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Tag Archives: cut

Husky Energy Inc to sell assets, cut Alberta spending to survive in oil’s ‘uncharted territory’


CALGARY — Husky Energy Inc. is considering the sale of part of its vast midstream business and will cut capital spending – particularly in Alberta – in 2016 to make itself more resilient in a low oil price environment. ‘OPEC is dead’: Cartel that once blackmailed nations now only able …

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Oilfield services companies face a 2016 where there’s little left to cut


While some of his peers are shuttering their business or moving their rigs out of Canada to friendlier jurisdictions, Rene Amirault is staying put. Deficit, belt-tightening and new taxes: Like Alberta, Saudi Arabia is finally feeling oil crash pain Claudia Cattaneo: Too bad the world’s top oil exporter isn’t saving …

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GMP Capital Inc to cut 97 jobs, suspend dividend, exit U.K. and Australia


Independent Canadian investment dealer GMP Capital Inc. is pulling out of the United Kingdom and Australia and suspending its quarterly common share dividend to deal with the effects of weak commodity prices and increasing regulation. Offices in London, Perth and Sydney will be closed, and 97 jobs will be cut, …

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BHP Billiton dividend cut looms as it takes US$7.2-billion shale charge


MELBOURNE —Global miner BHP Billiton said on Friday it will write down the value its U.S. shale assets by US$7.2 billion on a bleak outlook for oil and gas prices, cementing expectations it will be forced to cut its dividend for the first time in over 25 years. Investors have …

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Canadian Pacific Railway to cut 1,000 jobs in 2016 as weak economy weighs on volumes


Canadian Pacific Railway Ltd. plans to cut another 1,000 jobs in 2016 after reducing its workforce by 12 per cent last year, a response to “tremendous pressure on the top line” resulting from a feeble economy. Hunter Harrison is the key to Canadian Pacific Railway’s merger plan — and its …

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Oilsands firms may be forced to cut production as danger of negative bitumen prices looms


CALGARY – Crude oil prices have fallen so low that oilsands producers are now in danger of seeing negative prices for their bitumen. After the bust, oil boomtown Fort McMurray faces threat of ‘shrinking city’ syndrome Alberta’s oil hub Fort McMurray is learning the hard way that there is no …

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Canada’s banks could be forced to raise equity, cut dividends if oil prices keep sinking, Moody’s warns


Some Canadian banks could be forced to preserve capital by raising equity or even cutting dividends if oil prices continue to slump, Moody’s warns in a new report. In a “severe stress” scenario modelled by the ratings agency, and included in the report to be widely circulated Monday, losses in …

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Encana Corp, Cenovus Energy Inc ratings cut to junk by Moody’s as oil rout weighs


Cenovus Energy Inc. and Encana Corp. had their debt ratings lowered to junk by Moody’s Investors Service as a prolonged crude-price rout saps cash flows. Moody’s cut the ratings of senior unsecured notes for both Canadian producers three steps to Ba2, or two levels below investment grade, from Baa2, according …

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Finning to cut up to 500 additional jobs in 2016, on top of 2015 downsizing of 1,900


VANCOUVER — Canada’s largest Caterpillar heavy equipment dealer says it will cut 400 to 500 jobs from its global operations this year, on top of 1,900 that were announced last year in two separate rounds of downsizing. Vancouver-based Finning International Inc. — which also operates in South America and the …

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Selling group firms cut out of Enbridge Inc deal


Rumblings from Enbridge’s $2 billion equity financing — a deal that’s expected to be upsized by 15 per cent and that closes Tuesday — continue. One rumbling concerns the way in which the stock was allocated. With a cast of 17 firms, four more dealers were involved this time compared …

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