BOE Report

Canada’s economy contracts in May even as some sectors rebound from tariffs

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OTTAWA - Canada's economy contracted for a second straight month in May even as some sectors held up in the face of U.S. tariffs. Real gross domestic product fell 0.1 per cent in May, Statistics Canada said Thursday, matching the decline in April. The agency said goods-producing sectors were to blame for the drop, particularly in mining, quarrying and oil and gas extraction. RBC pointed to wildfires in the Prairies temporarily dragging down oil and gas activity. Marc Ercolao, an [Read more]

TC Energy positioning to capitalize on rising natural gas demand

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TC Energy Corp. says it sees rising demand for natural gas pipelines in the future as it reported an increase in second-quarter profit from a year earlier, despite a complex macroeconomic backdrop. The Calgary-based pipeline operator said Thursday that as earnings grow in the short-term, it's also positioning itself for rising demand for natural gas. "Electrification, coal-to-gas conversions, and the rise of AI and data centres are accelerating the need for reliable, low emission base load [Read more]

‘Canada will win’ race to bring LNG to Asian markets, B.C. Premier David Eby says

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KITAMAAT VILLAGE - British Columbia Premier David Eby says Canadian values will help the country "win this race" to deliver liquefied natural gas to Asian markets, even as U.S. President Donald Trump sets his sights on developing the industry in Alaska. Eby told a news conference on Tuesday that Canada is a reliable partner, which can deliver the fuel to Asia in a direct, affordable way, while Trump has been "insulting and demeaning" towards other countries and insists his only concern is [Read more]

Cenovus floated as potential competing bidder for hostile takeover target MEG Energy

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CALGARY - Oilsands giant Cenovus Energy Corp. has been cited by industry watchers as one of the potential competing bidders for MEG Energy Corp., which has spurned an unsolicited offer from Strathcona Resources Ltd. and launched a formal review of alternative options. MEG and Cenovus have neighbouring flagship oilsands projects south of Fort McMurray, Alta., at Christina Lake that use steam wells to draw the bitumen from underground. So from an operational perspective, it would make sense for [Read more]

Whitecap expects production to come in at high end of forecast range after Veren deal

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CALGARY - Whitecap Resources Inc. says it's made good progress toward integrating the people and assets it acquired through its combination with Veren Inc. this spring. The deal closed in mid-May and chief executive Grant Fagerheim says there have been "plenty of early wins" on cutting corporate costs and improving Whitecap's credit profile. Whitecap says it expects production this year to come in at the high end of its forecast range of between 295,000 and 300,000 barrels of oil [Read more]

Whitecap, fresh off Veren deal, reports higher production in Q2

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CALGARY - Whitecap Resources Inc., fresh off its $15-billion combination with Veren Inc., has reported higher revenues and oil and gas production in its latest quarterly results. The Calgary-based oil and gas producer says net income was $310.6 million for the three months ended June 30, up from $244.5 million during the same 2024 quarter. That amounted to 33 cents per diluted share compared with 41 cents per share a year earlier. Petroleum and natural gas revenues were $1.37 billion, [Read more]

Prime Minister Carney to update premiers on U.S. trade talks as Aug. 1 deadline looms

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HUNTSVILLE, ONTARIO, CANADA - Prime Minister Mark Carney says he'll update the premiers on the state of trade negotiations with the U.S. as they meet this morning in Ontario's cottage country. He says Canada-U.S. Trade Minister Dominic LeBlanc will be in Washington, D.C., over the next few days and "we are only going to accept the best deal for Canada." The premiers are gathered to talk about eliminating internal trade barriers and U.S. President Donald Trump's threat to impose 35 per cent [Read more]

Enbridge to invest US$900 million on solar project supporting Meta’s data centres

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CALGARY - Enbridge Inc. says it will invest US$900 million on a 600-megawatt solar project that will support Meta Platforms, Inc.'s data centre operations. The Calgary-based pipeline company says construction is underway for the project dubbed Clear Fork, located near San Antonio, Texas. Service at the facility is expected to begin during the summer of 2027. Meta, which owns social media and messaging platforms such as Facebook, Instagram and WhatsApp, has signed a long-term contract [Read more]

Oilfield service group says relief from counter-tariffs on U.S. sand ‘fantastic news’

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CALGARY - The federal government is offering Canadian oil and gas drillers counter-tariff reprieve on the vast amounts of sand they import from the United States.  The sand is used in the hydraulic fracturing — or fracking — process to help free resources trapped in hard-to-access shale formations deep underground.  It's among the imported U.S. goods on which Canada has imposed a surcharge in retaliation for President Donald Trump's flurry of tariffs.  Sand from Wisconsin meets [Read more]

Schlumberger to sell ChampionX subsidiary in deal with Competition Bureau

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GATINEAU - The Competition Bureau says Schlumberger Ltd. has agreed to sell a subsidiary of ChampionX Corp. as part of its deal to buy the oilfield services company. The competition regulator says Schlumberger's acquisition of ChampionX would likely result in a substantial reduction in competition in the supply of critical oilfield services and equipment in Canada. Its review found the deal would likely lead to reduced innovation and access to products used in drill bits for oil and gas [Read more]