Tag: Alberta Oil

Long Run Exploration bought by Chinese investors in $770M deal

Long Run Exploration bought by Chinese investors in $770M deal

Long Run Exploration reported net earnings loss of $305 million in third quarter CALGARY _ A group of Chinese investors has agreed to buy Calgary-based Long Run Exploration Ltd. in a deal worth about $770 million. Long Run said Monday that Chinese investors would pay roughly $100 million in cash for the company plus assume […]

By December 21, 2015 0 Comments Read More →
Canadian oilpatch adjusts to the ‘new normal’ after a year of pain

Canadian oilpatch adjusts to the ‘new normal’ after a year of pain

Canadian oilpatch facing unrelenting global output, carbon cutting push CALGARY _ The stream of traffic between Cold Lake, Alta., and nearby oilfields has slowed to a trickle. “It’s definitely a noticeable slowdown,” said Mayor Craig Copeland, who has been hearing from hotels, restaurants and retailers that business is down about 30 per cent year-over-year in […]

By December 15, 2015 0 Comments Read More →
Oil sands cost reductions illustrated by Syncrude 2016 budget

Oil sands cost reductions illustrated by Syncrude 2016 budget

“Syncrude’s success in reducing its cost structure is exceeding market expectations.” – Kubik Canadian Oil Sands Limited (“COS”) today announced its budget for 2016, demonstrating Syncrude’s competitiveness and resilience in a lower oil price environment; operating and capital costs in 2016 will be down significantly from prior years while still enabling production growth. Syncrude Canada Ltd. […]

By December 2, 2015 0 Comments Read More →
PrairieSky buying chunk of CNRL royalty holdings for $1.8B

PrairieSky buying chunk of CNRL royalty holdings for $1.8B

CNRL deal adds 5.4 million acres to PrairieSky portfolio CALGARY _Canadian Natural Resources Ltd. (TSX:CNQ) is selling most of its royalty land holdings to PrairieSky Royalty Ltd. (TSX:PSK) for $1.8 billion in stock and cash as it looks to strengthen its balance sheet in the face of low oil prices. The friendly deal would see […]

Canadian oil and gas sector: Cuts continue as companies struggle to reduce costs

Canadian oil and gas sector: Cuts continue as companies struggle to reduce costs

Job, cost cuts in Canadian oil and gas sector starting to show results CALGARY – Companies in the Canadian oil and gas sector continue to move aggressively to cut costs and they say the efforts are starting to show results. Cenovus Energy said Thursday that it had increased to 700 the number of people laid off in the second […]

Canadian oilpatch to lose $2.1B this year: Better 2016 forecast

Canadian oilpatch to lose $2.1B this year: Better 2016 forecast

Canadian oilpatch cost cutting measures bear fruit in 2016 CALGARY – Canada’s oil industry is expected to dive into the red this year, but begin crawling back to profitability in 2016 as cost-cutting efforts pay off, according to a Conference Board report published amid a flurry of discouraging news in the oilpatch. The Ottawa-based economic think-tank […]

Enbridge looks to grow presence in U.S. Gulf Coast market

Enbridge looks to grow presence in U.S. Gulf Coast market

Enbridge looking investments in terminals, import, export docks, regional pipelines CALGARY – Enbridge Inc. has its eye on a bigger presence along the U.S. Gulf Coast, a gigantic energy market that the company sees as being resilient to commodity price swings. The Calgary-based pipeline giant (TSX:ENB) is looking at a “strategic shift in thinking” in the region, […]

Clinton Keystone XL stance makes pipeline an election issue on both sides of border

Clinton Keystone XL stance makes pipeline an election issue on both sides of border

Republicans, Democrats partisan split on Keystone XL WASHINGTON – A few little words from Hillary Clinton have turned a Canadian oil project into an election issue, possibly in two countries. First she came out against the Keystone XL pipeline: “I oppose it,” she said Tuesday. Then she went further. The presumed frontrunner in the U.S. presidential election […]

By September 23, 2015 0 Comments Read More →
Hillary Clinton says ‘no’ to Keystone XL

Hillary Clinton says ‘no’ to Keystone XL

Keystone XL not in best interest of “what we have to do to combat climate change” DES MOINES, Iowa – The prospects dimmed for the Keystone XL pipeline ever seeing the light of day, with a significant development Tuesday in the years-long debate over the Canada-to-Texas oil project. The cause: Hillary Clinton. The current frontrunner in most […]

By September 22, 2015 0 Comments Read More →
US officials working with Alberta on province’s climate change policy

US officials working with Alberta on province’s climate change policy

Alberta climate change policy currently under review EDMONTON – Alberta’s environment minister is acknowledging the provincial government is coming under more international pressure to improve its record on climate change. “I’ve had meetings with the U.K. consul general and with the Americans as well,” Shannon Phillips told reporters Wednesday. “There’s a real appetite for Alberta to be […]

By September 9, 2015 0 Comments Read More →