TORONTO/CALGARY, June 5 (Reuters) – Canada’s Penn West
Petroleum Ltd named a former Marathon Oil Corp
executive as CEO and said it would slash its dividend, cut 10
percent of its staff and review strategic options such as asset
sales and joint ventures.
The Calgary-based oil and gas producer said late on Tuesday
that it had appointed former Marathon Chief Operating Officer
David Roberts as president and chief executive officer,
effective June 19. He replaces Murray Nunns, who will retire
from the company on July 1.
CALGARY, Alberta, May 31 (Reuters) – The government of
British Columbia said on Friday it cannot support construction
of Enbridge Inc’s C$6 billion ($5.8 billion) Northern Gateway
pipeline project because it believes the company has not
adequately spelled out how it would respond to oil spills from
In its final written submission to the Joint Review Panel
charged with recommending whether the project should proceed,
the province’s Liberal government said Enbridge’s response plans
for land and marine spills from the line which will carry
525,000 barrels of oil sands crude from Alberta to the port of
Kitimat, have not yet been firmed up.
CALGARY, Alberta, May 15 (Reuters) – The surprise
re-election of the ruling Liberal party in the Canadian province
of British Columbia might give a boost to energy industry plans
to build oil pipelines to Canada’s Pacific coast, lines the
Liberals’ opponents had pledged to block.
Although polls had widely forecast a resounding victory for
the left-leading New Democratic Party after 12 years of Liberal
rule, voters returned the government of Premier Christy Clark to
power with a strengthened majority, although Clark lost her own
seat to an NDP challenger.
(Reuters) – Enbridge Inc (ENB.TO: Quote, Profile, Research, Stock Buzz), Canada’s largest pipeline company, said on Wednesday it is still hoping for speedy regulatory approval for a planned expansion of an oil pipeline to the United States despite the prolonged delays faced by the rival Keystone XL line.
The company, which said its first-quarter operating profit rose nearly a third, is seeking an amended presidential permit for its plan to double the size of its 400,000 barrel per day Alberta Clipper pipeline, which takes oil sands crude from Alberta to Superior, Wisconsin.
CALGARY, Alberta, April 30 (Reuters) – Shares of Suncor
Energy Inc jumped nearly 5 percent on Tuesday after
Canada’s largest oil and gas producer took steps to increase
returns to shareholders and reported first-quarter earnings that
Suncor said late on Monday it would raise its quarterly
dividend 54 percent to 20 Canadian cents per share from 13 cents
and launch its repurchase plan to buy back C$2 billion ($1.97
billion) of its own shares, which will run from May 2 until
CALGARY, Alberta, April 26 (Reuters) – TransCanada Corp
, Canada’s No. 2 pipeline company, said on Friday its
long wait for U.S. government approval of its controversial
Keystone XL project will further delay completion of the
pipeline and push its cost above the company’s $5.3 billion
TransCanada, which reported a 27 percent rise in
first-quarter profit on Friday, is waiting for the Obama
administration to issue a presidential permit for construction
of the line, which is designed to carry 830,000 barrels a day of
Canadian and U.S. crude oil to refineries on the Gulf of Mexico
CALGARY, Alberta, April 24 (Reuters) – Cenovus Energy
, Canada’s No. 2 independent oil producer, said on
Wednesday that the sale of some of its Saskatchewan oil
properties put on the block earlier this year has been delayed
by a “down draft” in the country’s capital markets.
Cenovus, whose first-quarter operating profit topped
expectation with a 15 percent rise, said the smaller companies
that are the likely buyers for its Saskatchewan Bakken and Lower
Shaunavon assets are finding it difficult to find money to
finance the purchase.
CALGARY, Alberta, April 9 (Reuters) – Canadian fertilizer
company Agrium Inc said on Tuesday its entire slate of
directors had been elected to its board, defeating a rival slate
nominated by dissident U.S. shareholder Jana Partners.
Jana, the hedge fund that is Agrium’s biggest single
shareholder, said the vote was tainted and should be
investigated. Agrium said the result was “fair and square”.
April 4 (Reuters) – Canadian Pacific Railway Ltd
raised its estimate of the amount of oil spilled in a derailment
in northern Ontario a hundred-fold on Thursday, and said 400
barrels (16,800 gallons) had leaked from two tanker cars, up
from its initial estimate of four barrels.
CP Rail spokesman Ed Greenberg said the size of Wednesday’s
spill, the company’s second in a week, was not evident when
crews first arrived at the remote site of the derailment near
White River, Ontario, about 700 kilometers (400 miles) northeast
CALGARY, Alberta, March 26 (Reuters) – Contaminated water
may have spilled into the Athabasca River from a broken pipe at
Suncor Energy Inc’s oil sands project in northern
Alberta, sparking new fears about pollution of the river from
the massive oil sands developments along its banks.
The Athabasca is the main source of drinking water for
aboriginal and other communities downstream and has been the
subject of several controversial reports on its water quality.