The Canadian Election - Liberals Win Majority

[LaBamba]

Vote conservative

Is all I see in your rants.

The funny thing about all of you people that have this hate for Harper is your belief that the other Candidates, won't lie or be elusive when they are in office.

Honestly, man what proof do you have that anyone will be any better? The most lying you will see in a candidates political career is during their election campaign.

Vote

[Mr. Ambien]

Is all I see in your rants.

The funny thing about all of you people that have this hate for Harper is your belief that the other Candidates, won't lie or be elusive when they are in office.

Honestly, man what proof do you have that anyone will be any better? The most lying you will see in a candidates political career is during their election campaign.

Vote for Harper.

I don't hate Harper, but he's been anything but a fiscal conservative. And while the 2014 deficit seems minuscule (and an anomaly), every single year since the surpluses has seen ridiculous deficits that Canada most certainly cannot sustain. When you have been given such a mandate and have been in power for a decade, there's really no one else to blame.

That being said, like you, I don't see Mulcair or Trudeau doing better. In fact, I see them doing far more harm than good. We may wind up seeing a Mulcair government though so, whatever the case, can only hope for the best for us.

[LaBamba]

CNRL swings to quarterly loss, cuts spending again

Thu Aug 6, 2015 11:22am EDT Email This Article |

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By Nia Williams

CALGARY, Alberta (Reuters) - Canadian Natural Resources Ltd CNQ.TO, the country's largest independent petroleum producer, swung to a loss in the second quarter as low global oil prices continued to bite and the Canadian province of Alberta raised its corporate tax rate.

The company, which operates in Western Canada, the North Sea and offshore West Africa, also said on Thursday it has made further cuts to its 2015 spending plans to help cope with the nearly 60 percent plunge in oil prices in the past year.

CNRL reduced its latest capital budget by C$245 million ($186.11 million) to C$5.5 billion, with cuts planned across all major areas of the business. Since last November, when CNRL originally announced a 2015 capital budget of C$8.6 billion, the company has slashed spending plans three times, by C$3.1 billion in total.

The company joins a slew of other Canadian energy producers that have been forced to clamp down on spending and defer new projects as low crude prices persist.

CNRL reported a net loss of C$405 million, or 37 Canadian cents per share, for the quarter, compared with a profit of C$1.07 billion, or 97 Canadian cents, a year earlier.

It said the loss was primarily the result of a C$579 million charge related to Alberta's increased corporate tax rate, and said higher taxes could dampen investment going forward.

"This charge effectively translates into lower future cash flows and therefore, lowers reinvestment in the business," said Corey Bieber, CNRL's chief financial officer.

CNRL reported stronger-than-expected adjusted profit of 16 Canadian cents per share as a result of reduced operating expenses. Analysts, on average, had expected 10 Canadian cents, according to Thomson Reuters I/B/E/S. Continued...

Please carefully read the last few paragraphs. CNRL is one of Canada's home grown energy superpowers. The NDP recently increased Corprate tax, the result was a major blow to their bottom line.

" It said the loss was primarily the result of a C$579 million charge related to Alberta's increased corporate tax rate, and said higher taxes could dampen investment going forward."

"This charge effectively translates into lower future cash flows and therefore, lowers reinvestment in the business," said Corey Bieber, CNRL's chief financial officer.

Imagine the impact of a federal Corprate tax increase. Does everyone really think this is a good idea? CNRL slashed its budget by $3.1b that's a lot of job lost and a lot of lost income tax coming from those jobs.

A federal Corprate tax rate increase would create an economic disaster on top of an economic disaster.

Vote

[-SN-]

Lets keep the 'Vote for x!!' comments out of this thread. Discussion, not cheerleading.

[thejazz97]

Did SN just go Will Ferrell?

[Warhippy]

CNRL swings to quarterly loss, cuts spending again

Thu Aug 6, 2015 11:22am EDT Email This Article |

Share This Article

| Print This Article | Single Page [-] Text [+]

By Nia Williams

CALGARY, Alberta (Reuters) - Canadian Natural Resources Ltd CNQ.TO, the country's largest independent petroleum producer, swung to a loss in the second quarter as low global oil prices continued to bite and the Canadian province of Alberta raised its corporate tax rate.

The company, which operates in Western Canada, the North Sea and offshore West Africa, also said on Thursday it has made further cuts to its 2015 spending plans to help cope with the nearly 60 percent plunge in oil prices in the past year.

