BILLINGS, Mont. - The U.S. government is further tightening testing requirements for companies that transport oil by rail after a spate of explosions caused by crude train derailments in the U.S. and Canada.Thursday's action from the U.S. Department of Transportation builds on a Feb. 25 order that targeted oil shipments for more stringent testing.Testing has long been required to gauge the volatility of oil and other hazardous liquids. But there were no standards on how frequently that had to be [Read more]
Canadian Natural Resources hiking dividend for second time in a year, profit up
CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) will be raising its dividend for the second time in three months, following a year in which net income grew 20 per cent and adjusted profit jumped by 50 per cent. CNRL president Steve Laut said "2013 was a solid year for Canadian Natural as we achieved significant progress in our transition to longer life, low decline assets." The Calgary-based company's quarterly dividend will rise to 22.5 cents per common share payable April [Read more]
National Energy Board to rule today on Line 9 reversal
TORONTO - The National Energy Board is set to release a decision today on whether it will allow energy delivery giant Enbridge to reverse the flow and increase the capacity of a pipeline that's been pumping oil between southern Ontario and Montreal for years. The decision on the controversial Line 9 is being delivered some four months after the federal regulator held public hearings on the Calgary-based company's (TSX:ENB) proposal. During those sessions, a three-member panel heard from a [Read more]
Industry Minister approves $1.5B sale of Talisman’s Montney gas holdings
OTTAWA - Federal Industry Minister James Moore has given the green light to a deal under which a subsidiary of Malaysia's Petronas will acquire the Montney gas holdings of Talisman Energy Inc. (TSX:TLM) for $1.5 billion. The properties in the Farrell Creek and Cypress areas of British Columbia are being sold to Progress Energy Canada Ltd., which Petronas acquired in 2012. "I can confirm that I have approved Progress Energy Canada Ltd.'s application to acquire control of natural gas assets [Read more]
Industry Minister Moore approved $1.5B sale of Talisman’s Montney gas holdings
OTTAWA - Federal Industry Minister James Moore has given the green light to a deal under which a subsidiary of Malaysia's Petronas will acquire the Montney gas holdings of Talisman Energy Inc. (TSX:TLM) for $1.5 billion.The properties in the Farrell Creek and Cypress areas of British Columbia are being sold to Progress Energy Canada Ltd., which Petronas acquired in 2012."I can confirm that I have approved Progress Energy Canada Ltd.'s application to acquire control of natural gas assets from [Read more]
Crude oil slips nearly 2% as concerns over Ukraine ease, US supplies rise
The price of oil fell nearly two per cent Wednesday as concerns over the crisis in Ukraine eased and U.S. supplies rose for a seventh consecutive week.Benchmark West Texas Intermediate crude for April delivery dropped $1.88, or 1.8 per cent, to close at US$101.45 a barrel on the New York Mercantile Exchange. On Tuesday, oil fell $1.59 to close at $103.33.Brent crude, used to set prices for international varieties of crude, dropped $1.54 to US$107.76 a barrel on the ICE Futures exchange in [Read more]
Build support for Keystone with a small carbon levy, says Saskatchewan premier
WASHINGTON - A modest levy on the oil-and-gas sector might be a good idea if it helps buy some goodwill in Washington, Saskatchewan Premier Brad Wall said Wednesday during a trip to the U.S. capital.Any such penalty would need to be small, he stressed."I think you start slow and see what impact it has on the economy," Wall told a group of Canadian journalists at a roundtable discussion. "I don't think you want to kneecap your economy with a carbon tax."He pointed to Alberta's initial $15-a-tonne [Read more]
Exxon Mobil plans to cut capital spending but expects rise in production on oil, other liquids
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]
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