CALGARY, Alberta, Nov 1 (Reuters) – Canada’s large
integrated oil companies pocketed hefty returns at their
refineries in the third quarter, lifting profit well beyond
expectations and prompting investors to bid their shares sharply
higher on Thursday.
Suncor Energy Inc, Imperial Oil Ltd and
Husky Energy Inc all took advantage of a wide gulf
between the discounted price of oil in the glutted North
American interior and expensive imported barrels, a benefit that
showed up in an important measure known as the refining margin.
CALGARY, Alberta, Oct 30 (Reuters) – Talisman Energy Inc’s
new chief executive on Tuesday announced a push into a
new period of austerity for the Canadian oil producer, with a 25
percent cut in capital spending, plans to exit unprofitable
regions and a promise to chop costs in the name of shoring up a
lagging share price.
The announcement of the new strategy, delivered as Talisman
reported a $731 million quarterly net loss after a series of
writedowns, prompted a selloff in Talisman’s shares as investors
weighed the impact of a $1 billion cut in capital spending next
year that will deliver one of its biggest hits to high-risk
Oct 26 (Reuters) – TransAlta Corp said Friday it was
teaming up with Warren Buffett’s power generation and pipeline
company to seek opportunities for new gas-fired electricity
plants to power the booming Alberta oil sands and nascent
Pacific Coast LNG export industries.
TransAlta, known for Canadian and U.S. coal, gas and
renewable generation businesses, said it signed a strategic
partnership with MidAmerican Energy Holdings Co., owned by
Buffett’s Berkshire Hathaway Inc.
OTTAWA/CALGARY, Oct 24 (Reuters) – Canadian Finance Minister
Jim Flaherty said on Wednesday he knew of no direct talks
between Ottawa and Beijing about making approval of CNOOC Ltd’s
bid for Nexen Inc conditional on the approval
of Canadian deals in China.
Legislators in the ruling Conservative Party, suspicious of
allowing Chinese state-owned firms to buy Canadian energy
assets, say Canada should demand concessions in return for
approving the proposed $15.1 billion purchase.
CALGARY, Alberta (Reuters) – When it comes to Scotch whisky, premium single malts get star billing, but the world’s top seller of blended varieties is aiming for a similar audience with some new, more upscale labels.
Johnnie Walker, best known for its best-selling Red Label and Black Label brands, has launched a pair of pricier blends — Gold Label Reserve and Platinum Label — in hopes of winning over growing numbers of affluent Scotch drinkers, many of whom are single-malt purists.
CALGARY/TORONTO, Oct 22 (Reuters) – Progress Energy
Resources Corp and Petronas said they will
meet with Canadian officials to try to reverse the government’s
surprise decision late on Friday to block their $5.2 billion
Petronas, the Malaysian state oil company, agreed on Monday
to extend its deadline to close the acquisition of Progress,
which has extensive exploration lands in the gas-rich Montney
shale region of British Columbia, by up to 90 days.
CALGARY, Alberta, Oct 19 (Reuters) – TransCanada Corp
said on Friday that poor weather was impeding efforts
to inspect a section of its idled Canada-to-United States oil
pipeline, but the company stuck to its estimate for a weekend
restart for the major export conduit.
TransCanada, the country’s largest pipeline company, shut
down the 590,000 barrel a day Keystone oil pipeline on Wednesday
after an in-line inspection tool detected what the company
referred to as a “small anomaly” on the pipe. It said it
expected the line would be down for three days.
CALGARY, Alberta, Oct 18 (Reuters) – TransCanada Corp
said on Thursday it has shut down its major pipeline
for moving Canadian crude oil from Alberta to the U.S. Midwest
and Midcontinent after detecting a “small anomaly” on the pipe,
lifting benchmark oil prices well off the day’s lows.
TransCanada, the country’s largest pipeline company, said
the 590,000-barrel-a-day Keystone pipeline is expected to be
shut for three days as crews investigate the pipe, causing some
Canadian crude supplies to back up.
CALGARY, Alberta (Reuters) – The Alberta government said on Wednesday it is creating a scientific agency to monitor the environmental impacts of oil sands production as the industry seeks to expand its markets into regions that are increasingly critical of the process.
The body, to be funded by a combination of public and industry money, will eventually provide oversight for all of the Western Canadian province, but the initial focus will be on the tar sands-rich Lower Athabasca region.
(Reuters) – Penn West Petroleum Ltd (PWT.TO: Quote, Profile, Research, Stock Buzz) said on Wednesday it has lined up buyers for C$1.3 billion ($1.3 billion) worth of Canadian oil and gas assets, making good on plans to jettison non-core properties and use proceeds to cut debt.
Penn West, one of Canada’s largest conventional oil and gas producers, also disclosed new reserve assessments for its emerging light oil and bitumen prospects, one of which it is developing in a joint venture with China Investment Corp CIC.UL. They suggest total resources exceed 1 billion barrels.