CALGARY - The CEO of the company that operates the Toronto Stock Exchange says most of this country's small- and mid-sized companies are unprepared for expected new climate disclosure requirements. Canadian securities regulators are currently considering adopting a new rule that would require publicly traded companies in Canada to disclose to investors a range of information related to climate change and their company's environmental impact. These new rules could include requirements to [Read more]
Coastal GasLink pipeline project 98 percent complete
CALGARY - TC Energy Corp. says its Coastal GasLink pipeline project is 98 percent complete. Coastal GasLink is a 670-kilometre pipeline spanning northern British Columbia that will carry natural gas across the province to the LNG Canada processing and export facility in Kitimat, B.C. TC Energy says the pipeline will be mechanically complete before the end of the year. Earlier this year, the company raised the estimated project price tag for Coastal GasLink to $14.5 billion, up [Read more]
Embattled energy company fights regulator over seizure of thousands of wells
CALGARY - An embattled Calgary energy company is fighting the provincial regulator's decision to seize thousands of its inactive wells. AlphaBow Energy has complained to the Alberta ombudsman and the province's information and privacy commissioner over the Alberta Energy Regulator transferring control of more than 6,000 wells, pipeline segments and other facilities to the Orphan Well Association. Earlier this month, the regulator barred AlphaBow employees from attending any of those sites [Read more]
Smith says despite difficulty with Ottawa, Alberta has allies in Trudeau cabinet
BANFF, Alta. - Alberta Premier Danielle Smith told a business conference on Friday that despite her concerns with the federal Liberal government, there are some cabinet ministers she can work with. Smith has been at odds with federal Environment Minister Steven Guilbeault and Natural Resources Minister Jonathan Wilkinson amid concerns over Ottawa's climate-change policies and transition plan for a net-zero emissions economy. Guilbeault intends to publish draft regulations this fall to cap [Read more]
Regulator yanks thousands of wells from troubled oil company, transfers for cleanup
Alberta's energy regulator has transferred thousands of oil and gas wells and other facilities held by a troubled Calgary company to the group that's responsible for cleaning up poorly maintained or abandoned sites. In an order issued Monday, the regulator has told AlphaBow Energy that it is no longer allowed on the sites it owns and has transferred control to the Orphan Well Association. Regulatory documents show more than 3,000 wells, 2,700 pipeline segments and 350 facilities are [Read more]
Trans Mountain says ‘worst-case’ could see pipeline completion delayed to end of 2024
CALGARY - The Crown corporation behind the Trans Mountain pipeline expansion says it may not complete the project before December 2024 if a regulator does not approve its request for a route deviation. Trans Mountain Corp. says the new time frame is a worst-case scenario that could add close to $86 million in cost overruns to the final project price tag. Trans Mountain Corp. had hoped to have the pipeline in service in early 2024 but has run into engineering difficulties related to the [Read more]
Investors drawn to oil and gas, energy transition, TSX top 30 list shows
CALGARY - Both traditional oil and gas stocks as well as Canada's mining and metals sector have benefited from a recent surge of investor interest in energy, new data from the Toronto Stock Exchange shows. The 2023 TSX 30 list, released by the exchange on Tuesday, is a ranking of the 30 top-performing stocks over a three-year period, based on dividend-adjusted share price performance. This year's ranking is heavily dominated by the oil and gas sector, which make up 50 per cent of the list. [Read more]
TC Energy seeks approval for potential minority interest sale of NGTL system
CALGARY - TC Energy Corp. has applied for regulatory approval for a potential minority interest sale of its Nova Gas Transmission Ltd. (NGTL) system. No transaction has been announced, but the Calgary-based pipeline company says in its application that it wants to complete a restructuring in order to facilitate potential future minority ownership of the system, including possible participation from Indigenous groups. The NGTL system transports natural gas production from Alberta and [Read more]
Trans Mountain pipeline project runs into fresh construction-related hurdle
CALGARY - The Trans Mountain oil pipeline expansion project has run into another construction-related hurdle that could delay its completion. The crown corporation that owns the pipeline has filed for regulatory approval to modify the route of one of the remaining stretches of pipe yet to be completed. In its regulatory filing, Trans Mountain Corp. said it has run into engineering difficulties related to the drilling of a tunnel in B.C. It wants to alter the route slightly for a [Read more]
Suncor has been too focused on energy transition, must get back to fundamentals: CEO
CALGARY - The man hired to turn around the flagging fortunes of Suncor Energy Inc. said Tuesday he believes the company has been too focused in recent years on the energy transition and must get back to an oil-centred business strategy. CEO Rich Kruger, who took the reins at the Calgary-based energy giant this spring, told analysts on a conference call that the company's board of directors agrees with him that a "revised direction and tone" at the company is necessary. He said he believes [Read more]
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