TORONTO - Canada Pension Plan Investment Board says it and Encino Energy are selling their holdings in an Ohio oil and gas producer for US$5.6 billion including debt. CPP Investments says EOG Resources is the buyer of Encino Acquisition Partners, which CPP Investments and Encino Energy established in 2017 with the aim of building it into a leading buyer of U.S. oil and gas assets. CPP Investments held a 98 per cent stake in Encino Acquisition Partners alongside Encino Energy. Bill [Read more]
Government moves to purge consumer carbon pricing from law
OTTAWA - The federal government has moved to purge consumer carbon pricing from law, effectively putting an end to what was once the keystone of the Liberals' climate policy. Prime Minister Mark Carney ended the consumer carbon price in March in his first official act after being sworn into office. Parliament was not sitting at the time so Carney used regulations to set the price to zero. But the Conservatives claimed Carney would just bring back consumer carbon pricing after the [Read more]
Alberta Energy Regulator fines company $456K for providing misleading, false info
EDMONTON - Alberta's energy regulator has fined a company $456,000 for submitting false or misleading information in its applications for reclamation approval. The regulator says CEPro Energy and Environmental Services submitted five certificate applications in 2023 that were incomplete, while two contained false or misleading information. A decision published by the regulator doesn't specify what information was falsified but says providing misleading information is a major contravention [Read more]
Western premiers agree to develop new economic corridors, call for federal support
YELLOWKNIFE - Canada's western premiers say they've agreed to identify, plan and develop new economic corridors to connect provincial resources to international markets. A joint statement issued Thursday says doing so would boost Canada's market access in Asia and Europe while the country fights a trade war with the United States and China. "Nation-building infrastructure in Western Canada, such as highways, railways, ports, airports, pipelines, nuclear projects and electricity [Read more]
BC Hydro’s challenge: Powering province through surging demand, drought and trade war
VANCOUVER - British Columbia's power utility is facing transformational challenges of drought, rising costs and a trade war with the United States as it works to meet electricity demand that's surging after two decades of relative stability. An expected demand increase of 15 per cent by 2030 is sparking questions about whether BC Hydro is ready, with one former B.C. environment minister saying the province faces a power gap. The Crown utility says it imported a net 13,600 gigawatt hours of [Read more]
Stockwell Day supports Alberta vote on separation, warns it’s dangerous for Tories
OTTAWA - The Alberta separatist movement presents a danger to the federal Conservative party, said former Tory member of Parliament Stockwell Day. "I'll lose friends saying this: — it will only split the vote and only strengthen the Liberal position," he said in an interview from Edmonton. In the most recent federal election, more than 1.4 million Albertans voted for a Conservative candidate and elected 34 of the party's 143 MPs. Day said both an independent Alberta and a separatist [Read more]
Keystone restrictions, market uncertainty weigh on South Bow earnings forecast
CALGARY - Oil shipper South Bow Corp. is lowering the upper end of its 2025 earnings forecast due to market uncertainty and ongoing pressure restrictions on its Keystone pipeline. A segment of the Alberta-to-Texas system ruptured and spilled crude onto North Dakota farmland last month. The Calgary-based company says earnings before interest, taxes, depreciation and amortization are expected to be around US$1.01 billion this year, as earlier predicted. However, its most optimistic [Read more]
Strathcona Resources selling Montney assets for $2.84 billion
CALGARY - Strathcona Resources Ltd. has signed a series of three agreements to sell its assets in the Montney region valued at a total of $2.84 billion. The company says once the deals are complete it will be a pure-play heavy oil company. Strathcona says Arc Resources Ltd. will acquire its Kakwa asset in a deal valued at $1.7 billion, while Tourmaline Oil Corp. will buy its Groundbirch asset for $291.5 million in Tourmaline shares. Strathcona is also selling its Grande Prairie asset in an [Read more]
Eby to visit Japan, South Korea and Malaysia on trade trip to reduce U.S. reliance
VICTORIA - B.C. Premier David Eby says a trade mission to Asia next month will help the province become the "engine of a new Canada," but one economist says B.C. also needs to become more competitive at home. Eby will be visiting Japan, South Korea and Malaysia between June 1 and June 10 as part of a business delegation also including B.C. Agriculture Minister Lana Popham and Paul Choi, parliamentary secretary for Asia-Pacific trade. Eby says the trip is aimed at deepening ties with [Read more]
Parkland-Sunoco deal comes amid fraught U.S.-Canada relations, resource nationalism
CALGARY - Ottawa is weighing the proposed takeover of Calgary-based Parkland Corp. by American fuel distributor Sunoco LP at a time of fraught Canada-U. S. relations and amped-up resource nationalism. The US$9.1-billion friendly deal announced last week is subject to a review under the Investment Canada Act, which considers whether it will be a net benefit to the country and unlikely to harm national security. Parkland sells fuel under the Ultramar, Chevron and Pioneer gas station brands [Read more]
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