CALGARY - Suncor Energy Inc. is reporting second-quarter net earnings of $2.73 billion or $1.74 per share, almost three times the $972 million or 60 cents it reported in the same period last year. It says earnings were buoyed by a one-time deferred tax recovery of $1.12 billion associated with the staged Alberta corporate income tax rate cut of one per cent each year from 2019 to 2022. The company also recorded an after-tax gain of $139 million on the sale of its 37 per cent interest in [Read more]
Indigenous pipeline bidder launches ‘listening tour’ along Trans Mountain route
CALGARY - An Indigenous group planning to bid for ownership of the Trans Mountain pipeline is launching a "listening tour" of Indigenous communities in B.C. and Alberta. Project Reconciliation says the tour will begin in Kamloops in mid-August and will invite First Nations and Metis Nation people and communities along the pipeline route from Edmonton to the West Coast to share their thoughts about Indigenous ownership. Delbert Wapass, executive chair and founder of Project Reconciliation, [Read more]
Drilling forecast goes from bad to worse after slow start to summer deployments
CALGARY - The Canadian oilfield services sector is expected to continue to suffer as it enters the summer drilling season despite recent developments such as the approval of the Trans Mountain pipeline expansion and the election of a conservative government in Alberta. In a report that forecasts flat second-quarter financial results in the industry, RBC Dominion Securities analysts say they've cut their 2019 rig activity and well counts for this year by between six and eight per cent. [Read more]
Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill
CALGARY - A Calgary judge has denied British Columbia's attempt to block Alberta legislation that would allow that province to stop oil shipments to the coast. In a decision released Friday on the so-called Turn Off the Taps bill, Queen's Bench Justice Robert Hall said that B.C. doesn't have the right to take Alberta to court in Alberta over legislation passed by the Alberta legislature. "The only parties with standing to bring this action in this court are the (Attorney General of Canada) [Read more]
NEB restores orders and decisions issued to Trans Mountain prior to court ruling
CALGARY - The National Energy Board says its decisions and orders regarding the Trans Mountain pipeline expansion issued prior to last summer when a court overturned its approval will remain valid except where circumstances have changed. The decision is in line with a request from the federal government-owned pipeline to restore its regulatory status in order for construction to resume during this building season. Trans Mountain says it is reviewing the details of Friday's [Read more]
Trudeau says Ottawa open to proposals for B.C. refinery as gas prices soar
VICTORIA - Prime Minister Justin Trudeau says Ottawa is open to proposals from the private sector for a refinery in British Columbia, as a public inquiry into the province's soaring gas prices reviews possible solutions. The prime minister says he knows B.C. residents are struggling and the federal government is always open to hearing businesses cases and working with people to find solutions so they can pay their bills. He made the comments in Victoria today following a joint announcement [Read more]
Kinder Morgan Canada income falls despite rise in pipeline and terminals revenue
CALGARY - Kinder Morgan Canada Ltd. is reporting second-quarter income from continuing operations of $21.6 million, a decrease of $1.9 million from the second quarter of 2018. Earnings were boosted in the second quarter of 2018 by the gain on the sale of an Edmonton area pipeline segment, resulting in an apparent five per cent decline in the recent period. Excluding that gain, however, the segment was actually up 15 per cent, driven by storage capacity additions at its Edmonton [Read more]
Natural gas producers demand government action in open letter to Kenney
CALGARY - The CEOs of nine Alberta natural gas producers have released an open letter to Premier Jason Kenney asking him to show "bold leadership" in supporting a plan to restrict production to boost low gas prices. The letter warns the province faces a high likelihood of corporate failures, job losses and falling investment levels if the situation is allowed to continue. "It is imperative that the government of Alberta intercedes as the viability of the Alberta natural gas [Read more]
Alberta economy doing better than expected in June forecast, TD economists
CALGARY - Economists at TD Bank say they are looking at upgrading their Alberta growth expectations for 2019 as signs point to a more robust than expected recovery from the effects of extreme heavy oil price weakness in late 2018. The bank suggested in a forecast in June that the province's economy would grow by a "paltry" 0.5 per cent this year and a slightly better 2.1 per cent next year. It said the province's mandated oil production curtailments had worked to strengthen heavy [Read more]
Producers still cautious despite higher Q2 expectations on stronger oil prices
CALGARY - Higher oil prices are expected to boost cash flow for Canadian crude producers as they roll out second-quarter results beginning next week, but analysts say the extra money is unlikely to be added to growth budgets. Canadian oil prices steadied in comparison with U.S. benchmarks in the three months ended June 30 following six months of volatility blamed on the failure of pipeline capacity to match growing oilsands output and Alberta's decision to impose production limits starting in [Read more]
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