CALGARY - Federal Finance Minister Joe Oliver says Canadians are already taxed too much and his government is looking at ways to lower taxes rather than raise them.Despite that position, Oliver says he won't comment on Alberta Premier Jim Prentice musing that he might have to consider a sales tax as the province struggles to deal with low oil prices. "These are decisions that the provincial government will make. I don't have any comment on that directly," Oliver told reporters in Calgary on [Read more]
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Pembina Pipeline Corporation Appoints New Board Member
CALGARY, Jan. 15, 2015 /CNW/ - Pembina Pipeline Corporation ("Pembina" or "the Company") (TSX: PPL; NYSE: PBA) announced today that Mr. Gordon J. Kerr has been appointed to the Board of Directors effective January 15, 2015. Mr. Kerr currently serves on the Board of Directors of Laricina Energy Ltd. and is a member of the Management Advisory Council of the Haskayne School of Business at the University of Calgary. Mr. Kerr is a former President and Chief Executive Officer of Enerplus Corporation, [Read more]
BP cuts 200 staff, 100 contractors worldwide
LONDON (AP) — BP has announced it will cut an estimated 200 staff jobs and another 100 contracting jobs in light of falling oil prices. The company said Thursday the cuts will be made in onshore roles, not in offshore operational positions. Regional president Trevor Garlick said BP remains committed to its North Sea operations but needs to take “specific steps” given the challenging economic environment. He cited toughening market conditions as a reason for the cuts. [Read more]
Crude oil spikes, best day in 2 1/2 years
The price of oil surged, despite a large increase in U.S. oil stockpiles, on a weaker dollar and traders' expectations that oil had fallen too far recently. Benchmark U.S. crude rose $2.59 to close at $48.48 a barrel in New York, it's highest one-day rise since June 2012. Brent crude, a benchmark for international oils used by many U.S. refineries, rose $2.10 to close at $48.69 in London. [Read more]
Freehold Royalties Ltd. Announces Change to Dividend
CALGARY, ALBERTA--(Marketwired - Jan. 14, 2015) - Freehold Royalties Ltd. (TSX:FRU) (Freehold) announces that its Board of Directors has approved an adjustment to its monthly dividend to $0.09 per share from $0.14 per share. The Board of Directors has declared a dividend of Cdn. $0.09 per common share to be paid on February 17, 2015, to shareholders of record on January 31, 2015. Including the February 17, 2015 payment, the twelve-month trailing cash dividends total $1.63 per common share. The [Read more]
Last-ditch pitch: Rickford in Washington to argue for Keystone XL pipeline
WASHINGTON - The Canadian government made a last-ditch pitch for the Keystone XL pipeline Wednesday as the U.S. capital was gearing up for an imminent decision on the project after six years of delay.Natural Resources Minister Greg Rickford made the 11th-hour case in meetings in Washington with the U.S. State Department, his counterpart Ernest Moniz and pro-pipeline lawmakers.He apparently received no guarantees, aside from a promise that the clock will start again on a regulatory process that [Read more]
Woe Canada: Prentice says Alberta oil crunch will hurt economies across country
EDMONTON - The aftershocks of Alberta's collapsing petro-economy will shake up homes and businesses from coast to coast to coast, Premier Jim Prentice said Wednesday."We're all in this together," Prentice told reporters on a conference call from Toronto."It has been the Alberta economy that has been driving the national economy in this country for more than a decade."Alberta has accounted for more than 50 per cent of the jobs that have been created in Canada (in that time)."Prentice said Alberta [Read more]
Raging River Exploration Inc. announces $77 million bought deal financing and increased 2015 exit guidance
CALGARY, Jan. 14, 2015 /CNW/ - Raging River Exploration Inc. ("Raging River" or the "Company") (TSX:RRX) is pleased to announce that it has entered into a bought deal agreement with a syndicate of underwriters co-led by Peters & Co. Limited and FirstEnergy Capital Corp. Raging River will issue 12,000,000 common shares ("Common Shares") at $6.40 per Common Share for gross proceeds of $76,800,000 (the "Offering"). The underwriters will have an option to purchase up to an additional 15% of the [Read more]
DeeThree Exploration Ltd. Announces 2015 Budget and Provides Operational Update
CALGARY, ALBERTA--(Marketwired - Jan. 13, 2015) - DEETHREE EXPLORATION LTD. ("DeeThree") ("Company") (TSX:DTX)(OTCQX:DTHRF) is pleased to announce its 2015 capital budget and provide its financial and operating guidance for 2015. The Company's Board of Directors has approved a 2015 capital budget of up to $160 million. This budget is structured to maintain DeeThree's strong balance sheet position and to provide maximum financial and operational flexibility. The budget targets average 2015 [Read more]
Suncor accelerates spending reductions in response to lower crude price environment
CALGARY, ALBERTA--(Marketwired - Jan. 13, 2015) - Suncor Energy Inc. announced today significant spending reductions to its 2015 budget in response to the current lower crude price environment. The cuts include a $1 billion decrease in the company's capital spending program, as well as sustainable operating expense reductions of $600 million to $800 million to be phased in over two years offsetting inflation and growth. "Our integrated model and strong balance sheet have positioned us well [Read more]