REGINA - Saskatchewan Premier Scott Moe has put together a committee of cabinet ministers to assess how the government could help get more pipelines built in the province. Moe says the ministers are to review potential projects and suggest how the government could advance them, including through possible investment. The ministers of environment, trade and export development, energy and resources, and finance make up the committee. Moe says his Saskatchewan Party government recognizes [Read more]
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Court dismisses challenge to Trudeau government approval of Trans Mountain oil pipeline expansion
Canada's Federal Court of Appeal on Tuesday dismissed a challenge to the government of Prime Minister Justin Trudeau's approval of the Trans Mountain oil pipeline expansion, clearing some uncertainty over the project. The court said in a written decision that the government held "reasonable and meaningful" consultations with indigenous groups as required by law. The Honourable Seamus O'Regan, Minister of Natural Resources, today issued the following statement regarding the decision by the [Read more]
U.S. natgas futures edge up from near 4-year low on cooler forecast
U.S. natural gas futures on Tuesday edged up from a near four-year low on forecasts for slightly cooler weather in mid-February than earlier expected. Front-month gas futures for March delivery on the New York Mercantile Exchange rose 1.6 cents, or 0.9%, to $1.835 per million British thermal units (mmBtu) at 7:52 a.m. EST (1252 GMT). On Monday, the contract closed at its lowest since March 2016. That keeps the front-month in technically oversold territory for 11 of the past 12 sessions, [Read more]
ConocoPhillips Reports Fourth-Quarter and Full-Year 2019 Results; Announces Preliminary 2019 Year-End Reserves, Quarterly Dividend and Increase in Existing Share Repurchase Authorization to $25 Billion
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today reported fourth-quarter 2019 earnings of $0.7 billion, or $0.65 per share, compared with fourth-quarter 2018 earnings of $1.9 billion, or $1.61 per share. Excluding special items, fourth-quarter 2019 adjusted earnings were $0.8 billion, or $0.76 per share, compared with fourth-quarter 2018 adjusted earnings of $1.3 billion, or $1.13 per share. Special items for the current quarter included primarily a non-cash impairment related to a [Read more]
“It’s time to link arms with Canadians across the Country“ says Opposition Finance Critic MP Pierre Poilievre.
Federal MP Pierre Poilievre brought a message of solidarity for the Canadian Energy sector in his address to a breakfast crowd at the Calgary Petroleum Club last week saying “ It’s time to link arms with Canadians across the country … little by little, we are winning over national support from Canadians coast to coast. You have allies across this country “. He strongly affirmed that Alberta’s problems are not market-related – they are entirely political, and he stressed that when damage is [Read more]
Greengate Power and Copenhagen Infrastructure Partners Announce Investment Agreement for Canada’s Largest Solar Energy Project – One of the Largest in the World
CALGARY, Alberta - Greengate Power Corporation (Greengate) and Copenhagen Infrastructure Partners (CIP) are pleased to announce that they have entered into an agreement with the intention to fund the further development and construction of the Travers Solar project. Subject to the achievement of certain remaining milestones, construction of the project is anticipated to commence in mid-2020, with full commercial operations targeted for the end of 2021. Located in Vulcan County, Alberta, Travers [Read more]
Oil prices rebound from China virus slump amid gingerly recovery across markets
Oil prices rose on Tuesday, matching moves in other financial markets as investors regained calm after Monday's sharp sell-off on fears of the impact of the China coronavirus on demand for fuel sent crude to its lowest level in more than a year. U.S. West Texas Intermediate (WTI) crude was up 32 cents, or 0.6%, at $50.43 a barrel. Brent crude was at $54.66 a barrel by 0227 GMT, up 21 cents, or nearly 0.4%. Both WTI and Brent are currently down by more than 20% from this year's peak on Jan. [Read more]
Heavy discount narrows as inventory levels shrink
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude narrowed on Monday, the first day of the new monthly trading cycle. Alberta oil inventories have shrunk as rail movement increases, a Calgary industry source said. Anticipation of downtime for maintenance at oil production sites in March, the current delivery period being traded, also reduced the discount, the source said. Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, [Read more]
Enbridge Line 3 oil pipeline clears hurdle, Minnesota regulator rules environment statement adequate
A Minnesota regulator ruled on Monday that a revised environmental impact statement for Enbridge Inc’s Line 3 oil pipeline replacement is adequate, helping to clear a significant hurdle for the long-delayed project. The Minnesota Public Utilities Commission voted 3-1 to find the revised statement from the state's Department of Commerce adequate. It was to move on Monday afternoon to consider reissuing a certificate of need and route permit for the project. Enbridge shares jumped 1.5%, [Read more]
Global Petroleum Show Unveils New Name–Global Energy Show–to Reflect the Evolving Energy Landscape
Leading Energy Event Rebrands to Mirror Industry's Forward-Looking Mindset CALGARY - Global Petroleum Show—North America's leading energy event—today announced its complete rebrand to Global Energy Show. The name Global Energy Show reflects the industry's continued evolution, as the Show builds upon significant technological and sustainable achievements driven by oil and gas and moves to encompass alternative sources. The rebrand comes in advance of the 54th annual show, taking place in [Read more]