Author: The Canadian Press
Alberta First Nations Seek Answers on Carbon Capture and Storage Plans
Seven Alberta First Nations have banded together to seek answers as industry and government move on billion-dollar plans to inject and store millions of tonnes of greenhouse gases underneath or adjacent to their traditional lands.
“We don’t know how…
TC Energy reports $1.46B Q4 profit, raises quarterly dividend
CALGARY — TC Energy Corp. raised its dividend as it reported a fourth-quarter profit of $1.46 billion.
The pipeline operator says it will now pay a quarterly dividend of 96 cents per share, up from 93 cents per share.
The increased payment to sharehol…
Cenovus reports second-highest quarterly production ever, driven by oilsands
CALGARY — Cenovus Energy Inc. is the latest Canadian oilsands company to report surging production levels just in time for the anticipated startup of the Trans Mountain pipeline expansion.
The Calgary-based company said Thursday it saw its second-high…
Alberta Power Generator Fined for Operating Without Regulatory Approval
An Alberta power generator has been fined for running a plant for months without regulatory approval.
The Alberta Utilities Commission has fined Avex Energy nearly a quarter-million dollars for running a natural gas-fired generator while bypassing re…
Diamondback Energy to Buy Endeavor in $26 billion Deal to Create a Permian Drilling Giant
Diamondback Energy will buy rival Endeavor Energy Resources in a cash-and-stock deal valued at about $26 billion to create a drilling giant in the Southwest United States.
The transaction includes approximately 117.3 million shares of …
Alberta NDP leadership candidate says federal carbon levy is ‘dead’
CALGARY — Alberta’s former deputy premier entered the province’s NDP leadership Sunday with criticism of the federal carbon levy and Prime Minister Justin Trudeau.
Sarah Hoffman, who was deputy premier when the NDP was elected in 2015, joins fellow le…
Enbridge Sees ‘Tailwind’ for its Mainline System as Trans Mountain Faces Delays
CALGARY — Enbridge Inc. could benefit from increased volumes on its Mainline oil pipeline network if the startup of the Trans Mountain pipeline expansion is significantly delayed, the Calgary-based energy infrastructure firm said Friday.
Enbridge, li…
Protectionist Policy Promises in U.S. election Will be a Challenge: Alberta Premier
WASHINGTON — Premier Danielle Smith says no matter the outcome of the United States election, there will be challenges for Canada and Alberta.
She said both President Joe Biden and former president Donald Trump have policies that could harm or restri…
Regulator Calls Out Trans Mountain for ‘Environmental Non-Compliance’ in B.C.
CALGARY — The company building the Trans Mountain pipeline expansion has been cited for environmental non-compliance related to its management of recent flooding in B.C.
The Canada Energy Regulator said Thursday its inspection officers found issues …
ExxonMobil to explore for oil and gas in offshore area under dispute by Guyana and Venezuela
GEORGETOWN, Guyana (AP) — ExxonMobil said it plans to explore for oil and gas in a disputed area off South America’s coast where the Venezuelan military had previously expelled two U.S. oil companies. The move could escalate tensions between Venezuela…
Athabasca, Cenovus close creation of new Duvernay Energy Corp. joint venture
CALGARY — Athabasca Oil Corp. and Cenovus Energy Inc. have closed a previously announced deal creating a new joint venture stand-alone company called Duvernay Energy Corp.
The new Duvernay Energy is a privately held subsidiary of Athabasca that consol…
Precision Drilling reports $146.7M Q4 profit, revenue edged lower
CALGARY — Precision Drilling Corp. says it earned $146.7 million in its latest quarter, up from a profit of $3.5 million a year earlier, as its revenue edged lower.
The company says the profit amounted to $9.81 per diluted share for the quarter ended …
Colorado Fines Suncor US$10.5 Million for Air Pollution Violations
DENVER — The state of Colorado is fining Suncor Energy Inc. US$10.5 million for air pollution violations.
In a news release, the Colorado Department of Public Health and Environment says the fine concerning Suncor’s Commerce City refinery is for viol…
‘A Cap Will Not Be Tolerated’: Alberta Files Formal Response to Proposed Oil Sands Emissions Cap, Smith Opens Alberta Office in Ottawa
Alberta and two prominent business groups have released formal responses to a proposed federal emissions cap as the province’s environment minister was slated to meet with her federal counterpart.
