Close X
Saturday, November 23, 2024
ADVT 
National

Energy Stocks Hit As Oilpatch Takes Stock Of Ndp Election Victory In Alberta

Darpan News Desk The Canadian Press, 06 May, 2015 11:27 AM
    CALGARY — Oil and gas stocks are being hit on the Toronto Stock Exchange following the NDP election victory in Alberta.
     
    The energy group as a whole was down about two per cent in late morning trading Wednesday, with big oilsand company Cenovus (TSX:CNQ) falling by about four per cent.
     
    The share price drop comes as crude prices are rising to around US$61.50 a barrel, an improvement from the US$50 level they hovered at for much of early this year.
     
    The NDP has said it would raise corporate taxes to 12 per cent from 10 per cent and examine whether Albertans are getting their fair share of royalties.
     
    Premier-elect Rachel Notley has also said she would take a less hands-on role in stumping for certain pipeline proposals — unlike past Progressive Conservative premiers who actively promoted projects like Keystone XL and Northern Gateway.
     
    The CEO of pipeline giant Enbridge, the company behind the contentious Northern Gateway proposal, says he's not worried and he's looking forward to chatting with Notley.
     
    "Energy is such a critical issue to Alberta. I'm really not that concerned that it's not going to get the right attention or the right support from the new government," Al Monaco said on a conference call to discuss first-quarter results.
     
    "I haven't spoken to Ms. Notley on the (Northern Gateway) project. My understanding is that she has raised concerns about a couple of projects and their ability to succeed, but ultimately I believe that the new government does support market access that will be obviously something the government would be focused on."
     
    Monaco said it's too soon to tell how a potential royalty review would affect the volumes of crude oil shipped on Enbridge's vast cross-border pipeline network.

    MORE National ARTICLES

    Stephen Harper's Boastful Hockey Bet Outshone Many Other World Leader Tweets

    Stephen Harper's Boastful Hockey Bet Outshone Many Other World Leader Tweets
    OTTAWA — Plenty of diplomatic deals get done on the margins of global get-togethers, but one conducted on Twitter in 2014 made Prime Minister Stephen Harper a digital star among his fellow world leaders.

    Stephen Harper's Boastful Hockey Bet Outshone Many Other World Leader Tweets

    Longtime Canadian Swim Coach Randy Bennett Dies Of Cancer At 51

    Longtime Canadian Swim Coach Randy Bennett Dies Of Cancer At 51
    VICTORIA — Longtime Canadian swim coach Randy Bennett, who helped Victoria's Ryan Cochrane reach the podium at the last two Summer Olympics, has died.

    Longtime Canadian Swim Coach Randy Bennett Dies Of Cancer At 51

    Deloitte Study Says Few Canadian Businesses Ready For Next Wave Of Tech Change

    Deloitte Study Says Few Canadian Businesses Ready For Next Wave Of Tech Change
    TORONTO — A new study by Deloitte has found that most Canadian companies aren't prepared for how quickly they'll be affected by major advances in technology such as robotics and artificial intelligence.

    Deloitte Study Says Few Canadian Businesses Ready For Next Wave Of Tech Change

    Frustration For Canadians Seeking Help Following Nepal Earthquake

    Frustration For Canadians Seeking Help Following Nepal Earthquake
    Canadians in Nepal and relatives of missing Canadian tourists are expressing frustration with Canada's response to Saturday's massive earthquake, with some complaining they're getting more support from American officials than their own.

    Frustration For Canadians Seeking Help Following Nepal Earthquake

    Internal Senate Report On Residency Surfaces At Duffy Trial But No Details

    Internal Senate Report On Residency Surfaces At Duffy Trial But No Details
    OTTAWA — Mike Duffy's lawyer is considering whether to fight for the release of a politically sensitive audit that the Senate wants kept under wraps.

    Internal Senate Report On Residency Surfaces At Duffy Trial But No Details

    Auditor Takes Aim At First Nations Health, Prisoners And Tax-Credit Oversight

    Auditor Takes Aim At First Nations Health, Prisoners And Tax-Credit Oversight
    Canada's auditor general is taking issue with the quality of health care in remote First Nations communities, lacklustre efforts to rehabilitate prisoners and the dearth of oversight governing boutique tax credits

    Auditor Takes Aim At First Nations Health, Prisoners And Tax-Credit Oversight