CHILLIWACK, B.C. - B.C. Premier John Horgan accused the federal government of unnecessarily putting taxpayers money at risk on Wednesday by offering financial protection for Kinder Morgan's investors in the Trans Mountain pipeline dispute. Horgan said he is trying to protect the province's interests by joining two legal cases over the project and asking the B.C. Court of Appeal whether the province has the right to preserve its environment through a permitting system for hazardous substances [Read more]
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Morneau’s pledge to backstop pipeline expansion draws criticism
OTTAWA - The federal government is prepared to backstop investors to get the Trans Mountain pipeline expansion built, even if Kinder Morgan, the project's original sponsor, wants to back out, Finance Minister Bill Morneau said Tuesday. His comments sparked reaction from across the political spectrum. A selection of quotes: "Nothing the finance minister said today will ensure that the Trans Mountain expansion actually gets built. The Liberals still don't have a concrete plan of action to [Read more]
Canadian Natural Resources Limited Announces Normal Course Issuer Bid
CALGARY, Alberta, May 16, 2018 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited ("Canadian Natural") announced today that Toronto Stock Exchange has accepted notice filed by Canadian Natural of its intention to make a Normal Course Issuer Bid through the facilities of Toronto Stock Exchange or other alternative Canadian trading systems. Purchases may also be made through the facilities of the New York Stock Exchange. The notice provides that Canadian Natural may, during the 12 month [Read more]
U.S. crude stocks fall, exports hit a record high: EIA
(Reuters) - U.S. crude oil stockpiles fell last week as exports hit a record high and refinery ramped up output, while gasoline inventories dropped more than expected ahead of the summer driving season, the Energy Information Administration said on Wednesday. Crude inventories fell 1.4 million barrels in the week to May 11, compared with analysts’ expectations for a decrease of 763,000 barrels. Net U.S. crude imports fell 411,000 barrels per day as exports rose to a record 2.6 million bpd, [Read more]
Saskatchewan seeks climate change funds, despite carbon tax objections
REGINA - The Saskatchewan government has applied for millions of dollars in federal funding to help fight climate change, even though the province admits it's ineligible because it has refused to sign onto Ottawa's carbon tax strategy. The province says in a statement that it submitted 11 projects totalling more than $200 million by Monday's deadline for consideration under the federal government's Low Carbon Economy Fund. It says the projects would reduce greenhouse gas emissions from [Read more]
Kinder Morgan Canada Limited Issues Statement
CALGARY, May 16, 2018 /CNW/ - Kinder Morgan Canada Limited (TSX: KML) Chairman and Chief Executive Officer Steve Kean issued the following statement in response to Federal Finance Minister Bill Morneau's press conference earlier today: "We acknowledge the comments by Minister Morneau this morning and appreciate his acknowledgment of the uncertainty created by the BC Government's stated intentions to 'do whatever it takes to stop the Trans Mountain Expansion Project' and the 'exceptional [Read more]
If Kinder Morgan bails, feds would back new Trans Mountain investors: Morneau
OTTAWA - If Kinder Morgan wants to abandon plans to build the Trans Mountain pipeline expansion, there are plenty of other investors out there willing to take up the cause — and they will have the backing of the federal Liberal government, Finance Minister Bill Morneau says. The government is willing to "provide indemnity" to any investors, be they the project's original architects or otherwise, to ensure the controversial Alberta-B.C. project is able to proceed, Morneau told a news [Read more]
Vertex Resource Group Ltd. First Quarter Financial Results Highlighted By Increase Of 60% In Revenue And Improved EBIDTA
Revenue of $34.7 million and EBITDA of $4.3 million first quarter 2018. Sherwood Park, Alberta, May 15th, 2018 (TSX.V:VTX) - Vertex Resource Group Ltd. (“Vertex” or the “Company”) is pleased to report its financial and operational results for the first quarter of 2018. The following should be read in conjunction with the Management Discussion and Analysis (“MD&A”) and the consolidated financials and notes of Vertex for the quarter ended March 31, 2018, which are available on SEDAR at [Read more]
OPEC sees oil rally towards $80 as short-term spike, not supply-driven
LONDON/DUBAI (Reuters) - OPEC sees oil’s rally towards $80 a barrel as a short-term spike driven by geopolitics rather than any supply shortage, four OPEC delegates said, a sign the group is not rushing yet to rethink its supply-cutting agreement. The view of top exporter Saudi Arabia is that any brief, speculator-driven jump in oil prices is not sufficient grounds for producers to boost output, an OPEC source familiar with the kingdom’s thinking said. For such a decision to occur, the [Read more]
For Big Oil, reserve size matters less than ever
A decade ago, the news that the world's top oil and gas companies had less than 12 years of production left in their reserves might have caused a panicked sell-off in their shares. But as consumers try to move away from fossil fuels to cleaner and cheaper energy sources, investors and executives say reserve size is no longer the gold standard for measuring the value and health of a company. The cost of developing existing reserves and the amount of carbon those reserves produce has now [Read more]