Problems for Canadian Oil Pipeline Companies and Exxon-Mobil

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Exxon Mobil To Be Investigated In New York For Climate Statements

Screen Shot 2015-11-06 at 12.58.21 PMBy Justin Gillis and Clifford Krauss for New York Times – The New York attorney general has begun an investigation of Exxon Mobil to determine whether the company lied to the public about the risks of climate change or to investors about how such risks might hurt the oil business. According to people with knowledge of the investigation, Attorney General Eric T. Schneiderman issued a subpoena Wednesday evening to Exxon Mobil, demanding extensive financial records, emails and other documents. The investigation focuses on whether statements the company made to investors about climate risks as recently as this year were consistent with the company’s own long-running scientific research. -more-

Pipeline Delay Causes $609 Million Loss For Enbridge

Screen Shot 2015-11-06 at 12.39.55 PMBy Jeremy van Loon for Financial Post – Enbridge Inc. reported a loss in the third quarter as one-time charges and a delay in startup of a pipeline to Eastern Canada dragged on earnings. Canada’s largest pipeline company reported net loss of $609 million (US$463 million), or 72 cents a share, compared with a loss of $80 million, or 10 cents, a year earlier, according to a statement Thursday. Excluding one-time items, per-share profit missed by 3 cents the 50-cent average of 13 analysts’ estimates compiled by Bloomberg. Enbridge has been transferring assets to affiliates such as Enbridge Income Fund Holdings Inc. which contributed to $351 million in costs in the quarter, along with $654 million in one-time expenses related to changes in the value of derivatives. -more-

TransCanada Cancels Export Terminal In Quebec

Spectra Pipeline protestBy Lauren Krugel for The Canadian Press – CALGARY — An export terminal in Quebec will no longer be part of the equation for the cross-Canada Energy East Pipeline. The company behind the project, TransCanada Corp., says it’s amending its application to the National Energy Board to take the Quebec port out of the project’s scope. TransCanada had wanted to connect Alberta crude to two eastern ports, enabling sales to overseas customers — one in Saint John, N.B., and one in Cacouna, Que. In April, TransCanada ditched the Cacouna port proposal because of concerns over beluga whale habitat, but it had spent months scouting out other potential locations along the St. Lawrence River. -more-

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