Premier Jason Kenney pitching more Alberta oil in wake of Saudi supply disruption

The supply disruption caused by an attack on a major Saudi oil processing facility has renewed calls from Alberta politicians to get more energy from that province into the world market. “Instability in the Middle East underscores the importance of…

Oilsands firms considering diluent recovery units to increase crude by rail volumes

Ongoing pipeline project delays and growth in crude-by-rail capacity from Western Canada are leading some oilsands producers to consider spending billions of dollars to build diluent recovery units. Oilsands bitumen is a thick, sticky oil which must be diluted with…

Calgary-based Imperial Oil’s second quarter results beat analyst expectations

Imperial Oil Ltd. is reporting second-quarter results that beat analyst expectations on the back of strong oilsands output and an allowance for lower future Alberta corporate taxes. The Calgary-based company, which is about 70 per cent owned by Texas-based Exxon…

Alberta increases oil production limit for September

The Alberta government says it will again ease its crude oil curtailment program for September. In a news release, it says it will allow the maximum amount to be produced by the province’s senior oil companies to rise to 3.76…

Alberta oilsands producers report boost in Q2 net incomes thanks to corporate tax cuts

The Alberta government’s move to cut corporate taxes from 12 to eight per cent has added more than $2 billion to second-quarter net incomes of major oilsands producers Suncor Energy Inc., Husky Energy Inc. and Cenovus Energy Inc. In quarterly…

Crude-by-rail and container traffic push CN Rail to record revenues of nearly $4B

Crude-by-rail and container traffic drove Canadian National Railway Co. to its highest ever quarterly revenue and adjusted earnings per share, shoring up confidence in its EPS forecast of low double-digit growth for 2019. The country’s largest railroad operator saw revenues…

Oil producers call for oil curtailment easing in return for rail commitments

Canada’s largest oil producers are calling on the Alberta government to reward companies that commit to adding crude-by-rail capacity by easing their oil curtailment levels. Suncor Energy CEO Mark Little says the proposal makes a lot of sense because it…

Alberta raises oil quotas for August as rail exports grow, storage levels slip

The Alberta government says it will ease its oil production curtailment program by 25,000 barrels per day in August. The province is citing growing crude-by-rail capacity, declining oil inventory levels and improved efficiencies in export pipelines for the move. Last…

Crude by rail shipments from Western Canada rise by 34,000 bpd in May

Genscape says crude-by-rail shipments from Western Canada continued to rise in May after falling in February to a nine-month low. The U.S. company, which monitors western Canadian rail terminals handling about 80 per cent of typical volumes, reports average rail…

CNRL optimism up on oil curtailments, crude by rail rebound

Fears of another Alberta oil price crisis are ebbing thanks to the government’s production curtailment program and improving crude-by-rail profitability, says the president of oilsands producer Canadian Natural Resources Ltd. Story continues below But anxiety about a return to the…