Canada

Imperial Gets Earnings Boost From Retail, Refining Rates

Imperial Gets Earnings Boost From Retail, Refining Rates

The Esso brand of more than 2,000 service stations across Canada and a trio of jumbo refineries in Ontario and Alberta helped put a tiger in Imperial Oil Ltd.’s financial tank during the first six months of this year. The ExxonMobil subsidiary’s downstream side reported first-half 2021 revenue of C$11.1 billion ($8.9 billion) from refined…

August 4, 2021
Enbridge Sees Space for Fossil Fuel Infrastructure in Energy Transition, Expects Line 3 Gains by Year’s End

Enbridge Sees Space for Fossil Fuel Infrastructure in Energy Transition, Expects Line 3 Gains by Year’s End

Enbridge Inc. has assured shareholders that it would stay strong by adapting to the energy transition even as the Canadian midstream giant faces ongoing opposition from fossil fuel foes over its projects. “We believe that in all practical scenarios our assets will remain critical to supporting long-term energy demand,” said Enbridge President Al Monaco as…

August 2, 2021
Suncor Sees Oil Prices Jump Sharply, Commits 10% of Capital to GHG Initiatives

Suncor Sees Oil Prices Jump Sharply, Commits 10% of Capital to GHG Initiatives

Calgary-based Suncor Energy Inc. saw its earnings jump in the first half of the year, as oil demand rose and the pandemic receded, resulting in the North American retail unit standing out as the growth star. Maintenance turnaround projects, which limited production and sales by the refineries and oilsands operations during 2020 and early this…

July 30, 2021
Tourmaline Boosts Canada Natural Gas Volumes 32%, Eyes Carbon Reductions

Tourmaline Boosts Canada Natural Gas Volumes 32%, Eyes Carbon Reductions

Environmental cleanups to reduce carbon emissions have emerged as a fixture powered by an annual budget of up to C$40 million ($32 million) for top Canadian natural gas producer, Tourmaline Oil Corp. The agenda announced as part of its quarterly results includes cutting diesel motor use, methane leak control, paring down natural gas plant emissions,…

July 30, 2021
Precision’s Canada Rig Count Usurps 2019 Levels, with U.S. E&P Demand Emerging

Precision’s Canada Rig Count Usurps 2019 Levels, with U.S. E&P Demand Emerging

Precision Drilling Corp., whose operations extend across Canada, the Lower 48 and overseas, is running more rigs today than in the pre-pandemic days of 2019, with activations now underway, according to CEO Kevin Neveu. Speaking to investors during the 2Q2021 conference call, Neveu said the Calgary-based oilfield services giant delivered higher-than-expected revenue during 2Q2021.  In…

July 27, 2021
Inter Pipeline Scuttles Pembina Merger, Accepts $6.9B Brookfield Takeover Bid

Inter Pipeline Scuttles Pembina Merger, Accepts $6.9B Brookfield Takeover Bid

Toronto-based Brookfield Infrastructure Partners LP won a prolonged takeover contest for Inter Pipeline Ltd. (IPL) in Calgary today after adding an all-cash option to its bid for shareholder support and raising the total offer to about C$8.6 billion ($6.9 billion). At a cost of a deal-breaking penalty of C$350 million ($280 million), IPL canceled a…

July 26, 2021
Canadian Oilsands Player Meg Energy Back in Black on Stronger Prices, Gulf Coast Exports

Canadian Oilsands Player Meg Energy Back in Black on Stronger Prices, Gulf Coast Exports

Increased production, improved prices and strong exports to the United States turned Canadian oilsands specialist Meg Energy Corp. profitable in the first half of 2021, reversing deep losses inflicted a year ago by the Covid-19 pandemic. The Calgary firm’s bitumen production in northeastern Alberta grew to a first-half 2021 average of 91,326 b/d from 83,622…

July 26, 2021
Canadian Regulator Approves Route Change for Trans Mountain Pipeline Expansion

Canadian Regulator Approves Route Change for Trans Mountain Pipeline Expansion

Trans Mountain Corp. has won approval from Canadian federal authorities for a route detour to end a prolonged Indigenous territorial and environmental dispute that threatened to delay its C$12.6 billion ($10 billion) Trans Mountain Expansion crude pipeline project (TMX). The Canada Energy Regulator (CER) on Monday authorized the construction change, observing that no opposition had…

July 21, 2021
Canadian Heavyweights Launch CCUS, Financial Efforts as Carbon Tax Increase Looms

Canadian Heavyweights Launch CCUS, Financial Efforts as Carbon Tax Increase Looms

A rising Canadian carbon tax, scheduled to jump more than four-fold by 2030, has triggered a campaign by fossil fuel industry heavyweights to turn the greenhouse gas (GHG) emissions penalty into commercial opportunities. The efforts so far include TC Energy Corp., Pembina Pipeline Corp., Shell Canada Ltd., Canadian Imperial Bank of Commerce (CIBC), Sproule Associates,…

July 20, 2021
Shell Considering Alberta CCS Expansion to Reduce Refinery, Petrochemical Emissions

Shell Considering Alberta CCS Expansion to Reduce Refinery, Petrochemical Emissions

Shell Canada Ltd. on Tuesday set a 2023 target for a decision on expanding its Alberta carbon capture and storage (CCS) operation by adding an Edmonton-area oil refinery and petrochemical plant to the network. The expansion, titled Polaris CCS, would collect 750,000 tons/year of greenhouse gas (GHG) emissions from Shell’s Scotford plants east of the…

July 14, 2021
‹ Previous 1 2 3 73