Mentalflaws, guess which Province is in the black and will stay in the black and is Canada's second largest oil producer?
Financial Post: Alberta to bleed 31,800 jobs by end of year in oil price carnage
- Thread starter mentalfloss
- Start date
you... you are actually calling someone out over (presumed) selective and tailored C&P? You're doing that? Why, Locutus... are you miffed cause you think someone is moving in on your forte? Oh Locutus, you....
I kept in the additional headers so Loc doesn't have a coniption fit.
Shell pulls plug on long-delayed Alberta oil sands mine
Royal Dutch Shell PLC has scrapped plans for a long-delayed oil sands mine, becoming the latest company to pull the plug on a major Alberta expansion as crude prices hover near multiyear lows.
The global oil giant said on Monday it is withdrawing an application with federal regulators to build its Pierre River mine north of Fort McMurray, Alta., effectively killing a 200,000 barrel-a-day project that had been dormant for years.
The decision underscores challenges faced by even the most well-funded and experienced players in Alberta’s energy sector, which has been hammered by the sharp plunge in benchmark oil prices since last summer. West Texas Intermediate oil on Monday fell 2.7 per cent to $49.81 (U.S.) a barrel, down from more than $100 last June and well under the break-even threshold analysts say is needed to justify brand new oil sands expansions.
Shell joins Canadian Natural Resources Ltd., Cenovus Energy Inc. and others who have slammed the brakes on growth projects as they seek to protect dwindling cash flows and investor dividends in the face of the eight-month price rout.
“The Pierre River mine remains a very long-term opportunity for us, but it’s not currently a priority,” Lorraine Mitchelmore, president of Shell’s Canadian unit, said in a statement announcing the move.
“Our current focus is on making our heavy oil business as economically and environmentally competitive as possible.”
The collapse in oil prices has forced major budget revisions and led to thousands of layoffs at energy producers and their suppliers, prompting fears that energy-rich Alberta is poised to dip into recession.
Shell is abandoning Pierre River after the Anglo-Dutch company last month cut as many as 300 jobs from its Albian Sands bitumen project, citing broader efforts to claw back costs across the company. That project is a joint venture with Chevron Corp. and Marathon Oil Corp.
Shell applied to build Pierre River in 2007 and initially planned to start production in 2010, according to regulatory documents. However, the company halted work on the proposal last year to reassess the development timeline. It said cancelling the project would result in “very limited” employment impacts.
Shell said it has regulatory approval to potentially more than double its oil sands output from today’s level of 255,000 barrels a day. It said it would hold on to the Pierre River leases and may apply to build the project in the future.
But new projects are increasingly falling under the knife. This year, energy companies in Western Canada are forecast to cut an estimated $23-billion (Canadian) from corporate budgets, according to the Canadian Association of Petroleum Producers. In the oil sands, spending is projected to fall by about a quarter to $25-billion, from $33-billion last year, CAPP said.
Oil’s steep decline has crimped growth prospects of much smaller oil sands firms the hardest. Laricina Energy Ltd., a private company that counts the Canada Pension Plan Investment Board (CPPIB) as its largest shareholder, last week shut down operations at an oil sands pilot project and halted work on another, for example.
The upstart company scrapped plans last year to float its shares in a public offering and instead put itself up for sale. It faces a cash crunch after defaulting on a $150-million loan. Discussions with its lender, the CPPIB, are ongoing, Laricina said.
Despite Kinder ruling, NEB wants pipeline emergency response plans made public
Petronas visit bolsters hopes for dormant B.C. LNG project
Zambia vows to safeguard jobs at Barrick’s Lumwana mine
Topics:
United States of America
Alberta
Royal Dutch Shell plc
Energy
Fort McMurray
Chevron Corporation
Shell pulls plug on long-delayed Alberta oil sands mine - The Globe and Mail
Shell pulls plug on long-delayed Alberta oil sands mine
Royal Dutch Shell PLC has scrapped plans for a long-delayed oil sands mine, becoming the latest company to pull the plug on a major Alberta expansion as crude prices hover near multiyear lows.
The global oil giant said on Monday it is withdrawing an application with federal regulators to build its Pierre River mine north of Fort McMurray, Alta., effectively killing a 200,000 barrel-a-day project that had been dormant for years.
The decision underscores challenges faced by even the most well-funded and experienced players in Alberta’s energy sector, which has been hammered by the sharp plunge in benchmark oil prices since last summer. West Texas Intermediate oil on Monday fell 2.7 per cent to $49.81 (U.S.) a barrel, down from more than $100 last June and well under the break-even threshold analysts say is needed to justify brand new oil sands expansions.
Shell joins Canadian Natural Resources Ltd., Cenovus Energy Inc. and others who have slammed the brakes on growth projects as they seek to protect dwindling cash flows and investor dividends in the face of the eight-month price rout.
“The Pierre River mine remains a very long-term opportunity for us, but it’s not currently a priority,” Lorraine Mitchelmore, president of Shell’s Canadian unit, said in a statement announcing the move.
