BOE Report

Suncor earnings up on record production, throughput and better prices

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CALGARY - The head of Suncor Energy Inc. (TSX:SU) said Thursday that the company's focus on reliability and cost reduction is paying off in an era of ample oil supplies. "It's clear to us that the industry has moved from one of resource scarcity to one of resource abundance," said company CEO Steve Williams on an earnings conference call. He said oil companies can still thrive in the new reality, but the emphasis has to be on profits rather than simply growth. "This means [Read more]

Canada’s energy regulator says demand for fossil fuels will max out in two years

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OTTAWA - The National Energy Board says Canada's addiction to fossil fuels will peak in two years, but the change won't affect economic growth. For the first time, the board's annual energy futures report says that with climate change policies and growth in clean energy, Canada's consumption of fossil fuels to run cars and heat homes will max out in 2019, start to decline slightly and then flatline over the next two decades. "If you look at our forecasts for the last 10 years, [Read more]

Alberta Energy Regulator OKs Suncor’s plan for managing tailings ponds

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CALGARY - Alberta's energy regulator has approved an oilsands giant's plans to manage its vast tailings ponds despite ongoing concerns about their reliability. "(Opponents) raised concerns with the aquatic closure outcome and uncertainties with the proposed technology," Alberta Energy Regulator said in its decision on Suncor Energy's (TSX:SU) Millennium mine. "The (regulator) shares those concerns." While the regulator has added a series of reporting and monitoring requirements, [Read more]

Husky Energy reports $136M Q3 profit, trims capital spending guidance

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CALGARY - Husky Energy Inc. (TSX:HSE) lowered its capital spending guidance as it reported a profit of $136 million in its latest quarter. The energy company says it has cut its capital spending guidance to $2.2 billion- to $2.3-billion due in part to cost efficiencies. The revised figures compared with expectations earlier this year that it would spend $2.5 billion- to 2.6-billion. Annual production is expected to remain within the 2017 guidance range of 320,000- to [Read more]

Suncor earnings up on record production, throughput and better prices

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CALGARY - Suncor Energy Inc. (TSX:SU) says improved oil prices and record oilsands production helped push up earnings in the third quarter. The Calgary-based energy producer says operating earnings came in at $867 million or $0.52 per share in the quarter ending Sept. 30, compared with $346 million or $0.21 per share for the same quarter last year. Suncor says earnings were also boosted by wider margins between oil and refined product prices, record refinery throughput and sales [Read more]

TransCanada Corp. selling Ontario solar portfolio for $540 million

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CALGARY - TransCanada Corp. is offloading its only solar power holdings in a $540-million deal as it moves against the industry trend of investing more in renewables. The company said Wednesday it was selling the eight facilities in Ontario with 76 megawatts of capacity to a subsidiary of Axium Infrastructure Canada II L.P., with plans to spend the proceeds on its $24 billion in near-term capital projects. The sale leaves TransCanada's renewable portfolio with 365 megawatts of [Read more]

Irving Oil raises cautions about N.B. Liberals throne speech talk of carbon plan

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FREDERICTON - Irving Oil says any New Brunswick carbon plan needs to allow the province's businesses to remain competitive. Premier Brian Gallant's government announced in Tuesday's throne speech that his Liberal government would bring in carbon pricing that helps combat climate change. The premier says the pricing model will minimize the impact on consumers while calling on industry to reduce emissions or pay its fair share. In a statement sent to The Canadian Press, [Read more]

Suncor Energy applies to AER for approval of Meadow Creek West project

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EDMONTON - Suncor Energy (TSX:SU) has applied to the Alberta Energy Regulator for approval of its Meadow Creek West project. According to the AER, the project would recover 6,359 cubic metres per day (40 000 barrels per day) from the McMurray Formation using steam-assisted gravity drainage technology. The project would include a central processing facility with associated facilities, cogeneration facilities, thermal injection wells, production wells, water source wells, disposal [Read more]

Dandelions found in oilsands tailings could help clean them up: researchers

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It wasn't much of a bouquet — just a single lonely dandelion. But it had been plucked from the middle of a barren stretch of oilsands coarse tailings. University of Saskatchewan biologist Susan Kaminskyj knew right away that made it something special. "I was really excited," she said. "Plants that grow in extreme environments very seldom do it by themselves." It took her about two weeks to find out what was helping the dandelion survive the harsh, acidic, water-repelling [Read more]

Contractor killed at Suncor Energy mining site north of Fort McMurray

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FORT MCMURRAY, Alta. - A contract worker died Friday at Suncor Energy's Millennium oilsands mine north of Fort McMurray. Alberta labour spokesman Trent Bancarz said the man in his 30s was digging a trench when he was buried. His name was not released The man was employed by Aecon (TSX:ARE) Mining, which said it was deeply saddened and had put its work at the oilsands mine on hold. Suncor (TSX:SU) spokeswoman Sneh Setal said the worker died at the site. She [Read more]