NEW YORK - Exxon Mobil says it will cut capital spending by 6 per cent this year but still boost production of liquids such as oil by 2 per cent.The nation's biggest oil company said Wednesday that it will spend $39.8 billion on energy projects and other costs this year, down from $42.5 billion last year.Exxon says if it doesn't make acquisitions, annual spending will average less than $37 billion from 2015 to 2017.The Irving, Texas-based company says production will rise 2 per cent this year [Read more]
Pipeline oil leak report shows Alberta government monitoring failing: NDP
EDMONTON - Opposition politicians say a damning report into a major pipeline leak in a central Alberta river indicates the province's monitoring system is failing.New Democrat Rachel Notley says the report into the 2012 Plains Midstream spill into the Red Deer River shows the company knew about problems with the pipeline for four years before it finally cracked.The Alberta Energy Regulator report says a consultant flagged that section of pipe as a high risk in 2008.Notley says that fact Plains [Read more]
Moody’s says increased scrutiny could affect Enbridge’s L3R project
CALGARY - Enbridge's $7-billion plan to replace its Line 3 oil pipeline so it could pump more crude through it "will face increased public, regulatory and political scrutiny," potentially leading to higher costs and delays, says credit rating agency Moody's Investors Service. In a report Wednesday, Moody's said the Line 3 replacement, or L3R, project doesn't affect the credit ratings of Calgary-based Enbridge Inc. (TSX:ENB) or its U.S. affiliate, Enbridge Energy Partners.But Moody's said the [Read more]
TransCanada makes initial filing for $12-billion Energy East oil pipeline
CALGARY - TransCanada Corp. has taken an initial step toward obtaining regulatory approval for its proposed $12-billion Energy East oil pipeline. The Calgary-based pipeline giant (TSX:TRP) filed a project description with the National Energy Board on Tuesday — a key step in the process. The more than 100-page document provides details on the project based on engineering assessments, environmental studies and community consultations. The 4,600-kilometre Energy East pipeline would connect [Read more]
Crude oil down sharply after Putin eases fears of escalation of Ukraine crisis
The price of crude oil dropped sharply Tuesday after Russian President Vladimir Putin said his country was not seeking to escalate the conflict in Ukraine Benchmark West Texas Intermediate crude for April delivery fell $1.59 to US$103.33 a barrel on the New York Mercantile Exchange. On Monday, oil added $2.33 to close at $104.92. Brent crude, used to set prices for international varieties of crude, fell $1.90 to US$109.30 a barrel on the ICE Futures exchange in London. Putin said that [Read more]
Canada writes U.S. to plug Keystone XL, offer to work together on oil pollution
WASHINGTON - The Canadian government has sent the Obama administration a letter making its case for the Keystone XL pipeline. The letter argues the merits of the pipeline on environmental, economic and energy-security grounds. It expresses a desire to work with the Americans on oil and gas issues, without wading into specifics. The three-page note is signed by Canada's ambassador to Washington, Gary Doer, and addressed to Secretary of State John Kerry. Kerry is leading a regulatory [Read more]
Oilsands capital of Fort McMurray no crime capital: study
FORT MCMURRAY, Alta. - A study is suggesting that Alberta's oilsands capital is not the wild and woolly, crime-ridden boomtown it's sometimes painted to be."It seems clear, by looking carefully at the best available data, that crime is not rampant in the Regional Municipality of Wood Buffalo," writes author Neil Boyd, head of criminology at Simon Fraser University in British Columbia.Municipal officials put out a call for someone to do a crime study in Fort McMurray after repeated magazine and [Read more]
Police arrest hundreds of anti-Keystone protesters who strapped themselves to the White House
WASHINGTON (AP) — Police arrested hundreds of people who strapped themselves to the White House fence on Sunday to protest the proposed Keystone XL oil pipeline. The protesters were mostly college students who participated in a peaceful march that began at Georgetown University and ended outside the White House. They chanted “climate justice now” and carried signs with slogans such as “don’t tarnish the earth” in an effort to persuade President Barack Obama to reject the pipeline. They say it [Read more]
Crude oil prices jump $2 on Ukraine crisis as markets worry about sanctions against Russia
Oil prices jumped nearly two dollars a barrel Monday as Russia's military advance into Ukraine raised fears of economic sanctions against one of the world's major energy producers. Natural gas prices surged at the prospect of a decrease in global supplies.By early afternoon in Europe, benchmark U.S. crude for April delivery was up $1.92 to $104.51 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the Nymex contract added 19 cents to close at $102.59.Markets were [Read more]
Buffett says some crude oil more dangerous than expected, railroad tank cars must change
OMAHA, Neb. - Investor Warren Buffett says it's clear that railroad tank cars carrying crude oil need to be updated because oil from certain regions has the potential to be more dangerous than previously thought. Buffett appeared on CNBC Monday after releasing his letter to Berkshire Hathaway shareholders Saturday. Buffett owns BNSF railroad and a manufacturer of tank cars. Buffett says the crude oil from the Bakken oil field in North Dakota and Montana and the Eagle Ford oil field in [Read more]
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