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Canada

Oil wells in the Franja del Orinoco region of Venezuela (Houston Chronicle)

Crash could cost cities in U.S. and Canada cities $170 billion

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The losses, which represent about 2 percent of combined GDP for the 35 cities studied, surpassed estimates for the impact of natural disasters such as floods and earthquakes as well as terrorist attacks, the London-based insurance market said Thursday in a report.
conoco

ConocoPhillips starts up deep oil sands project in Canada

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ConocoPhillips says it’s bringing up its first barrels of oil in a large Canadian oil sands project that has been under construction for five years.
Workers move a section of well casing into place at a Chesapeake Energy natural gas well site. (AP file photo/Ralph Wilson)

Canada’s Penn West to cut workforce 35 percent, slash spending

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The firm’s board of directors will also take a cut in compensation, as its board chair’s annual retainer will be cut in half and other directors will have retainers reduced by 40 percent.
OIL GAS RIG

Penn West will scrap dividend, fire one-third of its workers

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The company is cutting more than 400 employees, including full-time workers and contractors, it said in a statement Tuesday.
A row of pump jacks operate in Apache Canada’s Provost field, located in the southeast part of Alberta (Apache Corp.)

AS Canada’s oil patch faces more job losses, robots add to the misery

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The burgeoning use of robots is one more reason there probably won’t be a quick jobs rebound in Canada’s energy industry as it grapples with cheap crude, tougher environmental controls, higher taxes and elevated costs.
A row of pump jacks operate in Apache Canada’s Provost field, located in the southeast part of Alberta (Apache Corp.)

Oil crash sent Canada into first-half recession, TD says

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The Bank of Canada will probably cut its 0.75 percent key interest rate for the second time this year at its July 15 meeting to revive growth, and not raise it until mid-2017. That will probably keep Canada’s exchange rate below 80 U.S. cents through this year, he said.
(Daniel Acker/Bloomberg)

New focus on dividends has Enbridge shareholders happy, creditors silent

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Stock traders have warmly embraced Enbridge’s new focus on dividends, but the company’s creditors have given it a colder reception.
This July 8, 2013 file photo provided by Surete du Quebec, shows debris from a runaway train in Lac-Megantic, Quebec, Canada. (AP Photo/Surete du Quebec, The Canadian Press,File)

New charges brought in 2013 Quebec oil train disaster

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Regulatory agency Transport Canada announced the charges Monday after an investigation found an insufficient number of handbrakes were applied and the handbrakes were not tested properly.
(Daniel Acker/Bloomberg)

Enbridge will shift Canadian pipelines, wind projects in $15.2 billion restructuring

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Calgary, Alberta-based Enbridge will move its Canadian liquids pipeline business and four wind projects into its affiliated Enbridge Income Fund. In exchange, the income fund will pay its parent companies C$18.7 billion ($15.2 billion) and take on C$11.7 billion ($9.53 billion) in debt.
This aerial photo shows an oil sands mine facility near Fort McMurray, in Alberta, Canada. The proposed Keystone XL pipeline would carry oil sands crude from projects in Alberta to refineries along the Gulf Coast. (AP Photo/The Canadian Press, Jeff McIntosh, File)

Suncor scales back, signaling end of oil sands megaprojects

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Crude’s price slump, pressure to get off fossil fuels and tax increases in Alberta are adding to high costs and a lack of pipelines, prompting producers from Suncor Energy Inc. to Imperial Oil Ltd. to accelerate a shift to smaller projects.