VANCOUVER - The latest round of applications is now open under a $100-million fund aimed at cleaning dormant oil and gas wells in British Columbia. B.C. Energy Minister Bruce Ralston says the second half of the funding is set to be dispersed in the coming months after the first $50 million supported about 1,000 jobs and reclamation activities at nearly 1,900 sites. He says the first round included $15 million worth of work on sites in B.C.'s agricultural land reserve and dormant well sites [Read more]
O’Toole pushes U.S. envoy to Canada to preserve Line 5, Keystone XL pipelines
OTTAWA - Conservative Leader Erin O'Toole urged the acting American ambassador to Canada to tell Washington to preserve the Line 5 pipeline to the United States. O'Toole told Katherine Brucker that he was disappointed by President Joe Biden's decision to cancel Keystone XL pipeline on his first day in office last month. O'Toole also said if the governor of Michigan follows through on plans to shut down Line 5 by May it would have a negative economic impact on both countries. About 87 [Read more]
Environmental law group to challenge Alberta oil inquiry in court
CALGARY - An environmental law charity is to ask a judge today to shut down Alberta's inquiry into the purported foreign funding of anti-oil campaigns. Ecojustice argues in its written submissions that the inquiry was formed for an improper purpose, which the law charity says was to intimidate those concerned about the environmental effects of oil and gas development. The group also contends there's a reasonable apprehension of bias and that the inquiry is dealing with matters outside of [Read more]
Imperial, Suncor make contingency plans despite ‘low probability’ of Line 5 shutdown
CALGARY - Less than a month after U.S. President Joe Biden nixed the Keystone XL pipeline as part of a sweeping climate plan, another pipeline with implications for Canada is in the crosshairs of a U.S. politician. However, as talk surrounding the potential shutdown of Enbridge Inc.'s Line 5 intensifies on both sides of the border, shippers are confident that the oil will continue to flow, even as they make contingency plans. Enbridge Inc.'s Line 5 moves about 87 million litres of oil and [Read more]
Cenovus Energy reports $153M Q4 loss compared with $113M profit a year ago
CALGARY - Cenovus Energy Inc. reported a loss in the final quarter of 2020 compared with a profit a year earlier. The company says it lost $153 million or 12 cents per share for the quarter ended Dec. 31 compared with a profit of $113 million or nine cents per share in the fourth quarter of 2019. Cenovus says its operating loss for the quarter totalled $551 million or 45 cents per share for the quarter compared with an operating loss of $164 million or 13 cents per share a year [Read more]
Suncor Energy restarts carbon emission cutting projects despite vow of austerity
The CEO of Suncor Energy Inc. says it will not increase capital spending this year despite higher oil prices, instead vowing to spend any increases in cash flow on debt repayment and share buybacks. Mark Little says the company won't backtrack after chopping operating costs by $1.3 billion or 12% in 2020 versus 2019 and reducing capital spending by $1.9 billion or 33% compared to the original guidance midpoint. The austerity pledge echoes similar recent vows from oilsands rivals Imperial [Read more]
Oilsands giant Suncor Energy notes fourth-quarter loss on lower revenue, writedowns
CALGARY - Canadian oilsands and refining giant Suncor Energy Inc. is reporting a fourth-quarter net loss of $168 million or 11 cents per share, compared with a net loss of $2.34 billion or $1.52 in the same period of 2019. The company says the loss includes a $423-million after-tax asset impairment charge, along with a $142-million transportation provision related to the recently cancelled Keystone XL oil export pipeline project, offset by a $539-million unrealized after-tax foreign exchange [Read more]
UCP co-founder urges Alberta premier to ‘fire yourself’ from intergovernmental post
EDMONTON - Alberta Premier Jason Kenney is getting some unsolicited advice from the co-founder of the United Conservative Party: fire yourself as the intergovernmental affairs minister. Brian Jean says Kenney’s “fight everyone” approach is not getting the job done for Albertans on critical issues, including energy and federal relations. “Fire yourself as intergovernmental affairs minister and appoint a new one,” Jean wrote in a guest column published Wednesday by Postmedia. “Ideally, we [Read more]
Kamala Harris talks with Justin Trudeau and Keystone XL doesn’t seem to come up
WASHINGTON — Prime Minister Justin Trudeau spoke by phone today with U.S. Vice-President Kamala Harris, her first call with a foreign leader since taking office. The Prime Minister’s Office says the two discussed the COVID-19 pandemic, Canada-U. S. relations and Harris’s time as a high schooler in Montreal. They also discussed what a PMO readout of the call describes as “avoiding the unintended consequences” of President Joe Biden’s protectionist Buy American [Read more]
Imperial Oil reports $1.15B Q4 loss due to a writedown of unconventional assets
CALGARY - Imperial Oil Ltd. reported a loss of $1.15 billion for its fourth-quarter as it took a $1.17-billion non-cash charge related to Canadian unconventional natural gas assets it doesn't think it will ever develop. The company says the loss amounted to $1.56 per diluted share for the quarter compared with a profit of $271 million or 36 cents per share a year earlier. Total revenue and other income amounted to $6.03 billion, down from $8.12 billion. Imperial warned in December that [Read more]
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