CALGARY - The CEO of Penn West Petroleum Ltd. says the company is in the midst of a big cultural shift, focused less on churning out as much oil as possible and more on profitability. "I lot of people get hung up on barrels," said David Roberts, the former Marathon Oil executive who took the reins of Penn West in June. "Barrels don't matter unless you're making money." Roberts defended his company's new strategy following a nearly 13 per cent slide in its share price over the past two [Read more]
AltaGas: Small players key to B.C. LNG
CALGARY - The CEO of AltaGas Ltd. (TSX:ALA) says smaller players have an important role to play in B.C.'s liquefied natural gas industry.Speaking at a CIBC investor conference, David Cornhill said Thursday that the companies pitching LNG export facilities on the West Coast can be broken up into two categories, the first being enormous global firms such as Chevron, Petronas and Royal Dutch Shell that have interests in the natural gas fields themselves. "But I think it's also critical for the [Read more]
Natural gas locomotives may prove cheaper, cleaner
OMAHA, Neb. - The diesel-burning locomotive, the workhorse of American railroads since World War II, will soon begin burning natural gas — a potentially historic shift that could cut fuel costs, reduce pollution and strengthen the advantage railroads hold over trucks in long-haul shipping.Rail companies want to take advantage of booming natural gas production that has cut the price of the fuel by as much as 50 per cent. So they are preparing to experiment with redesigned engines capable of [Read more]
Saudi, IEA talk impact of US shale on oil price
RIYADH, Saudi Arabia - Saudi Arabia's oil minister and the head of the International Energy Agency have met in the kingdom to discuss the effects of growing U.S. shale oil production on global oil prices. The Saudi Press Agency says Ibrahim al-Naimi met IEA Executive Director Maria van der Hoeven in Riyadh on Thursday. Earlier this week, al-Naimi was quoted by the Saudi Press Agency saying that the kingdom welcomes the new source of energy to keep up with global demand. He made his [Read more]
Board calls for tougher rules for tank cars
OTTAWA - The Transportation Safety Board is calling for better protection standards for tanker cars used to haul flammable liquids by rail. Acting in the aftermath of the deadly Lac-Megantic disaster, the board is recommending that so-called DOT-111 cars used to carry oil and other flammable liquids meet tougher enhanced protection standards. The recommendation will cover tens of thousands of older model DOT-111s that are the workhorses of the oil-by-rail industry. The board is also [Read more]
Apache Canada pipeline spills produced water northwest of Edmonton
WHITECOURT, Alta. - Alberta Environment says a pipeline has leaked northwest of Edmonton.The government department says it was notified of the leak on Tuesday morning.The pipeline is owned by Apache Canada and the leak happened about 20 kilometres northwest of Whitecourt.Alberta Environment says about 1.6 million litres of produced water leaked from the pipeline across a leased road and affected a small, unnamed tributary.The government says Apache is working to contain the leak, clean up the [Read more]
First Nation challenge Northern Gateway report
VANCOUVER - The Gitga'at (GIT-gat) First Nation in British Columbia has filed a court challenge to a federal review panel recommendation in favour of the Northern Gateway pipeline.The latest request for a judicial review by the Federal Court of Appeal brings to 10 the number of applications filed in Vancouver.The Gitga'at say the federal government cannot go ahead with the project proposed by Calgary-based Enbridge (TSX:ENB) because the joint review panel erred in law by recommending [Read more]
Southern leg of Keystone XL starts up
CALGARY - Opponents of the Keystone XL project say they'll be watching the southern leg of the oil pipeline "like a hawk." They made their vow on a media conference call on Wednesday, as the US$2.3-billion Oklahoma-to-Texas stretch of the line officially began shipping crude oil. Jane Kleeb of Bold Nebraska, a group fighting the pipeline, says the startup marks a sad day as it poses risks for those who live along the route. The northern portion of the pipeline has been held up by [Read more]
TransCanada to brief media on Keystone XL
CALGARY - TransCanada Corp. says it will brief members of the media today about the official startup of crude oil shipments on the southern portion of its controversial Keystone XL pipeline. The northern portion of the pipeline has been held up by concerns over potential risks to drinking water supplies and climate change. TransCanada and the Canadian government are awaiting a decision from the U.S. State Department and President Barack Obama, whose approval is required because the [Read more]
Oil above $95 amid hopes for global growth
The price of oil rose above $95 a barrel on Wednesday amid expectations for solid demand and weaker supply, particularly in Asia and Europe. By early afternoon in Europe, benchmark U.S. crude for March delivery was up 53 cents at $95.50 a barrel in electronic trading on the New York Mercantile Exchange. On Tuesday, the Nymex March contract closed at $94.97 a barrel, up 38 cents. The IMF said Tuesday it expects the world economy to grow 3.7 per cent this year and the U.S. economy by 2.8 per [Read more]
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