CALGARY, Alberta (Reuters) - Canadian midstream company Gibson Energy is loading 60 unit trains per month at the Hardisty, Alberta, crude-by-rail terminal and that will rise to 90 trains per month by the end of the summer, Chief Executive Steve Spaulding said on Friday. Each unit train can carry around 60,000-75,000 barrels, which would put total loadings at 180,000-225,000 barrels per day (bpd) by summer’s end. The increase in crude-by-rail loadings comes as the discount on Canadian crude [Read more]
Headlines
AltaGas Announces Appointment of James Harbilas as Chief Financial Officer
CALGARY, May 27, 2019 /CNW/ - AltaGas Ltd. (AltaGas) (TSX:ALA) announced today the appointment of D. James Harbilas as Executive Vice President and Chief Financial Officer, effective June 10, 2019. Mr. Harbilas will be responsible for AltaGas' finance, treasury, corporate development and capital market functions. "The operational and financial priorities for AltaGas remain on track. Key areas of focus for James will be the continued strengthening of our balance sheet, including the completion [Read more]
Oil under pressure from U.S.-China trade war, but OPEC cuts provide support
SINGAPORE: Oil prices were mixed on Monday, with U.S. crude under pressure from Sino-American trade tensions, while Brent prices were supported by OPEC's supply cuts. Front-month U.S. West Texas Intermediate (WTI) crude futures were at $58.43 per barrel at 0700 GMT, down 20 cents, or 0.3%, from their last settlement. Spot Brent crude futures, the international benchmark for oil prices, were firmer at $68.82 per barrel, 13 cents, or 0.2%, above their last close. Both crude contracts [Read more]
Robson: It came from outer space
“Unless this really is just an argument about climate change.” Andrew Coyne concluded an argument in favour of carbon taxes with this withering dismissal of doing nothing in the face of a universally acknowledged crisis. To deny it you’d have to be from outer space. What a coincidence. If we’re not arguing about climate change, I’d sure like to be. And though I’m not from outer space, certain eccentricities notwithstanding, some important evidence is. Including warming on Mars, Jupiter, Pluto [Read more]
Gear Energy Ltd. Announces Update to Credit Facilities
CALGARY, May 24, 2019 /CNW/ - Gear Energy Ltd. ("Gear") (TSX: GXE) today announces that the annual borrowing base redetermination of its credit facilities has been finalized. The amended credit facilities have been reduced from a total $115 million to $90 million and is now comprised of a $70 million syndicated revolving term credit facility and a $20 million operating credit facility. The reduction is the result of a variety of factors including the recent Supreme Court of Canada ruling on [Read more]
Pemex’s oil exports tumble 11% in April from March
MEXICO CITY (Reuters) - Pemex’s oil exports dropped by 11% in April compared to the previous month, while production slipped by 0.9%, data from the Mexican state oil firm showed on Friday. Exports of Maya crude, the only type Pemex has been selling abroad for almost a year, fell to 1.023 million barrels per day (bpd) in April from 1.150 million bpd in March, the data showed. Crude output dipped to 1.675 million bpd from 1.691 million bpd. Pemex has been struggling to cope with financial [Read more]
Scheer says it would take Conservatives five years to balance budget
VANCOUVER - Conservative Leader Andrew Scheer says the economy has become such a mess under the Liberals that it would take a Conservative government five years to clean it up. He accused the Liberal government of embarking on a "deficit spree" and spending at a rate that will add $71 billion to the national debt by the end of this year. Scheer made the comments Friday to members of the Canadian Club at the Fairmont Hotel Vancouver, where he also accused the Liberals of stacking a panel on [Read more]
Five takeaways from the Court of Appeal ruling on B.C.’s pipeline law
VANCOUVER - The British Columbia Court of Appeal ruled Friday that the province did not have the authority to restrict shipments of diluted bitumen through its borders. Here are five takeaways from the decision and its impacts: 1. Provinces cannot bring in legislation that interferes with the federal government's exclusive jurisdiction over interprovincial pipelines. While the B.C. government did not dispute that the federal government was responsible for cross-boundary infrastructure [Read more]
B.C. Court of Appeal strikes down the provincial government’s attempt to stymie the Trans Mountain expansion pipeline: CAPP
CALGARY, May 24, 2019 /CNW/ - The Canadian Association of Petroleum Producers (CAPP) is pleased the British Columbia Court of Appeal has reaffirmed that no one province has the authority to shut down construction of the Trans Mountain expansion pipeline (TMEP). The future of TMEP now rests with the Government of Canada to ensure construction begins immediately following the completion of consultations on June 18, 2019. The unanimous and expedient decision by the Court of Appeal to [Read more]
U.S. oil drillers cut rigs for third week in a row
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as weaker oil prices encourage drillers to follow through on plans to cut spending. Drillers cut five oil rigs in the week to May 24, bringing the total count down to 797, the lowest since March 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 859 rigs operating during the same week a year ago. The rig count, an [Read more]