CALGARY - Enbridge Inc. says it lost $90 million in its latest quarter as it was hit by a number of one-time charges. The pipeline and utility company says the loss amounted to five cents per share for the quarter compared with a profit of $765 million or 47 cents per share a year ago. The loss for the most recent quarter included a non-cash charge of nearly $1.02 billion after taxes. On an adjusted basis, Enbridge says it earned $933 million or 55 cents per share in the [Read more]
Service sector predicts Canadian drilling activity will fall even more in 2019
CALGARY - The Petroleum Services Association of Canada is predicting more pain for the oil and gas sector next year. It predicts a total of 6,600 wells will be drilled in Canada in 2019, down about five per cent from an expected 6,980 wells this year, adding that translates to a year-over-year decrease of up to $1.8 billion in capital spending by exploration and production companies. Outgoing association chief executive Tom Whalen says the oilfield services sector in Canada is headed for a [Read more]
AER says $260-billion energy cleanup estimate based on ‘worst-case’ scenario
CALGARY - The Alberta Energy Regulator is apologizing for estimating it would cost $260 billion to clean up after the provincial oil and gas industry. The sector's accumulated environmental liability is currently estimated at $58.65 billion, less than one quarter of the presented number, it said in a statement Thursday. "The numbers are staggering — $260 billion in total liability, which is $200 billion more than we have consistently reported," it stated. "This particular estimate was [Read more]
Canadian Natural charges rivals frustrating pipeline efficiency moves for profit
CALGARY - Tensions caused by steep price discounts for western Canadian heavy oil are dominating discourse as Calgary-based oilsands producers roll out third-quarter results. Tim McKay, president of Canadian Natural Resources Ltd., charged Thursday that unnamed energy industry members are deliberately interfering with attempts to make pipelines run more efficiently because they are making "windfall revenues" from current discount prices on western Canadian oil production. His [Read more]
MEG Energy CEO says Husky can ‘pay a lot more’ in its hostile takeover offer
CALGARY - The CEO of MEG Energy Corp. says shareholders should continue to ignore a hostile takeover bid by Husky Energy Inc. because "by their own admission, Husky can afford to pay a lot more." Derek Evans, on his first financial reporting conference call since being named CEO earlier this year, says Husky's $11 per share cash-and-stock offer made in September is actually now worth just $9.61 because of changing share values. He says the offer is opportunistic because MEG [Read more]
TransCanada going ahead with expansion of Nova Gas, reports Q3 profit up
CALGARY - TransCanada Corp. says it will go ahead with a $1.5-billion expansion of its Nova Gas Transmission Ltd. System. The plan includes approximately 197 kilometres of large diameter pipeline, three compression units, meter stations and associated facilities. The pipeline company says applications for approvals to construct and operate the facilities are expected to be filed with the National Energy Board in the second quarter of 2019. The decision comes as [Read more]
Canadian Natural reports $1.8B Q3 profit, up from $684M a year ago
CALGARY - Canadian Natural Resources Ltd. reported a third-quarter profit of $1.80 billion, up from $684 million a year ago. The oil and gas producer says the profit amounted to $1.47 per diluted share for the quarter ended Sept. 30, compared with 56 cents per diluted share a year ago. Revenue totalled nearly $5.9 billion, up from $4.47 billion in the same quarter last year. Production in the quarter amounted to 1,060,629 barrels of oil equivalent per day, up from [Read more]
Encana to buy Newfield Exploration in all-stock deal, plans to raise dividend
CALGARY - Encana Corp. has signed a deal to acquire Newfield Exploration Co. in an all-stock offer it said was worth about US$5.5 billion. Under the deal announced Thursday, Newfield shareholders will receive 2.6719 Encana shares for each share of Newfield common stock. Encana will also assume US$2.2 billion of Newfield debt. "This strategic combination advances our strategy and is immediately accretive to our five-year plan," Encana chief executive Doug Suttles said in a [Read more]
Higher oil prices and production gains drive operating earnings beat at Suncor
CALGARY - Suncor Energy Inc. is reporting third-quarter operating income of $1.56 billion, an 80 per cent increase over $867 million in the same period of 2017. The earnings amount to 96 cents per share, in line with analyst expectations of 95 cents according to Thomson Reuters Eikon, but well ahead of 52 cents in the third quarter of 2017. Suncor attributes the increase to higher crude oil prices and refinery margins, along with new production from its Fort Hills oilsands mine [Read more]
Enbridge says repairs done on ruptured gas pipeline near Prince George, B.C.
PRINCE GEORGE, B.C. - Enbridge Inc. says it has successfully completed repairs on the section of a natural gas pipeline that ruptured and burned near Prince George, B.C., three weeks ago. The company says following a comprehensive integrity assessment, it expects to begin safely returning the repaired segment to service within the next two days. It says it will gradually increase flows of natural gas through the repaired segment until it reaches 80 per cent of its normal [Read more]
- « Previous Page
- 1
- …
- 208
- 209
- 210
- 211
- 212
- …
- 553
- Next Page »