Losses

Canadian Finance Minister Bill Morneau on Wednesday announced an offer to cover any losses suffered by Kinder Morgan Canada due to political resistance against its Trans Mountain Pipeline expansion project across British Columbia.

Canadian natural gas producers will cut but not eliminate financial losses until late 2018 as stiff competition continues from U.S. unconventional supply sources, a private Ottawa-based business research agency predicted Monday.

Regulators in the state of Washington on Monday launched a process for revising the approach of the state’s natural gas utilities toward hedging their future gas supply purchases.

Nabors Industries Inc., which owns and operates the world’s largest land-based drilling rig fleet, said Wednesday the story that has been playing out for contract oilfield service operators remains the same, as activity in North America is forecast to continue to slide this year.

BP plc is reducing upstream staff globally from current levels of 24,000 to below 20,000 by the end of 2017, the oil major said Tuesday. U.S. operations would be affected.

Oil and gas industry losses worldwide now exceed 233,000 and are expected to continue into 2016, according to energy sector job recruiter Swift Worldwide Resources.

In the midst of mostly stable U.S. natural gas prices and a steady boom in domestic supplies, utility gas hedging programs have come under increasing scrutiny, with regulators and consumer advocates questioning the overall costs of hedging in recent years.

Chesapeake Energy Corp., with a new CEO leading the way, is beginning a new era for the company as well, moving away from spending to secure big leaseholds in the onshore to living within its cash flow.

Building midstream infrastructure in the Marcellus Shale to keep up with growing natural gas volumes was a challenge in the first quarter, MarkWest Energy Partners LP CEO Frank Semple said Thursday.