Scott's Feed
Jan 15, 2015

Canada pushes back budget to April due to market instability

CALGARY, Jan 15 (Reuters) – The Canadian government will
unveil its budget this year later than it usually does, waiting
at least until April because of market volatility, Finance
Minister Joe Oliver said on Thursday.

“Given the current market instability, I will not bring
forward our budget earlier than April. We need all the
information we can obtain before finalizing our decisions,”
Oliver said in the text of a speech he was giving in Calgary.

Jan 13, 2015

Suncor cuts spending, employees as oil prices plunge

CALGARY, Alberta, Jan 13 (Reuters) – Canada’s largest oil
and gas company Suncor Energy Inc said on Tuesday it
would cut about 1,000 employees and contractors, freeze hiring
and slash C$1 billion (US$837 million) in capital spending in
response to falling crude oil prices.

Suncor said it would also defer some capital projects that
have not yet been sanctioned, such as MacKay River 2 in northern
Alberta and the White Rose Extension offshore Atlantic Canada.

Dec 31, 2014

Suspected killer of eight in Canada had criminal past -police

CALGARY, Alberta (Reuters) – The suspected killer of eight people in the Canadian city Edmonton had a criminal record dating back to 1987 and used a stolen handgun to carry out the murders before killing himself, police said.

Police found one victim’s body late on Monday and the remaining seven at a house elsewhere early on Tuesday. The killer committed suicide in a Vietnamese restaurant 19 miles (30 km) northeast of Edmonton, the capital of Alberta.

Dec 1, 2014

The other oil sands fight: it’s in Utah and involves citrus

CALGARY, Alberta, Dec 1 (Reuters) – While North America has
been gripped by controversy over the Keystone XL pipeline that
would ship crude to the United States from the Canadian oil
sands, a small Canadian company has been quietly digging in the
oil sands of Utah with a secret weapon it thinks may end the
environmental argument: citrus.

U.S. Oil Sands Inc says its method will cut the
cost and reduce the energy needed to separate oil from sand,
lowering the environmental impact. Opponents are far from

Nov 28, 2014

Alberta premier says budget surplus forecasts will be reduced

CALGARY, Alberta, Nov 28 (Reuters) – At current crude
prices, Alberta will have a “tight, balanced budget” for the
2014/15 fiscal year, Premier Jim Prentice said on Friday as he
scaled back oil price forecasts and signalled cuts in government
spending for Canada’s richest province.

After addressing a Calgary business audience, Prentice told
reporters that a forecast of Alberta having a 2014/15 budget
surplus of C$933 million, made earlier this week, is already
likely too high.

Nov 26, 2014

Canada’s Alberta cut budget surplus, oil price forecast

CALGARY, Alberta, Nov 26 (Reuters) – The Canadian province
of Alberta, the largest exporter of oil to the United States,
cut its forecast budget surplus on Wednesday and sharply lowered
its projection for the price of crude.

Robin Campbell, the province’s finance minister, said in his
second-quarter budget update that Alberta expects to post a
C$933 million ($830.8 million) surplus in the 2014/2015 fiscal
year, down from the C$1.1 billion it forecast in March when it
presented the budget.

Nov 18, 2014

Bank of Canada eyes lifting inflation target, but threshold high

CALGARY, Nov 18 (Reuters) – The inability to cut interest
rates below zero to stimulate the economy in the aftermath of
the recent financial crisis has caused the Bank of Canada to
begin considering whether it should raise its 2 percent
inflation target, the bank said on Tuesday.

Deputy Governor Agathe Cote said another argument in favor
of raising the target was that interest rates are likely to be
lower than before the crisis, and this increases the likelihood
of being constrained by the phenomenon known as the “zero lower
bound” for rates.

Nov 7, 2014

Shell says LNG Canada project to cost up to C$40 billion

CALGARY, Alberta, Nov 7 (Reuters) – Royal Dutch Shell Plc
, the lead partner in the consortium planning the LNG
Canada facility on British Columbia’s northern coast, said on
Friday the project to liquefy natural gas for export to Asia
could cost as much as C$40 billion ($35.3 billion) when fully

Shell’s cost estimate for the LNG Canada facility near
Kitimat, British Columbia, was included in the environmental
assessment filed with provincial regulators on Friday.

Nov 5, 2014

Penn West says low oil prices no threat to dividend

CALGARY, Alberta, Nov 5 (Reuters) – Penn West Petroleum Ltd
, one of Canada’s largest conventional oil producers,
said on Wednesday it can pay its dividend and fund its capital
program even as falling oil prices cut into profits.

The company, which on Wednesday reported a surprise
quarterly loss compared with a year-earlier profit, moved to
reassure investors that the 14 Canadian cent per share quarterly
payout is safe, even as its declining share price pushes its
dividend yield above 10 percent.

Nov 4, 2014

Canada oil producers set to cut 2015 spending as price tumbles

CALGARY, Alberta, Nov 4 (Reuters) – Falling oil prices will
lead to lower capital spending in Western Canada next year,
observers say, as both oil sands and light oil producers look to
cope with less cash coming in the door.

North American benchmark oil prices touched $75.84 a barrel
on Tuesday, the lowest since October 2011, after Saudi Arabia
cut export prices to the United States.

    • About Scott

      "Based in Calgary, Alberta, I've covered Canada's energy industry and the oil sands for the past five years for Reuters, and a decade before that for newspapers and other wire services."
    • Follow Scott