Close X
Thursday, October 31, 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

    Alberta's Housing Sector Is Hurting, But It's No 1980s Flashback: Feds

    Alberta's Housing Sector Is Hurting, But It's No 1980s Flashback: Feds
    OTTAWA — The oil slump is sure to bruise Alberta's housing market, but don't expect real estate in the province to absorb another 1980s-style drubbing, says an internal federal government analysis.

    Alberta's Housing Sector Is Hurting, But It's No 1980s Flashback: Feds

    Billion-Dollar LNG Deal Pitched To B.C. First Nation For Project Support

    Billion-Dollar LNG Deal Pitched To B.C. First Nation For Project Support
    PRINCE RUPERT, B.C. — A $1.15-billion benefits' package is being offered to a First Nation on British Columbia's northwest coast in a bid to win support for a proposed liquefied-natural-gas terminal and pipeline.

    Billion-Dollar LNG Deal Pitched To B.C. First Nation For Project Support

    Alaska Delegation To Visit Mount Polley Disaster Site, Meet Company, First Nations

    Alaska Delegation To Visit Mount Polley Disaster Site, Meet Company, First Nations
    VICTORIA — Alaska's lieutenant-governor will make an extraordinary visit to the British Columbia mine at the centre of an environmental disaster in an effort to ensure his state won't be damaged by a similar catastrophe.

    Alaska Delegation To Visit Mount Polley Disaster Site, Meet Company, First Nations

    Alberta Premier Says Voters Have Choice Between Two Parties In Election Race

    Alberta Premier Says Voters Have Choice Between Two Parties In Election Race
    Despite a number of polls showing a surging NDP and a tight race between the PCs and the Wildrose Party Prentice sees things differently.

    Alberta Premier Says Voters Have Choice Between Two Parties In Election Race

    Harper Makes Surprise Visit To Iraq, Meeting Officials, Tour Close To Front

    Harper Makes Surprise Visit To Iraq, Meeting Officials, Tour Close To Front
    ERBIL, Iraq — Stephen Harper got to see the no man's land of northern Iraq on Saturday as questions emerged about whether Canadian special forces soldiers have curtailed trips to the frontline in the aftermath of a friendly fire death almost two months ago.

    Harper Makes Surprise Visit To Iraq, Meeting Officials, Tour Close To Front

    Downtown Montreal The Scene Of Tense Clashes Between Police And Protesters

    MONTREAL — Downtown Montreal was plunged into familiar chaos for a few hours on Friday night as several hundred protesters, many wearing masks, clashed with police who fired off tear gas to try to disperse them.

    Downtown Montreal The Scene Of Tense Clashes Between Police And Protesters