RSSCategory: Business

Scotiabank CEO touts cheap oil positives as lender wraps week of bank earnings

August 28, 2015 | By | Reply More
Scotiabank CEO touts cheap oil positives as lender wraps week of bank earnings

Cheap oil prices a benefit to many Canadian industries: Scotiabank CEO TORONTO – Concerns about the prolonged decline in the value of crude have left a dark cloud hanging over the banks, but the chief executive of Scotiabank is stressing the positive effects of oil prices on parts of the country’s economy. “Mining and oil and gas […]

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Oil price up 10 pct: Lifted by resurgent stocks, US economic growth

August 27, 2015 | By | Reply More
Oil price up 10 pct: Lifted by resurgent stocks, US economic growth

Oil price up – highest gain since 2008 NEW YORK- North American markets surged for a second consecutive session Thursday as investors continued to buy up stocks beaten down in a six-day sell-off that started over a week ago amid fears of a major slowdown in China’s economy. In Toronto, the S&P/TSX composite index, up more […]

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Mackenzie Gas: Imperial has hopes for dormant Arctic project

August 27, 2015 | By | Reply More
Mackenzie Gas: Imperial has hopes for dormant Arctic project

Imperial was to begin construction on MacKenzie Gas project in 2015 CALGARY – Imperial Oil is hanging on to hope that its long-dormant plan to tap into natural gas fields in the Far North may eventually come to fruition. The lead partner in the Mackenzie Gas Project has written to the National Energy Board seeking a seven-year extension […]

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Schlumberger buying Cameron: $12.71B cash, stock deal

August 26, 2015 | By | Reply More
Schlumberger buying Cameron: $12.71B cash, stock deal

Schlumberger purchase saw Cameron shares jump 44 per cent HOUSTON – Schlumberger is buying Cameron in a cash-and-stock deal valued at about $12.71 billion that would create an oilfield equipment and service powerhouse. Cameron was the maker of the blowout preventer on the ill-fated Deepwater Horizon rig, which was rocked by an explosion and fire in 2010 […]

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With oil prices below U$40 a barrel, reserve writedowns likely in store

August 26, 2015 | By More
With oil prices below U$40 a barrel, reserve writedowns likely in store

Low oil prices may mean oilsands crude stays in the ground for years CALGARY – Another wave of ugly news is looming for oil producers already battered by weak oil prices. Every year, companies hire outside evaluators to tally up their reserves, a calculation of how much resource in the ground can be recovered technically and economically. With […]

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Canadian producers feel pain as oil prices hit six year low

August 19, 2015 | By | Reply More
Canadian producers feel pain as oil prices hit six year low

Low oil prices due to high stockpiles CALGARY – The price of oil hit a six-year low Wednesday as U.S. stockpiles posted an unexpected increase, bringing further pain to Canadian oilsands producers. The price of West Texas Intermediate, the North American oil benchmark, went as low as US$40.46 in intraday trading after a U.S. Energy Information Agency […]

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Irving Oil to announce plans for major maintenance project for refinery

August 19, 2015 | By | Reply More
Irving Oil to announce plans for major maintenance project for refinery

Irving Oil refinery project the largest private investment in Canada in 2015 SAINT JOHN, N.B. – Canada’s largest oil refinery will announce details this week of what it calls the largest maintenance project in the company’s history. A notice from Irving Oil says the project, which will be revealed Thursday in Saint John, N.B., will be one […]

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Western Canadian gas prices should fall after refinery outage spike

August 17, 2015 | By | Reply More
Western Canadian gas prices should fall after refinery outage spike

Gas prices to fall in coming days CALGARY – A gas price analyst says drivers in Western Canada should see some relief at the pumps in the coming days after gas prices spiked an average of 15 cents a litre last week. GasBuddy.com senior petroleum analyst Dan McTeague says wholesale prices in the U.S. dipped the equivalent […]

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United Church drops fossil fuels from investments due to climate concerns

August 12, 2015 | By | Reply More
United Church drops fossil fuels from investments due to climate concerns

Alberta United Church reverend opposes motion CORNER BROOK, N.L. – The general council of one of Canada’s largest churches has voted to drop fossil fuels from its investment portfolios, with advocates for the motion saying the decision is based on the Christian duty to care for the earth. Commissioners attending the United Church of Canada’s general council […]

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Oil price drops to lowest level since March, 2009

August 11, 2015 | By | Reply More
Oil price drops to lowest level since March, 2009

Oil price tumbled to $43.08 on Tuesday The price of U.S. crude oil has tumbled to its lowest level in more than six years. Benchmark U.S. crude fell $1.88, or 4 per cent, to settle at $43.08 a barrel in New York on Tuesday, its lowest close since March of 2009. The latest slide came as OPEC […]

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