CALGARY - The federal Liberals are proposing a $2-billion fund to help workers in oil-producing provinces transition to a greener economy. The Liberals say they will partner with workers and communities in Alberta, Saskatchewan and Newfoundland and Labrador to create jobs. They will help workers upgrade their skills and train for new careers in lower-carbon sectors. The Alberta Federation of Labour supports the plan. It says thousands of oil and gas jobs have been lost in recent years due [Read more]
‘Social movement’: Alberta’s energy ‘war room’ planning broad new ad campaign
EDMONTON - Alberta's Canadian Energy Centre appears ready to be vocal again, planning a new campaign to "change perceptions" about the province's oil and gas industry and build what it's calling a social movement in its support. One year after the province's United Conservative government ended the controversial agency's outreach during the COVID-19 pandemic, the so-called "war room" has put out a request for proposals on how to change the values and attitudes held by people in Eastern Canada [Read more]
Brookfield Infrastructure extends Inter Pipeline takeover offer to Aug. 20
CALGARY - Brookfield Infrastructure Partners LP has extended its takeover offer for Inter Pipeline Ltd. to Aug. 20. The company has offered $20 in cash or 0.25 of a class A exchangeable subordinated voting share of Brookfield Infrastructure per Inter Pipeline share, with a limit on the number of Brookfield Infrastructure shares available. The Inter Pipeline board has recommended shareholders accept the offer. Pembina Pipeline Corp. terminated its offer for the company after the Inter [Read more]
Imperial Oil earns $366 million; Kearl oilsands site sets 25-year production record
CALGARY - Imperial Oil Ltd. says it earned $366 million in the second quarter and boosted production to its highest level in 25 years for the same period. The Calgary-based company says it earned 50 cents per share in the three months ended June 30, compared with a net loss of $526 million or 72 cents per share in the same period of 2020. However, its second quarter earnings declined from the first quarter of 2021, when it earned $758 million. Its cash flow from operating activities in the [Read more]
Inter Pipeline board recommends shareholders support revised Brookfield offer
CALGARY - Inter Pipeline Ltd. says its board of directors is recommending shareholders accept a $16-billion takeover offer by Brookfield Infrastructure Partners LLP. The Calgary-based company says Brookfield's revised offer filed July 19 represents a 21 per cent increase over its previous offer filed June 2. Brookfield is offering $19.75 per share, up from its earlier proposal valued at $16.50 per share. On Monday, Pembina Pipeline Corp. announced it had terminated its own rival offer for [Read more]
Brookfield confident in offer for Inter Pipeline after Pembina terminates rival bid
CALGARY - Brookfield Infrastructure Partners LLP said it's confident its hostile bid for Calgary-based Inter Pipeline will be successful now that Pembina Pipeline Corp. has terminated its own rival offer. Brookfield's $16-billion offer is now "the sole transaction on the table" for Inter Pipeline shareholders and any delay in accepting it would not be in shareholders' best interests, Brookfield spokeswoman Claire Holland said. "We believe Inter Pipeline's board made the right decision," [Read more]
Pembina to pocket $350 million after terminating acquisition of Inter Pipeline
CALGARY - Pembina Pipeline Corp. will pocket a $350-million break fee after terminating its acquisition of Inter Pipeline Ltd. The move follows Inter Pipeline's board advising that it would no longer recommend that shareholders support the deal after rival Brookfield Infrastructure Partners LP upped its hostile takeover bid for the Calgary-based Inter Pipeline. Inter Pipeline had resisted Brookfield's bid after signing a friendly all-stock deal to be bought by Pembina that would have seen [Read more]
MEG Energy boosts 2021 production guidance on strong six months and Q2 profits
CALGARY - MEG Energy Corp. boosted its full-year production guidance after reporting $68 million in net profits in the second quarter on a near doubling of revenues. The Calgary-based company earned 22 cents per diluted share, up from a loss of three cents per share of $9 million in the prior year. Revenues for the three months ended June 30 were a little more than $1 billion, up from $533 million in the second quarter of 2020. MEG was expected to earn 12 cents per share on $846.4 [Read more]
Advisory firm urges shareholders to support Brookfield’s bid for Inter Pipeline
CALGARY - Prominent shareholder advisory firm ISS is recommending Inter Pipeline investors reject the company's proposed sale to Pembina Pipeline Corp. ISS instead says investors should support a hostile takeover bid by Brookfield Infrastructure LLP. Brookfield raised its offer for Calgary-based Inter Pipeline last week. The Toronto-based company is now offering $20 in cash or 0.25 of a Brookfield Infrastructure share for each Inter Pipeline share. The deal is valued at $16 billion, including [Read more]
First Nation, LNG partners file project description for new project in northern B.C.
CALGARY - A northern B.C. First Nation and two liquefied natural gas companies have filed notice with regulators for a new LNG partnership in the province. A Calgary-based group of LNG companies called Rockies LNG and the Texas-based Western LNG say the project in the Nisga'a Nation would produce 12 million tons of LNG per year. The project, called Ksi Lisims LNG after the Nisga'a name for the Nass River, is being touted as a low-cost source of LNG, which will also serve to economically [Read more]
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