BOE Report

Global crude oil supply disruptions and strong demand support high oil prices

Source: U.S. Energy Information Administration, based on Bloomberg, LP While Brent crude oil spot prices have increased as much as $7 per barrel (6%) since the chemical weapons incident in Syria on August 21, 2013, market fundamentals had been moving Brent prices higher even earlier. From mid-April to August 20, Brent crude oil spot prices increased almost $15 per barrel (15%) because of increasing global refinery demand coupled with record levels of unexpected crude oil production [Read more]

B.C. union leaders join Clark’s bid to train thousands of LNG workers

  VICTORIA - Some of British Columbia's most powerful labour leaders are pledging to work with Premier Christy Clark's Liberal government and the energy industry to help thousands of B.C. workers land jobs in what could be the province's multi-billion-dollar liquefied natural gas industry.B.C. Federation of Labour President Jim Sinclair and B.C. building trades council executive director Tom Sigurdson emerged from a closed-door meeting with Clark saying jobs trump politics when it comes [Read more]

Inter Pipeline raises dividend 13 per cent amid strong performance, new projects

  CALGARY - Inter Pipeline Ltd. says it has raised its monthly dividend by 13 per cent as new projects begin to generate cash flow.The Calgary-based company said its September dividend, payable in mid-October, will be worth 10.75 cents per share, up from 9.5 cents per share.On an annualized basis, that amounts to $1.29, up from $1.14.CEO David Fesyk says it's the eleventh increase in a row and the single-largest in the company's history.It is supported by the continuing strong [Read more]

Texas seismologist: Fracking doesn’t cause earthquakes

MORGANTOWN, W.Va. (AP) — A University of Texas seismologist says human activity associated with oil and gas production can sometimes cause earthquakes, but hydraulic fracturing isn’t the problem. Cliff Frohlich told scientists gathered in Morgantown for a National Research Council forum that when quakes do happen, they’re typically linked to the disposal of drilling fluids in underground injection wells. And Frohlich says the vast majority of injection wells don’t cause quakes, [Read more]

Maine governor voices support for Energy East pipeline project across Canada

LA MALBAIE, Que. (AP) - The proposed Energy East pipeline is getting some support from south of the border.Maine Gov. Paul LePage says it's a great project that could make more oil available to his country's eastern seaboard state.TransCanada (TSX:TRP) Corp.'s Energy East pipeline project, which still has to clear regulatory reviews, would deliver up to 1.1 million barrels per day from Alberta to Quebec and then to Saint John, N.B., by 2018.LePage says he would like to see oil transported by [Read more]

Anti-Keystone billionaire releases series of negative ads

Anti-Keystone billionaire Tom Steyer's organization, NextGen Climate Action, has released a series of negative ads as part of a $1 million campaign to convince the American public against the Keystone XL pipeline. Below is the release courtesy PR Newswire: SAN FRANCISCO, Sept. 8, 2013 /PRNewswire-USNewswire/ -- NextGen Climate Action today began the first in a four-part, $1 million TV ad series designed for Sunday morning political shows. The first ad, "Who Profits From Keystone XL?" will [Read more]

TransCanada tries to sell merits of Energy East pipeline

  FREDERICTON - When it comes to people like Cyrille Simard, TransCanada has a challenge in selling the Energy East Pipeline project in New Brunswick.The mayor of Edmundston says he wants the company to guarantee the west-to-east pipeline, which could traverse his city of 16,000, won't harm the area's watershed."They gave us the assurance that it was understood that it is a very important issue and that they would take care of that by bringing some new scenarios of a route," Simard [Read more]

Oil tops $110 as jobs data ups hopes of continued Fed stimulus, Putin backs Syria

NEW YORK (AP) - The price of oil topped US$110 a barrel Friday as Russian President Vladimir Putin said his country will continue helping Syria even if it comes under attack.U.S. economic news also gave a boost to oil as the latest jobs data fuelled expectations that the Federal Reserve will keep its economic stimulus measures in place longer than expected.Benchmark West Texas Intermediate crude for October delivery rose $1.92, or 1.8 per cent, to US$110.29 a barrel in afternoon trading on the [Read more]

Calfrac buying Texas-focused company for$147M

CALGARY - Calfrac Well Services Ltd. says it will spend US$147 million to buy Mission Well Services LLC, a privately held hydraulic fracturing and coiled tubing services provider focused in Texas.Calgary-based Calfrac said Friday that the purchase includes about $7 million of working capital associated with the ongoing operations of the business.It also notes that the purchase will pre-empt a portion of its 2014 capital expenditure program, which is expected to include similar equipment.The deal [Read more]

Environmentalists say Alberta government keeping them out of oilsands hearing

  EDMONTON - Alberta environmentalists argued in court Thursday that the provincial government is keeping them out of hearings on a proposed oilsands development at least partly because of their concerns about the industry.The accusation emerged in court documents filed in support of the Oilsands Environmental Coalition's bid to have a judge overturn a decision by Alberta Environment's northern region director denying the coalition the chance to present its concerns in hearings on a [Read more]