OTTAWA - A U.S. rejection of the Keystone XL pipeline proposal would have far-reaching implications for the Canada-U.S. relationship, Alberta Premier Alison Redford warns. In an interview with The Canadian Press on Monday, Redford said Canada and the United States have a long history of economic integration that would be thrown into question by a 'No' to the pipeline. "This is fundamental and I don't think this is as simple as yes or no on a project," she said during a three-day [Read more]
News
Oil recovers from early losses as worries about Europe dwindle; natural gas rises
NEW YORK, N.Y. - The price of oil reversed sharp early losses Monday as nervousness over a bailout plan in Cyprus abated. By early afternoon in New York, benchmark West Texas Intermediate crude for April delivery was down just three cents at US$93.42 a barrel after having dropped as low as US$91.76. Traders initially worried about possible fallout from a plan to pay for a bailout for cash-strapped Cyprus by slapping a tax on deposits in the country's banks. Some bank customers [Read more]
Oklahoma company Williams plans petrochemical feedstock plant near Edmonton
CALGARY - An Oklahoma-based company plans to spend up to $900 million to build a plant that converts Alberta propane into a more valuable product used to make plastics. Williams says the facility will be the first in Canada to make polymer-grade propylene. The gas will be transported on railcars to U.S. Gulf Coast petrochemical producers, but the company is also exploring ways to develop a market within Alberta. Much of the propane Williams will use is a byproduct of the [Read more]
Redford calls Mulcair’s comments in U.S. “RIDICULOUS”
OTTAWA - Alberta's premier says comments made by Opposition leader Thomas Mulcair in the U.S. last week were ridiculous. Alison Redford tells The Canadian Press she's disappointed Mulcair seems to be taking the issue of Canada's energy market lightly and called his trip a political stunt. Mulcair was in the U.S. capital last week and spoke out against Canada's environmental record, while also warning that the proposed Keystone XL pipeline would cost 40,000 Canadian [Read more]
Ensign Energy Q4 profit contracts 8%; reflects slowdown in the oilpatch
CALGARY - Ensign Energy Services Inc. (TSX:ESI) is reporting an eight per cent decrease in fourth-quarter earnings, reflecting a slowdown in the oilpatch. The Calgary-based oilfield services company says net income fell to $48.5 million or 32 cents per share compared with $52.6 million or 34 cents in the same period of 2011. Revenue for the three months ended Dec. 31 was $530.1 million, also down eight per cent, from $578 million in the same 2011 period. Funds from operations [Read more]
MEG Energy CFO retires after helping to build a growing Canadian success story
CALGARY , March 18, 2013 /CNW/ - MEG Energy Corp. reports that Chief Financial Officer Dale Hohm will retire effective August 1, 2013 after serving as MEG's CFO for nine years. "Dale has played a key role in MEG's success," said Bill McCaffrey, President and Chief Executive Officer. "Since 2004, he's been a guiding hand and strong steward for our shareholders every step of the way, from producing our first barrel of oil to playing a key role in launching one of Canada's most successful [Read more]
Anderson Energy Announces 2012 Fourth Quarter and Year End Results
CALGARY, ALBERTA--(Marketwire - March 18, 2013) - Anderson Energy Ltd. ("Anderson" or the "Company") (TSX:AXL) is pleased to announce its operating and financial results for the fourth quarter and year ended December 31, 2012. HIGHLIGHTS The Company completed its Cardium horizontal light oil winter drilling program using slick water frac technology. Initial production results were vastly superior to previously used fracture stimulation techniques. The average initial [Read more]
Whitecap Resources Inc. increases Viking light oil exposure through the acquisition of Invicta Energy Corp. and announces increased 2013 guidance
CALGARY , March 18, 2013 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (WCP.TO) and Invicta Energy Corp. ("Invicta") (VCA.V) are pleased to announce that they have entered into an arrangement agreement (the "Arrangement Agreement") providing for the acquisition by Whitecap of all the issued and outstanding common shares of Invicta (the "Transaction"). Invicta is a light oil-weighted public energy company with its operations immediately offsetting Whitecap's lands and Viking [Read more]
Northern Gateway panel tangled in complex web of aboriginal rights, title
By Dene Moore and Will Campbell A top Northern Gateway Pipelines official says the company is trying to balance the many competing interests in the project, and realizes it may be impossible to satisfy them all. Federal review hearings into the $6-billion pipeline project continue Monday in Prince Rupert, where the three-person panel has been hearing about the company’s aboriginal engagement and public consultation. “I think it is important to understand this is a very diverse [Read more]
Redford government spends $30,000 on pro-Keystone ad in New York Times
The Alberta government, continuing to press its case for the Keystone XL pipeline, took out an ad in Sunday’s New York Times newspaper, tying the controversial project to core American values and to U.S. pride in its military. The half-page ad is headlined “Keystone XL: The Choice of Reason.” It acknowledges the validity of environmental concerns, but stresses the $7-billion pipeline is about much more than that. “America’s desire to effectively balance strong environmental [Read more]