FortisBC signs term contract to send LNG by shipping container to Chinese client

FortisBC signs term contract to send LNG by shipping container to Chinese client
FortisBC says it has signed its first term contract to send liquefied natural gas shipments to China from its facility near Vancouver. The utility company, which has operated its Tilbury LNG facility since 1971, says a recent expansion made possible its two-year contract to ship 53,000 tonnes per year by the summer of 2021 to Chinese LNG distributor Top Speed Energy Corp. The division of St.... Read More

Alberta economy doing better than expected in June forecast, TD economists note

Alberta economy doing better than expected in June forecast, TD economists note
CALGARY — Economists at TD Bank say they are looking at upgrading their Alberta growth expectations for 2019 as signs point to a more robust than expected recovery from the effects of extreme heavy oil price weakness in late 2018. The bank suggested in a forecast in June that the province’s economy would grow by a “paltry” 0.5 per cent this year and... Read More

CP Rail rakes in record second-quarter revenue as traffic increases

CP Rail rakes in record second-quarter revenue as traffic increases
MONTREAL — Canadian Pacific Railway Ltd. says it earned record second-quarter revenues of nearly $2 billion, driven by a leap in traffic across the board to beat analysts’ expectations. The Calgary-based company says its net income jumped more than two-thirds to $724 million or $5.17 per diluted share in the quarter ended June 30, compared with $436 million or $3.04... Read More

Producers still cautious despite higher Q2 expectations on stronger oil prices

Producers still cautious despite higher Q2 expectations on stronger oil prices
CALGARY — Higher oil prices are expected to boost cash flow for the large Canadian crude producers as they roll out second-quarter results beginning next week, but analysts say the extra money is unlikely to be added to growth budgets. Canadian oil prices steadied in comparison with U.S. benchmarks in the three months ended June 30 following two quarters of volatility blamed on the... Read More

Toronto stock market falls as Canadian dollar hits nine-month high

Toronto stock market falls as Canadian dollar hits nine-month high
TORONTO — While U.S. markets set record highs, Canada’s main stock index ended the week lower as the loonie hit a nine-month high. The S&P/TSX composite index closed down 39.78 points to 16,488.12 after hitting an intraday high of 16,525.70. Seven of the 11 major sectors decreased, led by a 4.5 per cent drop by cannabis-heavy health-care sector. A fifth consecutive day of... Read More

Cenovus produces one billionth barrel from thermal oilsands operations

Cenovus produces one billionth barrel from thermal oilsands operations
CALGARY — Cenovus Energy Inc. says its thermal oilsands operations in northern Alberta produced their one billionth barrel of bitumen on Wednesday. The milestone comes about 18 years after Cenovus’ Foster Creek facility was launched in 2001 as the first commercial oilsands project to use steam-assisted gravity drainage technology or SAGD. Its sister project at Christina Lake began producing oil a year... Read More

High dividend yields as shares slide spooking investors, say oil and gas CEOs

High dividend yields as shares slide spooking investors, say oil and gas CEOs
CALGARY — Mid-sized Alberta oil and gas producers say their share prices have fallen so low that investors are starting to worry their rising dividend yields are becoming unsustainable. CEO Grant Fagerheim of Whitecap Resources Inc. says the irony is that his Calgary-based company has no intention of reducing its monthly payouts to shareholders, which it has hiked three times in the past three... Read More

Energy sector helps boost stocks in Toronto as oil prices move higher

Energy sector helps boost stocks in Toronto as oil prices move higher
TORONTO — Strength in the energy sector helped Canada’s main stock index gain ground in late-morning trading as the price of oil also moved higher. The S&P/TSX composite index was up 24.11 points at 16,569.32. In New York, the Dow Jones industrial average was up 35.92 points at 26,819.41. The S&P 500 index was up 5.68 points at 2,985.31, while... Read More

Oil producers call for oil curtailment easing in return for rail commitments

Oil producers call for oil curtailment easing in return for rail commitments
CALGARY — Canada’s largest oil producers are calling on the Alberta government to reward companies that commit to adding crude-by-rail capacity by easing their oil curtailment levels. The proposal would allow crude oil export capacity to increase at the same time that barrels are being produced to fill that capacity, Suncor Energy Inc. CEO Mark Little said, while taking part... Read More

Encana Corp. selling assets Oklahoma’s Arkoma Basin for $165 million

Encana Corp. selling assets Oklahoma’s Arkoma Basin for $165 million
CALGARY — Encana Corp. says its wholly owned subsidiary, Newfield Exploration Mid-Continent Inc., has signed a deal to sell its natural gas assets in Oklahoma’s Arkoma Basin for $165 million. The buyer was not disclosed. The assets produce the equivalent of approximately 77 million cubic feet of gas per day. Encana chief executive Doug Suttles says the deal shows the company’s commitment... Read More