From Bloomberg Alberta is preparing a giant crude-by-rail operation to help its oil-sands producers cope with a pipeline crunch, and it expects a big profit from the venture. The Canadian province, which holds the world’s third-largest crude reserves, plans to net C$2.2 billion ($1.7 billion) after investing C$3.7 billion to lease tank cars and buy service from rail providers, generating
From The Wall Street Journal U.S. sanctions on Venezuela have American refiners scrambling to find new sources for the dense crude oil they need to make fuel, but Canadian producers are finding the opportunity too expensive to exploit. The U.S.’s northern neighbor, the world’s fourth-largest oil producer, would be a natural candidate to make up for the loss of Venezuelan
From Reuters Canadian oil producer Cenovus Energy Inc is sticking to its plan to accelerate rail shipments starting in the second quarter, as crude transported by that form remains profitable despite price swings this year, its chief executive said. Cenovus signed long-term agreements in September with Canadian National Railway Co and Canadian Pacific Railway, when Canadian heavy crude was selling
Pin Oak Acquires Expansion Land In Corpus Christi
From Bloomberg Alberta is working to buy rail cars to help ship more crude as pipeline bottlenecks have the oil-rich province grappling with historic low prices. The province has engaged a third party to negotiate the purchases and a deal may be struck “within weeks,” Premier Rachel Notley said Wednesday in a speech in Ottawa. The province’s costs will be
From Freightwaves Thinking about switching to intermodal? There may not be any space for you If a shipper frustrated by rising trucking rates, higher fuel surcharges and the inability to secure a truck is thinking of turning to intermodal, Todd Tranausky has a message: there isn’t much room at the inn. Tranausky is the vice president for rail and intermodal
Hi-Crush Partners LP (ticker: HCLP) reported a Q1 2018 net income of $53.1 million, or $0.59 per diluted share. Revenues for the quarter totaled $218.1 million on sales of 2,617,627 tons of frac sand. Capital expenditures in Q1 2018 were $11.9 million and the company estimates a full year CapEx of $35-$45 million. “We were successful in growing our financial
Cenovus Energy Inc. (ticker: CVE) posted a net earnings loss from continuing operations of $914 million, or $(0.74) per diluted share for Q1 2018, compared to Q1 2017 recorded a net profit of $211 million, or $0.25 per share. “The challenges we experienced in the first quarter had a significant impact on our financial results, but the underlying performance of
Our phone is ringing off the hook: Altex rail terminals CEO From Reuters CALGARY, Alberta/NEW YORK (Reuters) – Canadian oil producers are running out of options to get crude to market as pipeline and rail capacity fills up, driving prices to four-year lows and increasing the risk of firms having to sell cheaply until at least late 2019. This will
Shipping choke points could be security threat The EIA estimates that approximately 61% of the total world petroleum supply—or 58.9 million BOPD—travelled in maritime tankers. The oil in these tankers represents nearly 28% of the world’s shipping in weight alone. The EIA defines oil chokepoints as narrow channels along widely used global sea routes. Some of these points are so
The EIA’s latest tool for tracking crude shipments by rail shows massive increases in the past five years The Energy Information Administration (EIA) announced that it will begin providing monthly data on rail movements of crude oil. The EIA has also released data on the growth of crude-by-rail (CBR) since 2010, showing exponentially growth in that time. CBR activity is
H.R. 1679, addressing “the safe transportation of Bakken crude oil by rail,” was introduced to the United States Senate on March 26, 2015, one day after a the S.859 bill was issued regarding oil volatility and increased railroad transportation safety. The recent attention for improving the safety of crude by rail has been pushed by a handful of Democrats, including
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