Showing posts from April, 2016

David Yager - In Closing...........

This will be my last column for MNP. I am moving on to other opportunities in the oilfield service industry, probably as a player instead of a coach. My 3.5 years at MNP have been great and the firm has made significant investments in training, processes and systems to be the best-in-class provider of accounting, tax and consulting services to this key component of the Canadian economy. Please consider MNP as your trusted financial services supplier. Sincerely, David Yager For more information contact: Jeremy Rondeau Vice President - Oilfield Services MNP LLP T: 306.770.3679 Email Canada's Oil Industry May Never Be the Same -- Here's Why! Never is a long time. The dictionary definition is, “at no time in the past or future; on no occasion; not ever.” In the volatile oil and gas industry, those who try to look that far into the futur

The elephant in the room: Alberta's oil and gas exports

Posted: April 26, 2016 Author: Rob Roach - Director of Insight Published in - The Owl Alberta is not the only province dominated by a single export product category, but we do lead the nation in this respect. Like Alberta, oil and gas forms the largest slice of Newfoundland and Labrador’s export pie. New Brunswick exports a large amount of refined petroleum and, as such, joins Alberta and Newfoundland and Labrador in the oil-and-gas-is-our-largest-export club. Nationally, vehicles and transportation equipment (18.8 per cent) vies with oil and gas (18.5 per cent) as Canada’s largest single export category. Alberta’s oil and gas exports in 2015 worked out to just over $15,000 per Albertan. The sway of agriculture in Saskatchewan is not far behind at $13,505 per person. What is startling is that Alberta’s per capita oil and gas exports are almost three times greater than Ontario’s auto industry exports. This is why so many Albertans can quote the daily price of WTI and why our prov

Oil and the economy

The oil conundrum Green and black After the Paris summit on climate change in December some pundits reckon that the latest oil crisis reflects a structural change in oil consumption because of environmental concerns—what some call “peak demand”. It is true that as climate consciousness grows, oil companies are developing more gas than oil, hoping to deploy it as an energy substitute for coal. But it may be too early to assume that the era of the petrol engine is coming to an end. More likely, the oil price will eventually find a bottom and, if this cycle is like previous ones, shoot sharply higher because of the level of underinvestment in reserves and natural depletion of existing wells. Yet the consequences will be different. Antoine Halff of Columbia University’s Centre on Global Energy Policy told American senators on January 19th that the shale-oil industry, with its unique cost structure and short business cycle, may undermine longer-term investment in high-cost tradition

Murray Edwards And Why Tax Rates Matter to Oilfield Services

MNP LLP - Oilfield Service News April 6, 2016 By: David Yager, National Leader, Oilfield Services " Who will stand up for Alberta's persecuted billionaire community?" the headline of popular political blog site sarcastically blared after the story broke last month about how wealthy and successful Calgary entrepreneur N. Murray Edwards had apparently relocated his residence to London for tax reasons. The article opened with the sentence, "A billionaire is moving from Calgary and we should all be worried, the newspapers tell us." Obviously, some don't think this is a problem. The story broke in the Calgary Herald on March 24 after publicly traded Magellan Aerospace Corp., a company controlled by Edwards, disclosed in its annual year-end filings its chairman resided in London, United Kingdom, not Calgary/Banff as had previously been the case. A few days later in its Annual Information Form, oil and gas producing giant Canadian Natural Resour