Tag: Alberta Economy

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CNRL barrels ahead with Horizon oilsands expansion

CNRL barrels ahead with Horizon oilsands expansion

CNRL commits $2B of 2016 capital budget to Horizon project CALGARY _Canadian Natural Resources Ltd. is pushing ahead with $2 billion in spending on its Horizon oilsands project this year even as the company cuts a billion dollars from its 2016 capital budget. Calgary-based CNRL says completing the last two phases of the Horizon project […]

March 3, 2016 | By | Reply More
Nexen lays off 120 employees in Canada as latest company to cut costs

Nexen lays off 120 employees in Canada as latest company to cut costs

Nexen among many companies announcing job cuts due to low oil prices CALGARY _ Nexen, the Calgary-based company acquired by China’s CNOOC Ltd. more than three years ago, says it’s cut 120 jobs in Canada. Company spokeswoman Brittney Price said the company made the difficult decision to reduce its workforce because of the current economic […]

March 1, 2016 | By | Reply More
Alberta deficit could be $10.4B due to prolonged oil price slump

Alberta deficit could be $10.4B due to prolonged oil price slump

Looming Alberta deficit means the province isn’t promising balanced books by 2020 EDMONTON _ Alberta Finance Minister Joe Ceci says the prolonged cratering of world oil prices is expected to saddle his province with a $10.4-billion deficit in the next budget. “It’s a lot. It’s a helluva lot of money,” Ceci admitted at a legislature news […]

February 24, 2016 | By | Reply More
Precision Drilling suspends dividend, says Q4 loss more than doubled

Precision Drilling suspends dividend, says Q4 loss more than doubled

Precision Drilling capital spending $72 million less than announced in revised Oct. plan CALGARY _ Precision Drilling Corp. (TSX:PD) says uses of its rigs was cut by more than half in Canada and the United States in the fourth quarter compared with a year earlier, resulting in less cash from operations and a bigger loss. […]

February 11, 2016 | By | Reply More
Cenovus job cuts hinted as “hurricane force” headwinds hit industry

Cenovus job cuts hinted as “hurricane force” headwinds hit industry

Cenovus to cut operating, admin costs by $200M CALGARY _ Cenovus Energy Inc. (TSX:CVE) is planning more layoffs this year as part of an effort to cut $400 million to $500 million in costs while it rides out a rough period of low oil and gas prices. “We had a stiff headwind in 2015 which, […]

February 11, 2016 | By | Reply More
Husky Energy issues more layoff notices, says step difficult but necessary

Husky Energy issues more layoff notices, says step difficult but necessary

Husky Energy cut 400 jobs in Calgary CALGARY _ Slumping world oil prices continue to hit Calgary’s energy industry hard as more layoffs have been announced. Husky Energy (TSX:HSE) issued pink slips to 400 people arriving for work at the downtown Calgary office on Tuesday but there could be many more when cuts from their […]

February 10, 2016 | By | Reply More
PM Justin Trudeau meeting with Calgary oil industry providers

PM Justin Trudeau meeting with Calgary oil industry providers

Justin Trudeau, Jim Carr, Rachel Notley meet with oil, gas producers CALGARY _ Prime Minister Justin Trudeau is sitting down in Calgary this morning with some of the major players in Canada’s oilpatch. Trudeau, federal Natural Resources Minister Jim Carr and Alberta Premier Rachel Notley are taking part in a roundtable with oil and natural […]

February 4, 2016 | By | Reply More
Imperial Oil Q4 profit plunges 84 per cent on lower realized prices

Imperial Oil Q4 profit plunges 84 per cent on lower realized prices

Imperial Oil suffered $289M net loss in upstream operations CALGARY _ Imperial Oil Ltd., a subsidy of ExxonMobil, says its fourth-quarter profit fell dramatically as a result of lower oil and gas prices, although some of its refinery and chemical operations weren’t affected to the same degree. The company earned $102 million or 12 cents […]

February 2, 2016 | By | Reply More
Low oil prices: Feds, Alberta to discuss ways to deal with battered provincial economy

Low oil prices: Feds, Alberta to discuss ways to deal with battered provincial economy

Fiscal stabilization one program to help as Alberta battles low oil prices OTTAWA _ The Liberal government is eyeing a little-known federal program as it searches for ways to help Alberta cope with the financial squeeze of sinking commodity prices, The Canadian Press has learned. The Alberta government is bracing for a steep fall in […]

January 28, 2016 | By | Reply More
Penn West 2016 capital budget down 90 per cent from 2015

Penn West 2016 capital budget down 90 per cent from 2015

Penn West production to drop between 13,000 – 17,000 bpd CALGARY _ Penn West Petroleum Ltd. is cutting its capital budget for 2016 to only one-tenth of what it spent last year as the conventional oil and gas producer lowers its average daily output, shuts in wells and works to reduce expenses. The Calgary-based company says […]

January 28, 2016 | By | Reply More