CNRL reduced its latest capital budget by C$245 million ($186.11 million) to C$5.5 billion, with cuts planned across all major areas of the business. Since last November, when CNRL originally announced a 2015 capital budget of C$8.6 billion, the company has slashed spending plans three times, by C$3.1 billion in total.

The company joins a slew of other Canadian energy producers that have been forced to clamp down on spending and defer new projects as low crude prices persist.

CNRL reported a net loss of C$405 million, or 37 Canadian cents per share, for the quarter, compared with a profit of C$1.07 billion, or 97 Canadian cents, a year earlier.

It said the loss was primarily the result of a C$579 million charge related to Alberta's increased corporate tax rate, and said higher taxes could dampen investment going forward.

"This charge effectively translates into lower future cash flows and therefore, lowers reinvestment in the business," said Corey Bieber, CNRL's chief financial officer.

CNRL reported stronger-than-expected adjusted profit of 16 Canadian cents per share as a result of reduced operating expenses. Analysts, on average, had expected 10 Canadian cents, according to Thomson Reuters I/B/E/S. Continued...

Please carefully read the last few paragraphs. CNRL is one of Canada's home grown energy superpowers. The NDP recently increased Corprate tax, the result was a major blow to their bottom line.

" It said the loss was primarily the result of a C$579 million charge related to Alberta's increased corporate tax rate, and said higher taxes could dampen investment going forward."

"This charge effectively translates into lower future cash flows and therefore, lowers reinvestment in the business," said Corey Bieber, CNRL's chief financial officer.

Imagine the impact of a federal Corprate tax increase. Does everyone really think this is a good idea? CNRL slashed its budget by $3.1b that's a lot of job lost and a lot of lost income tax coming from those jobs.

A federal Corprate tax rate increase would create an economic disaster on top of an economic disaster.

Vote

so to confirm.

Notleys been in power 6 weeks

She's the reason oil companies ate posting second quarter losses and not just in Alberta but worldwide

K bud

[Warhippy]

I don't hate Harper, but he's been anything but a fiscal conservative. And while the 2014 deficit seems minuscule (and an anomaly), every single year since the surpluses has seen ridiculous deficits that Canada most certainly cannot sustain. When you have been given such a mandate and have been in power for a decade, there's really no one else to blame.

That being said, like you, I don't see Mulcair or Trudeau doing better. In fact, I see them doing far more harm than good. We may wind up seeing a Mulcair government though so, whatever the case, can only hope for the best for us.

if I could buy you a beer I would.

His economic track record is a joke. His policies and spending are so far afield from truly fiscal or ethically conservative that it grates on me. He's basically to an extent a mirrored socialist except he's giving it all to business not citizens.

If he would step down and allow someone else truly conservative. Not PC alliance or reform the lead I'd consider obtain ING another party card

[Mr. Ambien]

so to confirm.

Notleys been in power 6 weeks

She's the reason oil companies ate posting second quarter losses and not just in Alberta but worldwide

K bud

No, Notley is talking about more spending in a time where Alberta's revenue is going to be shrunk significantly (which we'll find the answer to the question of "how badly?" on next spring's submitted budget for prior year taxpayer outlays).

She's also talking about hiking the minimum wage when the vast majority of wages paid by corporations are already well above minimum wage.

It's mainly to hurt small businesses, who are the driving force behind Alberta's economy, and the upending of PC's this last election. Sufficed to say, if she follows through with this, NDP will be swept out just as fast as they got in. That opens the door for WR to take their place. If you think Cons are crazy, meet the Wildrose.

[LaBamba]

so to confirm.

Notleys been in power 6 weeks

She's the reason oil companies ate posting second quarter losses and not just in Alberta but worldwide

K bud

Ya man, CNRL is lying for Harper.

[Warhippy]

Ya man, CNRL is lying for Harper.

simple math

notley in power 6 weeks

quarter is 3 months

blaming notley the premier of one tiny little province for downturn and 2nd quarter (3 month loss) to a company with holdings across north america and the globe seems a little dumb doesn't it?

Almost as much as your tragic attempt at deflection.

