Oilsands

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…

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…

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…

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.…

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…

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…

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…

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…

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…