Alberta is moving into the next phase of its plan to cut regulatory red tape. Premier Jason Kenney's government announced Friday that two industry panels tasked with advising it on redundant and ineffectual rules will begin meeting next week. One panel is composed of oil and gas leaders, and the other is made of up of people in the tourism and hospitality industries. Grant Hunter, the associate minister in charge of the file, will chair both panels. The oil and gas panel includes Tim [Read more]
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Toscana Energy Announces Second Quarter 2019 Results
CALGARY, Alberta, Aug. 02, 2019 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana" or the "Corporation") (TSX: TEI) announces financial and operating results for the second quarter ended June 30, 2019. Financial and operating results: This news release summarizes information contained in the Condensed Consolidated Interim Financial Statements (unaudited) and Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2019. This news release [Read more]
Ottawa opposes Saskatchewan’s move to have top court delay carbon tax case
REGINA - Ottawa is pushing back against Saskatchewan's request to have the Supreme Court of Canada delay hearing its challenge of the federal carbon tax. The press secretary for federal Environment and Climate Change Minister Catherine McKenna calls Saskatchewan's move an irresponsible example of Conservative politicians battling climate action using taxpayers' money. Sabrina Kim says the federal government has submitted arguments as to why the case should be heard in a timely manner, [Read more]
Coastal GasLink lacks assessments, halts work on part of LNG pipeline in B.C.
VANCOUVER - The company building a 670-kilometre natural gas pipeline from northeastern British Columbia to the coast in Kitimat, B.C., says clearing along a section of the pipeline route has been suspended because some work began before required assessments were in place. Coastal GasLink says in a statement that an internal audit determined archaeological impact assessments were not done before construction began at two points along the pipeline route east of Kitimat. The assessments are [Read more]
Heavy discount widens, remains in trading range
The differential on Canadian heavy crude widened on Friday, remaining in its recent trading range as government-ordered curtailments continued to underpin the market. * Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $13.15 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Thursday, WCS for September delivery settled at $12.35 a barrel below WTI crude futures. * The differential is unlikely to widen [Read more]
U.S. oil drillers cut rigs for fifth week in a row -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling. Drillers cut six oil rigs in the week to Aug. 2, bringing the total count down to 770, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That is the most weekly declines in a row since March [Read more]
Enbridge helped by demand for pipeline capacity; Q2 adjusted earnings rise
CALGARY - Enbridge Inc. says a number of unusual factors boosted its second-quarter profit to $1.74 billion, while operations also performed well amid strong demand for transporting crude oil through its pipeline systems. Net income attributable to common shares of the Calgary-based company was 86 cents per share. That was up from $1.07 billion or 63 cents per share in last year's second-quarter, which also included unusual items. Enbridge's adjusted earnings and revenue [Read more]
Imperial announces second quarter 2019 financial and operating results
CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSX:IMO): Net income of $1,212 million, including a $662 million benefit from the Alberta corporate tax rate change Highest second quarter production in over 25 years, including record second quarter production at Kearl Cash generated from operations of $1 billion; $2 billion in the first six months, the highest since 2014 Returned $515 million to shareholders; renewed share purchase program for another [Read more]
Enbridge to solicit bids for Mainline
Canadian pipeline company Enbridge Inc said on Friday it would invite bids for contracted space on its Mainline system, in the face of opposition from some oil shippers who worry the changes could disadvantage small producers.The Mainline ships 2.85 million barrels per day of crude from Alberta in Canada to the United States, making it Canada's biggest network of export pipelines. Currently, shippers nominate barrels on a monthly basis, but Enbridge is proposing to switch to a system in [Read more]
ExxonMobil Earns $3.1 Billion in Second Quarter 2019
Upstream liquids production grows by 8 percent from a year earlier, driven by the Permian Basin Guyana resource estimate increases to over 6 billion oil-equivalent barrels; Liza Phase 1 nears startup U.S. Gulf Coast steam cracker exceeds design capacity by 10 percent, less than a year after startup August 02, 2019 07:30 AM Eastern Daylight Time IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation [Read more]