Suncor Energy is not yet willing to accelerate plans for production increases, the company's CEO said on Wednesday, despite large-scale policy reforms promised by the federal and Alberta governments in an effort to spur growth in Canada's oil industry. The comments underline uncertainty around whether the federal government's friendlier stance toward the energy sector will translate into increased company investment and higher output in Canada, the world's fourth-largest oil producer. Suncor's [Read more]
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Too soon to say whether pipeline agreement could change Suncor’s outlook: CEO
The chief executive of oilsands giant Suncor Energy Inc. says he's encouraged by the tone in Canada surrounding the sector compared with the past decade, but it's still too early to say whether recent government commitments can help spur future growth. Speaking to analysts on Wednesday as Suncor reported its second-quarter earnings, CEO Rich Kruger described a "very different mood" today than it has been in the past when it comes to the future of the oil and gas industry. Last month, [Read more]
BP posts profits, says exit from Bay du Nord oil project shows disciplined investing
ST. JOHN'S - British oil company BP says it withdrew from the proposed Bay du Nord offshore oil project off the east coast of Newfoundland to free up some money. The company published its second-quarter financials on Tuesday, saying the period was marked by deep disruptions in the global energy market. It nonetheless posted profits of $3.9-billion, more than double its second-quarter profits last year. Oil companies are posting significant gains as fighting in Iran upends the global [Read more]
Iran and Oman reach understanding on coordinates of route through Hormuz, Iran ministry says
Iran and Oman have reached an understanding on the geographic coordinates for a shipping route through the Strait of Hormuz, and a joint announcement is being finalised, provided certain third parties did not interfere, Iran's Foreign Ministry spokesperson Esmaeil Baghaei said on Wednesday. Baghaei added that any such agreement between Iran and Oman would not, by itself, guarantee security in the strategic waterway. The proposed deal between Iran and Oman would give Tehran control over [Read more]
US crude inventories rise as refinery runs ease and imports climb, EIA says
U.S. crude stocks rose as refineries eased processing slightly and imports edged higher, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 2.5 million barrels to 407 million barrels in the week ended July 31, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.5 million-barrel draw. Total crude stocks, including commercial and barrels held in the U.S. government's Strategic Petroleum Reserves, eased to 711.8 million [Read more]
Greenfire Resources Reports Second Quarter 2026 Results and Closes Acquisition of Connacher Oil and Gas Limited
Readers are advised to review the "Non-GAAP and Other Financial Measures" section of this press release for information regarding the presentation of financial measures that do not have standardized meaning under IFRS® Accounting Standards. Readers are also advised to review the "Forward-Looking Information" section in this press release for information regarding certain forward-looking information and forward-looking statements contained in this press release. All amounts in this press release [Read more]
Keyera and Project Forest break ground on 95-acre Keyera Legacy Forest
On August 11, celebrate with us at the Keyera Legacy Forest Groundbreaking EDMONTON, AB, Aug. 4, 2026 /CNW/ -- Project Forest, its land partner, Strathcona County, and its community investment partner, Keyera are breaking ground on the Keyera Legacy Forest in Alberta's Industrial Heartland. The forest, funded by Keyera, will include 40,140 native trees and shrubs planted in areas that did not naturally regenerate following the 2009 wildfire. Strathcona County will use a conservation easement to [Read more]
The shallow gas conundrum – an asset too great to lose
Y2K, in case you missed it, was quite the spectacle. Or, better said, the run-up to Y2K was quite the spectacle. Speculation ran rampant, because internal logic of mainframe computer systems (that ran everything in society) was based on a two-digit year count, meaning when Y2K hit, the computers would be utterly confused and not know if it was 1900 or 2000, and everything bad would happen. Planes would fall from the sky. Power grids would collapse. Banks would cease to function. People began [Read more]
Mexico’s Sheinbaum weighs pilot fracking projects to boost gas production, sources say
Mexican President Claudia Sheinbaum is evaluating potential pilot fracking projects in the northern states of Coahuila and Tamaulipas that could help boost domestic gas production, according to four sources familiar with the discussions. Mexico already produces a small amount of crude oil and gas through fracking, but the government and state company Pemex are evaluating a much broader rollout as the country seeks to reduce its reliance on U.S. gas imports. Hydraulic fracturing is a [Read more]
Glencore’s energy trading profits soar on Iran war
Glencore earned 66 times more from energy trading in the first half of 2026 than it did a year earlier, joining other major commodity traders profiting from market turmoil created by the Iran war. Glencore booked $2.66 billion in first-half adjusted earnings before interest and taxes (EBIT) from trading on Wednesday, up from just $40 million a year earlier. U.S. President Donald Trump on Monday accused oil majors ExxonMobil and Chevron of making "too much money" with high gasoline prices a [Read more]
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