May - Tar Sands Surface Leak; November - "Totally Solvable" Says CEO; March - Another "Update"

[hatrack]

Canadian Natural Resources Ltd. has been leaking bitumen to the surface at one of its oil sands sites since last May. In November, the company’s president called the problem “totally solvable.” CNRL this week has another chance to explain to investors and analysts how much progress it has made with the troublesome leaks.

The company reports its fourth-quarter earnings Thursday, and the spills at part of its Primrose oil sands project, as well as a recent $3.1-billion acquisition of natural gas assets, will likely be discussed in its conference call.

In addition to the surface leaks, CNRL in January had an underground spill, releasing 27,000 litres of crude.

“[CNRL] continues to work with the Alberta Energy Regulator to resolve the root cause of bitumen emulsion releases, and remains confident that they revolve around mechanical failures in the vertical sections of certain wellbores, as opposed to cap rock issues,” Greg Pardy, an analyst at RBC Capital Markets, said in a note previewing the company’s results.

EDIT

http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/canadian-natural-resources-to-offer-update-on-leak/article17189174/

[kristopher]

1. Did you ever watch one of those old "wildcatter" movies about oil?

You know, like 'Boom Town" or 'Giant'?

When I see the protagonist dancing with joy in a deluge of oil, it really brings home the mythology we are fighting against.

Where I saw filth the defenders of BAU see money. I don't think it is any different today. Those old oil fields, judging by the films mentioned, were just as vile as anything coming out of the wilds of Canada.

If people were able to overlook that then, why should we expect the same mindset to react any differently now? As long as it isn't in their back yard, they really don't care and if it is they still don't care because it means they've hit the jackpot.

Maybe in a perverse sense fracking is going to help by bringing it to the backyards of the masses and instead of a jackpot all the get for the disgusting stagnant pools of muck will be snake-eyes.