CALGARY - Suncor Energy Inc. says it's bringing lower-priced crude into its Montreal refinery by rail and ship as it awaits approval of a pipeline project that would send Alberta oil eastward. Canada's largest energy company (TSX:SU) is shipping 30,000 barrels per day of crude by rail to the 137,000 barrel per day refinery, following completion of an offloading facility there late last year. It's also accepting marine cargoes on an "opportunistic basis" from Texas and Louisiana "at [Read more]
Suncor hikes quarterly dividend again
CALGARY - Suncor Energy Inc. (TSX:SU) has hiked its dividend by 15 per cent to 23 cents per share — nine months after a 54-per-cent bump its quarterly payout. Its board of directors has also approved additional share buybacks of up to $1 billion, subject to regulatory approval. Canada's largest energy company made the announcement as it reported quarterly operating earnings that were slightly lower year-over-year, but missed analyst estimates. Suncor's operating earnings during the last [Read more]
Oil down on weaker US, China data
NEW YORK - The price of crude oil dropped Monday in the wake of reports showing weaker manufacturing activity in the United States and China. Benchmark West Texas Intermediate crude for March delivery dropped $1.06 to close at US$96.43 a barrel on the New York Mercantile Exchange. Brent crude, used to set prices for international varieties, fell 36 cents to US$106.04 on the ICE exchange in London. A Chinese manufacturing index reported Saturday by a government-affiliated agency fell 50.5 [Read more]
White House: don’t ask for Keystone timeline
WASHINGTON - The Obama administration is resisting pressure to offer a clear timeline for a decision on the Keystone XL pipeline. Attacks from partisan opponents and questions from U.S. media are being met with the same response: don't expect a date now for a decision on whether the pipeline goes ahead. There were about a dozen questions on the subject at the daily White House press briefing Monday. On the Senate floor, the top Republican in the chamber demanded approval of the project [Read more]
GE, Suncor form dust-busting partnership for oilsands access roads
CALGARY - The dust clouds made it difficult to see and breathe as the big trucks rumbled along access roads at Suncor Energy Inc.'s MacKay River oilsands site. Suncor's traditional dust control strategy of spraying water from a truck just wasn't working. In fact, it was an act of futility. On a hot summer day, the liquid would evaporate within 15 minutes. So Canada's largest energy company (TSX:SU) enlisted the help of General Electric to get its dust problem under control using a glue of [Read more]
TransCanada pleased Keystone XL review
CALGARY - TransCanada says it's pleased with the U.S. State Department's latest report into its controversial Keystone XL oil pipeline proposal, but acknowledges there's some ways to go before it can go ahead with construction. CEO Russ Girling says the report supports many of TransCanada's arguments in favour of the 830,000-barrel-per-day line when it comes to jobs, environmental protection and the line's impact on the pace of oilsands development. But he says the process is far from over [Read more]
What is being said about the Keystone report
WASHINGTON - A look at reaction to the U.S. State Department's environmental impact report on TransCanada Corp.'s (TSX:TRP) proposed Keystone XL pipeline: "This has been a lengthy and thorough review process. The benefits to the United States and to Canada are clear. We await a timely decision on this project." — Natural Resources Minister Joe Oliver. ——— "There is a simple question that needs to be answered: Is this pipeline in America's national interest. From our perspective, from an [Read more]
Alberta oilsands odour hearings wrap up
PEACE RIVER, Alta. - Hearings in northwestern Alberta about odours blamed on oilsands processing have wrapped up.People in two communities near Peace River say Baytex Energy's operations are creating powerful gassy smells that are impossible to live with.Alberta's energy regulator called an inquiry after getting numerous complaints.The regulator says it will now review what it heard and make recommendations in a report by March 31.Baytex spokesman Andrew Loosely says the hearings were a [Read more]
Highlights of Keystone environmental review
WASHINGTON - A quick look at some of the highlights from the U.S. State Department's report on TransCanada Corp.'s proposed Keystone XL pipeline: — Drivers of oilsands development are global and any single infrastructure project is unlikely to significantly affect the rate of extraction in oilsands areas. — Cross-border pipeline constraints have a limited impact on crude flows and prices. — East-west pipelines to Canada's coasts would be used to export oilsands crude to growing Asian [Read more]
Wall says Keystone report cause for optimism
REGINA - Saskatchewan Premier Brad Wall says a long-awaited report by the U.S. State Department on the Keystone XL pipeline is cause for some optimism.However, Wall also cautions that at the end of the day, the final decision on the project rests with U.S. President Barack Obama.The premier has said the Keystone XL pipeline, which would carry oilsands bitumen to Gulf Coast refineries, is an important project for Canada.The pipeline would cross into Montana from Saskatchewan.Wall says the report [Read more]
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