Oilsands firms considering diluent recovery units to boost crude-by-rail volumes

Oilsands firms considering diluent recovery units to boost crude-by-rail volumes
CALGARY — Ongoing pipeline project delays and growth in crude-by-rail capacity from Western Canada are leading some oilsands producers to consider spending billions of dollars to build diluent recovery units. Oilsands bitumen is a thick, sticky oil which must be diluted with about half as much light petroleum to flow in a pipeline, but diluent isn’t needed for rail transport because the product can... Read More

Inter Pipeline shares lose some of last week’s takeover speculation gains

Inter Pipeline shares lose some of last week’s takeover speculation gains
CALGARY — Shares in Inter Pipeline Ltd. fell by as much as 4.3 per cent Monday morning after soaring late last week on news that it had rejected an unsolicited takeover from an unnamed bidder. On the Toronto Stock Exchange, shares in the Calgary petroleum transportation and processing company fell by $1.06 to $23.75 before recovering to $24.10 by 11 a.m. EDT. During... Read More

Low prices, LNG uncertainty add to frustration levels for natural gas producers

Low prices, LNG uncertainty add to frustration levels for natural gas producers
CALGARY — Greg Kist admits he was burned out when he resigned as president of Pacific NorthWest LNG at the end of 2014, as the Vancouver-based venture led by Malaysian energy giant Petronas advanced its ill-fated mission to build a liquefied natural gas project in B.C. “I needed to decompress,” the 57-year-old gas industry veteran says of his decision to return to his... Read More

Hydro One Q2 profit plunges 23% as electricity revenue falls, costs rise

Hydro One Q2 profit plunges 23% as electricity revenue falls, costs rise
TORONTO — Hydro One Ltd.’s second-quarter profit fell by nearly 23 per cent from last year to $155 million as the electricity utility experienced higher weather-related costs for vegetation control and storm-related power restoration. The Toronto-based company — which operations most of Ontario’s power grid — says its net earnings attributable to shareholders dropped to 26 cents per share from 34 cents per share... Read More

Electric car sales climb in wake of new $5,000 federal rebate program

Electric car sales climb in wake of new $5,000 federal rebate program
OTTAWA — Transport Canada data shows more than 14,000 electric vehicles were purchased nationwide during the first three months of the federal government’s new rebate program. On May 1, Ottawa began offering rebates of up to $5,000 on the purchase of some electric vehicles. The rebate is intended to bring the price of zero-emission vehicles closer to their gas-powered cousins. Dan Woynillowicz, policy director at... Read More

SNC-Lavalin shares fall to near 15-year low after warning from Caisse de depot

SNC-Lavalin shares fall to near 15-year low after warning from Caisse de depot
MONTREAL — Shares of SNC-Lavalin Inc. plummeted to the lowest level in nearly 15 years Tuesday in reaction to its largest shareholder, the Caisse de depot et placement du Quebec, warning that the embattled engineering firm had to move to emergency mode to improve its project execution. The Montreal-based company’s shares fell to a low of $16.10 in early trading on the Toronto... Read More

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

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... Read More

Global stocks mixed as trade war fears deepen

Global stocks mixed as trade war fears deepen
BEIJING — Asian stocks fell while European markets opened higher Tuesday after China let its currency sink further and halted purchases of U.S. farm goods, fueling fears about global damage from its trade war with President Donald Trump. Benchmarks in London and Frankfurt advanced in early trading while markets in Shanghai, Tokyo and Hong Kong closed lower. Beijing allowed its... Read More

Power Financial Q2 profit takes hit from sale of U.S. insurance business

Power Financial Q2 profit takes hit from sale of U.S. insurance business
MONTREAL — Power Financial Corp. says its net earnings decreased 33 per cent in the second quarter on lower revenues and a substantial charge resulting from the sale of its U.S. individual life insurance and annuity business. The Montreal-based company says it earned $443 million or 66 cents per share, down from $658 million or 92 cents per share a year earlier.... Read More

Oilsands CEOs take federal election message to voters in full-page newspaper ads

Oilsands CEOs take federal election message to voters in full-page newspaper ads
CALGARY — Three of Canada’s biggest oilsands producers are going directly to voters today to ask them to “influence the outcome” of big decisions concerning the oil and gas sector as a fall federal election looms. In full-page ads in about 30 English and French daily newspapers across Canada, the CEOs of Canadian Natural Resources Ltd., Cenovus Energy Inc. and MEG Energy... Read More