CALGARY - Alberta’s finance minister is set to deliver the final bottom line number today on last year’s provincial budget. Nate Horner’s new figure will close the books on the budget for the fiscal year that ended in March. That budget was last forecast to come in with a nearly $6-billion surplus. Alberta’s new budget year is now a few months old, but its expected bottom line number is deep in the red. This budget, introduced by Horner in February, predicts Alberta will register a [Read more]
Major projects: How Bill C-5 works and why it alarms its critics
OTTAWA - Parliament has passed controversial major projects legislation that Prime Minister Mark Carney says Canada needs to shore up its economy in the face of a trade war with the United States. Bill C-5 gives the federal government sweeping new powers to speed up permitting for what the Liberals call "nation-building projects." The legislation's opponents have attacked the legislation as a massive power grab. Here's what's C-5 does and what people are saying about it. What problem is [Read more]
Enbridge says it would pitch new Alberta-B.C. pipeline only under right conditions
CALGARY - Canada's biggest crude oil shipper says a lot needs to happen before it would propose a new pipeline to the West Coast. Alberta Premier Danielle Smith has said she wants to see a pipeline running from her province to the Port of Prince Rupert, B.C., so that more oilsands crude can be exported to Asia by tanker. She told a news conference Tuesday that the province has been in "active conversations" with pipeline companies and is "pretty close" to having a one or more come forward [Read more]
Parkland shareholders approve Sunoco takeover, management board slate
CALGARY - Fuel refiner and retailer Parkland Corp. says shareholders have voted in favour of its planned takeover by U.S. company Sunoco LP. At a special meeting, shareholders also voted in support of the director nominees that Parkland's management put forward, drawing an end to a bitter proxy fight with an activist investor seeking a board overhaul. Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries and a refinery in [Read more]
S&P Global revises oilsands outlook upward despite crude market volatility
CALGARY - S&P Global Commodity Insights says oilsands output is forecast to rise by half a million barrels from last year's levels by the end of the decade. That would mark a three per cent increase from S&P's previous 10-year outlook for the sector and would be the fourth upward revision in a row. Chief Canadian oil analyst Kevin Birn says the change in trajectory, even during volatile times, reflects how producers are working to improve efficiency from existing [Read more]
Review of fossil fuel subsidies stalls as Argentina ceased communication with Canada
OTTAWA - A peer review of fossil fuel subsidies between Canada and Argentina — already years behind schedule — stalled after Argentina ceased communication following its 2023 election and subsequent change in government. The review was first launched in 2018 as part of a G20 commitment to eliminate all "inefficient" subsides to the fossil fuel sector. It was only supposed to take about two years to complete. But it was clear as early as 2019 that it would be behind schedule and it now [Read more]
The Strait of Hormuz is a vital route for oil. Closing it could backfire on Iran
The war between Israel and Iran has raised concerns that Iran could retaliate by trying to close the Strait of Hormuz, the world's most important oil chokepoint due to the large volumes of crude that pass through it every day. The U.S. military’s strike on three sites in Iran over the weekend has raised questions about how its military might respond. The Strait of Hormuz is between Oman and Iran, which boasts a fleet of fast-attack boats and thousands of naval mines as well as missiles [Read more]
Competition Bureau reaches deal with Canadian Natural Resources over gas processing
OTTAWA - The Competition Bureau says Canadian Natural Resources Ltd. has agreed to sell 75 per cent of its interest in its Seiu Lake natural gas processing plant to address competition concerns related to its proposed acquisition of Schlumberger N.V.’s (SLB) interest in the Palliser Block joint venture. Under a consent agreement with the regulator, Canadian Natural will sell a majority interest in the plant to North 40 Resources Inc., an oil and natural gas exploration company operating in [Read more]
Strathcona defends unsolicited takeover offer for oilsands peer MEG Energy
CALGARY - Strathcona Resources Ltd. says MEG Energy Corp. has made errors and misleading statements in its justifications for rejecting its unsolicited takeover bid. Last month, Strathcona made a cash-and-stock offer to buy all of the MEG shares it does not already own, and MEG shares have consistently been trading higher than the implied offer price. Earlier this week, MEG urged shareholders to reject the bid, in part because it says combining with Strathcona would expose shareholders to [Read more]
CAPP survey shows oilpatch spends billions on Indigenous-affiliated businesses
CALGARY - A survey commissioned by the Canadian Association of Petroleum Producers shows oil and gas companies spent more than $14 billion procuring goods and services from Indigenous-affiliated businesses between 2021 and 2023. Data science firm iTOTEM Analytics collected numbers from 12 members of the industry advocacy group that together represent half of Alberta's oil and natural gas production. The report says during the three-year period, almost 18 per cent of the industry's supply [Read more]
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