OTTAWA - Prime Minister Justin Trudeau is backing away from a campaign vow to balance the public books before the end of his government's four-year mandate — a pledge that was central to the Liberal election platform.As a result of a weakening economy, the government's upcoming 2016-17 budget plan will show a deficit larger than the Liberals' promised $10-billion shortfall cap, Trudeau told Montreal's La Presse newspaper.Just how big that deficit will be remains unclear.If the economy continues [Read more]
Headlines
NEB Announces Public Hearing for Vaughan Mainline Expansion Project
CALGARY, Feb. 11, 2016 /CNW/ - The National Energy Board (NEB) will hold a public hearing to consider the application from TransCanada PipeLines Limited (TransCanada) to construct and operate approximately 11.7 km of new natural gas pipeline in the City of Vaughan, Ontario. The Project will be integrated into TransCanada's existing mainline system and its recently NEB approved King's North Connection Pipeline. The NEB is committed to continual improvement of its hearing process. The [Read more]
Losses in oil and gas sector bite into Manulife’s fourth-quarter earnings
TORONTO - Manulife Financial Corp. saw a 62 per cent drop in its fourth-quarter profit, which it blamed on losses in its oil and gas investments.The Toronto-based company reported net income of $246 million or 11 cents a share for the three-month period ended Dec. 31, 2015.This compared with a profit of $640 million or 33 cents per share for the same period a year earlier. Core earnings amounted to $859 million in the fourth quarter, up 28 per cent from $713 million year over year.Manulife [Read more]
Russia’s Oil Price Problems
I remember around ten years ago meeting an analyst who covered Russia. This seemed a very interesting opportunity to learn about the Russian economy and its relationship with the world. Yet his presentation consisted of chart after chart of the oil price super-imposed over some measure of the Russian economy; be it exports, the budget deficit or growth. The message was that pretty much everything was correlated to the oil price. If you understand and, even better, can forecast the oil price, [Read more]
Baloney Meter: Not a kilometre of new oil pipeline built since 2011?
OTTAWA - "There wasn't a kilometre of pipe built in Canada between 2011 and October the 19th, 2015. That's the record. That's the reality." — Natural Resources Minister Jim Carr, Feb. 3, 2015. --- Late last month, the federal government added new criteria to the approval process for major resource projects, while putting off a decision on two proposed oil pipelines for several months. The Liberals say they want to improve access to overseas markets for western Canada's landlocked oil [Read more]
TransCanada Reports Fourth Quarter and Year-End 2015 Financial Results
CALGARY, ALBERTA--(Marketwired - Feb. 11, 2016) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced a net loss attributable to common shares for fourth quarter 2015 of $2.5 billion or $3.47 per share compared to net income of $458 million or $0.65 per share for the same period in 2014. For the year ended December 31, 2015, the net loss attributable to common shares was $1.2 billion or $1.75 per share compared to net income of $1.7 billion or $2.46 per share in 2014. [Read more]
Black Swan Energy Announces Commissioning of 100% Owned & Operated Plant
CALGARY, Feb. 11, 2016 /CNW/ - Black Swan Energy Ltd. is pleased to announce the commissioning and start-up of the first of two phases at its new shallow cut gas processing facility in northeast British Columbia (NEBC). Highlights of the c-38-C Aitken Creek Gas Plant include: Plant initiated Q1 2015, with civil construction underway by July 2015 First gas to sales January 30, 2016 Facility is 100% owned and operated by Black Swan Liquids yield including field condensate is expected [Read more]
Cenovus finishes 2015 with strong balance sheet
Additional budget reductions planned to preserve financial resilience CALGARY, Feb. 11, 2016 /CNW/ - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) achieved significant sustainable cost savings across its business in 2015 and further strengthened what is now one of the best balance sheets in the North American exploration and production sector. The company is planning additional measures in 2016 to help it remain financially resilient through another year of expected low crude oil and natural [Read more]
Lightstream Announces 2015 Reserves and First Half 2016 Guidance
CALGARY, ALBERTA--(Marketwired - Feb. 11, 2016) - Lightstream Resources Ltd. ("Lightstream" or the "Company") (TSX:LTS) announces 2015 year-end reserves and first half 2016 guidance. HIGHLIGHTS 2015 RESERVES The net present value (before tax, discounted at 10%) of our 2015 year-end 2P reserves was $2.2 billion based on our independent reserve evaluation and, excluding debt, equates to $2.90 per basic share. Our 2015 year-end reserves evaluation resulted in 2P reserves of 142.4 MMboe [Read more]
TransCanada must overcome Quebec identity politics in quest to build Energy East
MONTREAL - On a recent visit to Montreal, the head of Energy East was all smiles as he spoke about how his company is listening to Quebecers' concerns about the deeply divisive pipeline project.If John Soini listens carefully, however, what he hears might make him frown.The company behind Energy East, TransCanada (TSX:TRP), says it is confident it can address worries about spills, explosions and the perceived lack of economic benefits for communities along the proposed pipeline route from [Read more]