Much like should the NDP or Liberals ascend to the lead party in canada that blaming them for the current recession and would be. Which I can guarantee will happen

*edit add on *

CNR is the exact same company that pitched a fit and whined about it the moment the NDP were sworn in to power by cancelling their presentation of future spending and flat out stating they refused to increase development while the NDP was in power this is within hours of Notleys electoral win.

As well if a company cannot maintain viability with a massive tax hike from 10% to a whopping 12% than there's a problem that isn't related to the governing party.

And finally, it's cute to blame the NDP for a global glut in oil that your company is in part to blame. The NDP have no control over prices. I find it amusing that this company and some people (no names here LB) will say harper doesn't control oil prices yet cry that the NDP has ruined Alberta with the down turn in the oil dollar.

[Warhippy]

No, Notley is talking about more spending in a time where Alberta's revenue is going to be shrunk significantly (which we'll find the answer to the question of "how badly?" on next spring's submitted budget for prior year taxpayer outlays).

She's also talking about hiking the minimum wage when the vast majority of wages paid by corporations are already well above minimum wage.

It's mainly to hurt small businesses, who are the driving force behind Alberta's economy, and the upending of PC's this last election. Sufficed to say, if she follows through with this, NDP will be swept out just as fast as they got in. That opens the door for WR to take their place. If you think Cons are crazy, meet the Wildrose.

Yes, I am well aware fo the arguments. But the article was trying to pin quite a bit fo blame on a 2nd quarter loss on Notley. The timeline and the actual geographical area of their holdings don't match up.

Like at all

But I agree about the WR party. if there has been 1 head scratcher about the politics in alberta it is how the party and the people will punish a leader by voting in someone even more elitist or power hungry or farther to the right than the guy they want to replace and then blame the current and call them a closet liberal as though that holds water

[Mr. Ambien]

Yes, I am well aware fo the arguments. But the article was trying to pin quite a bit fo blame on a 2nd quarter loss on Notley. The timeline and the actual geographical area of their holdings don't match up.

Like at all

Yeah, I agree. I wouldn't blame these losses on Notley. Not yet at least.

[Warhippy]

Yeah, I agree. I wouldn't blame these losses on Notley. Not yet at least.

Harper is now attacking her as well not sure if you saw the clips.

But he is attacking her economic policy in "albertastan" and is also blaming her for part of the downturn going so far as to pin part of Albertas debt/deficit on her.

I don't get it. The conservatives I grew up admiring and voting for took ownership of their foibles. My biggest gripe and hate on for Harper lies in the fact that because of his failures and inaccessibility I have voted left and center left twice since he took over the Conservative party.

Him I will blame that on 100% and that's my biggest reason to loathe him.

Edit** I don't hold out hope for Notley with the way she is talking for affecting the kind of change most want within Alberta. But then the corporate and royalty raises she enacts I also don't see the PCs or wildrose doing away with for quite a while after

[Mr. Ambien]

Harper is now attacking her as well not sure if you saw the clips.

But he is attacking her economic policy in "albertastan" and is also blaming her for part of the downturn going so far as to pin part of Albertas debt/deficit on her.

I don't get it. The conservatives I grew up admiring and voting for took ownership of their foibles. My biggest gripe and hate on for Harper lies in the fact that because of his failures and inaccessibility I have voted left and center left twice since he took over the Conservative party.

Him I will blame that on 100% and that's my biggest reason to loathe him.

Edit** I don't hold out hope for Notley with the way she is talking for affecting the kind of change most want within Alberta. But then the corporate and royalty raises she enacts I also don't see the PCs or wildrose doing away with for quite a while after

Conservatives in both the US and Canada aren't very economically conservative anymore.

The one thing they have going for them is they're still good for business. That's about it. But even the more liberal parties have been going that direction, so really all you have left are a bunch of fiscally liberal moralists in these conservative parties.

That's why a religious nut like Ron Paul is attractive to someone like me. He'd have his ass handed to him on a platter if he tried to undo Roe v. Wade, but no doubt he'd balance that ???? budget in a heartbeat and trim the fat.

Likewise, Cons in Alberta try to go all corporate welfare and moralist on the province and have their asses handed to them on a silver platter.

[Warhippy]

Conservatives in both the US and Canada aren't very economically conservative anymore.

The one thing they have going for them is they're still good for business. That's about it. But even the more liberal parties have been going that direction, so really all you have left are a bunch of fiscally liberal moralists in these conservative parties.

