Cenovus posts massive upswing in profit as second-quarter net earnings reach $2.4B
Cenovus Energy Inc. recorded a massive upswing in profit in its latest quarter amid increased commodity prices and higher margins.
TC Energy second-quarter profit down as it reaches milestone with Coastal GasLink LP
TC Energy Corp. posted a lower quarterly profit as its Coastal GasLink project reaches a “significant milestone.”
The Calgary-based energy producer says its net income attributable to shareholders was $889 million or 90 cents per diluted share in the second quarter, down from $975 million or $1 per share a year earlier.
Cost of Coastal GasLink pipeline leaps 70% to $11.2B as TC Energy settles dispute
The projected cost of the contentious Coastal GasLink pipeline spanning northern British Columbia has jumped 70 per cent to $11.2 billion in the wake of a freshly inked deal between operator TC Energy Corp. and the group building a liquified natural gas terminal on the West Coast.
Precision Drilling reports $25M net loss in Q2, revenue up 62%
Precision Drilling Corp. says it had a net loss of $24.6 million for the second quarter, down from a net loss of $75.9 million in the same quarter last year.
The net loss for the quarter ending June 30 worked out to $1.81 per share, compared with $5.71 per share for the same quarter last year.
MEG Energy posts $225-million profit, completes turnaround at Christina Lake facility
MEG Energy Inc. reported a $225-million profit in its latest quarter as it completed on time and on budget the planned turnaround at its Christina Lake Phase 2B facility.
The Calgary-based oilsands developer says it earned 72 cents per diluted share in the second quarter, compared with 22 cents per share or $68 million a year earlier.
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Calfrac reports higher revenue, lower net loss in second quarter amid higher pricing
Calfrac Well Services Ltd. reported a lower loss in its most recent quarter as its revenues climbed amid improved pricing and increased activity.
The oilfield services company says it lost $6.78 million or 18 cents per share in its second quarter, compared with a loss of $35.52 million or 95 cents a share in the same period last year.
Enbridge snaps up stake in West Coast LNG plant as demand surges
By Christopher Reynolds Enbridge Inc. has extended its push into liquefied natural gas as global demand soars, scooping up a stake in a proposed LNG project on the West Coast — even as the projected cost of the venture more than tripled. On Friday, the Calgary-based...
Enbridge net profit falls as revenues surge in second quarter to $13.22 billion
Enbridge Inc. says its earnings attributable to common shareholders dropped in its most recent quarter despite higher revenue.
The Calgary-based energy company says it earned $450 million or 22 cents per share in its second quarter, compared with $1.39 billion or 69 cents per share a year earlier.
Adjusted profits were $1.35 billion or 67 cents per share, compared with $1.36 billion or 67 cents per share in the same period of 2021.
Late night theft of copper wire from Estevan Meter; reward offered
Estevan Meter had a recent theft from their facility on the east side of Estevan.
According to surveillance footage, around 2 a.m. on July 15 a vehicle entered Estevan Meter’s parking lot and pulled up to their compound, where they then cut through the fence to access and steal a large quantity of copper wire.
Imperial Oil second quarter profit soars amid higher production and energy prices
Imperial Oil Ltd. CEO Brad Corson said Friday the federal government’s strategy to reduce emissions and reach net-zero amounts to overreach from Ottawa.
“It is very aggressive and stretches the capability of what is technically and economically feasible,” Corson said on a conference call with analysts.
Earlier this month, Ottawa released a statement outlining ways it could potentially design the oil and gas emissions cap, which is part of its 2030 emissions reduction plan, and launched consultations on the matter.
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Brian Zinchuk: On Wednesday wind power generation in Alberta collapsed yet again, but renewables are our salvation, right?
We cannot start to experience brownouts and blackouts like California. We can’t have hospitals running on generators because we choose to screw up the best thing we have going in modern society – reliable power generation. Lives will hang in the balance if we get this wrong, and our society is rapidly moving towards screwing this up.
Alberta’s wind fleet was putting out less than 1% of its capacity during Wednesday morning coffee break
If you just had your morning coffee in Alberta, it’s unlikely your coffee pot was powered by wind. That’s because at 10:16 a.m. on Wednesday, July 27, Alberta’s fleet of 26 wind farms, supposedly capable of producing 2,269 megawatts, was producing just 22 megawatts,...
Signing bonus, retention bonus, buddy bonus, and benefits; Sun Country Well Servicing pulls out all the stops to attract new workers
Things are very busy for Sun Country Well Servicing of Estevan, but the service rig outfit could be busier, if they could find more people.
Brad Bennett, vice president of operations, said on July 25, “People are a big issue. Parts are hard to get for equipment. But overall, it’s very, very busy. The weather’s given us a little problem with being too wet in a lot of places with all the rain we’ve had.”
