BOE Report

New Brunswick energy customers told to brace for high natural gas prices

SAINT JOHN, N.B. - The New Brunswick Energy and Utilities Board is warning natural gas customers to prepare for high prices this month and possibly next. The board says natural gas prices reached record levels last month because of high prices in the New England market. It says the high prices are the result of demand in New England, where pipeline capacity is limiting the supply, driving up costs throughout the region. While there are plans to expand pipeline capacity to New England, [Read more]

Alberta NDP leader calls increase in fracking ‘OUT OF CONTROL’

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EDMONTON - Alberta New Democrats say newly released documents show fracking has become an unregulated free-for-all in the province with no regard for the impact on groundwater or on people's health. NDP Leader Brian Mason presented information Tuesday provided under freedom-of-information laws that shows the number of hydraulic fracturing licences granted by the province soared 647 per cent last year to 1,516. Mason said the amount of water allocated and used for fracking has increased [Read more]

Keystone pipeline backed by coalition of Democrats, Republicans, labor, business

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WASHINGTON - An unusual coalition that includes Republicans, Democrats, labour leaders, business leaders, veterans groups and Canada's ambassador to the United States joined forces Tuesday to push for quick approval of the Keystone XL pipeline. Five Democrats joined Republicans at a news conference to urge President Barack Obama to approve the pipeline following a State Department report last week that raised no major environmental objections. The $7 billion pipeline would carry oilsands [Read more]

Lower-cost oil arriving at Suncor Montreal refinery by train, tanker

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

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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

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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]