Failure of MEG takeover deal is ‘credit positive’ for Husky, says agency

Failure of MEG takeover deal is ‘credit positive’ for Husky, says agency
CALGARY — Shares in oilsands producer MEG Energy Corp. continued to slide Friday after a credit rating agency said rival Husky Energy Inc.’s failure to consummate a hostile takeover bid was actually “credit positive” for Husky. After falling 35.6 per cent on Thursday, MEG stock traded down by as much as 3.3 per cent on Friday morning on the Toronto Stock Exchange.... Read More

Inflation accelerates as higher airfares, vegetable prices offset cheaper gas

Inflation accelerates as higher airfares, vegetable prices offset cheaper gas
OTTAWA — Canada’s annual inflation rate accelerated to two per cent last month as higher costs for airfares and fresh vegetables offset cheaper prices at the pump. Statistics Canada says year-over-year consumer prices picked up their pace in December after inflation was just 1.7 per cent in November. Economists had expected a year-over-year increase of 1.7 per cent for December, according to Thomson Reuters Eikon. Compared... Read More

Indigenous energy firm touts job creation in joint venture to make bitumen pucks

Indigenous energy firm touts job creation in joint venture to make bitumen pucks
CALGARY — The CEO of an Indigenous energy company says a project to transform oilsands bitumen into pucks for safer shipping to customers around the world will potentially create needed jobs in northern Alberta while helping to recycle plastic litter. Jeff Paquin says the project his company, Wapahki Energy Ltd., is working on with Canadian National Railway Co. could also result in a long-term revenue stream for its... Read More

Natural gas producer Peyto Exploration shares fall on dividend and spending cuts

Natural gas producer Peyto Exploration shares fall on dividend and spending cuts
CALGARY — Shares in Peyto Exploration and Development Corp. fell by as much as 15 per cent after it said it would cut its dividend and capital spending due to low natural gas prices in Western Canada. In early trading on the Toronto Stock Exchange on Thursday, the Calgary-based company’s shares fell to a low of $6.91 from their Wednesday close... Read More

Petrochemical growth spurt expected despite rising desire for fewer plastics

Petrochemical growth spurt expected despite rising desire for fewer plastics
CALGARY — Canada’s slow-growing petrochemical industry is headed for its biggest surge of expansion spending in five years in 2019, thanks in large part to incentive programs by federal and provincial governments. The government support has angered environmental groups who point out that almost 90 per cent of plastics used in this country wind up as litter or in landfills. But it’s welcomed... Read More

Husky shares rise and MEG stock plunges after oilsands takeover offer withdrawn

Husky shares rise and MEG stock plunges after oilsands takeover offer withdrawn
CALGARY — Shares in MEG Energy Corp. plunged Thursday morning after Husky Energy Inc. abandoned its hostile takeover bid for the company. Husky, the much larger of the two oilsands-producing Calgary firms, shocked observers when it announced it would not extend the offer that expired Wednesday without receiving the needed two-thirds support. “Although this doesn’t drastically alter our investment thesis on Husky, as it was fairly... Read More

Alberta crude oil curtailments remain unchanged despite price recovery

Alberta crude oil curtailments remain unchanged despite price recovery
CALGARY — Alberta Energy Minister Marg McCuaig-Boyd says the province is leaving its oil curtailment levels at 325,000 barrels per day for now despite discounts for western Canadian crude that have narrowed to three-and-a-half-year lows. According to Net Energy Exchange, the difference between bitumen-blend Western Canadian Select and New York-traded West Texas Intermediate was about US$8.25 per barrel on Wednesday,... Read More

Wait until Trans Mountain pipe built before buying in, Indigenous investors told

Wait until Trans Mountain pipe built before buying in, Indigenous investors told
CALGARY — The consultant who helped broker a $545-million investment by two northern Alberta Indigenous communities in a new Suncor Energy Inc. storage tank farm says similar stakes in the Trans Mountain pipeline shouldn’t take place until after its expansion is built. Barrie Robb, a principal with Fivars Consulting Ltd. of Calgary, says he would advise Indigenous groups to ensure... Read More

BP scales back exploration plans off N.S., gives up half its offshore area

BP scales back exploration plans off N.S., gives up half its offshore area
HALIFAX — BP Canada is scaling back its oil and gas exploration plans off Nova Scotia, giving up half the offshore area included in its exploration licence. The Canada-Nova Scotia Offshore Petroleum Board says the energy giant is surrendering 50 per cent of the area included in its licence — a consolidation of four offshore parcels roughly 300 kilometres southeast of Halifax. The move comes after... Read More