MONTREAL - Senior federal officials touted a proposed liquefied natural gas facility in Quebec as having the potential to export “substantial volumes” of LNG to Europe, documents show. The revelation appears in a federal briefing note prepared in May after Marinvest Energy Canada, a subsidiary of a Norwegian energy company, requested a meeting with the top bureaucrat at the federal Natural Resources Department to discuss its plans. Although a company representative said a lower-level [Read more]
Alberta Premier Danielle Smith set to make major energy industry announcement
CALGARY, ALBERTA, CANADA - Alberta Premier Danielle Smith is set to reveal today a new project to strengthen national energy development. Smith will be in Calgary for the announcement. Alberta Energy Minister Brian Jean and Rajan Sawhney, the minister in charge of Indigenous relations, will also be on hand as will the head of Cenovus Energy. Smith has said energy infrastructure such as pipelines are critical to her province’s long-term fiscal sustainability along with being vital to [Read more]
Imperial job cuts come amid wider tech-enabled efficiency push in energy industry
CALGARY - Imperial Oil's plans to cut 20 per cent of its workforce by the end of 2027 comes as part of a wider trend of industry job cuts as producers look to boost efficiencies amid lower oil prices and the availability of new technology. The company says the reductions, numbering about 1,000 based on an employee count of 5,100 as of the end of last year, comes at it looks to use technology to maximize the value of its existing assets. The cuts follow Cenovus Energy Inc. confirming [Read more]
Canadian energy minister disappointed by Imperial Oil’s planned layoffs
EDMONTON - Canada's energy minister says he's disappointed with Imperial Oil's plan to lay off 20 per cent of its workforce by 2027. Tim Hodgson says he's working to understand what went into the company's decision and that the government will explore ways to support the workers losing their jobs. Calgary-based Imperial says the cuts are part of a restructuring plan and would save the company about $150 million annually. Company chairman John Whelan says the restructuring and layoffs [Read more]
ISS offers ‘cautionary support’ to Cenovus takeover offer for MEG Energy
CALGARY - Proxy advisory firm Institutional Shareholder Services is recommending "cautionary support" for MEG Energy's plan to be acquired by oilsands giant Cenovus Energy. ISS says in a report that shareholders in MEG find themselves in a dilemma because the Cenovus offer is "neither compelling nor opportunistic," but it's uncertain if a better bid will come. Cenovus made its friendly offer after MEG spurned a hostile one from fellow oilsands producer Strathcona [Read more]
Economic growth in July could give way to stall in August: StatCan
OTTAWA - The Canadian economy grew in July but any momentum may have been short lived, Statistics Canada said Friday. Real gross domestic product grew 0.2 per cent in July, marking the first signs of growth in four months. Real GDP declined 1.6 per cent on an annualized basis in the second quarter. The growth in July was a bit faster than economists' expectations heading into the release. Statistics Canada said the growth in July was driven by goods-producing industries, which grew 0.6 [Read more]
Tariffs, government spending, gas prices — what’s driving inflation right now?
OTTAWA - MPs returned to the House of Commons earlier this month to confront an old problem — inflation — which is now being driven by new forces. Many consumers are still reeling from the decades-high inflation levels seen in the post-pandemic recovery period, when prices for housing, fuel and groceries all surged. But the factors shaping inflation today are different from the ones in play when the lockdowns ended, and MPs and the Bank of Canada are now grappling with the impact of [Read more]
Parkland, Sunoco clear key U.S. regulatory hurdle for acquisition
CALGARY - Parkland Corp. and Sunoco LP say they have cleared a key U.S. antitrust hurdle in a US$9.1-billion deal that would see the U.S. fuel distribution giant buy the Calgary-based refiner and retailer. The two companies say the waiting period has expired under the Hart-Scott-Rodino Act, satisfying one regulatory approval that's needed for the deal to close. Under the act, companies planning to merge can't complete certain integration activities until authorities determine the deal will [Read more]
Black Diamond Group buying Royal Camp Services for $165 million
CALGARY - Workforce housing company Black Diamond Group Ltd. has signed a deal to buy Royal Camp Services Ltd. for $165 million. Royal Camp offers remote accommodation and catering in Western Canada. Summit Camps, a wholly owned subsidiary, provides camp services in remote regions, primarily in British Columbia and the Yukon, while Royal Camp also has a partnership with Primco Dene of the Cold Lake First Nations. Black Diamond says the combined company will have nearly 12,000 rooms of [Read more]
Cenovus Energy makes case for MEG Energy offer over bid by Strathcona Resources
CALGARY - Cenovus Energy Inc. says its cash-and-stock bid for MEG Energy Corp. offers a premium valuation and certainty over a rival all-stock offer for the oilsands company by Strathcona Resources Ltd. In a presentation advocating for its friendly deal, Cenovus says it brings scale, experience and technology to capture meaningful synergies with MEG. It argues the Strathcona deal carries significant downside risk if that company's shares drop once the deal is complete. The MEG board has [Read more]
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