Trican Well Service cuts 160 jobs during sharp slowdown in Q4 oilpatch activity

Trican Well Service cuts 160 jobs during sharp slowdown in Q4 oilpatch activity
CALGARY — A 40 per cent decline in revenue in the fourth quarter due to a steep downturn in drilling activity in Western Canada resulted in 160 lost jobs at Calgary-based Trican Well Service Ltd. The well completion company posted $5.1 million in severance costs in its fourth-quarter results as its revenue dropped to just $168 million from $280 million in the... Read More

Well completion companies report sharp slowdown in fourth-quarter activity

Well completion companies report sharp slowdown in fourth-quarter activity
CALGARY — Companies whose services are needed for hydraulic fracturing or “fracking” of oil and gas wells are reporting tough times thanks to a slowdown in drilling in Western Canada in the fourth quarter. Shares in both Trican Well Service Ltd. and Source Energy Services Ltd. trended lower Thursday after the Calgary-based companies reported lower sales in the last three months of 2018.... Read More

Ontario orders Hydro One to cap CEO pay at $1.5 million

Ontario orders Hydro One to cap CEO pay at $1.5 million
TORONTO — Ontario issued a directive Thursday to Hydro One, ordering it to pay its CEO no more than $1.5 million per year — substantially less than the partially privatized utility had proposed. Hydro One and the government have been at loggerheads over executive compensation, with the company refusing repeated requests to slash the CEO pay below $2,775,000. Energy Minister... Read More

CEOS for Royal Bank, Enbridge, call for better balance in energy policies

CEOS for Royal Bank, Enbridge, call for better balance in energy policies
TORONTO — The CEOs of Canada’s largest bank and its largest pipeline company say the country needs an energy strategy that will better balance environmental and Indigenous goals with the need to develop its abundant oil and gas resources. But Royal Bank CEO Dave McKay and Al Monaco, CEO of Calgary-based Enbridge Inc., had little in the way of specific advice for government during a Canadian... Read More

U.S.-based Devon Energy says it intends to exit Canadian oilsands sector

U.S.-based Devon Energy says it intends to exit Canadian oilsands sector
CALGARY — Another foreign oil company says it’s getting out of the Canadian oilsands. Oklahoma City-based Devon Energy Corp. says it will pursue the “separation” of its Canadian assets from its core business, a move that could include an outright sale or creation of a new company to own and operate them. Devon owns the Jackfish steam-driven oilsands complex, with a capacity of 105,000 barrels per... Read More

‘We take action:’ Alberta investing $3.7B to move oil by rail, leasing cars

‘We take action:’ Alberta investing $3.7B to move oil by rail, leasing cars
EDMONTON — Alberta Premier Rachel Notley says the province is spending $3.7 billion to move landlocked oil to market by rail — and it isn’t counting on Ottawa to pitch in. “We must take action today to provide more relief to our energy workers and the families who rely on these good jobs across this province and this country,” she told a news... Read More

Nova Scotia liquefied natural gas project signs agreements with unions, Mi’kmaq

Nova Scotia liquefied natural gas project signs agreements with unions, Mi’kmaq
HALIFAX — A proposed liquefied natural gas project says it has signed agreements with the Assembly of Nova Scotia Mi’kmaq Chiefs, the Nova Scotia Construction Labour Relations Association, and unions in Cape Breton. Bear Head LNG says the mutual benefits agreement with the assembly is a commitment to develop the project on the Strait of Canso in an environmentally sustainable... Read More

Conservative leaders to attend pro-pipeline rally in Saskatchewan

Conservative leaders to attend pro-pipeline rally in Saskatchewan
MOOSOMIN, Sask. — Federal Tory leader Andrew Scheer and the conservative premiers of Saskatchewan and New Brunswick are to speak today at a pro-pipeline rally near the Saskatchewan-Manitoba boundary. The event at a pumpjack facility is to draw attention to concerns about Bill C-69 — federal legislation that proposes major changes to how energy projects are reviewed. Rally organizer Sinclair Harrison says if the bill... Read More

Alberta government contract to result in three new solar power plants

Alberta government contract to result in three new solar power plants
CALGARY — The Alberta government is granting a 20-year contract to supply about half of its electric power needs to a partnership that plans to build three new solar power plants for more than $100 million. Environment and Parks Minister Shannon Phillips says the contract to supply about 55 per cent of the government’s annual power consumption will shave $3.9 million per... Read More

Enbridge confident Line 3 pipeline will open this year despite new challenge

Enbridge confident Line 3 pipeline will open this year despite new challenge
CALGARY — Enbridge Inc. is confident that its Line 3 oil pipeline replacement project will come into service by the end of the year in spite of a renewed challenge launched this week by the newly elected governor of Minnesota. On Tuesday, Gov. Tim Walz announced that his commerce department would petition the state Public Utility Commission to reconsider its approval... Read More