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Saturday, August 24, 2019
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Activists call on insurance firms to stop coverage of Trans Mountain pipeline

VANCOUVER, B.C. - A coalition of environmental and Indigenous groups is calling on insurance companies to drop or refuse to provide coverage of the Trans Mountain pipeline, although they concede its lead liability insurer is planning to continue coverage. The coalition of 32 groups says in a news release if it can convince insurers to bow out of covering the...

Federal Government invests $13.1 million to increase capacity at Stewart World Port

STEWART, B.C. - The Government of Canada has announced that it will be investing $13.1 million for the Stewart World Port. According to the Government, this investment will go towards a project that aims to increase capacity at the Stewart Port and move Canadian goods to international markets more efficiently. Improvements to the Stewart World Port will enable shippers to move...

Drilling firm Ensign Energy shares fall as Q2 net loss exceeds forecasts

CALGARY — Shares in Ensign Energy Services Inc. fell by as much as 6.8 per cent after it reported a second-quarter net loss of $31.7 million or 20 cents per share, compared with a net loss of $36.7 million or 23 cents a year earlier. The Calgary-based drilling company's revenue jumped 44 per cent to $378 million from $263 million, mainly...

Ottawa opposes Saskatchewan’s move to have top court delay carbon tax case

REGINA — Ottawa is pushing back against Saskatchewan's request to have the Supreme Court of Canada delay hearing its challenge of the federal carbon tax. The press secretary for federal Environment and Climate Change Minister Catherine McKenna calls Saskatchewan's move an irresponsible example of Conservative politicians battling climate action using taxpayers' money. Sabrina Kim says the federal government has submitted arguments as to why the case should be heard...

Sale of B.C. hydroelectric project boosts Fortis Q2 profit to $720 million

ST. JOHN'S, N.L. — Canadian utility company Fortis Inc. says the sale of its share of a B.C. hydroelectric project helped boost its second-quarter profit to $720 million — nearly three times what it had in the same period last year. However, adjusted earnings and revenue for the Newfoundland-based company were below analysts' estimates. The quarter included a $484-million after-tax gain on...

Crude curtailment program ‘no way to run a railroad,’ says Imperial Oil CEO

CALGARY — Alberta's oil curtailment program has worked to reduce inventories that had resulted in steep discounts in local oil prices, but it has hurt crude-by-rail economics and it's time for it to end, the CEO of Imperial Oil Ltd. said Friday. The company is considering cutting its rail movements this month and next, after taking them to more than...

Imperial Oil posts second-quarter beat on oilsands growth, Alberta tax cuts

CALGARY — Imperial Oil Ltd. is reporting second-quarter results that beat analyst expectations on the back of strong oilsands output and an allowance for lower future Alberta corporate taxes. The Calgary-based company, which is about 70 per cent owned by Texas-based Exxon Mobil Corp., reports net income in the three months ended June 30 of $1.2 billion on revenue of...

Pipeline construction began without archaeological assessments: Coastal GasLink

KITIMAT, B.C. — The company behind a controversial natural gas pipeline in northern British Columbia says construction began in a number of places before archaeological assessments were complete. Coastal GasLink says an internal audit found there were two areas along the right of way east of Kitimat where land was cleared before archaeological impact assessments occurred. It says the assessments are conditions...

Fracking firms Calfrac, Trican report double-digit Q2 revenue declines

CALGARY — Two of Canada's biggest oil and gas well-fracking companies are posting double-digit percentage revenue declines as energy exploration spending slowed in the quarter ended June 30. Calfrac Well Services Ltd., which has operations in Canada, the U.S., Russia and Argentina, reported revenue of $430 million, a 21 per cent fall from $545 million in the same period of...

Alberta hires former journalist to devise fight-back plan against energy foes

CALGARY — The Alberta government has hired a former journalist to develop a plan to fight back against oil and gas industry foes. Claudia Cattaneo retired last year as the National Post's western business columnist based in Calgary. Energy Minster Sonya Savage says Cattaneo has joined "the fight against lies and myths being spread about Alberta's energy industry." The United Conservative government's so-called fight-back...

Tourmaline shares tumble on disappointing Q2 and production guidance changes

CALGARY — Shares in Tourmaline Oil Corp. tumbled by as much as 16 per cent on Thursday morning after it missed second-quarter expectations and warned it expects to produce fewer barrels of petroleum liquids and more dry gas this year. The Calgary-based company's shares fell as low as $14.54 from Wednesday's close of $17.40 after it reported production during the three months...

Canadian Natural reports $2.8B Q2 profit, up from $982M a year ago

CALGARY — Canadian Natural Resources Ltd. second-quarter profit climbed to beat analyst estimates as higher crude prices helped to offset lower production volumes. The Calgary-based oil company says net earnings in its second quarter grew to $2.8 billion, or $2.36 per diluted share, up sharply from $982 million or 80 cents during the same quarter last year. On an adjusted basis, its quarterly earnings...

Encana posts Q2 profit on hedging gain, higher revenue, adjusted earnings beats estimate

CALGARY — Encana Corp. says it had a US$336 million profit in the second quarter and remains on track to meet its production and capital investment plan for 2019 while reducing costs more than previously projected. The Calgary-based company's net income, reported in U.S. currency, amounted to 24 cents per share, a turnaround from a loss of $151 million or...

TC Energy selling power plant assets to Ontario Power Generation for $2.87B

CALGARY, A.B. - TC Energy Corp. says it is selling two Ontario natural gas-fired power plants and a 50 percent interest in a third to a subsidiary of Ontario Power Generation Inc. for about $2.87 billion. The deal through its wholly-owned subsidiary, TransCanada Energy Ltd., includes the 683-megawatt Halton Hills power plant, the 900-MW Napanee generating station (which is nearing...

Carbon tax battle costing Saskatchewan ‘hundreds of thousands’ of dollars

SASKATOON, S.K. - Saskatchewan's justice minister figures the province's court battle against the federal carbon tax is costing taxpayers hundreds of thousands of dollars but that it's worth it. Don Morgan said it's difficult to calculate the exact amount since the province is relying on a mix of in-house and outside lawyers. The price tag includes court filings, travel expenses and...

Oilsands production growth cut despite lower building costs in CERI forecast

CALGARY, A.B. - The Canadian Energy Research Institute says growth in oilsands production over the next 20 years is expected to be slower than previously forecast, despite falling project construction costs. In an update study, the Calgary-based think-tank says it expects total oilsands output to grow from about three million barrels per day in 2018 to between 4.1 million and...

Ministers set to discuss timing of carbon tax legal challenges during meeting

SASKATOON — Attorneys general from Alberta and Ontario say they will discuss the timeline of the different legal challenges launched against the federal carbon tax when they meet in Saskatoon today. The two justice ministers will be joined by their legal teams and their counterparts from New Brunswick and Saskatchewan. Saskatchewan is hosting the meeting to discuss the appeal to the Supreme Court...

French refinery outage slows second quarter production for Vermilion Energy

CALGARY, A.B. - Vermilion Energy Inc. says a refinery outage in France led to a second-quarter oil and gas production decline from the prior quarter, offset by gains in its operations in the United States and Australia. CEO Tony Marino says the Calgary-based company averaged 103,000 barrels of oil equivalent per day, down about 400 boe/d from the prior quarter,...

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