Alberta energy firms split on call for government imposed production cuts

Alberta energy firms split on call for government imposed production cuts
CALGARY — Oilsands and refining giants Suncor Energy Inc. and Husky Energy Inc. are rejecting a call by rival Cenovus Energy Inc. for government-imposed production cuts to reduce an oversupply of oil in Alberta linked to steep price discounts. Suncor spokeswoman Sneh Seetal says the company has no exposure to the “differential” between Western Canadian Select bitumen-blend crude and New York-traded... Read More

Canfor to buy 70 per cent stake in Swedish Vida Group for $580 million

Canfor to buy 70 per cent stake in Swedish Vida Group for $580 million
VANCOUVER — Canfor Corp. has signed a deal to buy a 70 per cent stake in Swedish sawmill company Vida Group for about $580 million. Under the agreement, the current owners of Vida will retain a 30 per cent interest and continue to manage the day-to-day business. The privately held company has nine sawmills in southern Sweden with an annual production capacity of... Read More

Suncor CEO Steve Williams to retire in May; Mark Little named as his replacement

Suncor CEO Steve Williams to retire in May; Mark Little named as his replacement
CALGARY — Suncor Energy Inc. says Steve Williams will retire as chief executive after the company’s annual meeting next May. Williams, 62, joined Suncor in 2002 and took the helm of Canada’s largest energy producer by market capitalization from longtime CEO Rick George when he retired in 2012. Williams has been one of the more outspoken CEOs in the oilpatch, insisting recently the company... Read More

Natural Resources minister says new pipelines the answer to oil price problems

Natural Resources minister says new pipelines the answer to oil price problems
CALGARY — Natural Resources Minister Amarjeet Sohi says he shares Albertan’s “frustration” at billions of dollars being lost to the Canadian economy due to oil price discounts linked to export pipeline capacity constraints. But he says Ottawa is focused on finding long-term solutions by getting approval for new export pipelines such as the Trans Mountain pipeline expansion project it bought in August... Read More

BP deep water well off Nova Scotia lacks commercial quantities of oil:partner

BP deep water well off Nova Scotia lacks commercial quantities of oil:partner
HALIFAX — A third well exploration effort off Nova Scotia has failed to find commercially viable levels of oil in the deep waters of the Scotian Shelf. Hess Corp., the drilling partners on the BP-operated Scotian Basin Exploration Drilling Project, issued a news release Tuesday saying it will write off its share of the well cost, and BP will abandon the Aspy well. It is BP’s only... Read More

TransCanada staunchly supports Keystone XL pipeline despite latest court setback

TransCanada staunchly supports Keystone XL pipeline despite latest court setback
CALGARY — TransCanada Corp. says it doesn’t know when it will be able to build its Keystone XL pipeline after a Montana judge stopped it last week but it is confident the project will make money once it is built and in service. It’s too soon to say what the decision by U.S. District Judge Brian Morris last Thursday will... Read More

TransCanada expects to raise dividend at eight to 10 per cent annual rate

TransCanada expects to raise dividend at eight to 10 per cent annual rate
CALGARY — TransCanada Corp. says it expects to raise its dividend at an average annual rate of eight to 10 per cent through 2021. Ahead of its investor day in Toronto today, the company says its dividend outlook is supported by expected growth in earnings and cash flow. The pipeline operator has increased its dividend on common shares in each... Read More

Keystone XL setback will cost Canadian industry ‘millions’, says association

Keystone XL setback will cost Canadian industry ‘millions’, says association
CALGARY — The Canadian oil industry reacted with frustration and bitterness Friday after a U.S. judge ordered a halt to the Keystone XL pipeline project until it passes further environmental review. The decision on Thursday means longer delays in finding a way to drain a glut of oil in Western Canada that has driven price discounts to multi-year highs and stalled investment, said Tim... Read More

Enerplus Q3 profit up from year ago, boosted by higher prices and production

Enerplus Q3 profit up from year ago, boosted by higher prices and production
CALGARY — Enerplus Corp. reported a third-quarter profit of $86.9 million, up from $16.1 million a year ago, boosted by higher energy prices and increased production. The oil and gas producer says its profit amounted to 35 cents per diluted share for the three months ended Sept. 30, up from seven cents per diluted share a year ago. Oil and... Read More

Toronto stocks flat, U.S. stock markets mixed; Loonie edges lower

Toronto stocks flat, U.S. stock markets mixed; Loonie edges lower
TORONTO — Canada’s main stock index was flat in late-morning trading as gains in the financial sector were offset by losses in the energy, industrials and materials sectors. The S&P/TSX composite index was up 5.03 points at 15,374.46. In New York, the Dow Jones industrial average was up 35.36 points at 26,215.66. The S&P 500 index was down 3.39 points... Read More