“This cap is not realistic or effective, will not ac…
Five Things to Watch for in the Canadian Business World in the Coming Week
TORONTO — Five things to watch for in the Canadian business world in the coming week:
Smith in Ottawa
Alberta Premier Danielle Smith will give a speech at an Economic Club of Canada event in Ottawa on Monday. Smith has been at odds with the federal …
Imperial Oil reports Q4 profit down from year earlier, raises quarterly dividend
CALGARY — Imperial Oil Ltd. raised its quarterly dividend by 20 per cent as it reported a fourth-quarter profit of $1.37 billion, down from $1.73 billion a year earlier.
The company said Friday shareholders will now receive a quarterly dividend payme…
TMX UPDATE: Trans Mountain Mulling How to Remove ‘Obstruction’ Causing Newest Construction Delay
CALGARY — The company building the Trans Mountain pipeline expansion is still working to find a solution for its latest unexpected construction challenge in B.C.
Crown corporation Trans Mountain Corp. is currently removing the section of pipe it had …
Bill to Update Impact Assessment Law Coming in Spring: Wilkinson
OTTAWA — Natural Resources Minister Jonathan Wilkinson says the government will have legislation ready by the spring to fix the constitutional problems the Supreme Court has with the federal Impact Assessment Act.
The Liberals passed the act in 2019 …
AIMCo Sets Up $1B Fund to Invest in Energy Transition Opportunities
EDMONTON — The Alberta Investment Management Corp. has set up a new $1-billion fund dedicated to investing in the global energy transition and decarbonization sectors.
The investment manager says the money represents new capital and investments made…
The Reasons: Canada Energy Regulator Issues Reasons for Approving Trans Mountain Variance
CALGARY — The Canada Energy Regulator has issued its reasons for approving Trans Mountain Corp.’s revised pipeline variance application earlier this month.
In a press release, the regulator says it found that approving the application with four cond…
Enbridge to Cut 650 Jobs Due to ‘Increasingly Challenging’ Business Conditions
CALGARY — Pipeline giant Enbridge Inc. is cutting its workforce by 650 positions due to what it calls “increasingly challenging business conditions.”
Enbridge spokeswoman Gina Sutherland confirmed the cuts in an email Tuesday, adding the Calgary-base…
A Timeline of the Trans Mountain Pipeline Expansion’s Major Milestones and Setbacks
CALGARY — The Trans Mountain pipeline expansion is facing delay yet again, as the company responsible for building the project reported Monday it has run into a fresh construction-related challenge in B.C.
Here’s a look back at the history of the pr…
Trans Mountain Expansion Runs Into ‘Technical Issues,’ Completion Delay Possible
CALGARY — The Trans Mountain pipeline expansion is facing delay yet again.
The Crown corporation building the massive project, which had previously stated it expected to have the pipeline in-service near the end of the first quarter, said Monday it h…
More Biden Energy Politics: Canadian Energy Producers Dismayed by Biden’s Move to Pause U.S. LNG Approvals
CALGARY — Canada’s energy industry is reacting with dismay to U.S. President Joe Biden’s move to pause approvals of new liquefied natural gas export terminals in that country.
The Canadian Association of Petroleum Producers said it sees LNG as a lowe…
Biden delays consideration of new natural gas export terminals, citing climate risk
WASHINGTON (AP) — The Biden administration is delaying consideration of new natural gas export terminals in the United States, even as gas shipments to Europe and Asia have soared since Russia’s invasion of Ukraine.
The election year de…
AIMCo Expresses Interest in Buying a Stake in Trans Mountain Pipeline
CALGARY — The Alberta Investment Management Corporation (AIMCo) has expressed an interest in purchasing a potential stake in the Trans Mountain pipeline.
AIMCo CEO Evan Siddall said Thursday in an interview with BNN Bloomberg that the Trans Mountain …
B.C. odour incidents spark questions around corporate ethics and communication
Vancouver resident Robert Ford was heading to a yoga class Sunday morning when he smelled an odour he likened to “semi-burnt fuel.”
As a member of council at his Kitsilano apartment building, he said he decided to check the boiler room, but it smelled…
Study Suggests Oilsands Pollutant Release Vastly Higher Than Official Estimates
Alberta’s oilsands are releasing potentially hazardous compounds into the atmosphere at rates dozens of times higher than official estimates, newly published research suggests.
The authors say the massive releases of volatile organic compounds, separ…
Parkland temporarily shuts down Burnaby refinery after Jan. 21 smoke, odour
VANCOUVER — Parkland Corp. says it has temporarily shut down fuel processing at its Burnaby, B.C. refinery.
The Calgary-based fuel distributor and marketer says it paused processing operations at the refinery earlier this month due to extreme cold wea…
Parkland names former HF Sinclair CEO Michael Jennings to board of directors
CALGARY — Parkland Corp. has named veteran executive Michael Jennings to its board of directors as part of the company’s board renewal process.
