CALGARY - With North American natural gas prices soaring to heights not seen in years, Canadians can expect to pay significantly more to heat their homes this winter. While natural gas prices in Canada and the U.S. have not hit the record levels being experienced right now in Europe and the U.K. — where supply shortages are raising the spectre of potential outages this winter — they are still higher than they've been in more than six years. Increased economic activity, the loosening of [Read more]
Enbridge fined for breaching Minnesota environmental laws during Line 3 construction
CALGARY - Enbridge Inc. has been fined for breaching Minnesota environmental laws during the construction of its Line 3 pipeline replacement. The Minnesota Department of Natural Resources has ordered Enbridge to pay $3.32 million for breaching an aquifer containing groundwater during construction of a trench near the company's Clearbrook Terminal. The department says Enbridge did not follow the construction plans it had originally provided, and instead dug the trench deeper than proposed. [Read more]
TC Energy sells remaining 15 per cent stake in Northern Courier Pipeline
CALGARY - TC Energy Corp. says it has signed a deal to sell its remaining 15 per cent stake in the Northern Courier Pipeline to a partnership including Suncor Energy Inc. and eight Indigenous communities. Financial terms of the agreement were not immediately available. The Astisiy Limited Partnership includes the Athabasca Chipewyan First Nation, Chipewyan Prairie First Nation, Conklin Métis Local #193, Fort Chipewyan Métis Local #125, Fort McKay Métis Nation, McMurray Métis, Fort McMurray [Read more]
Suncor to increase stake in White Rose offshore oilfield subject to restart decision
CALGARY - Suncor Energy Inc. says it is looking to increase its ownership stake in the White Rose offshore oilfield to 40 per cent from 27.5 per cent. Suncor says the deal depends on Cenovus Energy Inc. deciding to move ahead with the expansion of West White Rose, which Cenovus operates off the coast of Newfoundland and Labrador. The $2.2-billion West White Rose Project was intended to access 200 million barrels of crude oil and extend the life of the White Rose field. But the future of [Read more]
Liberals pledge $2B to help ‘transition’ oilpatch workers
CALGARY - The federal Liberals are proposing a $2-billion fund to help workers in oil-producing provinces transition to a greener economy. The Liberals say they will partner with workers and communities in Alberta, Saskatchewan and Newfoundland and Labrador to create jobs. They will help workers upgrade their skills and train for new careers in lower-carbon sectors. The Alberta Federation of Labour supports the plan. It says thousands of oil and gas jobs have been lost in recent years due [Read more]
‘Social movement’: Alberta’s energy ‘war room’ planning broad new ad campaign
EDMONTON - Alberta's Canadian Energy Centre appears ready to be vocal again, planning a new campaign to "change perceptions" about the province's oil and gas industry and build what it's calling a social movement in its support. One year after the province's United Conservative government ended the controversial agency's outreach during the COVID-19 pandemic, the so-called "war room" has put out a request for proposals on how to change the values and attitudes held by people in Eastern Canada [Read more]
Brookfield Infrastructure extends Inter Pipeline takeover offer to Aug. 20
CALGARY - Brookfield Infrastructure Partners LP has extended its takeover offer for Inter Pipeline Ltd. to Aug. 20. The company has offered $20 in cash or 0.25 of a class A exchangeable subordinated voting share of Brookfield Infrastructure per Inter Pipeline share, with a limit on the number of Brookfield Infrastructure shares available. The Inter Pipeline board has recommended shareholders accept the offer. Pembina Pipeline Corp. terminated its offer for the company after the Inter [Read more]
Imperial Oil earns $366 million; Kearl oilsands site sets 25-year production record
CALGARY - Imperial Oil Ltd. says it earned $366 million in the second quarter and boosted production to its highest level in 25 years for the same period. The Calgary-based company says it earned 50 cents per share in the three months ended June 30, compared with a net loss of $526 million or 72 cents per share in the same period of 2020. However, its second quarter earnings declined from the first quarter of 2021, when it earned $758 million. Its cash flow from operating activities in the [Read more]
Inter Pipeline board recommends shareholders support revised Brookfield offer
CALGARY - Inter Pipeline Ltd. says its board of directors is recommending shareholders accept a $16-billion takeover offer by Brookfield Infrastructure Partners LLP. The Calgary-based company says Brookfield's revised offer filed July 19 represents a 21 per cent increase over its previous offer filed June 2. Brookfield is offering $19.75 per share, up from its earlier proposal valued at $16.50 per share. On Monday, Pembina Pipeline Corp. announced it had terminated its own rival offer for [Read more]
Brookfield confident in offer for Inter Pipeline after Pembina terminates rival bid
CALGARY - Brookfield Infrastructure Partners LLP said it's confident its hostile bid for Calgary-based Inter Pipeline will be successful now that Pembina Pipeline Corp. has terminated its own rival offer. Brookfield's $16-billion offer is now "the sole transaction on the table" for Inter Pipeline shareholders and any delay in accepting it would not be in shareholders' best interests, Brookfield spokeswoman Claire Holland said. "We believe Inter Pipeline's board made the right decision," [Read more]
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