Yedlin: Enbridge president has renewed reason for optimism

For a long while there was nothing pipeline giant Enbridge Inc. did that the market didn’t like. That held true even through the challenges of the Northern Gateway process. When Enbridge took a big swing in September 2016 and bought Houston-based Spectra Energy, it reflected the challenges facing pipeline companies seeking to build new assets. […]

Yedlin: ARC Energy Investment Forum highlights energy sector progress and challenges

This year’s ARC Energy Investment Forum offered a marquee array of presenters and presentations — impeccably conducted by the ARC Energy Institute’s Peter Tertzakian and Jackie Forrest — that continued to push the boundaries of where the energy sector needs to go in order to remain competitive. And the intent of the material was to […]

Yedlin: Proxy battle at Crescent Point fizzles

Annual meetings are generally dull and prescribed affairs, but that description didn’t necessarily apply to Crescent Point Energy. The company’s AGM took place Friday against the backdrop of a proxy battle launched by Cation Capital, which was seeking to nominate four directors to Crescent Point’s board. Between comments made by Cation’s founder, Sandy Edmonstone, and […]

Yedlin: Calgary ready to be disrupted

Within the next two weeks, three events will challenge Calgary to think differently — Onward, the ARC Energy Investment Forum and the first Energy Disruptors. Each will reinforce the notion the status quo for this city’s economic future is not an option. The breadth of agendas for each event is testament to the wide array […]

Yedlin: The cacophony of Trans Mountain

There was more noise added to Kinder Morgan’s Trans Mountain project this week, which started with the pipeline summit in Ottawa that revealed just how far apart British Columbia and Alberta are on this file. The B.C. government remained committed to taking the case for jurisdiction to the province’s supreme court, while on Monday the […]

Yedlin: Pipeline summit proves a positive step

If you were grading the performances of Prime Minister Justin Trudeau, Premier Rachel Notley and B.C. Premier John Horgan following Sunday’s pipeline summit in Ottawa, there’s no question Horgan came away with the lowest mark.  Not quite an F, but close. Horgan was emphatic that British Columbia can — and will — challenge the federal […]

Yedlin: Trans Mountain impasse has significant consequences for all of Canada

The Trudeau government was concerned enough about Kinder Morgan’s announced suspension of all non-essential spending on its Trans Mountain pipeline expansion that it recalled cabinet for an emergency meeting Wednesday. Too bad nothing concrete came from the gathering, other than more words about how the pipeline has been approved, is in the national interest and […]

Yedlin: Kinder Morgan throws down gauntlet

The Trudeau government and British Columbia were taken to the woodshed Sunday afternoon by the parent company of Kinder Morgan Canada. Houston-based Kinder Morgan, frustrated by the actions of the B.C. government and the City of Burnaby, said it is suspending all ‘non-essential’ work on the $7.4-billion Trans Mountain pipeline expansion project until B.C. stops […]

Yedlin: Ecofiscal Commission report a reminder of carbon pricing effectiveness

An interesting Twitter thread in recent days has debated the importance of carbon policies, clean technology and the science behind climate change. Among the participants are federal Environment Minister Catherine McKenna and United Conservative Party Leader Jason Kenney. For that reason, Wednesday’s release of the Ecofiscal Commission’s report on the effectiveness of carbon pricing to […]

Yedlin: Canadian Oil Sands Innovation Alliance could better communicate its triumphs

It’s likely no surprise to Albertans that British Columbia Premier John Horgan has never called Dan Wicklum, president and CEO of the Canadian Oil Sands Innovation Alliance (COSIA). Neither has Andrew Weaver, the B.C. Green Party leader who’s helping to keep Horgan’s NDP in power. It’s one thing to oppose something on merit; another when […]

Yedlin: Canadian oilpatch must innovate or perish

An unmistakable mantra has emerged in the global energy sector: innovate or die. Every presentation and session at the recent CERAWeek by IHS Markit in Houston included a discussion about technology, innovation and how companies are adopting new approaches to make their businesses stronger, more nimble and able to withstand the volatility of the commodity […]

Yedlin: Corporate leaders raise alarm bells on protectionism, energy supply

HOUSTON – CERAWeek by IHS Markit has energy as its central focus, but the breadth of participants always brings broader, thought-provoking perspectives. This year’s conference is no exception. Macro level discussions Monday and Tuesday offered delegates new information about energy supply and demand, the rapid developments and applications of technology in the energy space, the […]

Yedlin: Energy sector transition in full swing

HOUSTON — The cataclysmic impact of the oil price crash that began in 2014 caused many to all but write the energy sector’s obituary. Attendance at this year’s CERAWeek conference suggests the industry is anything but dead. That’s remarkable on many levels, considering hundreds of thousands lost their jobs in the global oilpatch as a […]