The addition of the former HF Sinclair Corp. chief executive to the board is effective Feb. 10.
The move co…
Metro Vancouver Says Stench from Burnaby Refinery Didn’t Breach Air Quality Limits
VANCOUVER — Metro Vancouver says an acrid odour that blanketed parts of the region on Sunday contained elevated contaminant levels, but didn’t breach pollution standards.
The regional federation of municipalities says it monitors emissions of particu…
U.S. Department of Justice Preparing Legal Brief as Both Sides Appeal Line 5 Decision
WASHINGTON — The U.S. government has been asked to explain to a federal appeals court precisely how it believes the country’s 1977 pipeline treaty with Canada should impact efforts to shut down the controversial cross-border Line 5.
A forthcoming Dep…
Activist Investor Calls for Board Overhaul at Parkland Corp. in Wake of Resignations
CALGARY — An activist investor is calling for a complete board overhaul at Parkland Corp. following the recent resignations of two of the company’s board members.
New York-based activist investor Engine Capital LP made the recommendation in a letter …
Burn-Off at Burnaby Refinery Behind Smelly Sunday Morning in Vancouver
Vancouver’s Fire Chief says reports of a noxious odour across the city Sunday are tied to a “hydro carbon industrial event” from a refinery in neighbouring Burnaby.
Karen Fry says Burnaby fire crews are on scene at the refinery and issued a public sa…
Critics Call for Review of Alberta Energy Regulator Over Withheld Liability Study
EDMONTON — Critics are calling for a public inquiry into the actions of the Alberta Energy Regulator, after documents surfaced suggesting the agency downplayed the industry’s environmental liabilities and withheld information on those costs.
“The (re…
Natural gas industry feeling pinch of slumping prices
CALGARY — North American natural gas prices continued their downward slide this week, in spite of frigid winter conditions that gripped much of the continent.
Even as natural gas-fired furnaces blazed in homes and businesses across the U.S. and Canada…
Internal documents suggest Alberta Energy Regulator underestimated oil well liability
EDMONTON — Internal documents from Alberta’s energy regulator suggest the province’s environmental liability for hundreds of thousands of oil and gas wells could be nearly triple the figure the agency announced earlier this week.
In a report released…
Extreme cold weather causing oil spills in North Dakota; 60 reports over past week
BISMARCK, N.D. (AP) — Bitter cold weather is causing a rash of spills in the oil fields of North Dakota as well as a slowdown in production, regulators say.
North Dakota has seen multiple days of frigid weather with windchills at times r…
Shares in Birchcliff Energy down more than 10% after cutting dividend in half
CALGARY — Shares of Birchcliff Energy Ltd. fell more 10 per cent in early trading after the company cut its quarterly dividend in half and lowered its expectations for capital spending and production for the year
Birchcliff chief executive Chris Carls…
Alberta Releases First Report on Well Cleanup; $33B Liability Estimate Called Too Low
Alberta’s oil and gas producers spent nearly $700 million in 2022 on cleaning up the hundreds of thousands of old wells that dot the province, the regulator’s first report on the extent of those liabilities indicates.
That’s 65 per cent more than the…
Oil Sector CEO Compensation Jumps Double-Digits Amid Surging Profits
CALGARY — CEO pay in the oil and gas sector has soared with the industry’s post-pandemic resurgence and will likely increase even more with the completion of the Trans Mountain pipeline expansion this year, a new report projects.
The report released …
Shell to sell big piece of its Nigeria oil business, but activists want pollution cleaned up first
ABUJA, Nigeria (AP) — Shell said Tuesday it agreed to sell its onshore business in Nigeria’s Niger Delta to a consortium of companies in a deal worth $2.4 billion, the latest move by the energy company to limit its exposure in the West African nation …
Alberta Oil Output Hits New Record as Producers Ramp Up For Trans Mountain Completion
CALGARY — Alberta oil production hit an all-time record in November, as oilsands companies ramped up output to prepare for the imminent completion of the Trans Mountain pipeline expansion.
The Alberta Energy Regulator says crude oil production in the…
Hearing Begins for Trans Mountain Pipeline Variance Request
CALGARY — The Canada Energy Regulator is slated to hear oral arguments Friday from the company building the Trans Mountain pipeline expansion on its request for a pipeline variance.
The Crown corporation behind the project has run into difficulties d…
External Corrosion Caused Alberta Pipeline Rupture, Fire: Transportation Safety Board
EDMONTON — The Transportation Safety Board says external corrosion led to a natural gas pipeline rupture that caused an explosion near a small northwestern Alberta community.
