CALGARY - Energy experts say U.S. oil producers will likely be the first to cut output should the global crude price continue to languish below US$60 per barrel, but their Canadian peers should be able to keep chugging along. West Texas Intermediate, the key U.S. light oil benchmark, settled at US$55.13 per barrel on Tuesday, the lowest the price has been since early 2021. Rory Johnston, founder of the Commodity Context newsletter, says unlike during the thick of the COVID-19 pandemic, [Read more]
Ovintiv signs on to Cedar LNG project as long-term customer
CALGARY - Ovintiv Inc. has signed on as a long-term customer for the Cedar LNG project that Pembina Pipeline Corp. and the Haisla Nation are constructing on the West Coast. A 12-year agreement will see 500,000 tonnes of gas per year shipped from Ovintiv's natural gas fields across British Columbia to the floating liquefied natural gas facility in Kitimat. There, the gas will be chilled into a liquid state so that it can be loaded on specialized tankers and sold in Asia. Last month, [Read more]
Canadian Natural earmarks 2026 capital for early work on oilsands expansions
CALGARY - Oil and gas giant Canadian Natural Resources Ltd. says it's expecting a small increase in spending and production in 2026 as it looks toward future oilsands expansions. The Calgary-based company says its capital budget for next year has been set at about $6.43 billion, up from the $6.15 billion it had targeted for 2025. That includes $175 million in early-stage engineering and design work on expansions to two steam-driven projects and the Jackpine mine in Alberta's [Read more]
Imperial Oil aiming for $2B-$2.2B capital budget for 2026
CALGARY - Imperial Oil Ltd. is predicting a modest boost in spending and upstream production next year compared with this year's targets, while refinery throughput is forecast to fall. The Calgary-based oil producer, refiner and retailer says it's budgeting $2 billion to $2.2 billion in capital and exploration expenditures in 2026. That's up from the $1.9 billion to $2.1 billion range it had targeted for 2025. Upstream production is expected to grow to between 441,000 and 460,000 gross [Read more]
Alberta-Ottawa agreement on methane targets stokes dismay for some, relief for others
CALGARY - The prospect of building a new bitumen pipeline to the West Coast has garnered most of the attention since Ottawa and Alberta announced their sweeping energy accord late last month, but another item has left environmentalists dismayed and energy industry players pleasantly surprised. The federal and provincial governments have agreed to extend by five years the timeline for the oil and gas sector to reduce its methane emissions. Draft federal regulations had called for a cut of 75 [Read more]
Trans Mountain pipeline pays $196K penalty for environmental lapses after 2024 storm
Trans Mountain has paid a regulatory fine for environmental lapses along its British Columbia pipeline route in the aftermath of a January 2024 storm. The $196,000 fine is the largest cumulative penalty of its kind issued by the Canada Energy Regulator. The regulator says when a January 2024 storm hit, the company failed to ensure enough environmental workers were on hand to handle the floodwater, and directed all of its crews to one location where weld repairs were taking place and where [Read more]
Capital Power to pursue U.S. acquisitions, negotiate Alberta data centre deal
EDMONTON - Capital Power Corp. has announced agreements to pursue U.S. natural gas power acquisitions and to supply electricity to a data centre developer in Alberta. The Edmonton-based power generator says it has reached a memorandum of understanding with Apollo Funds to form a US$3-billion investment partnership to buy merchant natural gas assets across the United States. Separately, Capital Power says it has entered into a binding MOU to negotiate an electricity supply agreement with an [Read more]
Half of Canadians support a new pipeline between Alberta and B.C.: poll
OTTAWA - Half of Canadians are in favour of building a new bitumen pipeline between Alberta and B.C., while fewer than one in five outright oppose it, a new poll suggests. The Leger poll, which was conducted online and can't be assigned a margin of error, suggests support is particularly strong in Alberta and among men, older Canadians and Conservative voters. Prime Minister Mark Carney signed a memorandum of understanding last month with the Alberta government that sets out an agreement [Read more]
TransAlta signs deal to convert Washington facility from coal to gas
CALGARY - TransAlta Corp. has signed a deal with Puget Sound Energy Inc. to convert a coal-fired power plant in Washington state to natural gas power generation. The power utility says it will need to spend about US$600 million to extend the useful life of the Centralia Unit 2 facility and convert it to natural gas. The target commercial operation date is late-2028 and TransAlta says the facility will operate until the end of 2044 under the terms of the agreement. It is expected to have [Read more]
House set to vote today on Conservative motion declaring support for pipeline to B.C.
OTTAWA - Members of Parliament are set to debate a Conservative motion today that declares support for an oil pipeline to British Columbia's coast. The motion says MPs support construction of a pipeline to carry Alberta bitumen to the coast, along with an "appropriate amendment" to legislation banning most oil tankers off the northern B.C. coast. Prime Minister Mark Carney signed a memorandum of understanding last month with the Alberta government that sets out an agreement to work toward [Read more]
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