CALGARY - TC Energy Corp. says it earned $358 million in its first quarter compared with a loss of $1.06 billion in the same quarter last year when it took a charge related to the cancellation of its controversial Keystone XL project. The pipeline company says the profit amounted to 36 cents per share for the quarter ended March 31 compared with a loss of $1.11 per share in the first three months of 2021. Revenue for three-month period totalled $3.5 billion, up from $3.38 billion a year [Read more]
Cenovus Energy reports $1.6B first-quarter profit, triples dividend
CALGARY - Cenovus Energy Inc. tripled its dividend as it reported a first-quarter profit of $1.6 billion. The company says its base dividend will increase to 42 cents per share from 14 cents a year and will continue to be declared and paid quarterly. Cenovus says it will also return cash to shareholders though share buybacks and or variable dividends depending on its excess free funds and the level of its debt. The increased payments to shareholders came as the company said it earned 81 [Read more]
Energy transition will be challenging in era of public protests, regulatory hurdles
CALGARY - From carbon capture and hydrogen development to the accelerated rollout of wind and solar power and rapid electrification of transportation systems, the federal government has laid out an ambitious roadmap to get Canada to its climate target of cutting emissions by 40 per cent below 2005 levels by 2030, and net-zero emissions by 2050. But overhauling this country's entire energy infrastructure in a short amount of time represents an unprecedented technical challenge that will cost [Read more]
ATCO Electric agrees to $31 million penalty following regulator’s investigation
EDMONTON - Regulated utility ATCO Electric has agreed to pay a $31 million administrative penalty after an Alberta Utilities Commission investigation found it deliberately overpaid a First Nation group for work on a new transmission line, and then failed to disclose the reasons for it when it applied to be reimbursed by ratepayers for the extra cost. An agreed statement of facts contained in a settlement agreement between ATCO Electric Ltd. and the commission's enforcement staff says the [Read more]
U.S. senator backs Kenney in energy security partnership
CALGARY - A high-profile United States senator is backing Alberta Premier Jason Kenney in pushing for more North American oil to supplant Russian supplies during the invasion of Ukraine. West Virginia Sen. Joe Manchin, a key Democratic vote in the evenly divided Senate, says it's vital for the U.S. and Canada to be partners in energy security to support global demand. Kenney says Manchin's visit to Alberta helps raise the profile of the province's resources and fosters greater [Read more]
‘May not align:’ Guilbeault pens letter to Suncor over mine expansion GHGs
Federal Environment Minister Steven Guilbeault is warning Canada's biggest oilsands producer that its planned mine expansion may not meet climate targets. In a letter to the head of Suncor Energy Inc., Mark Little, Guilbeault says the amount of greenhouse gases that would be released by the company's proposed Base Mine expansion "may not align" with the government's carbon-reduction goals. Guilbeault says the expansion would likely cause unacceptable environmental effects. He says the [Read more]
Railing against soaring gas prices, Republicans in Congress cite Keystone XL decision
WASHINGTON - Republicans are resurrecting the long-dead Keystone XL pipeline expansion in an effort to blame President Joe Biden for soaring gasoline prices. The controversial cross-border project, cancelled by Biden on his first day in office, is playing a prominent role in a congressional hearing on Capitol Hill. Former national security adviser H.R. McMaster says that decision is proving a costly one in the wake of Russia's invasion of Ukraine. McMaster tells members of the House [Read more]
Cenovus to end oil price hedging; program lost $970 million in first quarter
CALGARY - Cenovus Energy Inc. is suspending its practice of crude oil price hedging and warning that it expects steep losses on its existing risk management program in its first quarter. The company is one of several oil producers that uses a hedging strategy in order to protect itself against sudden price drops. But in recent months, the benchmark West Texas Intermediate has surged, making hedging a losing game. Cenovus says it expects to post a realized loss of about $970 million on [Read more]
Biden planning to tap oil reserve to control gas prices
WASHINGTON (AP) — President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, or 180 million barrels of oil over a period of several months from the U.S. Strategic Petroleum Reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine The announcement could come as soon [Read more]
Carbon capture tax credit a divisive topic; opinions split over potential benefits
CALGARY - A new carbon capture and storage tax credit expected to be unveiled in the federal budget next week is spurring public debate. Some environmental organizations are calling on the Trudeau government to scrap its pledged tax credit. They say funding carbon capture and storage projects is another way of subsidizing the oil and gas industry. But Ottawa says increased use of carbon capture technology is necessary if Canada is to have any hope of meeting its net zero goals. Carbon [Read more]
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