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Tue, Jul. 28, 6:57 PM
- Alberta's largest energy companies are starting to feel the pain of the province's new tax rates, as Husky Energy (OTCPK:HUSKF) reported a one-time $157M charge against Q2 earnings and MEG Energy (OTCPK:MEGEF) increased its deferred income tax liability by $11.4M.
- Alberta Premier Notley increased the corporate tax rate to 12% from 10% in June, roughly a month after her New Democratic Party came to power.
- After accounting for the tax charge, which Husky CFO John McKenzie said “will unwind itself over a period of years,” the company’s Q2 net earnings totaled $120M, an 80% drop from $628M in the prior-year quarter.
- Husky's Q2 production was 337K boe/day, little changed from 334K boe/day produced in the same period last year.
- In its Q2 results, MEG reported earnings of $63M, a 74% slide from the $249M it earned in Q2 of 2014.
- MEG managed to beat production forecasts for the quarter despite the evacuation of its employees as a result of wildfires burning near its oil sands project north of Cold Lake, Alberta.
Tue, Jul. 28, 1:12 PM
- Canada oil sands pipeline projects look doomed after the recent Nexen oil spill leaves "two big football fields of black goo," according to a Bloomberg analysis.
- A rupture in a line operated by the Cnooc (NYSE:CEO) unit that spewed 31K barrels of bitumen, waste water and sand has ignited outrage from communities along pipeline routes and is strengthening opposition that already has stalled every major crude export project from Canada and may lead to stricter regulations, the report says.
- The Alberta Energy Regulator could consider new requirements including scheduled and random inspections of pipelines during construction and while in operation, as well as better spill detection technology; meanwhile, the spill gets bad press in Canadian newspapers every day.
- Related tickers: TRP, ENB, SU, IMO, CNQ, CVE, TCK, OTCPK:HUSKF, OTCQX:COSWF
Tue, Jul. 28, 7:19 AM
Thu, Jul. 9, 6:55 PM
- BP's fluid catalytic cracking unit at its 135K bbl/day refinery in Toledo, Ohio, reportedly will remain shut for up to 30 days - much longer than initially expected - after workers discovered a crack in the unit's reactor.
- The 55K bbl/day fluid catalytic cracker, the refinery's main gasoline producing unit, was shut down unexpectedly on Tuesday.
- The Toledo refinery is a joint operation between BP and Husky Energy (OTCPK:HUSKF).
Tue, Jul. 7, 6:43 PM
- Barclays’ Paul Cheng predicts all 10 Americas-based oil majors - XOM, CVX, COP, HES, MUR, SU, CVE, IMO, OTCPK:HUSKF, PBR - will beat earnings forecasts, benefiting from strong downstream and chemical performances as well as better than expected production volumes and a lower operating cost environment.
- Cheng estimates the oil majors will exceed the current EPS consensus by a median of 30% while the refiners will beat by 9%.
- Cheng raises his full-year EPS forecast for CVX to $3.75 from $3.55 and for COP to $0.25 from $0.20, but lowers his forecast for XOM to $4 from $4.05.
Mon, Jul. 6, 9:53 AM
- Husky Energy (OTCPK:HUSKF -3.2%) says its Sunrise Energy project in Alberta continues to increase production, averaging a higher than expected 5K-5.5K bbl/per day at the end of June and expected to hit full capacity around the end of 2016.
- Separately, Husky said Friday it is undertaking maintenance at its Lloydminster upgrader, which means operations are temporarily suspended for 6-8 weeks, but does not expect upstream heavy oil production to be affected.
Fri, Jun. 26, 4:58 PM
- Alberta's government names the top executive of a province-owned bank, ATB Financial CEO Dave Mowat, to head a panel to review oil and natural gas royalty payments and issue recommendations by year’s end.
- The announcement to move ahead with the royalty review, even as oil-rich Alberta struggles with sharply lower crude prices, comes a day after the province said it would double a carbon tax levied on large-scale emitters of greenhouse gases over the next two years.