“Our current focus is on making our heavy oil business as economically and environmentally competitive as possible.”
The collapse in oil prices has forced major budget revisions and led to thousands of layoffs at energy producers and their suppliers, prompting fears that energy-rich Alberta is poised to dip into recession.
Shell is abandoning Pierre River after the Anglo-Dutch company last month cut as many as 300 jobs from its Albian Sands bitumen project, citing broader efforts to claw back costs across the company. That project is a joint venture with Chevron Corp. and Marathon Oil Corp.
Shell applied to build Pierre River in 2007 and initially planned to start production in 2010, according to regulatory documents. However, the company halted work on the proposal last year to reassess the development timeline. It said cancelling the project would result in “very limited” employment impacts.
Shell said it has regulatory approval to potentially more than double its oil sands output from today’s level of 255,000 barrels a day. It said it would hold on to the Pierre River leases and may apply to build the project in the future.
But new projects are increasingly falling under the knife. This year, energy companies in Western Canada are forecast to cut an estimated $23-billion (Canadian) from corporate budgets, according to the Canadian Association of Petroleum Producers. In the oil sands, spending is projected to fall by about a quarter to $25-billion, from $33-billion last year, CAPP said.
Oil’s steep decline has crimped growth prospects of much smaller oil sands firms the hardest. Laricina Energy Ltd., a private company that counts the Canada Pension Plan Investment Board (CPPIB) as its largest shareholder, last week shut down operations at an oil sands pilot project and halted work on another, for example.
The upstart company scrapped plans last year to float its shares in a public offering and instead put itself up for sale. It faces a cash crunch after defaulting on a $150-million loan. Discussions with its lender, the CPPIB, are ongoing, Laricina said.
Despite Kinder ruling, NEB wants pipeline emergency response plans made public
Petronas visit bolsters hopes for dormant B.C. LNG project
Zambia vows to safeguard jobs at Barrick’s Lumwana mine
Topics:
United States of America
Alberta
Royal Dutch Shell plc
Energy
Fort McMurray
Chevron Corporation
Shell pulls plug on long-delayed Alberta oil sands mine - The Globe and Mail
don't stay mad because you were caught trying to shine us on kid. a good article would stand on it's own.
protip: don't c&p if you don't know how to assemble a post like a big fella. just include a paragraph or two and let the read follow the link for more. extra wordy drama doesn't help your truthiness none.
anyway bro, just chill...uhn tiss uhn tiss uhn tiss :glasses7:
Aw loc. don't take away the boner flossie is sharing with waldo.
Oh and btw, does anyone think that oil will be down for long? How would that affect the feds, regardless of who is leading.
Oh and btw, does anyone think that oil will be down for long? How would that affect the feds, regardless of who is leading.
The price at the pump is already leaping back up. I don't see oil shares losing much value. This would be an excellent time to build pipelines though. What with so many Ontarioans no longer employed.
Well, he did supply a link to the original article so I'm not sure what all your fuss is about. It not like he deliberately posted something false like the story of the pig farmer?
You are so good at showing who gives you reddies???
You don't have to show us who gave you the GREENIE......We all know!;-);-)
That's for people who don't bother going to read the links ....don't you know......probably at least half the forum...
How is Canada ****ed up again? I missed that part, Cause I don't see anyone dieing of hunger.
You're on glue bud... Right now is the time to bet on oil.
Correct... Transfer payments will slow to a trickle.
Who's gonna fund the mfg sector's revival Floss?... I'm guessing that Ms Rebbenbacher will be implementing a number of new provincial taxes to make it happen... All you gotta do is pay for the billion dollar boondoggle first, then upgrade infrastructure and just hope that the price of energy and the CAD doesn't go North in the meantime.
... That sure is a lot of 'ifs' ain't it?
That is the beauty of oil, it doesn't carry a best-before date along with it.
It'll still be there next year and will be developed then
Flossy believes that the hardships he is going through is now shared.... That makes him feel better - it's kind of a socialist thingy.... "If'n I can't have it, you can't either"
A neighbor of mine just came back from working in Alberta since September (needed some minor surgery with a month to recuperate).
In those few months he made twice as much as he would make in a year in town here.
Some years ago I did a 5 month stint of pipeline work with the same monetary results...
You gotta be willing to move out of the security of mom's basement though....
In those few months he made twice as much as he would make in a year in town here.
Some years ago I did a 5 month stint of pipeline work with the same monetary results...
You gotta be willing to move out of the security of mom's basement though....
No doubt.... Only problem in that is the necessary understanding required along with the internal fortitude needed to take-on the risk is light-years beyond Flossy.... Hence his perpetual demands for more taxes to supplement his existence and entitlements.
yep, and that's the thing. trying to be clever and fudging a c&p just to enhance your position is lame. few will check a link (or an alternative) and as such become the audience for propagandists. sure it's their own fault and the OP's become slippery and lose cred but ya gotta call 'em when ya see 'em in my book.
Nobody said being a man was easy but I guess it's why so many remain depenent boys.