Scott's Feed
Oct 6, 2014

Petronas threatens 15-year delay of Canada LNG plant if no tax deal

VANCOUVER/CALGARY, Oct 6 (Reuters) – Malaysian state-owned
energy company Petronas said on Monday it could delay
its planned $11 billion liquefied natural gas plant on Canada’s
Pacific Coast by up to 15 years unless it can reach a favorable
tax deal by month’s end.

Petronas said in a statement that the economics of the plant
are marginal and without a favorable tax arrangement with the
province of British Columbia and Canada’s federal government, it
could shelve the project for a decade or more.

Sep 30, 2014

Enbridge eyes Mainline oil pipe expansion if demand strong

Sept 30 (Reuters) – Enbridge Inc, Canada’s largest
pipeline operator, said on Tuesday it may have to build new
pipeline capacity from its Superior, Wisconsin, storage hub if
oil shipments from Canada and the Bakken shale field of North
Dakota keep expanding.

Speaking at the company’s annual investor day in Toronto,
Guy Jarvis, head of the oil pipeline unit, said Enbridge could
handle up to 500,000 more barrels per day (bpd) on its 2.5
million bpd system once it completes rebuilding its Line 3
pipeline from Alberta to Superior and finishes its Sandpiper
pipeline serving the Bakken in 2017.

Sep 29, 2014

Encana to buy Athlon for $5.93 bln in push for oil

CALGARY/TORONTO Sept 29 (Reuters) – Canada’s Encana Corp
said on Monday it will buy Athlon Energy Inc
for $5.93 billion in cash, taking aim at Athlon’s oil-rich lands
in Texas’s Permian Basin and at jump-starting its plan to boost
output of lucrative oil and natural-gas liquids.

Encana, Canada’s largest natural-gas producer, is offering
$58.50 per Athlon share, a 25 percent premium on the stock’s
Friday closing price. The deal would give the Calgary-based
company control of about 140,000 acres in the oil-rich Permian
Basin, where Encana says it can raise liquids output by two
thirds, to 50,000 barrels per day, by 2015.

Sep 26, 2014

New Alberta premier sees oil pipelines as key to growth

CALGARY, Alberta, Sept 26 (Reuters) – Jim Prentice, the
one-time federal minister and investment banker sworn in as
premier of Alberta earlier this month, said on Friday the
Canadian province must secure new oil-export pipelines to ensure
the growth of its oil sands sector.

In an interview, Prentice said Alberta, which produces more
than three million barrels of oil per day, would strongly back
more pipeline projects to ship its crude overseas and minimize
its reliance on the U.S. market, where Western Canada crude
trades at a discount. New pipelines would also draw more
investment in Alberta’s oil sands, he added.

Sep 19, 2014

Who’s afraid of falling oil? Not Canada’s oil sands yet

CALGARY, Alberta, Sept 19 (Reuters) – Canada’s oil sands
industry is shrugging off declining world oil prices as some of
the world’s highest-cost producers find a cushion in strong
demand and a weakened domestic currency.

The companies that mine and drill the world’s third-largest
crude reserve in northern Alberta are sanguine about the latest
round of falling oil prices, arguing that costs have dropped and
that domestic prices are firm even as world prices falter.

Sep 8, 2014

New Alberta premier faces challenge winning back voters

CALGARY, Alberta, Sept 8 (Reuters) – Jim Prentice, a former
key Cabinet minister in the government of Canadian Prime
Minister Stephen Harper, has firm control over the province of
Alberta’s governing Progressive Conservatives, but convincing
voters to extend the party’s 43-year rule will be more

Prentice, 58, took nearly 80 percent of the votes for the
party’s leadership on Saturday, trouncing two rivals from the
Cabinet of former Premier Alison Redford, who resigned earlier
this year following a series of spending scandals.

Aug 19, 2014

Penn West lawsuits stacking up after disclosure of accounting woes

CALGARY, Alberta, Aug 19 (Reuters) – Penn West Petroleum Ltd
, a Canadian oil producer that said last month it had
discovered nearly C$400 million ($364 million) in accounting
irregularities, faces a growing number of lawsuits after its
shares dropped more than a fifth following the admission.

The Calgary, Alberta-based company, one of Canada’s largest
conventional oil producers, last month said it will delay the
release of its second-quarter results and revise its financial
statements beginning in 2012. The delay came after it discovered
that C$181 million in operating expenditures were misidentified
as capital spending over the past two years and C$200 million in
expenses were classified as royalty payments.

Jul 30, 2014

Penn West to restate results amid accounting probe, shares slump

CALGARY, July 30 (Reuters) – Penn West Petroleum Ltd
said it has uncovered accounting irregularities
that misclassified nearly C$300 million ($275.05 million)in
expenses over the last four years, and the Canadian oil producer
will restate its results.

Investors reacted with dismay, sending its shares down 18
percent on Wednesday, while several U.S. law firms said they
would assess if there had been violations of securities laws on
behalf of Penn West’s investors and lawsuits could follow.

Jul 25, 2014

Talisman founding CEO cheers prospect of Repsol takeover

CALGARY Alberta (Reuters) – Talisman Energy Inc’s founding chief executive said on Friday he hopes Repsol SA successfully acquires the Canadian company he built into an international oil player because the Spanish oil major can make the best use of Talisman’s worldwide assets.

Jim Buckee, who became chief executive of Talisman when BP Plc spun off its Canadian assets in 1992 and built it into one of Canada’s largest oil companies through a series of acquisitions, said that a takeover might be the best outcome for the company he ran until he retired in 2007.

Jul 24, 2014

Talisman, boosted by Repsol talk, may be worth more in pieces

CALGARY/TORONTO, July 24 (Reuters) – Canadian oil and gas
producer Talisman Energy, approached by Spain’s Repsol
for talks over a potential deal, may find that its
appeal lies more in its individual assets than as a candidate
for a complete takeover.

Talisman, which has a market capitalization of nearly $11
billion ($10.2 billion), has long been considered a takeover
target as its stock slumped on weak natural gas prices.

    • 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