Canopy Growth reports $374.6M Q2 loss, restructures softgel and oil portfolio

Canopy Growth reports $374.6M Q2 loss, restructures softgel and oil portfolio
SMITH FALLS, Ont. — Canopy Growth Corp.’s share price hit a 2019 low Thursday after the Canadian cannabis producer posted a $374.6-million quarterly loss, missed analyst revenue estimates and warned that a key revenue target may not be achieved. Canopy stock hit an intra-day low of $20.15 at the Toronto Stock Exchange during the morning, and continued to trade down about 16... Read More

Saskatchewan plans to open new trade offices as part of plan to grow province

Saskatchewan plans to open new trade offices as part of plan to grow province
SASKATOON — The Saskatchewan government is announcing plans to open trade offices in Japan, India and Singapore. The province hopes doing so will strengthen trade relationships and increase the shipment of exports. The trade offices are part of Premier Scott Moe’s plan to increase the province’s population to 1.4 million by 2030 from the current 1.1 million. Growing the province was highlighted as a priority... Read More

Premier vows to fight for oilpatch as drillers forecast almost no growth in 2020

Premier vows to fight for oilpatch as drillers forecast almost no growth in 2020
CALGARY — Premier Jason Kenney vowed Wednesday to keep fighting for Alberta’s slumping oil and gas sector as the industry unveiled another disappointing drilling forecast and criticism surfaced from an unlikely source, the Swedish central bank. A sold-out crowd applauded several times as Kenney listed his government’s pro-industry moves and ended a 30-minute lunch hour speech with a stinging rebuke of Bloc Quebecois Leader Yves-Francois... Read More

Drilling association forecasts almost no growth in 2020 oilpatch activity

Drilling association forecasts almost no growth in 2020 oilpatch activity
CALGARY — The association that represents Canadian drilling companies is forecasting a minuscule improvement in drilling activity in 2020. The Canadian Association of Oilwell Drilling Contractors says it expects a total of nine more wells to be drilled next year, taking the total number to 4,905. The stand-pat forecast is more positive than one released two weeks ago by the Petroleum Services Association of... Read More

Imperial ‘scurrying’ to ramp up crude by rail but uninterested in rail contracts

Imperial ‘scurrying’ to ramp up crude by rail but uninterested in rail contracts
CALGARY — Imperial Oil Ltd. is “scurrying” to quickly ramp up crude-by-rail shipments from its Edmonton terminal to take advantage of improved profitability caused by the Keystone pipeline spill in North Dakota, CEO Rich Kruger said Tuesday. But the company has little interest in buying $3.7 billion in rail contracts the provincial government is trying to unload because the market is too volatile to count... Read More

Ensign Energy Services slashes dividend in half, reports $37.8M Q3 loss

Ensign Energy Services slashes dividend in half, reports $37.8M Q3 loss
CALGARY — Ensign Energy Services Inc. cut its dividend in half due to what it said was prevailing industry conditions as it reported a third-quarter loss of $37.8 million. The oilfield services company says it will pay a quarterly dividend of six cents per share, down from 12 cents, to allow it “pursue alternative uses of available cash.” The company... Read More

Alberta alters rules on oil production limits to spur more conventional drilling

Alberta alters rules on oil production limits to spur more conventional drilling
EDMONTON — Alberta is adjusting its rules on oil production limits to give companies incentive to drill more conventional wells. Energy Minister Sonya Savage says that starting immediately any oil produced from a new well will not be subject to the limits. The province expects the change will spur producers to drill hundreds of new wells and that each well will create about 145 jobs.... Read More

Enbridge reports earnings of $949 million in Q3, up from loss last year

Enbridge reports earnings of $949 million in Q3, up from loss last year
CALGARY — Enbridge Inc. says it earned $949 million in the third quarter, up from a loss of $90 million in the same quarter last year caused by a number of one-time charges. The Calgary-based company says adjusted earnings worked out to $1.12 billion, or 56 cents per share, for the quarter ending Sept. 30, up from $933 million, or 55 cents per share... Read More

Saudis recruited Twitter workers to spy on critics, US says

Saudis recruited Twitter workers to spy on critics, US says
SAN FRANCISCO — Saudi Arabia, frustrated by growing criticism of its leaders and policies on social media, recruited two Twitter employees to spy on thousands of accounts that included prominent opponents, U.S. prosecutors have alleged. A complaint unsealed Wednesday in U.S. District Court in San Francisco detailed a co-ordinated effort by Saudi government officials to recruit employees at the social... Read More

Stocks move higher in Toronto as financials, industrials and materials rise

Stocks move higher in Toronto as financials, industrials and materials rise
TORONTO — The heavyweight financial, industrial and materials sectors helped lift Canada’s main stock index higher in late-morning trading, while energy stocks lost ground. The S&P/TSX composite index was up 64.34 points at 16,746.26, In New York, the Dow Jones industrial average was up 3.30 points at 27,495.93. The S&P 500 index was down 0.94 points at 3,073.68, while the... Read More