CALGARY, May 29, 2018 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") announces its financial and operating results for the three months ended March 31, 2018 ("Q1 2018") (all amounts are in Canadian dollars unless otherwise noted). Q1 2018 Highlights Financial Q1 2018 revenue, net of royalties, decreased 28% to $33.9 million (Q1 2017 - $46.9 million), primarily due to unfavourable fixed price sales agreements and increased index exposure to the Western Canadian [Read more]
Headlines
Canada pension funds may be long-term buyers of Kinder pipeline
TORONTO, May 29 (Reuters) - Canada’s biggest public pension funds could be long-term buyers of Kinder Morgan Canada Ltd’s Trans Mountain pipeline but are unlikely to invest until the $7.4 billion project has been built, several pension fund sources said on Tuesday. The Canadian government said on Tuesday it will buy the Trans Mountain assets for $4.5 billion, hoping to salvage a project that faces formidable political and environmental opposition. The pipeline is intended to move Canadian [Read more]
Keystone XL developer showers Nebraska with campaign cash
LINCOLN, Neb. - The developer of the Keystone XL pipeline is showering Nebraska public officials with campaign cash as it fights for regulatory approval in a state that is one of the last lines of resistance for the $8 billion project. A political action committee for TransCanada Inc. has donated more than $65,000 to campaigns within the last year, mostly to Republican state lawmakers, the Nebraska GOP and Gov. Pete Ricketts, according to an Associated Press review of campaign disclosure [Read more]
Pipeline fight continues, federal decision does not reduce spill risk: Horgan
VICTORIA - The politician leading the charge against the expansion of the Trans Mountain pipeline says the fight will continue in court, regardless of who owns the project. British Columbia Premier John Horgan said Tuesday the federal government's decision to take over the pipeline from Kinder Morgan doesn't change his government's position and it will proceed with its reference case to the B.C. Court of Appeal. Horgan said the case was never about who owns the pipeline, but whether B.C. [Read more]
Five Things: the next steps for getting the Trans Mountain project done
OTTAWA - The federal government announced a plan Tuesday to spend $4.5 billion on buying the Trans Mountain pipeline and most of current owner Kinder Morgan Canada's other assets in order to ensure a plan to twin the pipeline is allowed to proceed. Here are five things that have to happen next: 1. Shopping for a buyer. Kinder Morgan Canada and the federal government will spend the next eight weeks jointly trying to find another buyer for the pipeline. Kinder Morgan has agreed to take part in [Read more]
No need to turn off the taps for now in Trans Mountain fight: Alberta premier
EDMONTON - Alberta Premier Rachel Notley says she sees no immediate need to turn off the oil taps to British Columbia now that the federal government is taking over the Trans Mountain pipeline expansion. Notley says there is more certainty around the project than there has ever been and she doesn't plan to use her province's legislation to regulate the flow of oil exports for now. "Because the crisis has passed, at least for now … I don't know that we're going to be looking to exercise [Read more]
CEPA pleased Trans Mountain Expansion Project will be constructed, concerned government needed to purchase the project
The Canadian Energy Pipeline Association (CEPA) is pleased that the Trans Mountain Expansion Project (TMEP) will be constructed. Through its completion, TMEP will create thousands of jobs and deliver economic benefits across the entire country. Canada will continue to need major pipeline projects to deliver responsibly-produced Canadian energy to markets around the world while ensuring a fair price for our resources. CEPA is deeply concerned that the government needed to purchase the project [Read more]
New Oil and Gas Jobs From BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location May. 29 APPRENTICE/ JOURNEYMAN HEAVY DUTY MECHANIC - (BRT) Trican Well Service Ltd. Brooks May. 28 Director Enterprise Reporting AltaGas Calgary May. [Read more]
Timeline: Key dates in the history of the Trans Mountain pipeline
VANCOUVER - Here are some key dates in the history of the Trans Mountain pipeline and Kinder Morgan Canada's efforts to expand its capacity: October 1953: The Trans Mountain pipeline begins shipping oil with an initial capacity of 150,000 barrels per day. The project features four pump stations along its 1,150-kilometre route and a marine dock that connects loading facilities on the east side of Edmonton with ocean tankers in Burnaby, B.C. 1957: Pipeline capacity is expanded via the [Read more]
Feds to buy Trans Mountain for $4.5 billion; construction to start this summer
Finance Minister Bill Morneau made the announcement this morning. The plan is to buy the pipeline and pipeline infrastructure assets from Kinder Morgan with cabinet approval already in place and only now subject to a Kinder Morgan shareholder vote. Morneau said the plan is to eventually seek a sale of forthcoming new Crown Corporation to investors. "Interest has already been expressed from investors in Canada including large pension funds," said Morneau. "We plan to exert our jurisdiction [Read more]