CALGARY - The suspension of work on Kinder Morgan Canada Ltd.'s Trans Mountain pipeline expansion project will have a "chilling" effect on overall investment in Canada, industry observers say. "Any slowdown or uncertainty regarding a pipeline is clearly a major factor impacting business investment in the energy space," CIBC deputy chief economist Benjamin Tal said in an interview on Monday. "Energy investment is a very important part of total investment in Canada especially when it comes [Read more]
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Kinder Morgan Canada shares sink on Trans Mountain halt
Shares of Kinder Morgan Canada fell as much as 19 percent on Monday to their lowest since its stock exchange listing, a day after the company suspended most work on its C$7.4 billion expansion of the Trans Mountain pipeline. Chief executive Steve Kean said on Sunday he would scrap plans to nearly triple the capacity of the pipeline, which carries crude from Alberta's oil sands to a facility in British Columbia, unless legal challenges are resolved by May 31. The expansion, for which [Read more]
Kinder Morgan Canada say no dividend cuts despite Trans Mountain suspension
Kinder Morgan Canada said on Monday its dividend payouts would not be affected by the suspension of works on C$7.4 billion ($5.8 billion) oil pipeline expansion. Chief executive Steve Kean said on Sunday he would scrap plans to nearly triple the capacity of the Trans Mountain pipeline, unless legal challenges are resolved by May 31. The pipeline carries crude from Alberta's oil sands to a facility in the Pacific province of British Columbia. [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 [Read more]
Decision time for BC: Should Horgan’s heroes torpedo the Trans Mountain expansion, all bets are off as to where this Canadian crisis will go
The Trans Mountain expansion is turning out to be quite the poker game. Unfortunately, the chips are wild cards and we don’t know quite what the costs will be. I’m referring of course to Kinder Morgan’s Masters-interlude announcement to suspend all non-essential spending on the Trans Mountain expansion. Canada has seen some interprovincial spats before, but should the pipeline indeed be killed off, we’re going to see a new high-water mark. The project has turned into a remarkable lightning [Read more]
Cequence Energy Announces Update to Executive Team
CALGARY, April 9, 2018 /CNW/ - Cequence Energy Ltd. ("Cequence" or the "Company") (TSX: CQE) announces that Mr. David Gillis, the Company's Executive Vice President and CFO, has resigned his positions to pursue other opportunities effective immediately. The Board would like to thank Mr. Gillis for his outstanding service to the Company and wishes him the best in his future endeavors. In support of the Company and its management, the Board is pleased to announce that Mr. Donald Archibald has [Read more]
Tanager Energy Inc. Announces Termination of Proposed Financing
CALGARY, Alberta, April 09, 2018 (GLOBE NEWSWIRE) -- Tanager Energy Inc. (“Tanager” or the “Corporation”) (TSX-V:TAN) (OTCQB:TANEF) announced today that it has received notice from Haloroc Energy Inc. that it is withdrawing its capital commitment to subscribe for common shares in the amount of US$10 million in connection with the proposed acquisition, private placement and related transactions announced on March 27, 2018. Tanager intends to continue its efforts to source other capital for the [Read more]
Andrew Scheer issues statement regarding Trans Mountain Expansion project
Ottawa, ON - The Leader of Canada’s Conservatives, the Honourable Andrew Scheer, today issued the following statement in response to news that Kinder Morgan has suspended work on the Trans Mountain Expansion project: This is devastating news for Canada’s energy sector and Canadian workers. The blame for this development rests squarely on the shoulders of Justin Trudeau. He has failed to take a single concrete step to ensure this project is completed. All he has done is give us empty words [Read more]
TransCanada Places Sundre Crossover Project in Service
CALGARY, Alberta, April 09, 2018 (GLOBE NEWSWIRE) -- Media Advisory – TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced its Sundre Crossover Project has been placed into service in central Alberta, increasing the company’s capacity to transport natural gas on TransCanada’s NOVA Gas Transmission Ltd. (NGTL) System to downstream pipelines and key markets in the Pacific Northwest and California. The Project represents an investment of approximately $100 million, and the [Read more]
Crescent Point Board Defends Shareholders From Self-Interested Activist Attack
Newcomer activist, Cation, was formed with the sole purpose of disrupting Crescent Point’s progress and installing unqualified and unsuitable nominees CALGARY, Alberta, April 09, 2018 (GLOBE NEWSWIRE) -- Crescent Point Energy Corp. (“Crescent Point” or the “Company”) (TSX:CPG) (NYSE:CPG) issues the following statement to address Cation Capital Inc.’s (“Cation”) nomination of four candidates to stand for election to Crescent Point’s Board of Directors (the “Board”) at its 2018 Annual General [Read more]