CALGARY - Pembina Pipeline Corp. says it has decided to proceed with two pipeline expansion projects in British Columbia and Alberta as it announced a dip in fourth-quarter earnings. The Calgary-based energy infrastructure company says earnings for the final three months of 2025 were $489 million, or 78 cents per share, compared to $572 million, or 92 cents per share, a year earlier. Revenue fell to $1.91 billion from $2.15 billion during the same 2024 quarter. Pembina says the two [Read more]
Alberta challenge to federal project review law being heard in court, again
CALGARY - Alberta is taking another run at having a court strike down federal project review legislation. The Alberta Court of Appeal started hearing the province's second challenge to Ottawa's Impact Assessment Act in Calgary on Tuesday. The act sets out a process to review the environmental, economic, health and social effects of proposed projects like ports, mines or pipelines. It been staunchly opposed by oil and gas industry players and former Alberta premier Jason Kenney and other [Read more]
Whitecap Resources reports $307.2M Q4 profit, up from $233.8M last year
CALGARY - Whitecap Resources Inc. reported net income of $307.2 million in the fourth quarter, up from $233.8 million during the same period the previous year. The company says its net income amounted to 25 cents per share during the quarter, down from 40 cents during the prior-year quarter. Petroleum and natural gas revenue for the period ended Dec. 31 reached $1.67 billion, up year over year from $926.1 million. Whitecap says it reached a record quarterly production of 379,606 barrels [Read more]
S&P/TSX composite rises more than 200 points helped by oil prices, U.S. markets slide
TORONTO - Canada's main stock index rose more than 200 points on Thursday, while U.S. markets lost ground. Much of the gains on the TSX came from the energy sector, which benefited from rising oil prices amid worries about a potential conflict between the United States and Iran. The S&P/TSX composite index was up 205.25 points at 33,594.98. The April crude oil contract was up US$1.35 at US$66.40 per barrel. “Energy is the big sector today, that's why the Canadian market is doing [Read more]
Ottawa faces calls to send essential fuel to Cuba as U.S. widens oil blockade
OTTAWA - Prime Minister Mark Carney is facing mounting calls to speak out against the United States for widening its restrictions on fuel reaching Cuba, or to send aid to the country. For more than a year, Global Affairs Canada has warned travellers of "shortages of basic necessities, including food, medicine and fuel" across most of Cuba. In January, the island lost its main source of fuel when the U.S. took control of Venezuela's oil reserves. Canadian airlines have suspended flights to [Read more]
Precision Drilling shares fall after decommissioning charge drags it to a Q4 loss
CALGARY - Shares in Precision Drilling Corp. are down after it reported a fourth-quarter loss. The Calgary-based oil and gas driller says its net loss attributable to shareholders was $41.9 million for the three months ended Dec. 31, or $3.23 per share. During the same period a year earlier, Precision posted a $14.8 million profit worth $1.06 per share. Precision says it took a $67-million non-cash asset charge related to decommissioning 31 of its 215 marketable drilling rigs that were [Read more]
Canadians returning from Cuba amid energy crisis due to U.S. oil blockade
Travellers are returning to Atlantic Canada from Cuba amid an oil crisis on the Caribbean island. A WestJet flight from Cayo Coco landed at Halifax's Stanfield International Airport this afternoon. WestJet and other major Canadian airlines are returning travellers to Canada but have suspended commercial flights to the country because of aviation fuel shortages at airports on the island. The Trump administration is cutting Cuba off from using traditional fuel sources in an effort to put [Read more]
Alberta’s Smith says ‘significant’ deficits to come, rules out tax hikes and big cuts
EDMONTON - Alberta Premier Danielle Smith says "significant" deficits are in store for her province as it tries to grapple with low oil prices. The government's new budget is set to be unveiled later this month, and Smith says it's going to be a "tough" one. The premier told RED FM Calgary this week that she has ruled out tax hikes and "deep" service cuts, but says it means the province will need to run multiple deficits. She says the government will still prioritize health care, [Read more]
Canadian oilpatch expected to keep bulking up through mergers and acquisitions
CALGARY - Oilpatch advisers are expecting the wave of consolidation to continue after last year's string of blockbuster Canadian deals, but whether foreign buyers are ready to jump into the fray remains an open question. Companies have seen the merit in bulking up through mergers and acquisitions as oil prices hover around the lacklustre US$60 per barrel mark, shareholders demand better returns through dividends and buybacks and uncertainty continues to cloud the ability for producers to sell [Read more]
Companies trumpet rural Newfoundland LNG plans, but mayor says nobody’s talked to him
ST. JOHN'S - Executives from a South Korean shipbuilding company signed a pact in St. John's, N.L., recently to pursue a liquefied natural gas operation, but the mayor of the town at the heart of the project says nobody has bothered to call him. Jerome Kenny is mayor of Fermeuse, N.L., where several companies have said they're hoping to partner on an LNG operation. The companies have sent press releases about the project, and they've met with Newfoundland and Labrador government [Read more]
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