In a statement on the results of its investigation into the April 2022 blas…
Weaker Oil Prices Should Bring Some Relief to Consumers in 2024, Analysts Say
CALGARY — Analysts say 2024 will be a year of weaker oil prices, something that should bring some relief to weary consumers after two years of soaring energy costs.
On Monday, the benchmark West Texas Intermediate crude price continued what has been …
‘Floatel’ Ship Arrives in B.C. Waters to House LNG Construction Workers in Squamish
SQUAMISH, B.C. — A ship that will house more than 600 workers at a natural gas construction project north of Vancouver arrived in British Columbia waters this week after a 40-day journey from Estonia, where it had been in use by Ukrainian refugees.
B…
Precision Drilling Meets Debt Reduction Goal, on Track to Repay $500 Million by 2025
CALGARY — Precision Drilling Corp. says its long-term debt reduction target is on track and it met its 2023 goal by shedding $152 million of debt.
The Calgary-based energy services company ended the year with a cash balance of approximately $55 milli…
Parkland Corp.’s Largest Shareholder Will No Longer Have a Voice on the Company’s Board
CALGARY — Parkland Corp.’s largest shareholder will no longer have a seat on the fuel retailer’s board after the recent resignation of two board members.
The Calgary-based company announced on Dec. 31 the resignations of Simpson Oil nominees Michael …
Suncor Shares Rise After Posting Second-Highest Quarter for Oil Output
CALGARY — Suncor Energy Inc.’s share price jumped Wednesday as the company reported its fourth quarter oil output was its second-highest quarter ever.
The Calgary-based company announced upstream production in the fourth quarter of 2023 of 808,000 b…
Alimentation Couche-Tard Completes Acquisition of European assets from TotalEnergies
LAVAL, Que. — Alimentation Couche-Tard Inc. says it has completed its acquisition of certain European retail assets from French oil giant TotalEnergies SE.
The deal announced in March 2023 includes all of the company’s retail assets in Germany and t…
Saskatchewan to Stop Collecting Carbon Levy From Natural Gas and Electrical Heat
REGINA — The Saskatchewan government says its natural gas utility is to stop collecting the carbon levy as of Monday from residential customers.
The move comes after Prime Minister Justin Trudeau exempted those who use home heating oil from paying t…
Gas Tax Paused in Manitoba, Returns in Alberta at a Lower Rate
As one province pauses the gas tax to provide savings at the pumps, another is bringing it back.
The Manitoba government says that starting Monday, motorists won’t have to pay 14 cents per litre in fuel tax for the next six months.
The province has…
Five Things to Watch for in Canadian Business in 2024
OTTAWA — Business headlines in 2023 saw a housing crisis and the fight against inflation take centre stage while the job market proved to be stronger than expected.
Housing and the cost of living will likely remain at the forefront in 2024, as will …
Angola is leaving OPEC oil cartel after 16 years after dispute over production cuts
LONDON (AP) — Angola announced Thursday that it’s leaving the OPEC oil producers cartel, coming after it battled with the group over lower production quotas this year.
Diamantino de Azevedo, the African nation’s oil minister, said Angol…
Crescent Point Energy Completes Deal to Buy Hammerhead Energy
CALGARY — Crescent Point Energy Corp. says it expects average production of 198,000 to 206,000 barrels of oil equivalent per day in 2024 now that it has closed its deal to buy Hammerhead Energy Inc.
The guidance includes development capital expendit…
Regulator Denied Trans Mountain Variance Request Due to Pipeline Safety Concerns
CALGARY — The Canada Energy Regulator is citing safety concerns as its reason for refusing a request by Trans Mountain Corp. for a pipeline variance.
In a written statement released Wednesday, the regulator provided its explanation for its denial ear…
Feds Sign First Carbon Contract for Difference with Calgary-Based Entropy
CALGARY — A Calgary carbon capture company has signed a first-of-its-kind carbon offtake agreement with the federal government, a significant milestone that some say could help unlock future private-sector investments in decarbonization projects.
The…
Federal regulators give more time to complete gas pipeline extension in Virginia, North Carolina
RALEIGH, N.C. (AP) — The builders of a proposed natural gas pipeline that will enter North Carolina from Virginia now have another 2 1/2 years to complete the project after federal regulators pushed back a deadline for the work.
The Fed…
Alberta’s Renewable Energy Pause Could Become Lingering Stumble, Observers Say
EDMONTON — It was just supposed to be a pause, a breather for an overburdened regulator and concerned public to catch up with an industry growing beyond expectations.
But for those who study the renewable electricity industry, as well as for those i…