OTTAWA - Inflation cooled in July thanks largely to relief at the gas pumps, but Statistics Canada said grocery and shelter costs were accelerating last month. The annual rate of inflation fell to 1.7 per cent in July, the agency said Tuesday, down from 1.9 per cent in June. A 16.1 per cent decline year-over-year in gas prices tied mainly to the removal of the consumer carbon price earlier this year fueled the drop. Gas prices were also down 0.7 per cent on a monthly basis. StatCan [Read more]
Indigenous leaders on Trans Mountain lessons as Building Canada Act moves forward
OTTAWA - Two former Indigenous leaders on both sides of the debate over the Trans Mountain pipeline expansion say the federal government can't ignore First Nations on future infrastructure projects it seeks to approve. Their comments come as Prime Minister Mark Carney aims to fast-track major projects, such as pipelines and mines, through his government's newly adopted "Building Canada Act." Following years of delays and legal challenges, the expanded Trans Mountain pipeline, known as TMX, [Read more]
Ottawa funds $25M for companies to build EV chargers, buy natural gas-powered trucks
OTTAWA - The federal government announced $25 million in funding today for companies to build more than 850 electric vehicle chargers, mostly in Quebec. The money will also help companies finance the purchases of natural gas-powered transport and recycling trucks to help companies lower emissions. According to the government nearly one quarter of Canada's total annual emissions comes from transportation, with a significant amount from medium to heavy-duty vehicles — such as [Read more]
Enbridge says federal support for oil and gas not yet clear
The head of Enbridge Inc. says he's encouraged by conversations in both Canada and the U.S. on building more energy infrastructure, but that it remains to be seen what concrete action will result at home. "I'm optimistic about our ongoing conversations and the alignment we're seeing today on both sides of the border to advance projects and legislation," said Greg Ebel, chief executive of Calgary-based Enbridge on a Friday call to discuss second-quarter results But while both governments [Read more]
Canada’s economy contracts in May even as some sectors rebound from tariffs
OTTAWA - Canada's economy contracted for a second straight month in May even as some sectors held up in the face of U.S. tariffs. Real gross domestic product fell 0.1 per cent in May, Statistics Canada said Thursday, matching the decline in April. The agency said goods-producing sectors were to blame for the drop, particularly in mining, quarrying and oil and gas extraction. RBC pointed to wildfires in the Prairies temporarily dragging down oil and gas activity. Marc Ercolao, an [Read more]
TC Energy positioning to capitalize on rising natural gas demand
TC Energy Corp. says it sees rising demand for natural gas pipelines in the future as it reported an increase in second-quarter profit from a year earlier, despite a complex macroeconomic backdrop. The Calgary-based pipeline operator said Thursday that as earnings grow in the short-term, it's also positioning itself for rising demand for natural gas. "Electrification, coal-to-gas conversions, and the rise of AI and data centres are accelerating the need for reliable, low emission base load [Read more]
‘Canada will win’ race to bring LNG to Asian markets, B.C. Premier David Eby says
KITAMAAT VILLAGE - British Columbia Premier David Eby says Canadian values will help the country "win this race" to deliver liquefied natural gas to Asian markets, even as U.S. President Donald Trump sets his sights on developing the industry in Alaska. Eby told a news conference on Tuesday that Canada is a reliable partner, which can deliver the fuel to Asia in a direct, affordable way, while Trump has been "insulting and demeaning" towards other countries and insists his only concern is [Read more]
Cenovus floated as potential competing bidder for hostile takeover target MEG Energy
CALGARY - Oilsands giant Cenovus Energy Corp. has been cited by industry watchers as one of the potential competing bidders for MEG Energy Corp., which has spurned an unsolicited offer from Strathcona Resources Ltd. and launched a formal review of alternative options. MEG and Cenovus have neighbouring flagship oilsands projects south of Fort McMurray, Alta., at Christina Lake that use steam wells to draw the bitumen from underground. So from an operational perspective, it would make sense for [Read more]
Whitecap expects production to come in at high end of forecast range after Veren deal
CALGARY - Whitecap Resources Inc. says it's made good progress toward integrating the people and assets it acquired through its combination with Veren Inc. this spring. The deal closed in mid-May and chief executive Grant Fagerheim says there have been "plenty of early wins" on cutting corporate costs and improving Whitecap's credit profile. Whitecap says it expects production this year to come in at the high end of its forecast range of between 295,000 and 300,000 barrels of oil [Read more]
Whitecap, fresh off Veren deal, reports higher production in Q2
CALGARY - Whitecap Resources Inc., fresh off its $15-billion combination with Veren Inc., has reported higher revenues and oil and gas production in its latest quarterly results. The Calgary-based oil and gas producer says net income was $310.6 million for the three months ended June 30, up from $244.5 million during the same 2024 quarter. That amounted to 33 cents per diluted share compared with 41 cents per share a year earlier. Petroleum and natural gas revenues were $1.37 billion, [Read more]
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