BOE Report

ExxonMobil, Murphy Oil awarded $17 million in damages from Canadian government

HALIFAX - An international tribunal has ordered the government of Canada to pay more than $17 million in damages to two oil companies following a breach of North American Free Trade Agreement regulations.A spokeswoman for Natural Resources Canada says in an email the Feb. 20 decision awarded $13.9 million plus interest to ExxonMobil and $3.4 million plus interest to Murphy Oil.Michelle Aron says Ottawa is reviewing the decision and considering its options in consultation with the government of [Read more]

Crude-by-rail exports dip in fourth quarter: National Energy Board

CALGARY - Canada's crude-by-rail exports dropped in the final three months of last year as oil prices shrivelled, according to new data from the National Energy Board. During the fourth quarter, about 173,000 barrels of oil moved south of the border on trains every day, around five per cent less than the third quarter, when the figure was about 182,000 barrels a day.But that's still 16 per cent higher than the 149,000 barrels a day that moved during the last three months of 2013.Crude prices [Read more]

Canadian Natural Resouces triples Q4 profit to $1.2 billion

CALGARY - The president of Canadian Natural Resources Ltd. (TSX:CNQ) says all options are on the table when it comes to squeezing more value out of its Alberta royalty acreage, but keeping the status quo is not at the top of the list.The Calgary-based oil and gas giant could spin off the lands into a new publicly traded company or sell them outright. It hopes to make a move this year, company executives said on a conference call Thursday. Canadian Natural makes money off the properties by [Read more]

Crews respond to small pipeline blast east of Edmonton, no injuries

FORT SASKATCHEWAN, Alta. - RCMP have reopened Highway 15 east of Edmonton following a small pipeline breach and explosion in an industrial area.Fort Saskatchewan fire chief James Clark says no one was hurt in the blast that happened just before noon Wednesday.He says a track hoe digging into the ground struck a hydrogen gas line, which triggered a small explosion and fire.Crews diverted traffic away from the area of the gas leak as a safety precaution for a few hours.Clark says there are lots of [Read more]

Standing pat: Bank of Canada keeps its trendsetting interest rate at 0.75%

OTTAWA - The Bank of Canada maintained its key interest rate Wednesday as it credited global economic conditions and its January cut for helping the country weather the bruising oil slump.The central bank's latest policy announcement, which kept the overnight rate target at 0.75 per cent, also contained a slightly sunnier outlook, leaving many analysts with the impression there won't be any other reductions any time soon.It was the bank's first policy decision since January when governor [Read more]

Reports of B.C. LNG’s demise greatly exaggerated, industry alliance boss says

CALGARY - The head of the B.C. LNG Alliance says it's not a matter of if, but when, the province becomes a major global LNG player and he wouldn't be surprised to see at least one project get the green light this year.David Keane took on the industry's naysayers at a Calgary energy conference on Tuesday. "To paraphrase Mark Twain, reports of B.C. LNG's death have been greatly exaggerated," he said. "To the contrary, we are not alarmed by the present volatility in the energy market."High [Read more]

Warren Buffett criticizes Keystone XL delay, says U.S. ‘thumbing nose’ at Canada

WASHINGTON - The Keystone XL pipeline got an emphatic endorsement Monday from a powerful backer of President Barack Obama who questioned the handling of the file.To billionaire investor Warren Buffett, the delay is a thumbing of the nose at Canada."I would have passed Keystone," Buffett said in an interview with CNBC. "I think that we have an enormous interest in working with Canada, as they have in working with us. That oil is going to get sold. If we make it more difficult for them, who knows [Read more]

US rig count drops by 43 in latest week to 1,267

HOUSTON - Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. fell by 43 this week to 1,267 amid depressed oil prices.The Houston-based company said Friday in its weekly report that 86 rigs were exploring for oil and 280 for gas. One was listed as miscellaneous. A year ago 1,769 rigs were active.Of the major oil- and gas-producing states, North Dakota's count fell by 11, Oklahoma lost nine, Louisiana seven, Texas six, New Mexico four, [Read more]

Halliburton closing its Regina office, part of layoffs due to falling oil prices

REGINA - Energy industry giant Halliburton's presence in Regina may well be a short one.A spokeswoman says the company will close its office in the city at the end of March.The branch had been opened in 2013 with a reported 120 employees to serve the southeast Saskatchewan oil and gas sector.In a statement, Susie McMichael of Halliburton says the suspension of operations will continue "until Canadian commodity prices recover."McMichael says all areas of Halliburton's operations will be [Read more]

Keystone XL ‘roller-coaster’ ride likely lies ahead, ambassador Doer says

WASHINGTON - Canada's ambassador to the U.S. predicts a wild ride ahead in the Keystone XL debate, with this week's presidential veto of a pro-pipeline bill just one more twist in the journey."We expect a roller-coaster here and we expect setbacks," Gary Doer said in an interview. He said lawmakers will probably move on to other issues for a while, then return to Keystone. Congress is in a dispute over immigration rules — which has gotten so bitter that it's prompted a standoff that could [Read more]