Warren Buffett has bought into the Alberta oil sands with a stake in Suncor Energy Inc., according to a Securities Exchange Commission filing released today. Buffett's fund, Berkshire Hathaway bought 17.8 million shares stake in Suncor, Canada's biggest oil and gas producer. That stake was valued at $524 million at the end of the second quarter. Read more... [Read more]
Lone Pine misses US$10.1M interest payment
CALGARY - Lone Pine Resources Inc. (TSX:LPR) failed to make a US$10.1-million, semi-annual interest payment on its senior secured notes Thursday, setting the clock ticking on a possible default the could force the natural gas and light oil developer to seek protection from creditors.The company, incorporated in Delaware but headquartered in Calgary, said failure by Lone Pine Resources Canada Ltd. to make the payment will result in default on the 10.375 per cent senior notes maturing in [Read more]
Canadian Pacific Railway to refuse order to pay for Lac Megantic
MONTREAL - Canadian Pacific says it's not responsible for paying to clean up Lac-Megantic, Que.The railway is rejecting a legal demand by the provincial government that it help fund the cleanup of the devastated town.The Canadian Press has learned that the railway will announce today that it will appeal the legal order.The news comes one day after the provincial government added CPR to a list of defendants that it says are responsible for paying for the cleanup.That legal notice [Read more]
Ontario to address Enbridge pipeline reversal concerns
TORONTO - Ontario Premier Kathleen Wynne is promising to address environmental concerns amid protests over a west-east pipeline plan that would transport Alberta oil to foreign markets. Protests that have cropped up in the province include a blockade of an Enbridge pumping station near Hamilton in June. Eighteen people were arrested and charged in that incident when they refused to leave the station. They oppose Enbridge's plan to reverse the flow of oil in a stretch of [Read more]
Apache Agrees To Sell Alberta Oil And Gas Assets To Ember Resources For US$214 Million
HOUSTON, Aug. 15, 2013 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) announced today it has agreed to sell oil and gas producing properties in the Nevis, North Grant Lands and South Grant Lands areas of western Alberta, Canada, to Ember Resources Inc., a private Canadian company, for US$214 million (CAN$220 million). "Going forward, Apache is focused on growing our liquids production from a deep inventory of crude oil- and liquids-rich opportunities that generate attractive rates of [Read more]
Oil rises above $107 per barrel on turmoil in Egypt, U.S. crude supplies fall
The price of oil climbed above $107 a barrel Thursday as the escalating violence in Egypt was seen as threatening stability in the Middle East, and U.S. crude supplies fell in a possible sign of stronger demand. By early afternoon in Europe, benchmark crude for September delivery was up 48 cents to $107.33 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 2 cents to close at $106.85 on Wednesday. The Egyptian Health Ministry said that 525 people had died [Read more]
Marcellus gas production rising fast in Pa., W.Va.
PITTSBURGH (AP) -- Marcellus Shale natural gas production is rising even faster this year than energy experts had predicted, and that's having a national impact on energy. Bentek, a Colorado company that analyzes energy trends, said 2013 production in Pennsylvania and West Virginia is up about 50 percent compared with last year. Figures for the pipelines that take gas out of the Marcellus show that in the first six months of the year, Pennsylvania produced about 1.5 trillion cubic feet of [Read more]
CP Railway now in Quebec gov’t crosshairs; money demanded for Lac Megantic cleanup
MONTREAL - The Canadian Pacific Railway is now on the Quebec government's list of targets as it seeks to recover the cleanup costs from the Lac-Megantic disaster.The big railway has been added to a legal notice issued by the provincial government, which wants companies to pay for the water and soil cleanup.CP (TSE:CP) has been added to the list because, the government said Wednesday, it was the main contractor responsible for the fateful oil shipment from North Dakota to New [Read more]
Six cuffed in Hamilton courtroom disturbance as Enbridge pipeline protesters appear
HAMILTON - At least six people ended up in handcuffs following a disturbance in a Hamilton courthouse as 13 people charged after a blockade in June were to appear on trespassing charges.Spectators were warned by the judge for clapping and making noise in the courtroom Wednesday afternoon and the disturbance erupted after the judge asked a woman was asked to leave.There were several physical altercations involving police at the exit to the courtroom that resulted in several people being [Read more]
Anti Keystone XL billionaire challenges pipeline boss to live debate
CALGARY - A San Francisco billionaire has challenged TransCanada boss Russ Girling to a live debate on the controversial Keystone XL oil pipeline.Tom Steyer, an ardent critic of the project and a major Democratic financier, extended his invitation in an open letter to Girling on Tuesday."I care so much that the truth comes out that I hereby challenge you to a debate on the merits and faults of the Keystone XL pipeline," Steyer wrote."Let's have a real, substantial conversation about [Read more]