Yedlin: Oilpatch results reflect improving environment

Oilpatch earnings season is almost over, and the announced results have been a marked improvement from a year earlier. The fourth-quarter numbers, especially for oil-weighted producers, reflect higher oil prices seen in late 2017. Natural gas producers were at the opposite end of that story, however, with constrained pipeline access and a surfeit of supply […]

Yedlin: East Coast LNG projects quietly moving forward

Lost in the hyper-focus on British Columbia and its persistent obstruction of energy infrastructure development is the East Coast, where two liquefied natural gas projects are quietly moving forward in Nova Scotia. Both Bear Head LNG to be located on the north bank of the Strait of Canso and Pieridae Energy in Goldboro are at different […]

Yedlin: Notley’s high-powered task force an important step in creating a national energy dialogue

Premier Rachel Notley did something on Friday that many in the oilpatch have been talking about doing for the better part of a decade. She announced on she was establishing a task force to kick start a cross-country dialogue about the importance of energy to Canada’s economy – and to push back on the nonsense that has […]

Yedlin: Federal changes to energy regulation add to uncertainty

In one day the Government of Canada drastically reshaped the country’s 60-year-old energy regulatory landscape. Goodbye, National Energy Board. Hello, Canadian Energy Regulator and Impact Assessment Agency of Canada. The federal changes announced Thursday to increase certainty for approvals of energy and other resource-related projects, while far from perfect, do address some issues that have […]

Yedlin: Energy New Ventures competition offers window into future of oilpatch innovation

The annual Energy New Ventures competition effectively deconstructs the myth that innovation isn’t happening in the energy sector. It is. And it’s happening in the startup ecosystem, driven by individuals who might once have worked within the giant corporate energy infrastructure but are now on the outside and seeking to do things better, faster and […]

Yedlin: Celebrated economist offers mostly rosy 2018 forecast, except when it comes to crude

Calgary business leaders had the rare opportunity to hear Mohamed El-Erian, among the world’s leading economists, issue his forecast for 2018 on Thursday night. The Calgary event, hosted by the Chartered Financial Analyst Society in Canada, is annually the organization’s most successful. And this week’s gathering — its 41st — was likely among the best. El-Erian is […]

Yedlin: Reading the economic tea leaves for 2018

One week into 2018 and markets have already been taken by surprise. Whether it’s the limited response to the frigid temperatures that have gripped much of the continent, oil prices breaking US$61 a barrel, the Dow Jones Industrial Average and Nasdaq reaching new highs or Bitcoin trading well below its record price, investors are re-thinking […]

Yedlin: 2018 opens on more optimistic note

When the calendar turned to Jan. 1, 2017, the overriding sentiment surrounding markets and the global economy was uncertainty. Uncertainty over what U.S. President Donald Trump’s agenda would be, the fate of the North American Free Trade Agreement and the likelihood of a tax bill being passed. Similar unpredictability followed Brexit and the consequences of […]

Yedlin: Amid change, GE continues commitment to Calgary innovation centre

Many questions surround the future direction of GE under its new chief executive, John Flannery, including where GE Canada fits into the strategy. Since taking over from Jeff Immelt last August, Flannery, a 30-year veteran of the industrial conglomerate, has announced profound changes at the company, including slashing its dividend, downsizing its power business and […]

Yedlin: A Sigh of Relief – National Energy Board rules in favour of Kinder Morgan

The light turned green for Kinder Morgan and its Trans Mountain expansion project on Thursday, as the National Energy Board ruled in favour of the company, saying it can proceed with the work related to the project immediately. It was welcome news for Alberta Premier Rachel Notley, who has recently been criss-crossing the country, making […]

Yedlin: On Trans Mountain opposition, Burnaby doesn’t have a case

When TransCanada officially announced it was abandoning the Energy East project, which would have transported 1.1 million barrels of oil per day to the East Coast, a significant amount of discussion took place in the days that followed, suggesting the pipeline quagmire could push the country toward a constitutional crisis. That prediction took one step […]

Yedlin: Cenovus stays local in choosing Pourbaix as new CEO

It’s official. Alex Pourbaix, the former chief operating officer at TransCanada Corp., where he worked for 27 years, has failed at retirement. Pourbaix, who left TransCanada earlier this year, will replace retiring Cenovus chief executive Brian Ferguson, effective next Monday, the company announced. Other names rumoured to be in the running included ARC Financial vice-chairman […]

