CALGARY - One of the most destructive ecological impacts of oil and gas exploration happens long before a litre of oil flows into a pipeline or a single atom of carbon enters the atmosphere. Seismic surveying — the exploration activity that helps identify where to drill — can result in as much as 15 per cent of the forest being chopped down and mulched. But a new kind of seismic survey promises to leave only boot prints in the forest. And that's good news for species such as the threatened [Read more]
Husky Energy boosts dividend for second time following strong Q2 results
CALGARY - Husky Energy Inc. has announced a second dividend increase for 2018, following a two-year period when the company suspended the quarterly payout to shareholders due to weak market conditions. The Calgary-based company's quarterly dividend will be increased to 12.5 cents per share payable Oct. 1, from the 7.5 cents per share it has paid since April when payments resumed for the first time since January 2016. Chief executive Rob Peabody said the higher dividend recognizes [Read more]
N.L. announces agreement to develop deepwater Bay du Nord oil project
ST. JOHN'S, N.L. - Newfoundland and Labrador is one step closer to developing its deepest offshore oil site at Bay du Nord, announcing an agreement with Equinor Canada for a project estimated to deliver its first oil by 2025. Premier Dwight Ball called the project a "new frontier" in the province's oil and gas industry, with an estimated operating cost of $10.9 billion. The remote parcel in the Flemish Pass about 500 kilometres east of St. John's lies in more than 1,100 metres of [Read more]
Cenovus Energy posts $418-million Q2 loss linked to expired hedging contracts
CALGARY - Cenovus Energy Inc. had a $418-million second-quarter loss that was deeper than analysts expected, largely the result of a hedging program that was designed to protect the company from a decline in oil prices. The Calgary-based company's loss amounted to 34 cents per share, including discontinued operations, and compared with a year-earlier profit of $2.62 billion or $2.35 per share. Last year's second quarter included a $1.9-billion gain from the re-valuation of an [Read more]
Suncor cuts oilsands production guidance to reflect Syncrude outage
CALGARY - Suncor Energy Inc. is chopping its 2018 production guidance to account for a lengthy outage at the Syncrude oilsands mine and upgrader, as it reports second-quarter earnings that fell short of analyst expectations. The Calgary-based oilsands giant says it expects its total production this year to reach about 745,000 barrels of oil equivalent per day, down from its earlier estimate of 760,000 boe/d. Oilsands production is now expected to be 422,500 barrels per day, down [Read more]
Oilsands could eventually acidify area size of Germany: study
The largest and most precise study yet done on acid emissions from Alberta's oilsands suggests they could eventually damage an area almost the size of Germany. The study finds that in 2013 more than 330,000 square kilometres in northern Alberta and Saskatchewan absorbed acid deposits high enough to eventually damage life in rivers and lakes. "This work is a warning," said Paul Makar, an Environment Canada scientist and lead author on the paper published in the Journal of [Read more]
MEG Energy director resigns, accuses board of failing its shareholders
CALGARY - A director representing a major shareholder in oilsands producer MEG Energy Corp. says he has resigned because the board is failing to put the interests of the company first. Daniel Farb, a managing director of Boston-based Highfields Capital Management, says positive changes made while he was on the board over the past eight months included selling the company's stake in a pipeline and the retirement of over $1 billion in debt. However, he adds in a news release that [Read more]
PrairieSky results buoyed by strong oil prices despite poor natural gas prices
CALGARY - PrairieSky Royalty Ltd. says strong crude oil prices and volumes in the second quarter allowed it to beat analyst profit expectations despite falling prices and lower production of natural gas. The results offer an early indication of what energy investors can expect as PrairieSky, spun out by Encana Corp. in 2014, is the first publicly-traded oil and gas firm to report on the three months ended June 30. Other companies reporting this week include Suncor Energy Inc., [Read more]
BP Canada gets green light to restart drilling off Nova Scotia coast after spill
HALIFAX - BP Canada has been given the green light to restart drilling operations off the coast of Nova Scotia, a month after the energy giant spilled thousands of litres of drilling mud into the Atlantic Ocean. The Canada-Nova Scotia Offshore Petroleum Board said Monday it gave the company approval to resume drilling operations late Sunday. The energy regulator said the leak was caused by a loose connection in the mud booster line. It said BP has put in place measures to [Read more]
Ottawa fails to secure new buyer for Trans Mountain pipeline by deadline
OTTAWA - The federal government is set to become the official owner of the Trans Mountain pipeline expansion after failing to quickly flip the project to another private-sector buyer. Pipeline owner Kinder Morgan had been working with the government to identify another buyer before July 22. But with that date set to pass without a deal, it was expected the pipeline company will now take Ottawa's $4.5-billion offer to purchase the project to its shareholders. Pending their approval, the [Read more]
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