CALGARY - A shareholder in Parkland Corp. is demanding a board shakeup at the Calgary-based fuel refiner and retailer. Engine Capital LP, which owns 2.5 per cent of Parkland's shares, says the current board cannot be trusted to represent investors' best interests. Engine, along with major shareholder Simpson Oil, had been calling on Parkland to make major changes and weigh strategic alternatives, including selling the entire company. Parkland rebuffed that demand until earlier this [Read more]
CEO of Calgary oilfield services provider Calfrac suddenly resigns
CALGARY - The chief executive of oilfield services provider Calfrac Well Services has abruptly resigned a day after the company reported a quarterly loss. Calgary-based Calfrac says Pat Powell has also resigned from the board of directors and the company is looking for a permanent replacement. In a news release, Calfrac did not provide a reason for Powell's departure, but thanked him for his contributions and wished him well in the future. In the company's quarterly earnings release on [Read more]
Tariff war forcing N.B. to cut trade barriers, go into deficit in next week’s budget
FREDERICTON - Nearly seven years after the New Brunswick government went to the Supreme Court to prevent the free movement of alcohol across the country, Premier Susan Holt says the tariff war with the United States is forcing the province to rethink its approach to trade. Holt's government is set to table legislation soon that would allow New Brunswick companies to sell alcohol directly to consumers in other provinces, and permit New Brunswickers to transport spirits across provincial [Read more]
Alberta government says premier in talks with potential overseas heavy oil buyer
CALGARY - The Alberta government says Premier Danielle Smith has been in talks with a multinational oil and petrochemical player about selling two million barrels per month of province-owned heavy oil. It said in a news release that there was a meeting on Monday, but it did not identify the company or say what part of the world it is based in. The province has announced it will collect bitumen royalties in the form of the heavy oil itself, as opposed to cash, which Alberta's arm's-length [Read more]
Port of Vancouver reaches record cargo volumes in 2024, as crude oil exports soar
The Port of Vancouver moved a record amount of goods through its gates last year, an increase driven partly by surging oil exports made possible by the Trans Mountain Pipeline. The Vancouver Fraser Port Authority says total freight at the country's largest port grew five per cent year-over-year to reach 158 million tonnes in 2024. It says crude oil exports climbed more than 500 per cent thanks to the Trans Mountain Pipeline expansion that began operations last May. Container traffic [Read more]
Motion by Nova Scotia premier to condemn anti-pipeline politicians in Canada fails
HALIFAX - Nova Scotia Premier Tim Houston has failed to get unanimous consent in the legislature to a resolution calling on the federal government to condemn any national political leader who opposes energy infrastructure projects amid the trade war with the United States. Houston singled out Bloc Québécois Leader Yves-Francois Blanchet, who last month said he was “fiercely opposed” to potential energy pipelines through Quebec. Houston's resolution says Blanchet’s position undermines “both [Read more]
South Bow says tariffs could create challenges in its marketing segment
CALGARY - South Bow Corp., the oil pipeline operator spun off from TC Energy Corp. last year, says its marketing segment could come under pressure if a 10 per cent tariff on U.S. energy exports persists. The Calgary-based company says the levy imposed this week, and Canadian counter tariffs against the U.S., have caused volatility in the price difference between heavy Canadian and light U.S. crude prices. South Bow says it has cut its 2025 outlook for normalized earnings before interest, [Read more]
Adversaries see opportunities to exploit ‘strategically valuable’ Arctic, CSIS says
OTTAWA - Canada's spy agency warns that colliding global developments make the Arctic an "attractive, strategic and vulnerable destination" for foreign adversaries seeking to establish a presence in Canada. A newly released Canadian Security Intelligence Service assessment flags the environment, critical infrastructure, economic activity and geopolitics as converging factors making the region susceptible to threats from abroad. It sees resource extraction projects, increasing ship traffic, [Read more]
Tariffs on Canadian crude to drive up pump prices in U.S., analyst says
CALGARY - Motorists in some U.S. regions can expect to take a hit at the pump thanks to tariffs on Canadian oil imports, a gas price analyst says, as President Donald Trump has pressed ahead with a 10 per cent levy on energy. The northeastern United States can expect to see the quickest and biggest pump price increases, as much of that region's fuel comes directly from the Irving Oil refinery in Saint John, N.B., GasBuddy's Patrick De Haan wrote in a blog post Tuesday. "By mid-March 2025, [Read more]
Low energy prices sting Aramco profits and squeeze Saudi development plans
DUBAI, United Arab Emirates (AP) — Saudi Arabia's state-owned oil giant Aramco reported a $106.25 billion profit in 2024 on Tuesday, down 12% from the prior year as lower energy prices now squeeze the kingdom's multi-trillion-dollar development plans. Already, Saudi's de facto ruler Crown Prince Mohammed bin Salman has been digging a straight-line city in the desert for his $500 billion project at NEOM in Saudi Arabia’s western desert on the Red Sea. He also will need to build tens of [Read more]
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