Yedlin: Alberta can learn from U.K. energy experience

Canada’s oilpatch is not the beacon of co-operation and collaboration it needs to be. That message was delivered to a Calgary audience at a recent forum that included the president of the U.K. Oil and Gas Authority and representatives from Canada’s energy sector. When the U.K. energy sector was on its knees three years ago, […]

Yedlin: Demise of Energy East another gut punch for energy sector

To paraphrase Mark Twain, reports of the death of TransCanada’s Energy East pipeline project were not greatly exaggerated. On Thursday, the Calgary-based company permanently iced the $15.7-billion project that would have been the country’s largest infrastructure investment funded entirely from private capital.  When TransCanada last month asked the National Energy Board for a 30-day suspension […]

Yedlin: Innovation a constant in oilsands production

Public perception of the oilsands over the past decade has been coloured by a negative narrative that ignores the research, development and innovation that has gone into bringing the immense resource into production. The very fact these gooey reserves have been brought to the surface, upgraded and used by industry and consumers across North America […]

Yedlin: Energy East review risks regulator’s reputation

The situation unfolding around TransCanada Corp.’s Energy East pipeline project is the result of a rookie National Energy Board panel gone rogue. It could be said this is what happens when governments try too hard to please a vocal minority. The new three-member Energy East review panel was named in January, after the original appointees […]

Yedlin: Canadian Natural continues to bulk up

When Cenovus Energy acquired the western Canadian assets of ConocoPhillips in March, and then announced it would sell its own assets to pay down debt and de-leverage its balance sheet, oilpatch analysts cited Canadian Natural Resources Ltd. as the most logical buyer of the Pelican Lake properties. On Tuesday, Canadian Natural made it official, forking […]

Yedlin: Energy East review goes too far

The National Energy Board’s announced scope for its review of TransCanada Corp’s Energy East pipeline project is — in a word — madness. The NEB has decided, for the first time in its history, to include a review of upstream greenhouse-gas emissions associated with the project, which would ship 1.1 million barrels of crude a […]

Energy Sector Is Losing a Strong and Principled Advocate

The energy sector is one year away from losing a passionate and articulate advocate. Saskatchewan Premier Brad Wall took the political world by surprise on Thursday, announcing he will be retiring from politics. The reaction from Canada’s energy sector could only be described as one of collective disappointment, though many expressed views that he will […]

Yedlin: Pipeline companies’ results produce little drama

Absent from second-quarter earnings calls for both TransCanada Corp. and Enbridge Inc. this week was the drama of recent years brought on by regulatory and government uncertainty surrounding approvals of major pipeline projects. At Enbridge a year ago, the fate of Northern Gateway was still unknown as the federal cabinet had yet to decide — […]

Yedlin: Canada has lost an oilpatch pioneer and community leader

There’s a big hole in Calgary’s business community today. Rick George, a champion of the energy sector, of the oilsands, and a compassionate and passionate community leader, died far too young Tuesday. George, 67, was synonymous with the oilsands. It was under his leadership that Suncor went public, in 1992, undertook the game-changing Project Millennium […]

Yedlin: It’s all about costs and scale in oilsands

Among the key themes in second-quarter earnings issued Thursday by Suncor and Cenovus was the importance of scale in oilsands operations. Cenovus CEO Brian Ferguson wasted no time raising that issue in a conference call discussing the company’s results. “In a volatile commodity price environment, economies of scale are important and the acquisition has roughly […]

Yedlin: Ottawa is paying attention to Alberta

Justin Trudeau may have forgotten to mention Alberta during his Canada Day speech, but his Liberal government is going in the right direction when it comes to updating the National Energy Board. In May, an expert panel tasked with modernizing the 58-year-old institution tabled a report that contained many controversial recommendations, including relocating the NEB […]

Yedlin: Alberta government can’t count on commodity prices to balance its budget

Alberta Finance Minister Joe Ceci is still insisting the government’s books will be balanced by 2023, even after his latest fiscal update Thursday showed the province ended 2016-17 with a $10.8-billion deficit and $33.3 billion in debt. I’ll have whatever he’s having because his fiscal reality — and that of the government’s — is clearly […]

Yedlin: Cenovus at a crossroads

Cenovus added to its list of uncertainties this week with the surprise resignation of chief executive Brian Ferguson, on Tuesday, and a further downgrade of its debt — to BBB status — on Friday by the rating agency DBRS. None of this is good news for a company that’s been pummeled in the market since its […]

Yedlin: Silence surrounding oilsands report follows familar pattern

There is one thing conspicuously missing from the provincially appointed Oil Sands Advisory Group’s report issued last Friday — positive response from environmental non-governmental groups. The prevailing silence underscores a widely held sentiment within the energy sector:  It doesn’t matter what’s being done to decrease the carbon footprint of the oilpatch. It will never be […]

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