Take Stock – June 23

Pipeline firm Enbridge Inc. (TSX:ENB) has been chosen by Imperial Oil Ltd. (TSX:IMO) and parent company ExxonMobil Corp. (NYSE:XOM) to transport bitumen from their Kearl oilsands mine to the Edmonton area.

Enbridge to transport bitumen from Kearl oilsands

Pipeline firm Enbridge Inc. (TSX:ENB) has been chosen by Imperial Oil Ltd. (TSX:IMO) and parent company ExxonMobil Corp. (NYSE:XOM) to transport bitumen from their Kearl oilsands mine to the Edmonton area.

The cost and size of the pipeline have not been worked out yet, said Enbridge spokeswoman Paula Leslie. “It’s too soon for us to say. We’ll know better once we’ve got our scope and our full budget determined and we’ll be able to set a timeline,” she said. Imperial has bucked the trend of project delays and cancellations in the oilsands, announcing last month it intended to press ahead with its long-awaited $8-billion Kearl development. The integrated oil and gas company had been set to make a decision on Kearl last year, but took extra time to renegotiate contracts in an effort to cut costs.

Household wealth dropped $72 billion in Q1

Statistics Canada says household net worth declined by $72 billion, or 1.3 per cent, in the first quarter as falling real estate values and stock market woes continued to erode assets. But the agency says the rate of decline has slowed from the last two quarters of 2008, in which cumulative losses totalled $438 billion. The drop in Canada in the first quarter this year was only half that recorded in the United States. Canadians cut their borrowing in the first quarter — especially in new mortgages — and growth in debt slowed to less than one per cent.

The federal government’s credit market debt, however, rose 10.5 per cent in the first quarter, after rising a record 14.2 per cent in the last quarter of 2008. Total household liabilities relative to net worth edged up modestly in the first quarter, to 24.9 cents of debt for every dollar of net worth, from 24.4 cents in the fourth quarter of last year.

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