- Alberta is home of the Canadian subsidiaries of energy giants Exxon Mobil (XOM, IMO), Royal Dutch Shell (RDS.A, RDS.B) and Total (NYSE:TOT), among others.
- Among other top Alberta oil producers: SU, OTCPK:HUSKF, CVE, CNQ, ECA, TLM, OTCQX:COSWF, CPG, OTCPK:PEGFF
Thu, Jun. 25, 1:04 PM
- Alberta's new government says it will raise the province's existing carbon tax on industrial emitters starting next year, the first step in revamping regulations to curb rising greenhouse gas output from surging oil sands production.
- The price will rise to C$20/metric ton in 2016 from C$15 now, and increase to C$30 in 2017, when the rules will expire, the environment ministry says; large emitters will be required to reduce emissions by 15% next year and 20% in 2017, compared with a 12% reduction this year.
- Alberta’s oil sands have become a target for environmentalists because of their significant carbon footprint, and the new NDP government had campaigned on a promise to toughen the province’s environmental standards.
- Among Alberta's top oil producers: SU, IMO, XOM, OTCPK:HUSKF, CVE, CNQ, ECA, TLM, OTCQX:COSWF, CPG, OTCPK:PEGFF
Mon, Jun. 1, 3:58 PM
- Teekay Offshore Partners (TOO -1.1%) says it has signs new long-term contracts with a consortium of energy companies to provide shuttle tanker services for oil production activities on Canada's east coast.
- TOO says it will construct three Suezmax-size, DP2 shuttle tanker newbuildings with a South Korean shipyard for a fully built-up cost of ~$365M, with an option to order a fourth vessel if needed; the three firm vessels are expected to be delivered in Q4 2017 through H1 2018.
- The group of companies include Chevron (NYSE:CVX), Husky Energy (OTCPK:HUSKF), Murphy Oil (NYSE:MUR), Statoil (NYSE:STO) and Suncor Energy (NYSE:SU).
Mon, Jun. 1, 2:46 PM
- Canadian oil industry executives say the new plan by Alberta's premier to boost job creation by increasing oil refining and processing in the province instead of elsewhere is an unrealistic "dream" because costs and infrastructure needed for such facilities make it difficult to achieve.
- "There are huge hurdles," a Canadian Natural Resources (NYSE:CNQ) VP said at an RBC Capital conference in New York, such as the fact that U.S. refineries are already set up to handle the heavy crude that Alberta produces: “The best economic solution is to get that crude to these facilities,” said an exec at Imperial Oil (NYSEMKT:IMO), the Canadian company majority owned by Exxon (NYSE:XOM).
- Building a refinery in Alberta would have cost Husky Energy (OTCPK:HUSKF) double what it ended up paying for stakes in existing facilities in Ohio, according to the company's COO.
- The focus on creating jobs should not trump economics, Suncor (NYSE:SU) CFO Alister Cowan told the conference.
Sun, May 31, 10:17 AM
- Workers at the BP-Husky (OTCQB:HUSKF) oil refinery in Toledo, Ohio, say they have reached a tentative contract agreement following a four-month strike.
- The United Steelworkers local that represents 350 workers at the refinery announced a deal yesterday but did not disclose terms.
- The Toledo refinery was one of 12 U.S. refineries, accounting for ~20% of national refining capacity, and three chemical plants that went on strike earlier this year; workers at one other refinery, Marathon Petroleum's (NYSE:MPC) Galveston Bay refinery in Texas City, Tex., remain on strike over local issues.
Thu, May 21, 9:47 AM
- Husky Energy (OTCQB:HUSKF) says it started commercial operations at its Rush Lake heavy oil thermal project in Saskatchewan eight weeks ahead of schedule, and it expects the operation to ramp up to full production shortly.
- The project is designed to produce up to 10K bbl/day using a steam-assisted process to extract the heavy oil, once it has reached full capacity.
- Rush Lake is part of Husky's plan to increase output from its thermal projects by nearly 80% over the next 18 months to 78.5K bbl/day from 44K bbl/day.
Fri, May 15, 2:45 PM
- Canada says it is committing to cut greenhouse gas emissions by 30% below 2005 levels by 2030, partly by introducing new regulations on its oil and gas sector.
