CALGARY - Pembina Pipeline Corp. says it earned $570 million during the third quarter, rising from $286 million a year earlier. On a per share basis, its earnings amounted to 92 cents, compared with 43 cents during the prior-year quarter. The Calgary-based natural gas processor and shipper says its revenue reached $2.18 billion during the period, rising year-over-year from $1.79 billion. Pembina Pipeline says it has also updated its 2026 guidance and now expects earnings before [Read more]
South Bow advances Prairie Connector due diligence ahead of mid-2027 decision
South Bow Corp. says it is working on permitting, land acquisitions, financing and other measures before giving the final go-ahead to its Prairie Connector pipeline project. The crude oil pipeline operator said in its third-quarter earnings call Thursday that it and its U.S. partner Bridger Pipeline LLC expect to make a final investment decision midway through next year. Together, their proposed pipelines would ship oilsands crude to the Canada-U.S. border and onto U.S. destinations, serving [Read more]
Outcome of Pathways talks to factor into Canadian Natural investment plans: president
CALGARY - Canadian Natural Resources Ltd. will be able to determine its spending plans for 2027 once top oilsands producers, Ottawa and the Alberta government nail down final agreements on how to advance the Pathways carbon storage project while growing crude output, said company president Scott Stauth. Oilpatch companies like Canadian Natural generally release spending plans for the following year as the current one draws to a close. This year, much of that work hinges on the outcome of [Read more]
Shell drives spike in oil exploration bids off the coast of Newfoundland
ST. JOHN'S - Oil giant Shell is driving a surge in oil exploration interest off the coast of Newfoundland after several years of stagnation. Newfoundland and Labrador's offshore energy regulator says the London-headquartered company successfully bid on six exploration licenses off the province's east and southeast coast. The licenses are for six parcels of offshore area encompassing more than 15,000 square kilometres, for which Shell pledged more than $210 million in exploration [Read more]
Suncor having a lot of ‘fun’ seeking new ways to deliver fuel around the globe: CEO
CALGARY - Suncor's exports of refined products are up 80 per cent so far this year as the oilsands giant finds unconventional ways to deliver fuel to thirsty markets around the globe facing supply disruptions from Russia and the Middle East. "This has been a really fun area," chief executive officer Rich Kruger told analysts on a conference call Wednesday to discuss third-quarter results. In the past, looking to sell products like diesel and jet fuel internationally was seen as a "last [Read more]
Fact File: No evidence for Trump claim Canada will ‘pay for all’ of Keystone pipeline
United States President Donald Trump claimed Sunday that Canada would pay for the entirety of a revived Keystone XL pipeline. While the project has yet to be revived, the Prairie Connector pipeline that would reuse Keystone XL infrastructure is jointly owned by two independent companies, one Canadian and one American, with no federal funding commitments as of yet. Experts on Canada's natural resource sector say such funding seems unlikely. THE CLAIM During a media scrum in Dubuque, Iowa, [Read more]
Suncor posts higher third-quarter profit of $3.8B, up from $1.6B last year
CALGARY - Oilsands giant Suncor Energy Inc. reported net earnings of $3.8 billion during the third quarter, up from $1.6 billion during the same period last year. On a per share basis, its profit amounted to $3.27, compared with $1.34 during the prior-year quarter. Adjusted operating earnings, which Suncor considers a better gauge of its underlying performance because it filters out the effects of unusual items, were $4.6 billion, or $3.97 per share. That's up from last year's third [Read more]
Hydro-Québec projects deficit that could force it to rely on U.S. and other provinces
MONTREAL - Hydro-Québec has released a report suggesting it may need to import electricity from neighbouring provinces or the United States within the next three years. The state-owned utility's new supply plan for 2027—2041 projects a high increase in the demand for energy in the coming years. The utility expects this demand could cause it to face energy deficits as early as 2029. Hydro-Québec estimates that the demand for Quebec’s electricity will increase by over 30 per cent by [Read more]
Blackstone-led group buys into Mitsubishi subsidiary that holds LNG Canada stake
TORONTO - An investor group led by Blackstone, which includes several Canadian institutional investors, has signed a deal to invest US$3.1 billion to acquire a 49.9 per cent stake in the Mitsubishi Corp. subsidiary that holds an interest in LNG Canada. The investor group includes the Canada Pension Plan Investment Board, the Ontario Municipal Employees Retirement System, the Investment Management Corp. of Ontario and the Public Sector Pension Investment Board. LNG Canada is a joint venture [Read more]
Grain, fuel shipments boost CN Rail profits amid more ‘positive’ climate: CEO
MONTREAL - Canadian National Railway Co. saw profits perk up last quarter as the country's largest railroad operator rode a surge in grain and fuel shipments amid Canada's more "positive" investment milieu, its CEO says. The Montreal-based company on Friday reported a six per cent year-over-year jump in third-quarter net income to $1.21 billion. Revenues rose 14.5 per cent to $4.77 billion, though some of the extra cash went to cover fuel costs, which leaped 56 per cent from the same [Read more]
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