CALGARY - Cenovus Energy Inc. reported a profit of $220 million in its latest quarter compared with a loss of $1.8 billion a year ago. The energy company says the profit amounted to 10 cents per share for the quarter ended March 31 compared with a loss of $1.46 per share in the first three months of 2020. Revenue totalled $9.15 billion, up from $3.96 billion in the same quarter last year before the company acquired Husky Energy Inc. Upstream production was 769,254 barrels of oil [Read more]
Alberta eases security payment burden for oilsands companies
EDMONTON - Alberta is changing how it calculates the payments oilsands mines make to ensure there's enough money to clean up the mess they leave behind. The province says the decision is in reaction to low oil prices last year, which briefly reached negative values. Lisa Fairweather of Alberta Environment says keeping the old program would have cost the industry billions of extra dollars, even though the environmental risk of the mines hasn't changed. She says today's move is temporary [Read more]
Line 3 and Line 5 pipelines in U.S. ‘absolutely critical,’ says Enbridge CEO
CALGARY - The CEO of Enbridge Inc. says the company's Line 3 and Line 5 pipelines in the United States are "absolutely critical" as each faces ongoing hurdles thrown up by environmental, political, and other opponents. During the Calgary-based energy infrastructure company's annual general meeting on Wednesday, Al Monaco said Enbridge must continue to fight for those pipelines for its benefit as well as the benefit of the shippers who move products on them and the consumers who need those [Read more]
Imperial Oil shareholders defeat shareholder motion to set net-zero emission target
CALGARY - Imperial Oil Ltd. investors have voted 86 per cent to defeat a shareholder resolution that it adopt a target to achieve net-zero carbon emissions by 2050. But the vote held during the Calgary-based company's virtual annual meeting exposes a rift between its parent, U.S. giant Exxon Mobil Corp., which owns 69.6 per cent of Imperial, and its other shareholders, as the company noted 58 per cent of the shares not held by Exxon were voted in favour of the resolution. Aequo Shareholder [Read more]
ConocoPhillips selling its shares in Cenovus
CALGARY - ConocoPhillips plans to sell its roughly 10 per cent stake in Cenovus Energy Inc. as part of a plan to pay for a repurchase of its own shares. The U.S. energy company acquired shares in Cenovus in 2017 when the Calgary-based company bought some oilsands operations and natural gas assets from ConocoPhillips. Cenovus paid $17.7 billion in that deal, including $14.1 billion in cash and 208 million shares. ConocoPhillips announced the plan to sell the shares as it reported its [Read more]
Suncor delays maintenance project as COVID-19 cases plague Fort McMurray area
CALGARY - Suncor Energy Inc. will delay a planned maintenance shutdown at its Base Plant oilsands mine upgrader in view of surging COVID-19 outbreaks that led to a state of emergency being declared last week for the Fort McMurray area of northern Alberta. CEO Mark Little says the delay of the maintenance "turnaround" for one of the coker units in the upgrader will allow the company to reduce the number of contractors in the region until after similar work now underway at the nearby Syncrude [Read more]
Trans Mountain pipeline operator wins fight to avoid naming its insurance companies
CALGARY - The Canada Energy Regulator says it has decided to grant a request by the operator of the Trans Mountain pipeline to protect the identity of its insurers in its regulatory filings. In a ruling, the federal regulator says it accepts Trans Mountain’s argument that identifying its insurers could be expected to make it harder to get insurance at a reasonable price and prejudice its competitive position. It says the decision applies only to the existing pipeline, not its expansion [Read more]
Brookfield Infrastructure says takeover target Inter Pipeline denying data access
CALGARY - In the latest shot fired in the battle for Inter Pipeline Ltd., Brookfield Infrastructure Partners LP charges it hasn't been granted access to its target's data room despite its hostile takeover offer made in February and "clear desire" to participate in the company's strategic review process. Brookfield said Calgary-based Inter's update last week on contracting volumes from its under-construction Heartland Petrochemical Complex northeast of Edmonton "raises many more questions than [Read more]
Federal Court of Appeal upholds Alberta right to turn-off-the-taps legislation
OTTAWA - The Federal Court of Appeal has ruled that Alberta has the right to control the amount and destination of oil and other fuels flowing through its pipelines. The decision is a victory for the province in its battle with British Columbia over so-called turn-off-the-taps legislation enacted by Alberta in 2018, at the height of a dispute between the two provinces over construction of the Trans Mountain pipeline. Three justices agree an earlier injunction blocking Alberta from using [Read more]
Trans Mountain ordered to delay pipeline construction in B.C. bird nesting area
VANCOUVER - Environment and Climate Change Canada has ordered a halt to construction of the Trans Mountain pipeline through a forest in Burnaby, B.C., until the end of bird nesting season. The department says the order was issued following an enforcement officer’s visit to the site prompted by complaints that nests of the Anna's hummingbird and other migratory birds were being damaged. It says cutting trees, using bulldozers, chainsaws or other heavy machinery in the area, will likely [Read more]
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