ST. JOHN'S, N.L. - The UNESCO World Heritage Committee will vote in June on a recommendation for a buffer zone to protect Gros Morne National Park in western Newfoundland after fracking proposals stoked fierce debate. United Nations experts advising the committee say Canada should be encouraged to protect the park's natural beauty from oil extraction. That recommendation and others are included in a package posted to the UN's World Heritage Centre website. The committee called off a [Read more]
News
Imperial Completes Sale of Certain Western Canada Conventional Oil and Gas Assets
CALGARY, May 1, 2014 /CNW/ - Imperial Oil Limited announced today the successful completion of its previously announced sale of interests in assets located in Boundary Lake, Cynthia/West Pembina, and Rocky Mountain House in Western Canada to Whitecap Resources Inc. for CA $855 million. As a result of the sale, Imperial will record an after-tax earnings gain of between $475 million and $525 million in the second quarter of 2014. Located in British Columbia and Alberta, these assets produced [Read more]
Bonavista Energy Corporation Announces 2014 First Quarter Results
CALGARY, ALBERTA--(Marketwired - May 1, 2014) - Bonavista Energy Corporation ("Bonavista") (TSX:BNP) is pleased to report to shareholders its condensed consolidated interim financial and operating results for the three months ended March 31, 2014. The unaudited financial statements and notes, as well as management's discussion and analysis, are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on Bonavista's website at [Read more]
Fiery train wreck in Virginia brings demands for tighter regulation of crude oil shipments
LYNCHBURG, Va. - The latest in a string of fiery oil-train wrecks brought renewed demands Thursday that the Obama administration quickly tighten regulations governing the burgeoning practice of transporting highly combustible crude by rail.With production booming in the Bakken oil field along the U.S. northern tier and in Canada, some experts say stronger rules to head off a catastrophe are long overdue.In the latest crash, a CSX train carrying Bakken crude from North Dakota derailed Wednesday [Read more]
Oil down a second day on weaker U.S, China growth and U.S. supply worries
The price of oil fell Thursday as the impact of slower economic growth and higher oil supplies carried over to a second day. Benchmark West Texas Intermediate crude for June delivery dropped 32 cents to US$99.42 on the New York Mercantile Exchange. Brent crude, an international oil benchmark, slipped 31 cents to US$107.76 on the ICE Futures exchange in London. On Wednesday, U.S. crude oil plunged $1.54 and Brent fell 91 cents after U.S. first-quarter economic growth of just 0.1 per cent [Read more]
Desmond Tutu to speak at Fort McMurray conference on treaties and oilsands
FORT MCMURRAY, Alta. - South African Archbishop Desmond Tutu is scheduled to appear at a conference in northern Alberta to discuss aboriginal treaties and the oilsands.The Nobel laureate, who has taken strong stands on climate change and against projects such as the Keystone XL pipeline, is to appear with industry and political leaders at a two-day event that begins May 31 in Fort McMurray."He has been vocal about his position on the oilsands," said Eriel Deranger, spokeswoman for the Athabasca [Read more]
Canada needs pipelines, infrastructure to profit from Ukraine crisis: experts
OTTAWA - Canada has little hope of reaping any kind of energy or resource windfall because of the crisis in Ukraine.That message was delivered to a House of Commons committee on Parliament Hill today, which heard from energy experts from Alberta, Europe, and Ukraine.The Commons natural resources committee was told that Canada is the better part of a decade away from having the pipelines and other infrastructure necessary to be any kind of meaningful energy supplier to Europe.The parliamentary [Read more]
Whitecap Resources Inc. Announces Closing of Previously Announced Acquisition of Strategic Light Oil Assets and Increases Credit Facilities
CALGARY, May 1, 2014 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it has completed its previously announced acquisition of certain strategic light oil assets focused primarily in Whitecap's Pembina Cardium / West Central core area, as well as at Boundary Lake in northeast B.C. and the concurrent disposition of certain Nisku natural gas production and related facilities located in the Pembina area to Keyera Corp. will be closing later today [Read more]
Imperial Oil posts higher profit, revenues and BOE/D production
CALGARY - Imperial Oil Ltd. (TSX:IMO) says it earned a first-quarter net profit of $946 million, or $1.11 per share, up 19 per cent from $798 million, or 94 cents per share, in the same quarter in 2013. Revenue and other income increased to $9.22 billion compared with $8.01 billion year-over-year for Canada's largest petroleum refiner. Gross production averaged 330,000 oil-equivalent barrels per day, up 46,000 barrels versus 2013, primarily due to production from its Kearl oil sands [Read more]
Imperial announces estimated first quarter financial and operating results
For the three months ended March 31, 2014 CALGARY, May 1, 2014 /CNW/ - First quarter (millions of dollars, unless noted) 2014 2013 % Net income (U.S. GAAP) 946 798 19 Net income per common share - assuming dilution (dollars) 1.11 0.94 19 Capital and exploration [Read more]