Full pipelines, new services propel Enbridge to street-beating $1.17B income

Full pipelines, new services propel Enbridge to street-beating $1.17B income
CALGARY — Enbridge Inc. says full oil and gas pipelines and the addition of new services led to fourth-quarter earnings that beat analyst expectations. Canada’s largest pipeline operator says adjusted net income was $1.17 billion or 65 cents per share in the last three months of 2018, beating analyst estimates of $1.12 billion or 62 cents per share as noted by Thomson Reuters Eikon.... Read More

Oilpatch AI keeps a wary eye on remote wells after human officials go home

Oilpatch AI keeps a wary eye on remote wells after human officials go home
CALGARY — From a computer in his downtown office, Jeremy Bernard calls up live video of an oil well site in rural Alberta, clicking to bring up a cluster of small buildings, then a gravel road that leads across snowy pasture. The picture is sharp and the camera can detect motion. But its monitoring effectiveness drops off the instant Bernard, chief operating officer at... Read More

TransCanada raises quarterly dividend, reports Q4 profit up from year ago

TransCanada raises quarterly dividend, reports Q4 profit up from year ago
CALGARY — TransCanada Corp. raised its dividend as it reported its fourth-quarter profit rose compared with a year ago. The pipeline company says it will now pay a quarterly dividend of 75 cents per share, up from its previous payment of 69 cents per share. The increased payment to shareholders came as TransCanada reported a profit of $1.09 billion or... Read More

Precision Drilling reports $198.3M Q4 loss due to one-time charge

Precision Drilling reports $198.3M Q4 loss due to one-time charge
CALGARY — Precision Drilling Corp. reported a loss of $198.3 million in its fourth quarter as it was hit by $208 million in goodwill impairment charges. The oilfield services company says the loss amounted to 68 cents per diluted share for the quarter ended Dec. 31. That compared with a loss of $47 million or 16 cents per share in... Read More

Western Energy sends drilling rig to southern U.S. as Canadian activity dries up

Western Energy sends drilling rig to southern U.S. as Canadian activity dries up
CALGARY — Drilling companies continue to move rigs from Western Canada to the more active oilfields of the southern United States. Calgary-based Western Energy Services Corp. says it moved a drilling rig from Canada to the U.S. Permian Basin oil play in western Texas and southeastern New Mexico early this year and will likely move more rigs in the near future. It says the... Read More

Standard & Poor’s downgrades SNC-Lavalin, citing charges and diplomatic feud

Standard & Poor’s downgrades SNC-Lavalin, citing charges and diplomatic feud
MONTREAL — Debt rating agency Standard & Poor’s has downgraded SNC-Lavalin Group Inc., citing problems at a Chilean mining project, damaged business relations with Saudi Arabia and criminal charges against the beleaguered engineering giant. The agency says a pair of slashed profit forecasts from SNC-Lavalin in the past three weeks — which first halved the per-share earnings target and then... Read More

Cenovus reports $1.36-billion Q4 loss due to deep discounts on Canadian oil

Cenovus reports $1.36-billion Q4 loss due to deep discounts on Canadian oil
CALGARY — Cenovus Energy Inc. reported a $1.36-billion loss in its latest quarter as it faced deep discounts for Western Canadian Select oil. The company says the loss amounted to $1.10 per share for the quarter ended Dec. 31, compared with a profit of $620 million or 50 cents per share in the last three months of 2017 when its results were... Read More

Teck Resources reports lower Q4 profit amid lower prices for copper, zinc, oil

Teck Resources reports lower Q4 profit amid lower prices for copper, zinc, oil
VANCOUVER — Teck Resources Ltd. saw its fourth-quarter profit drop 41.5 per cent from the year earlier, amid lower prices for copper, zinc and oil. The profit attributable to shareholders amounted to $433 million or 75 cents per diluted share, down from a profit of $748 million or $1.26 per diluted share in the fourth quarter of 2017. Teck’s adjusted profit... Read More

Minnesota governor sides with environmentalists on pipeline

Minnesota governor sides with environmentalists on pipeline
ST. PAUL, Minn. — Minnesota Gov. Tim Walz said Tuesday that his administration will keep pursuing an appeal of an independent regulatory commission’s approval of Enbridge Energy’s plan to replace its aging Line 3 crude oil pipeline across in northern Minnesota, siding with environmental and tribal groups in his biggest and most controversial decision since becoming governor last month. The... Read More