Scott's Feed
Nov 13, 2013

Canada launches new attack against EU’s proposed dirty oil rules

CALGARY (Reuters) – Canada on Wednesday renewed its attack on the European Union’s plan to classify Canadian tar sands oil as particularly dirty and released a study questioning the data behind the controversial measure.

Canada has the world’s third-largest proven reserves of crude, much of which is locked in the tar sands of Alberta. Extracting the oil requires more energy than conventional production, a fact regularly highlighted by environmental campaigners.

Nov 6, 2013

Talisman Energy says has no immediate plans to split in two

CALGARY, Alberta, Nov 6 (Reuters) – Talisman Energy Inc
said it had no immediate plans to split itself in two
despite pressure from activist shareholders looking to boost
returns from the restructuring Canadian oil company.

Talisman, which reported a narrower third-quarter loss on
Wednesday, said it had examined the idea of separating its
operations in the Americas and Asia, an idea touted by some
investors for years, but concluded the time is not right for the
move.

Nov 5, 2013

Canada’s Encana to cut workforce, payout as gas prices stay low

CALGARY, Alberta, Nov 5 (Reuters) – Encana Corp,
Canada’s largest natural gas producer, said on Tuesday it will
cut about 20 percent of its workforce, slash its dividend, and
focus future spending on just five regions rich in oil and gas
liquids as it looks to move away from low-value natural gas
production.

The new plan, which includes the spin off of its historic
Alberta freehold lands into a separate company, is part of new
Chief Executive Doug Suttles’ push to boost earnings and raise
cash flow as the company faces the prospect that natural gas
prices will remain weak for years to come.

Oct 18, 2013

TransCanada says two northern Alberta customers still lack gas

CALGARY, Alberta, Oct 18 (Reuters) – TransCanada Corp
said two of its customers in northern Alberta were
still without gas deliveries on Friday after a pipeline break
forced some of the Canadian oil sands’ biggest producers to cut
back their output.

The rupture on TransCanada’s 1.6 billion cubic foot per day
North Central Corridor pipeline occurred on Thursday in a remote
area about 140 kilometers (90 miles) west of Fort McMurray,
Alberta and disrupted supplies for much of the day.

Oct 17, 2013

Oil sands production cut after natural-gas line ruptures

CALGARY, Alberta, Oct 17 (Reuters) – Some of Canada’s
largest oil sands producers began scaling back production on
Thursday after their natural gas supplies were cut back due to a
pipeline rupture on TransCanada Corp’s regional Nova
pipeline network.

Suncor Energy Inc said it is slowing operations at
its oil sands projects north of Fort McMurray, Alberta, where
production averaged 365,000 barrels per day last month.

Oct 8, 2013

Talisman shares drop as investors question Icahn effect

TORONTO/CALGARY (Reuters) – Talisman Energy Inc (TLM.TO: Quote, Profile, Research, Stock Buzz) shares fell on Tuesday as investors raised doubts that activist investor Carl Icahn would be able to force dramatic changes on the struggling Canadian oil producer.

Icahn disclosed a 6 percent stake in Talisman late on Monday, making him its second-largest shareholder, according to Reuters data. It is the second time Icahn has taken a position in Talisman. He acquired 4.8 million shares in 2007, when the company was facing pressure to boost its share price.

Oct 8, 2013

Icahn ignites Talisman stock, but longer-term doubts linger

TORONTO/CALGARY (Reuters) – Talisman Energy Inc (TLM.TO: Quote, Profile, Research, Stock Buzz) shares rallied in trading before the bell on Tuesday on news that Carl Icahn has built a stake in the company, but doubts remain about whether the billionaire investor will be able to force dramatic changes.

Investors and analysts see Icahn’s involvement in Talisman breathing life into the stock in the short-term, but many are wary, as the company has been working through a restructuring process under new management for over a year now and the results so far have been mixed at best.

Oct 7, 2013

Talisman Energy shares surge as Carl Icahn acquires stake

CALGARY, Alberta, Oct 7 (Reuters) – Talisman Energy Inc
shares surged in after-hours trading on Monday
after activist investor Carl Icahn said he had purchased about
61 million shares of the underperforming Canadian oil producer
and may seek a seat on the company’s board.

Talisman’s New York Stock Exchange-listed shares surged 10.9
percent in after-hours trading after Icahn revealed the stake.
The stock closed at $12.75 in New York on Monday.

Oct 1, 2013

Enbridge plans new C$1 bln pipeline to carry diluent

CALGARY, Alberta, Oct 1 (Reuters) – Enbridge Inc
said on Tuesday it plans to build a new C$1 billion ($972.86
million) pipeline to carry 200,000 barrels per day of diluent,
or thinning agent, from Edmonton, Alberta, to oil sands
operators near Fort McMurray, Alberta.

Enbridge, Canada’s No. 1 pipeline company, said the planned
Norlite line may be expanded to carry 300,000 bpd should it
receive enough support from oil sands producers, who blend the
diluent into heavy oil so it can flow in pipelines.

Sep 12, 2013

Encana reviews dry gas assets, signals big changes

Sept 12 (Reuters) – Encana Corp, Canada’s largest
gas producer, on Thursday signaled a potential sale of dry
natural gas assets as it focuses on more-lucrative oil and gas
liquids and cutting the number of properties it owns.

Doug Suttles, the former BP Plc executive appointed
as Encana’s chief executive in June and charged with righting
the company after a series of strategic missteps, said the
company will push to cut producing properties and revamp its
organization as it looks to weather natural gas prices he
expects to remain low for years.

    • 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