BOE Report

TransCanada plans $2.7 billion expansion of natural gas transmission capacity

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CALGARY - The price tag for the controversial Keystone XL pipeline has risen by about half to US$8 billion, TransCanada Corp. (TSX:TRP) said Tuesday as the U.S. regulatory process drags into its seventh year.TransCanada had previously pegged the cost of Keystone XL at US$5.4 billion, but has long signalled that the longer it's forced to wait for a permit, the more expensive the pipeline would become. As of Sept. 30, TransCanada had sunk $2.4 billion into the project.Keystone XL would connect to [Read more]

Oil prices hit 4-year lows after Saudi discount

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LONDON — Oil prices sank to four-year lows on Tuesday following reports Saudi Arabia, OPEC’s largest oil producer, is cutting its prices for customers in the U.S. By early afternoon London time, a barrel of benchmark crude was down $2.07, or 2.6 percent, at $76.79, its lowest level since September 2010. Meanwhile, Brent crude, the international benchmark, was down $2.14, or 2.5 percent, at $82.63 a barrel, its lowest level since October 2010. The market was shaken by news that Saudi Arabia [Read more]

Alberta, B.C. premiers meet, set tone for warmer relations over pipelines

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VANCOUVER - Alberta Premier Jim Prentice and British Columbia's Christy Clark have promised warmer relations after Clark's "frosty" dealings with former premier Alison Redford.Prentice's visit to B.C. on Monday was his first trip outside Alberta after being sworn in as premier Sept. 15.When asked by reporters if they had moved on from the rancour that was visible with Redford, Clark did not respond directly but instead praised Prentice."There hasn't been a premier in Alberta's history who has [Read more]

Exxon, Chevron post higher earnings despite low oil prices, but resilience may not last

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NEW YORK - Falling oil prices hardly seem to be bothering the two biggest U.S. oil companies, but things could get tougher in the coming months.Exxon and Chevron leaned on strong performances from their refining operations to increase profits in the third quarter despite plummeting global oil prices."These companies can hold up in weaker markets," said Brian Youngberg, an analyst at Edward Jones, about Exxon and Chevron. "Refining and chemicals can benefit from lower oil prices."The global price [Read more]

Kinder Morgan to file court action against protesters blocking pipeline work

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VANCOUVER - Energy giant Kinder Morgan is seeking a court order to stop local residents from blocking survey work for a pipeline route through a conservation area in Metro Vancouver. The firm says a group of protesters stopped crews from working on Burnaby Mountain all day Wednesday.It accuses the demonstrators of trespassing, and a court hearing scheduled for this afternoon will hear the company's request for an injunction to prevent the protesters from getting in the way.The injunction [Read more]

Incentives to oil, gas sector hit $1.25 billion in B.C.: auditor general

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VICTORIA - British Columbia's auditor general says doing business with the oil-and-gas industry has cost the province's coffers about $1.25 billion in royalties even before most of the product has been pulled from the ground.The incentives to be paid to the industry were just some of the items highlighted Thursday by auditor general Carol Bellringer in her 2013-2014 summary of B.C.'s financial statements.Bellringer also noted how much money the government made from selling its assets, how much [Read more]

Suncor not looking at more exploration and production projects — for now

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CALGARY - Oilsands giant Suncor Energy Inc. says it's taking a pass for now at "exploring the world," even though some opportunities may be up for grabs from competitors."Most companies are much more stressed than Suncor are so there's a huge number of opportunities in the conventional upstream, in oilsands and in the downstream," Suncor president and chief executive Steve Williams told analysts during a conference call Thursday."We have been very, very disciplined and found nothing of interest [Read more]

Shell: yet to feel full impact of oil price drop, blames lack of demand as much as oversupply

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AMSTERDAM - Shell, Europe's largest oil producer, reported a dip in third quarter profit on Thursday, but said it has yet to feel the full impact of the recent slide in oil prices.As the company reported a 4.5 per cent dip in third-quarter net profit, to $4.46 billion, Chief Financial Officer Simon Henry warned that the period's figures reflect only a third of the oil price's slide from above $100 per barrel this summer to around $81 per barrel.Henry said that every $10 fall in the price of oil [Read more]

TransCanada files application to NEB for Energy East crude pipeline

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CALGARY - After dozens of open houses and thousands of conversations across six provinces, TransCanada Corp. (TSX:TRP) has filed its regulatory application for its massive cross-Canada Energy East pipeline.But the hard part for TransCanada (TSX:TRP) was just beginning Thursday as copies of the document — each fills 68 binders in 11 boxes — arrived at the National Energy Board's headquarters in Calgary.TransCanada must convince a skeptical public that the pipeline won't cause environmental harm [Read more]

South Dakota poll: 60 percent support Keystone pipeline

SIOUX FALLS, S.D. — A scientific poll done by two media organizations found wide support among South Dakotans for the Keystone XL pipeline. The statewide survey commissioned by the Argus Leader and KELO-TV shows 60 percent backing for the project, with 30 percent opposed and 10 percent undecided. The TransCanada Corp. project would transport oil from Canadian tar sands through Montana and South Dakota to Nebraska, where it would connect with existing pipelines to carry more than 800,000 [Read more]