The Co-op Refinery in Regina, Saskatchewan, western Canada's third-largest oil refinery, plans to lock out workers on Thursday but continue operations. The refinery, owned by Federated Cooperatives Ltd, tweeted on Tuesday that it had issued a 48-hour lockout notice to 800 workers in the interest of public safety, after their union issued a strike notice. Talks had broken down over pensions. The refinery was running on Wednesday at full operation, spokesman Brad DeLorey said in an email. [Read more]
Headlines
Heavy discount narrows after Syncrude cuts December oil production
The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude, and light oil sold at a premium on Wednesday, after the Syncrude oil sands site cut December production. Canada's Syncrude oil sands facility has reduced its December production by 1.6 million barrels because of operational problems, three market sources told Reuters, adding that the reduced output lifted Canadian prices. Western Canada Select (WCS) heavy blend crude for January [Read more]
Canada’s Syncrude oil facility cuts output over operational issues
Canada's Syncrude oil sands facility has reduced its December production by 1.6 million barrels due to operational problems, three market sources told Reuters on Wednesday. Syncrude is a joint venture majority owned by Suncor Energy Inc , with minority stakes held by Imperial Oil Ltd and others. It can produce up to 360,000 barrels per day, upgrading thick bitumen to light oil. The nature of the operational problems was not clear. Spokesmen for Syncrude, Suncor and Imperial could not be [Read more]
Labor Unions, Enbridge Sign Project Labor Agreement
LINO LAKES, Minn. - The Line 3 Replacement Project, the largest privately financed construction project in Minnesota history, has celebrated a major milestone. Representatives from four trade and labor unions held a ceremonial signing of a project labor agreement with Enbridge guaranteeing it will be built solely by union labor. The Line 3 Replacement project will create more than 4,000 quality jobs that will be filled primarily by local workers who will use the highest level of industry [Read more]
CN Rail CEO says crude by rail may help earnings in early 2020
Canadian National Railway Co's chief executive on Wednesday said crude-by-rail shipments may help earnings during the first three months of 2020, despite softer market conditions overall. CN, Canada's largest railroad, is ramping up its service following a crippling eight-day strike that ended last week, as it cuts jobs to meet softer economic conditions and less demand for freight services. "This year, crude by rail still hasn't got its traction, which it may early year," CN CEO JJ Ruest [Read more]
Canadian Natural Resources plans to spend C$250 million more in 2020
Canadian Natural Resources Ltd said on Wednesday it expects to spend C$4.05 billion in 2020, C$250 million more than in 2019, after the Canadian province of Alberta lifted some curtailments on new oil wells last month. The Alberta government in November said drilling of new conventional oil wells would not be subject to government production limits, in a bid to boost its ailing economy. Canadian Natural Resources, which operates in Western Canada as well as in the UK North Sea and offshore [Read more]
Oil rises before OPEC+ meet, lifted by drop in U.S. crude stocks
Oil prices rose on Wednesday ahead of a meeting of OPEC and its allies to discuss whether to extend production curbs to support the market, while industry data showing that U.S. crude stockpiles fell more than expected helped to lift prices. U.S. West Texas Intermediate (WTI) crude futures were up $1.68, or 2.97 %, at $57.94. Brent crude futures were up $1.74, or 2.85%, at $62.75 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and allies that include Russia - a [Read more]
Column: Canada is a high per capita emitter? How DARE you!
Do you ever feel like the mock-producer in “This is Spinal Tap”, engaged in a conversation with guitarist Nigel Tufnel, as Tufnel explains how his amps are special because they go to 11? The producer points out, yeah, but full volume is full volume, and you can call it whatever you want but it’s just full volume. Tufnel listens patiently then looks him dead in the eye and says, as if to an idiot, “These go to 11.” We, the great masses of Canada, are trying to explain to a dogmatic minority [Read more]
XI Technologies: December 2019 Expiring Land Report – Are there opportunities for you?
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you'd like to receive our Wednesday Word to the Wise in your inbox, subscribe here. Every few months, we like to take a look at expiring land because it can provide useful business development intel for service companies and E&Ps alike. For service companies, expiring lands provide insight into where drilling [Read more]
Pine Cliff Energy Ltd. Announces Management Update
Calgary - Pine Cliff Energy Ltd. (TSX: PNE) ("Pine Cliff" or the "Company") announces the resignation of Cheryne Lowe, Pine Cliff's Chief Financial Officer and Corporate Secretary to pursue other opportunities, effective December 4th, 2019. The Company would like to thank Ms. Lowe for her leadership and contributions and wish her all the best in the future. The Company has appointed Alan MacDonald Chief Financial Officer and Corporate Secretary, effective December 4, 2019. Mr. MacDonald is a [Read more]