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Debt Consolidation And Credit When Canadian oil executives get together with politicians and investors these days, the talk is less likely to be about drilling results or royalties than about climate change.

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Check Credit Rating The oil executives have become the most outspoken critics in Canada of plans by Prime Minister Jean Chrtien to ratify the Kyoto Protocol, the 1997 pact that calls for developed nations to reduce emissions of carbon dioxide and other greenhouse gases, which most scientists consider the main cause of global warming.

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Improve Credit Rating The Canadian Parliament began debating the treaty today, and ratification is likely by mid-December. Mr. Chr tien's ruling Liberal Party has a large majority in the House of Commons, and opinion polls indicate that the Kyoto treaty enjoys wide support among Canadians.

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Credit Online Rating Report But the oil industry strongly backed by Ralph Klein, the premier of Alberta, the main oil- and gas-producing province says Kyoto is a threat. It says the cost of complying will make it hard for Canadian companies to compete or to attract new investment.

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Credit Score Rating Scale The government responded last week by significantly modifying its proposals for putting the treaty into effect. FirstEnergy Capital of Calgary said in a report today that the changes, which include extending deadlines for companies that have trouble finding the capital or the technology to meet emission targets, "will make implementation less onerous to oil and gas producers than first thought."

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Bad Card Credit Credit People The Kyoto treaty takes effect after it has been ratified by 55 countries, which must include developed nations accounting for at least 55 percent of that group's 1990 carbon monoxide emissions. Some 97 countries have approved so far, but most of them are small, and they represent only about 37 percent of the required emissions total. Canada would raise the figure to about 41 percent.

Free Credit Rating Report With the Bush administration opposed to the treaty, the most important nation considering ratification is Russia, which would raise the emissions figure by 17.4 percent, enough to bring it into force. The White House opposes the Kyoto protocol because it argues that the treaty's binding limits on greenhouse-gas emissions could harm the American economy and because fast-growing economic powers like China and India are exempted.

Credit Rating Scale The Canadian oil executives say Canada would bear a disproportionately heavy burden if it is the only country in the Western Hemisphere bound by the emission targets, as now seems likely.

Bad Credit Rating Several companies have recently said the treaty was the reason they had decided to scale back some operations in Canada. Earlier this month, Canadian Natural Resources of Calgary said it was reducing the 2003 capital budget for its Horizon oil-sands project in northern Alberta by one-third, or 100 million Canadian dollars ($63.4 million), "pending clarification of the implementation of the Kyoto Protocol."

Credit Rating Agency Analysts expect that oil-sands projects will be hit hardest because turning bitumen, a thick form of petroleum, into oil yields a relatively large amount of pollution.

Credit Rating Canada Under the Kyoto accord, Canada would have to reduce its emissions of carbon dioxide and other greenhouse gases by 6 percent from 1990 levels annually from 2008 to 2012. But that figure understates the true scale of the reduction required in Canada because emissions have grown significantly since 1990.

Bad Credit Mortgage Rating Canadian companies could offset emissions by buying "credits" from countries like Russia and Germany, where closings of old, inefficient plants have already reduced emissions from 1990 levels.

Good Credit Rating That provision, too, has rankled energy executives. Gwyn Morgan, chief executive of EnCana, one of western Canada's biggest oil and gas producers, asked in a recent speech to the Canadian Chamber of Commerce, "At a time when we have run out of money to fund health care, why would we sign up to slow down our economy and to send money to Russia for credits?"

Credit Score Rating Chart Gregory Pardy, an analyst at Goldman, Sachs in New York, called the Kyoto Protocol "a national public issue" for Canadians. "It creates uncertainty for American fund managers making investments in Canada," Mr. Pardy said. "What is not clear at the moment is what the distribution of costs will be between shareholders and Canadian taxpayers."

Credit Mortgage Rating Poor FirstEnergy Capital has said the six companies with the most to worry about are Canadian Natural Resources, Canadian Oil Sands Trust, the Imperial Oil unit of Exxon Mobil, Shell Canada, Suncor Energy and Western Oil Sands.

Good Credit Rating Score As an alternative to Kyoto, the energy executives are pushing for a "made in Canada" solution to global warming one that would include "sensible emission improvement targets with regulatory backstops," according to Pierre R. Alvarez, president of the Canadian Association of Petroleum Producers.

Poor Credit Rating Loan "It's not a question of doing something or doing nothing," he said.

Bank Credit Rating Many oil and gas producers say they are already making progress in reducing emissions. Petro-Canada, for instance, estimates that it has eliminated more than 1.2 million metric tons of greenhouse-gas pollutants since 1990, the equivalent of taking 150,000 full-size cars off the road each year.

Credit Card For Poor Credit The government estimated last month that the cost of meeting the Kyoto targets would be 3 Canadian cents a barrel for conventional crude oil, and 10 to 12 Canadian cents a barrel for oil produced from oil sands. The extra cost to motorists would be a small fraction of 1 cent a gallon.

Business Credit Rating Based on these estimates, Tyler Dann, an energy analyst at Banc of America Securities in Houston, said that ratification of the treaty "does not seem to be a big deal at all."

Moodys Credit Rating Even some energy companies are taking a conciliatory approach. "We'll align with whatever governments determine to be the public interest," said Gordon Lambert, vice president for sustainable development at Suncor Energy, which owns one of the biggest oil-sands operations and is one of a handful of oil companies not opposing the treaty.

Credit Card With Bad Credit Mr. Lambert said Suncor would have little trouble meeting the Kyoto targets. The company has already cut its emissions 42 percent from 1990 levels, and it plans to spend 100 million Canadian dollars on alternative and renewable energy projects from 2000 to 2005. Among other things, Suncor has built a power plant fired by natural gas for its oil-sands operation.

Personal Credit Rating Mr. Dann, the Houston analyst, said the Canadian oil industry's opposition was partly posturing.

Unsecured Loan For Bad Credit The profitability of some oil-sands projects is currently threatened by cost overruns and by a predicted North American surplus of the type of oil they produce. "Those companies could be using Kyoto as an excuse to back away from projects that might not go ahead anyway," Mr. Dann said.

Credit Rating Company By Bernard Simon
New York Times - 11/26/2002

Topic: Climate Change

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