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]
Energy, trade investments ‘imperative’ in rocky times: Canada Infrastructure Bank CEO
The head of the Canada Infrastructure Bank says the power and export-enabling projects the Crown corporation backs are more crucial than ever as trade tumult intensifies with the United States. “In the face of lots of uncertainty, the one thing you can know is that we're going to need that electricity, energy and trade infrastructure in the future even more," said Ehren Cory. “It’s an imperative and it’s been an imperative for a while.” Cory's comments come against the backdrop of U.S. [Read more]
MEG Energy says half of oil sales free from tariffs thanks to global market access
CALGARY - More than half of MEG Energy Corp.'s oil sales would be free from potential U.S. tariffs thanks to the diverse market access options it has lined up, a company executive says. The Calgary-based oilsands producer has the ability to access global markets via Canada's West Coast through the Trans Mountain pipeline, as well as via the U.S Gulf Coast. Erik Alson, MEG's senior vice-president of marketing, said exports to customers abroad via the Gulf of Mexico were at around 10 to 20 [Read more]
Pembina Pipeline boss: tariff threats making Canadians more open to energy projects
CALGARY - U.S. tariff threats are making politicians and the general public more receptive to Canadian energy infrastructure projects, the chief executive of Pembina Pipeline Corp. says. "Hopefully with what’s happening, it will be obvious to the country that these projects need to get built and so we think that there’s definitely positive tailwinds," Scott Burrows said Friday on a conference call with analysts to discuss his company's latest results. "You’re not going to see anything in [Read more]
Trial begins in Texas pipeline company’s $300M lawsuit against Greenpeace
MANDAN, N.D. (AP) — An attorney for a Texas pipeline company said Wednesday that he will prove various Greenpeace entities coordinated delays and disruptions of a controversial oil pipeline's construction in North Dakota, and defamed the company to its lenders. Attorneys for the Greenpeace defendants told a jury there is no evidence to back up the claims by Dallas-based Energy Transfer, which seeks potentially hundreds of millions of dollars in damages from Greenpeace. The case is tied to [Read more]
Keystone XL redux? Trump says he wants defunct oil pipeline back from the dead
CALGARY - U.S. President Donald Trump says he'd like to see the Keystone XL pipeline brought back from the dead, garnering an enthusiastic reception from Alberta's premier but a tepid one from the company spun off from its erstwhile proponent. Trump posted on his Truth Social platform Monday that the Biden administration "viciously jettisoned" the pipeline expansion that would have sent more oilsands crude to the U.S. Gulf Coast and that he wants to see it built. He wrote that if the [Read more]
Tariff talk: What corporate Canada is saying during earnings season
As companies report their earnings for the latest quarter, they’ve fielded question after question from analysts about how they’re preparing for potential tariffs from the U.S. President Donald Trump has threatened sweeping tariffs on imports coming from Canada, and Ottawa has said it will retaliate with tariffs of its own if that happens. The two sides are nearing the end of a truce on the duties, and it’s unclear what will happen in the coming weeks. Here's a look at what corporate [Read more]
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