- Environment Minister Aglukkaq says Canada will cut its emissions to 515 metric megatons by 2030 from 726 metric megatons in 2013; earlier this week, Ontario - Canada’s most populous province - set its own 2030 target of 112 megatons, which would represent a 46% cut from 2005 levels.
- To meet the new target, Canada will develop regulations to cut methane emissions from the oil and gas sector, such as industrial leaks and gas flares, as well as new rules to control emissions from the electricity and chemical sectors, including from nitrogen fertilizers.
- Relevant tickers: SU, ENB, TRP, IMO, CNQ, CVE, TCK, TAC, OTCQB:HUSKF, OTCQX:COSWF
Mon, May 11, 5:52 PM
- Striking workers at BP's Whiting, Ind., refinery have ratified a new four-year contract, formally ending a three-month work stoppage, according to the president of the United Steelworkers local representing the hourly employees.
- The Whiting workers are expected to begin returning to work on May 18 in staggered groups.
- BP has kept the refinery in operation using temporary replacement workers since Feb. 8 when USW members walked out as part of a nationwide strike by U.S. refinery and chemical plant workers.
- An agreement was reached in March on national issues including pay and benefits, but strikes continued over local issues at Whiting and elsewhere; workers are still on strike at the refinery in Toledo, Ohio, co-owned by BP and Husky Energy (OTCQB:HUSKF), and negotiations are continuing between striking workers and Marathon Petroleum's (NYSE:MPC) Galveston Bay refinery in Texas.
Thu, May 7, 6:25 PM
- Canadian oil producers plunged for a second straight day as "all bets are off" after election results in Alberta raised concerns over the possibility of higher taxes for the companies.
- Among today's losers: SU -2.6%, OTCQB:HUSKF -5.2%, GTE -5.8%, PWE -5.7%, IMO -1%, CVE -1%, OTCQX:COSWF -3.4%, OTCPK:MEGEF -5%.
- COSWF is among the most exposed to a potential hike in royalties and stricter environmental policies, while electricity supplier TransAlta (NYSE:TAC) would suffer from the new government’s vow to shut coal plants sooner than planned, according to analysts at BMO Nesbitt Burns and RBC Dominion.
- Advice is split on owning stocks of companies that transport and process fuels in Alberta; Raymond James says stocks such as TransCanada (NYSE:TRP) and Enbridge (NYSE:ENB) are less directly exposed to reduced investment in the sector, but RBC advises to sell pipeline and midstream companies with operations in Alberta.
- Analysts also are divided about how much producers with oil refineries, such as SU and IMO, could offset losses from potentially higher royalties by boosting processing of crude in Alberta, a move pro-labor NDP has pledged to support.
Wed, May 6, 2:36 PM
- Canadian energy stocks are broadly lower after the shocking election result in Alberta raised questions about the future of the country's oil industry: SU -3.3%, ENB -2.8%, TRP -2.6%, IMO -2.3%, CNQ -2.3%, CVE -5.8%, OTCQB:HUSKF -1%, TCK -1.6%, TAC -4.1%, OTCQX:COSWF -6%.
- "Energy is such a critical issue to Alberta, I’m really not that concerned," ENB CEO Al Monaco says, but investors and analysts disagree.
- "It’s completely devastating" for energy companies and investors, saysCanoe Financial's Rafi Tahmazian of stated plans by the newly elected government to raise corporate taxes, review the government’s take of energy revenue, scale back advocacy for pipelines and phase out coal power more quickly.
- “If you are invested in energy stocks, you should be concerned,” says AltaCorp’s Jeremy McCrea, noting that drillers already face higher costs to extract oil and gas in Alberta than in many jurisdictions, so an increase in royalties would make the province even less competitive.
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Husky Energy is one of Canada's largest integrated energy companies. It is headquartered in Calgary, Alberta, and is publicly traded on the Toronto Stock Exchange under the symbols HSE and HSE.PR.A. The Company operates worldwide with Upstream and Downstream business segments.
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