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

Painted Pony warns natural gas output will fall due to B.C. pipeline explosion

Painted Pony warns natural gas output will fall due to B.C. pipeline explosion
CALGARY — Oil and gas producer Painted Pony Energy Ltd. says its fourth-quarter production will drop by up to 20 per cent because of reduced shipping capacity after the explosion of a natural gas pipeline in B.C. A line in Enbridge Inc.’s T-South pipeline system ruptured on Oct. 9, about 15 kilometres northeast of Prince George, B.C., causing a huge fireball. Repairs were completed at... Read More

TVA announces solar installations being built for Facebook

TVA announces solar installations being built for Facebook
NASHVILLE — Tennessee and Alabama will get their largest solar power projects yet, to supply a Facebook data centre with 100 per cent renewable energy. Officials with the Tennessee Valley Authority announced an agreement with two developers to build the electricity providers. John Bradley, TVA’s senior vice-president of Economic Development, said Friday that First Solar in Colbert County, Alabama and... Read More

Ensign shares jump as driller notes lower loss, higher revenue in third quarter

Ensign shares jump as driller notes lower loss, higher revenue in third quarter
CALGARY — Shares in Ensign Energy Services Inc. rose about eight per cent on Monday morning after it reported a smaller loss in its third quarter compared with a year ago, while revenue grew 17 per cent. The drilling company says it lost $32.8 million or 21 cents per share on revenue of $289 million, compared with a loss of $36.5... Read More

Enbridge reports third-quarter loss on one-time charges, adjusted profit up

Enbridge reports third-quarter loss on one-time charges, adjusted profit up
CALGARY — Enbridge Inc. says it lost $90 million in its latest quarter as it was hit by a number of one-time charges. The pipeline and utility company says the loss amounted to five cents per share for the quarter compared with a profit of $765 million or 47 cents per share a year ago. The loss for the most recent quarter... Read More