Rig activity shows Scott Saxberg, former Crescent Point CEO, is back drilling in southeast Saskatchewan
When you look at current drilling activity in southeast Saskatchewan, a certain name pops out – Cache Island. And that name is significant because of its president and CEO, Scott Saxberg. Cache Island Corp. is drilling with Precision Drilling Rig 275 at 04-18-011-05...
Rig report: Northwest Sask comes alive with drilling, extreme south sees three helium companies at work
Drilling activity has hit its stride in Saskatchewan, with 39 drilling rigs working in the field as of July 26. Most significantly, northwest Saskatchewan has come alive again as Cenovus, the province’s largest oil producer, has deployed several rigs to the field in multiple areas. This is a big change, as for an extensive part of this past year, Cenovus had been operating only one rig, despite substantially higher oil prices.
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EU reaches deal to ration gas amid Russian cut-off fears
European Union governments agreed Tuesday to ration natural gas this winter to protect themselves against any further supply cuts by Russia as Moscow pursues its invasion of Ukraine.
EU energy ministers approved a draft European law designed to lower demand for gas by 15% from August through March. The legislation entails voluntary national steps to reduce gas consumption and, if they yield insufficient savings, a trigger for mandatory actions in the 27-member bloc.
Quick Dick McDick: Justin Trudeau’s Canadian ban on fertilizer (a big deal for natural gas, BTW)
Before you start thinking this is just an agriculture issue, it's not. Most nitrogen fertilizer is derived from natural gas, which is precisely why, when natural gas prices spiked in Europe with the Ukraine War, it became too expensive for many to make or buy nitrogen...
Brian Crossman: I want to buzz the tower in my flying electric car. Talk to me, Goose
I’m gonna let all ya’ll in on a secret about electric cars. I have always wanted one. Ever since I was a little kid when my brother and I received a “TYCO AFX” slot car track for Christmas. It was a figure eight, with two very cool cars. I think my ten year old self was blown away by the sudden acceleration and how that same sudden acceleration would propel my very cool car right off the track. Awesome! It was literally hours of fun in the pre video game era. I secretly plan to buy another slot car track soon. (Christmas is in five months, honey!)
Ottawa earmarks funds for N.S. green energy but also ponders support for fossil fuels
By Michael Tutton in Hardwood Lands Prime Minister Justin Trudeau on Thursday promised green energy funds for Nova Scotia, but he also said the idea of upgraded facilities to help ship fossil fuels to Europe in the "very short term" is back on the table. Standing in a...
“Why are you cowtowing to those who despise your companies, and your accomplishments?” Jordan B. Peterson asks of CEOs in a video taking on DIE and ESG
Dr. Jordan B. Peterson, one of Canada’s leading intellectuals, takes a hard look at both the work and ESG movements and corporations response to them in this video posted on July 22
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Enbridge is literally cutting up old Line 3, getting to the last stages of decommissioning
PEEBLES – The Enbridge Line 3 Replacement pipeline has been in the ground and operating in Canada for several years. The American portion went into operation Oct. 1, 2021. But that still left one more task to complete – the decommissioning of the original Line 3....
Patchwork Podcast: Martin Campbell from BPC Directional
Martin Campbell of BPC Directional was the guest on this month’s New Lloydminster Nissan Patchwork Podcast. He’s spent 42 years in the oilpatch since moving from PEI. His first job involved hand bombing shovel with a cracked handle to find a telephone line at Tangleflags. Kurt Price and Tracy Klotz spoke with Campbell about his lengthy career.
Spain and Portugal reject EU plan to limit natural gas use
BARCELONA, Spain (AP) — The European Union’s plan to reduce the bloc’s natural gas use by 15% to prepare for a potential cutoff by Russia this winter received sharp skepticism Thursday from the governments of Spain and Portugal, which are usually big supporters of the...
Key Russia-Europe gas pipeline reopens but outlook unclear
BERLIN (AP) — Natural gas started flowing through a major pipeline from Russia to Europe on Thursday after a 10-day shutdown for maintenance — but the gas flow remained well short of full capacity and the outlook was uncertain, which leaves Europe still facing...
SaskPower to add a 46 megawatt natural gas turbine each for power stations at North Battleford and Kerrobert
Even as it announces new renewable power generation, SaskPower is building natural gas-fired power generation to back it up.
A day after announcing the opening of a new 10 megawatt solar facility at Weyburn, SaskPower announced it would be expanding its peaking stations at North Battleford and Kerrobert.
The Crown utility said in a release on July 20, “As part of its continued efforts to provide reliable, cost-effective power to customers, SaskPower will add two new natural gas turbines to its generation fleet.