Oilsands

Meg Energy Keeps Shipping Contract for Unfinished Oilsands Pipe

Meg Energy Keeps Shipping Contract for Unfinished Oilsands Pipe

Alberta oilsands specialist Meg Energy Corp. reported that it has retained a 20,000 b/d oil shipping contract on the incomplete expansion of the Trans Mountain Pipeline. Management confirmed its plans for capacity on the Trans Mountain Expansion Project (TMX), whose estimated construction cost has ballooned 70%, while reporting fourth quarter and full-year 2021 earnings. TMX…

May 12, 2022
Meg Energy Keeps Shipping Contract for Unfinished Oilsands Pipe

Meg Energy Keeps Shipping Contract for Unfinished Oilsands Pipe

Alberta oilsands specialist Meg Energy Corp. reported that it has retained a 20,000 b/d oil shipping contract on the incomplete expansion of the Trans Mountain Pipeline. Management confirmed its plans for capacity on the Trans Mountain Expansion Project (TMX), whose estimated construction cost has ballooned 70%, while reporting fourth quarter and full-year 2021 earnings. TMX…

March 14, 2022
As Oilsands Production Drives Growth, Cenovus Eyes CCUS Opportunities

As Oilsands Production Drives Growth, Cenovus Eyes CCUS Opportunities

The first stage in the planned Alberta oilsands environmental cleanup is to be a carbon capture, utilization and storage (CCUS) network able to collect greenhouse gas (GHG) emissions from 20 operations, according to bitumen producer Cenovus Energy Inc. “Discussions are ongoing with the federal and provincial governments to ensure the necessary policy and financial support…

February 10, 2022
Suncor Benefits from Higher Oilsands Production, Stronger Oil Prices

Suncor Benefits from Higher Oilsands Production, Stronger Oil Prices

Refineries and service stations stood out as Suncor Energy Inc.’s 2021 profits champion, even with strong gains from oilsands production and higher commodity prices, the Calgary-based producer said.  Northern Alberta mining and extraction operations only took over the lead in Suncor ledgers as oil prices climbed in late 2021, according to the fourth quarter results.…

February 7, 2022
Imperial Reports Higher Oilsands Production and Pricing, with GHG Intensity Falling

Imperial Reports Higher Oilsands Production and Pricing, with GHG Intensity Falling

Rising oil prices, growing oilsands production and strong consumer demand propelled 2021 earnings by Imperial Oil Ltd. to a high that exceeded even its pre-pandemic performance in 2019. The recovery from the downturn in 2020 continued in the last three months of 2021, despite a severe, prolonged Western Canadian cold snap that disrupted operations and…

February 3, 2022
Imperial Sets 2030 Goal to Reduce GHG Intensity of Oilsands by 30%

Imperial Sets 2030 Goal to Reduce GHG Intensity of Oilsands by 30%

Imperial Oil Ltd., marching in step with 70% owner ExxonMobil, has announced a greenhouse gas (GHG) reduction target that extends and triples a previously declared goal for the conglomerate’s Canadian arm. The Calgary firm set a 2030 date for completing a 30% cut to the GHG intensity, or emissions volume per production unit, of its…

January 20, 2022
Oilsands Specialist Suncor Targeting 5% Production Growth in 2022

Oilsands Specialist Suncor Targeting 5% Production Growth in 2022

With a vow to focus on efficiency, Suncor Energy Inc. set 2022 performance targets of 5% production growth while cutting capital expenditures by 6%. The 2022 corporate budget aims for combined oil and natural gas output of 750,000-790,000 boe/d. Spending goes down by C$300 million ($240 million) to C$4.7 billion ($3.76 billion). “We enter 2022…

December 20, 2021
Cenovus Boosts 2022 Capex with Focus on Alberta Oilsands

Cenovus Boosts 2022 Capex with Focus on Alberta Oilsands

Cenovus Energy Inc. plans to increase capital spending in 2022 by up to 33%, with a focus on upstream production in Alberta oilsands plants, which account for three-quarters of total output. The Calgary firm’s 2022 budget projects total capital expenditures (capex) of C$1.7-2 billion ($1.3-1.6 billion), from C$1.3-1.5 billion ($1-1.2 billion) this year. Oilsands commitments…

December 9, 2021
Meg Energy Boosting 2021 Oilsands Guidance on Stronger Prices, Rising Demand

Meg Energy Boosting 2021 Oilsands Guidance on Stronger Prices, Rising Demand

Alberta oilsands specialist Meg Energy Corp. has boosted its oilsands production guidance for the year on strengthening demand and prices. Production during 3Q2021 grew year/year to 91,506 b/d from 71,516 b/d. On the solid uptick Meg revised its 2021 average production guidance upward to 92,500-93,500 b/d from 91,000-93,000 b/d. “The third quarter was another strong…

November 15, 2021
Canadian Natural Profits Get 550% Bump from Oilsands Growth, and Cenovus Gains Too

Canadian Natural Profits Get 550% Bump from Oilsands Growth, and Cenovus Gains Too

Rising oil and natural gas prices and production powered a 550% leap in profits and a dividend increase by Canadian Natural Resources Ltd., the nation’s top producer. The accounts also confirmed that the independent has steered a financial improvement course throughout this year after surviving the energy market lows inflicted by the Covid-19 virus. President…

November 8, 2021
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