That's why a religious nut like Ron Paul is attractive to someone like me. He'd have his ass handed to him on a platter if he tried to undo Roe v. Wade, but no doubt he'd balance that ???? budget in a heartbeat and trim the fat.

Likewise, Cons in Alberta try to go all corporate welfare and moralist on the province and have their asses handed to them on a silver platter.

I actually am a large ron paul fan. The guy knows his stuff

If Trump wasn't so pro himself I'd even consider him viable. But he's bound to be up to something rather shady and is far to inflammatory to make a viable president

But you're right. It is actually a sad day to admit that Liberals are currently far more conservative or at least fractionally more right of center than the parties touting the conservative brand

[Mr. Ambien]

I actually am a large ron paul fan. The guy knows his stuff

If Trump wasn't so pro himself I'd even consider him viable. But he's bound to be up to something rather shady and is far to inflammatory to make a viable president

But you're right. It is actually a sad day to admit that Liberals are currently far more conservative or at least fractionally more right of center than the parties touting the conservative brand

The crazy thing about Trump is you don't really know what the guy will do.

I mean, I know the guy is serious when he says he will bust his ass to get Mexico to pay for a bigger border fence to keep Mexicans out.

But on all his other policies, who knows. I may actually watch this debate too (lol, both at the same time) just to see what his actual policies are.

[LaBamba]

simple math

notley in power 6 weeks

quarter is 3 months

blaming notley the premier of one tiny little province for downturn and 2nd quarter (3 month loss) to a company with holdings across north america and the globe seems a little dumb doesn't it?

Almost as much as your tragic attempt at deflection.

Much like should the NDP or Liberals ascend to the lead party in canada that blaming them for the current recession and would be. Which I can guarantee will happen

*edit add on *

CNR is the exact same company that pitched a fit and whined about it the moment the NDP were sworn in to power by cancelling their presentation of future spending and flat out stating they refused to increase development while the NDP was in power this is within hours of Notleys electoral win.

As well if a company cannot maintain viability with a massive tax hike from 10% to a whopping 12% than there's a problem that isn't related to the governing party.

And finally, it's cute to blame the NDP for a global glut in oil that your company is in part to blame. The NDP have no control over prices. I find it amusing that this company and some people (no names here LB) will say harper doesn't control oil prices yet cry that the NDP has ruined Alberta with the down turn in the oil dollar.

You like math?

Let's say a full cycle well costs 20,000,000 to complete. The rule of thumb is a tight oil well needs to pay for itself within 12 months or during its IPR. After 12 months the well depletes to the point where the operating costs are barely covered by the production. Let's say the well paid out at 20,000,000 with depressed oil in 12 months which won't happen. The government would take and extra 400k right off the bat. 400k x 50 wells = $20,000,000. So for every 50 wells they put on line they give 1 to the Alberta government. CNRL drills a lot more then 50 wells. If I am CNRL, I'm going to keep well #51 and invest in Sask.

That is all they are trying to say. 2% is huge when you are talking about making money at depressed Oil prices.

[Hobble]

Well, Conservatives have slashed national funding to science research, which directly affects me, so I'll probably be voting Liberal. Need to look in depth at all of their platforms.

[Warhippy]

You like math?

Let's say a full cycle well costs 20,000,000 to complete. The rule of thumb is a tight oil well needs to pay for itself within 12 months or during its IPR. After 12 months the well depletes to the point where the operating costs are barely covered by the production. Let's say the well paid out at 20,000,000 with depressed oil in 12 months which won't happen. The government would take and extra 400k right off the bat. 400k x 50 wells = $20,000,000. So for every 50 wells they put on line they give 1 to the Alberta government. CNRL drills a lot more then 50 wells. If I am CNRL, I'm going to keep well #51 and invest in Sask.

That is all they are trying to say. 2% is huge when you are talking about making money at depressed Oil prices.

I really enjoyed how you split hairs and deflected from the argument

You know about how CNRL threw a tantrum the moment notley took power and ate crying poor about a 2% increase with subsidiary holdings worldwide. I especially enjoyed how you ignored them blaming the NDP for it when they're part of the very problem they're complaining about

Again repeat after me.

If your business cannot survive without government assistance your business deserves to fail. Peoples tax dollars should never subsidize big business because the cycle never ends

[Warhippy]

Damn

Elizabeth May is possibly the most passionate and knowledgeable party leader I've ever seen. She's amazing.