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Apr 9, 2013

Agrium sweeps proxy vote, Jana cries foul

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”.

Apr 4, 2013

CP Rail says 400 barrels of oil spilled in Ontario, not four

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
of Toronto.

Mar 26, 2013

Water escapes Suncor oil sands pond into Athabasca River

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.

Mar 7, 2013

Canadian Natural mulls shale-gas property sale or partnership

By Scott Haggett

(Reuters) – Canadian Natural Resources Ltd (CNQ.TO: Quote, Profile, Research, Stock Buzz), Canada’s largest oil producer, said on Thursday it may sell part of its massive British Columbia shale-gas holdings or find a partner to develop the property.

The company, which on Thursday reported a 58 percent drop in fourth quarter profit, said it will look for a buyer or find a partner with liquefied natural gas expertise for 250,000 acres of land it holds in the prolific Montney shale gas field in northeastern British Columbia, about a fourth of all its property in the region.

Mar 6, 2013

Canada’s Talisman Energy forecasts lower output, spending in 2013

CALGARY, Alberta (Reuters) – Talisman Energy Inc (TLM.TO: Quote, Profile, Research, Stock Buzz) said on Wednesday it will cut spending this year by a fourth, lower production and sell some of its Canadian shale-gas properties, as Canada’s No.6 independent oil producer looks to reduce debt and boost its shares.

The company said it would focus its global operations on its activities in North America, Colombia and Asia, which account for 90 percent of its output, and sell or find joint-venture partners for $2 billion to $3 billion of its assets over the next 18 months.

Feb 14, 2013

Encana shares plunge as production forecast falls short

CALGARY, Alberta (Reuters) – Encana Corp (ECA.TO: Quote, Profile, Research, Stock Buzz), Canada’s largest natural gas producer, said on Thursday its output of valuable crude oil and natural gas liquids this year will double this year. But the target still fell short of investor expectations and its shares dropped nearly five percent.

The company, which reported a 28 percent rise in operating earnings, is looking to increase oil and liquids output as natural gas prices remain low because of abundant shale-gas supplies.

Feb 12, 2013

Nexen deal wins U.S. approval, its last hurdle

CALGARY/WASHINGTON (Reuters) – U.S. regulators have approved the $15.1 billion takeover of Canadian oil and gas company Nexen Inc by China’s state-owned CNOOC Ltd, removing the final obstacle to the Asian country’s largest-ever foreign takeover.

Calgary, Alberta-based Nexen said on Tuesday the Committee on Foreign Investment in the United States (CFIUS) had given the final green light. It said it now expects the deal to close the week of February 25, seven months after China’s top offshore oil and gas producer made its bid of $27.50 a share.

Feb 6, 2013

Doubts about Suncor upgrader sends shares down

CALGARY, Alberta (Reuters) – Suncor Energy Inc (SU.TO: Quote, Profile, Research), Canada’s largest oil and gas company, is poised to walk away from the centerpiece of a C$20.6 billion ($20.6 billion) expansion plan as rising U.S. oil supplies alter the economics of oil sands production.

Shares of Suncor, the dominant producer in Canada’s oil sands, slumped nearly 6 percent after it reported late on Tuesday a C$562 fourth-quarter net loss and an operating profit that fell well short of expectations as it wrote down the value of its long-delayed Voyageur upgrader by C$1.49 billion.

Feb 6, 2013

Suncor slides as results disappoint, upgrader in doubt

CALGARY, Alberta (Reuters) – Suncor Energy Inc (SU.TO: Quote, Profile, Research, Stock Buzz), Canada’s largest oil and gas company, is poised to walk away from the centerpiece of a C$20.6 billion ($20.6 billion) expansion plan as rising U.S. oil supplies alter the economics of oil sands production.

Shares of Suncor, the dominant producer in Canada’s oil sands, slumped nearly 6 percent after it reported late on Tuesday a C$562 fourth-quarter net loss and an operating profit that fell well short of expectations as it wrote down the value of its long-delayed Voyageur upgrader by C$1.49 billion.

Feb 1, 2013

Imperial says Kearl oil sands cost rises by C$2 billion

CALGARY, Alberta, Feb 1 (Reuters) – Imperial Oil Ltd
said on Friday the cost of its recently completed Kearl
oil sands project in northern Alberta ballooned to C$12.9
billion ($12.9 billion), nearly 20 percent above its last
estimate, because of transportation delays and a harsh winter.

The company, which also reported a 7.1 percent rise in
fourth-quarter profit, said a series of court challenges in the
U.S. Pacific Northwest that delayed the transport of
foreign-made processing modules to the site forced a change in
construction schedules and increased costs.

    • 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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