., was on board a heavy-lift vessel about 750 miles northwest of Hawaii when the activists approached in inflatable boats and used climbing gear to get on board, Greenpeace spokesman Travis Nichols [Read more]

Oil slump dampens companies’ expectations for sales, investment, hiring: BoC

OTTAWA - The sting of lower oil prices has dampened the confidence of companies when it comes to future sales growth, investment and hiring, the Bank of Canada's latest business outlook has found.The central bank's quarterly sampling of 100 representative businesses, released Monday, suggested cheaper crude had even eroded sales expectations among firms beyond the energy sector, such as those down the supply chain."More businesses than in previous surveys anticipate an outright decline in sales [Read more]

Saskatchewan court upholds ruling against Dene bid to halt oilsands exploration

REGINA - The Saskatchewan Court of Appeal has upheld a ruling against a First Nation that wants to halt oilsands exploration on what it calls its traditional territory.Last year a Court of Queen's Bench judge ruled against the Buffalo River Dene Nation's challenge of exploration permits issued to Scott Land and Lease.The First Nation had argued the permits were a violation of treaty rights and the policy of duty to consult was ignored.At the time, the judge in the case ruled there is no duty to [Read more]

Harvest delays startup of BlackGold oilsands project; layoffs reach 105

Korean-owned Harvest Operations Corp. confirmed Wednesday that it will delay the startup of its BlackGold oilsands project while the company continues to pare its workforce in the face of lower oil prices."We unfortunately (have) had to reduce our total workforce number by 105 positions," spokesman Greg Foofat said in a telephone interview"It wasn't done all at once," he said, adding that the reductions have been underway since the beginning of the year."It's just due to the lower expected plant [Read more]

Former employee of energy company arrested after shots fired in Alberta facility

CLAIRMONT, Alta. - RCMP say a former employee of an energy services company in northern Alberta is facing firearms offences after several shots were fired inside the facility.Investigators say the man surrendered after a three-hour standoff Tuesday night at the Halliburton building in Clairmont, north of Grande Prairie.Two employees had locked themselves in a room in the building and hid inside with the lights off.They had no contact with the gunman and it appears he didn't know they were [Read more]

Enbridge looks to transfer Cdn liquids pipeline biz to Enbridge Income Fund

CALGARY - Enbridge Income Fund (TSX:ENF) says it has received a formal proposal that would see the transfer to the fund of the Canadian liquids pipelines business of Enbridge Inc. (TSX:ENB) along with some renewable energy assets.The liquids business is owned by Enbridge Pipelines Inc. and Enbridge Pipelines (Athabasca) Inc."If completed, the transaction would be transformational for the fund, significantly increasing its business scale and scope as well as providing a highly transparent source [Read more]

Credit counselling in high demand in Alberta as oilpatch downturn hits home

CALGARY - The Racette family is on a cash-only diet for the next four years.Dale Racette, a truck driver, and his wife, a school bus driver, are trying to dig themselves out of a $45,000 hole.It wasn't any one thing. The day-to-day costs of raising two children just piled up over 14 years, Dale Racette said from Red Deer, Alta.Two months ago, the Racettes sought the help of a credit counsellor to work out a debt repayment plan. The first step was to shred their six credit cards.Racette says he's [Read more]

ATB Financial says province’s economy slowing significantly, job losses likely

CALGARY - The chief economist of Alberta’s Crown-owned financial institution says the province's economy is slowing significantly due to slumping oil prices.Todd Hirsch of ATB Financial says that will likely mean job losses and curtailed investment in the energy sector.He says housing starts remain stable, but the residential real estate market is soft, which suggests construction activity will cool.Hirsch says people are still moving to Alberta, but in lower numbers.He says the biggest change [Read more]