Energy Investing Ideas: TSX Top Oil and Gas Traders: (SU), (CVE), (CNQ), (CPG)
New York, New York - April 4, 2013 (www.investorideas.com newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research for independent investors reports on the top Oil and Gas percentage gainer stocks on the TSX for April 4th, 2013.
With oil prices taking a large hit over the past two days, falling from $97.19 to $92.84, a decline of 4.5%, combined with new provincial legislation, Canadian oil and gas companies have begun trading down.
The Alberta Government is now considering legislation that would force large oil-industry producers to slash greenhouse gas emissions by as much as 40% on each barrel of production or face a significant penalty. This announcement came as a shock to the companies, as well as the Federal Government.
Alberta , as well as the Federal Government, wants to see TransCanada's Keystone Pipeline gain Washington's approval. Much of the push back from Washington on this project has been on the environmental impact of oil sand related greenhouse gas emissions. The proposal by Alberta's Premiere to introduce punitive costs in an attempt to reign in greenhouse gas emissions is being viewed as a potential bargaining chip in the Keystone debate.
Suncor Energy Inc., (TSX:SU) trading at $29.470 lowered by $-0.700 or -2.32% on a volume of 2,700,211 shares, making it today's top trading Oil and Gas stock.
Cenovus Energy Inc., (TSX:CVE) trading at $30.23 dropped $-0.67 or -2.17% on a volume of 1,006,284 shares.
Inter Pipeline Fund, a Calgary- based oil-sands pipeline company, increased the cost of an Alberta system expansion 18 percent and said it has enough customer support to move forward with the C$2.6 billion ($2.6 billion) project.
FCCL Partnership, a venture between Cenovus Energy Inc. and ConocoPhillips, agreed to become a customer of the project, which includes 840 kilometers (520 miles) new pipelines, the company said in a statement today. Inter Pipeline will provide FCCL with 500,000 barrels a day of bitumen blend capacity and 350,000 barrels of capacity for diluent, a material that helps the oil-sands product flow by pipeline.
Canadian Natural Resources Ltd., (TSX:CNQ) trading at $30.93 lowered by $-0.55 or -1.75% on a volume of 1,211,757 shares.
Crescent Point Energy Corp., (TSX:CPG) trading at $36.35 went down $-0.46 or -1.25% on a volume of 1,155,375 shares.
Crescent Point Energy Corp. engages in the acquisition, exploration, development, and production of oil and natural gas properties in Western Canada and the United States. Its oil and natural gas properties, and related assets are located in the provinces of Saskatchewan, Alberta, British Columbia, and Manitoba; and the states of North Dakota, Montana, and Utah. The company has proved plus probable reserves of 608.8 million barrels of oil equivalent; and proved reserves of 400.4 million barrels of oil equivalent.
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