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May 17, 2012

CP Rail CEO resigns in victory for dissident Ackman

CALGARY, May 17 (Reuters) – Canadian Pacific Railway Ltd
Chief Executive Fred Green c onceded defeat i n a long
bitter proxy battle with New York activist shareholder William
Ackman on Thursday, res igning from his job and clearing the way
for a management overhaul at the country’s second-biggest

The boardroom coup, a rarity in Canada’s conservative
corporate culture and particularly for such a venerable company,
burnishes Ackman’s reputation as a tenacious activist investor.

May 9, 2012

Enbridge clings to Gateway plan despite opposition

TORONTO/CALGARY, Alberta (Reuters) – Enbridge Inc, Canada’s No. 2 pipeline company, reported a 14 percent jump in quarterly earnings on Wednesday and said it remains committed to building the controversial C$5.5 billion ($5.5 billion) Northern Gateway pipeline despite fierce opposition from communities along the route.

At its annual meeting in Toronto on Wednesday, the Calgary-based company was greeted by protesters from environmental groups and from some of the British Columbia aboriginal groups that have staunchly opposed the project over worries that oil spills could contaminate their water supplies.

May 4, 2012

Canadian Natural says oil sands inflation in check

CALGARY, Alberta, May 4 (Reuters) – Canadian Natural
Resources Ltd, the country’s largest independent oil
producer, said on Friday it is holding the line on costs as it
expands in the northern Alberta oil sands, the latest producer
to play down fears of a new round of hyperinflation in the

The company expects to spend nearly C$2 billion ($2.01
billion) this year advancing a plan to increase production
capacity at its Horizon oil sands project to 250,000 barrels per
day from a current 110,000.

May 2, 2012

Imperial Oil eyeing Canadian LNG plant

CALGARY, Alberta, May 2 (Reuters) – Imperial Oil Ltd
is considering joining a growing number of companies
planning liquefied natural gas plants on Canada’s West Coast as
a way to boost returns on vast reserves of natural gas in
British Columbia and Alberta, its chief executive said on

Imperial CEO Bruce March told reporters after the company’s
annual meeting that planning for such a development is still in
the “very early days” but that a plant could take gas from the
Horn River shale-gas field it is developing along with its
majority owner, Exxon Mobil Corp, as well as other
fields, and send it to high-paying Asian markets.

Apr 26, 2012

TransAlta walks away from carbon-capture plant

* TransAlta, partners, cancel carbon-capture Project Pioneer

* Project would have a captured 1 mln tonnes of CO2/yr

* Lack of emissions market, CO2 buyers doomed project

* TransAlta Q1 profit falls 56 pct; shares down 1.8 pct

By Scott Haggett

CALGARY, Alberta, April 26 (Reuters – TransAlta Corp
has abandoned plans to build a C$1.4 billion ($1.42 billion)
carbon capture and storage facility at an Alberta coal-fired
electricity plant because the company had no buyers for the
carbon dioxide and no way to credit from the plan.

TransAlta, whose first quarter profit tumbled on weak power
prices and maintenance costs, said on Thursday it would not
proceed with Project Pioneer, a carbon-capture demonstration
plant with partners Enbridge Inc and Capital Power Corp
. The project was also backed by C$779 million of funds
from the Alberta and federal governments.

Apr 25, 2012

Canadian energy companies hit by weak prices

CALGARY, Alberta, April 25 (Reuters) – Three large Canadian
oil companies pumped out first-quarter earnings o n W ednesday
that mostly missed expectations, but investors were cheered by
promises of higher output and steps to deal with depressed
natural gas markets and prices for heavy oil that lag far behind
those for international crude.

Encana Corp, Canada’s largest natural gas producer,
benefited from its hedging program as gas prices slumped to
10-year lows, but still had to fend off questions about whether
it was time to put the company up for sale.

Apr 24, 2012

Alberta to push on Keystone pipeline, bigger markets

CALGARY, Alberta, April 24 (Reuters) – Alberta remains a
strong supporter of its oil industry after a provincial election
that left the Progressive Conservatives in power to focus on new
markets for Canadian crude and to try to persuade Washington to
let the Keystone XL Pipeline go ahead.

The Conservatives, led by Alison Redford, won 61 of 87 seats
in the provincial legislature in Monday’s election, capturing
44 percent of the popular vote despite lagging in opinion polls
throughout the campaign.

Apr 24, 2012

Alberta Conservatives defy polls, win another vote

HIGH RIVER, Alberta, April 23 (Reuters) – Alberta’s
Progressive Conservative Party fended off its biggest challenge
in more than four decades of rule on Monday, winning a
convincing majority as voters balked at handing Canada’s top
energy-producing province to an upstart right-wing movement that
promised traditional values and fiscal restraint.

The ruling party of Premier Alison Redford was winning or
leading in 59 of 87 voting districts in the western province of
3.8 million people, garnering 44 percent of votes cast.

Apr 17, 2012

Alberta election unleashes right-wing “civil war”

CALGARY, Alberta, April 17 (Reuters) – Buoyed by lingering
resentment against an entrenched government hit by a series of
petty scandals, Alberta’s upstart Wildrose party looks set to
take Canada’s most conservative province even further to the

Led by 41-year-old Danielle Smith, a charismatic former
journalist with ties to the Reform movement that launched the
political career of Canadian Prime Minister Stephen Harper,
Wildrose has moved past its roots as a minor protest party with
into a big-tent par t y that has garnered wide support in advance
of elections scheduled for April 23.

Apr 12, 2012

Kinder to more than double Trans Mountain pipeline

CALGARY, Alberta, April 12 (Reuters) – Kinder Morgan Energy
Partners LP said on Thursday it would more than double
the size of its Trans Mountain oil pipeline with a C$5 billion
(US$5 billion) project to add 550,000 barrels per day of
capacity to the line that carries oil sands crude to Vancouver
and Washington’s Puget Sound.

The company said a recent “open season” held to gauge
shipper support for an expansion of the line showed that
shippers were willing to commit as much as 660,000 bpd to the
expansion for a 20-year term.

    • 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."
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