VANCOUVER - Woodside Petroleum Ltd. says it plans sell its 50 per cent stake in the proposed Kitimat LNG development in British Columbia. The Australian company says the plan includes the divestment or wind-up and restoration of assets, leases and agreements covering the 480-kilometre Pacific Trail Pipeline route and the site for the proposed LNG facility at Bish Cove. Woodside will keep a position in the Liard Basin upstream gas resource. Chevron Canada Ltd., the operator of the [Read more]
Oilsands firms expected to spur $60 billion in cash flow over two years
CALGARY - A group of five large Canadian oilsands companies are expected to generate about $60 billion in net cash flow over the next two years and spend only half of it on dividends and capital expenditures, leaving the rest for debt repayment and sharing with shareholders. In a report, analyst William Lacey of ATB Capital Markets says the companies are expected to duplicate their sterling financial performance of the first quarter of 2021 for the rest of this year and in 2022, provided that [Read more]
Judge dismisses attempt to quash ‘anti-Alberta’ activities inquiry
CALGARY - A judge has dismissed an attempt to quash the United Conservative government's inquiry into whether foreign groups have conspired against Alberta's oil industry. Court of Queen's Bench Justice Karen Horner says the environmental law firm Ecojustice failed to prove the inquiry was called to intimidate charities that have raised concerns about the industry. She also says there's no reason to believe that the political context around the inquiry suggests it's biased. "I have [Read more]
Cybersecurity experts say Canadian businesses can learn from U.S. pipeline attack
TORONTO - Cybersecurity experts say that Canadian businesses often can, and should, do more to thwart the types of attack that temporarily shut down a major U.S. gasoline pipeline. The head of BDO Canada's cybersecurity practice, Vivek Gupta, says hackers are more sophisticated than ever and exploiting gaps created by the shift to remote working. He says many companies don't take the necessary precautions until a big attack, like the one the shut down Colonial Pipeline in the U.S. this [Read more]
Natural gas straddle plant designed to reduce oilsands emissions with cleaner fuel
CALGARY - In the latest project designed to green the oilsands industry, Wolf Midstream says it will build a facility to strip petroleum liquids from natural gas used in operations near Fort McMurray, Alta., leaving a purer fuel that will burn with fewer carbon emissions. The company says its NGL North project is expected to reduce carbon dioxide emissions from oilsands projects in the Christina Lake area by over 200,000 tonnes per year by removing liquids such as ethane, propane, butane and [Read more]
Oilsands producers step up anti-pandemic measures as outbreaks rise in region
CALGARY - Oilsands companies are stepping up protective measures as a spate of COVID-19 cases sweeps through the region at the same time that thousands of workers are being brought in for spring maintenance shutdowns at various plants. In Friday's update, Alberta reported 3,749 active cases in the North Zone that includes Fort McMurray, with outbreaks identified at several work lodges as well as at production facilities operated by oilsands producers including Suncor Energy Inc., Syncrude, [Read more]
Cenovus Energy reports $220M first-quarter profit compared with a loss a year ago
CALGARY - Cenovus Energy Inc. reported a profit of $220 million in its latest quarter compared with a loss of $1.8 billion a year ago. The energy company says the profit amounted to 10 cents per share for the quarter ended March 31 compared with a loss of $1.46 per share in the first three months of 2020. Revenue totalled $9.15 billion, up from $3.96 billion in the same quarter last year before the company acquired Husky Energy Inc. Upstream production was 769,254 barrels of oil [Read more]
Alberta eases security payment burden for oilsands companies
EDMONTON - Alberta is changing how it calculates the payments oilsands mines make to ensure there's enough money to clean up the mess they leave behind. The province says the decision is in reaction to low oil prices last year, which briefly reached negative values. Lisa Fairweather of Alberta Environment says keeping the old program would have cost the industry billions of extra dollars, even though the environmental risk of the mines hasn't changed. She says today's move is temporary [Read more]
Line 3 and Line 5 pipelines in U.S. ‘absolutely critical,’ says Enbridge CEO
CALGARY - The CEO of Enbridge Inc. says the company's Line 3 and Line 5 pipelines in the United States are "absolutely critical" as each faces ongoing hurdles thrown up by environmental, political, and other opponents. During the Calgary-based energy infrastructure company's annual general meeting on Wednesday, Al Monaco said Enbridge must continue to fight for those pipelines for its benefit as well as the benefit of the shippers who move products on them and the consumers who need those [Read more]
Imperial Oil shareholders defeat shareholder motion to set net-zero emission target
CALGARY - Imperial Oil Ltd. investors have voted 86 per cent to defeat a shareholder resolution that it adopt a target to achieve net-zero carbon emissions by 2050. But the vote held during the Calgary-based company's virtual annual meeting exposes a rift between its parent, U.S. giant Exxon Mobil Corp., which owns 69.6 per cent of Imperial, and its other shareholders, as the company noted 58 per cent of the shares not held by Exxon were voted in favour of the resolution. Aequo Shareholder [Read more]
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