Enbridge Q2 earnings slip as revenues plunge 40 per cent due to COVID aftermath

Enbridge Q2 earnings slip as revenues plunge 40 per cent due to COVID aftermath
CALGARY — Enbridge Inc. is reporting that its net income slipped to $1.65 billion in the second quarter on a 40 per cent drop in revenues due to lower crude oil prices caused by the COVID-19 pandemic and OPEC price war. The Calgary-based energy company says it earned 82 cents per share for the three months ended June 30, down from 86... Read More

Alberta municipalities get $1-billion boost as pandemic thrashes finances

Alberta municipalities get $1-billion boost as pandemic thrashes finances
EDMONTON — Alberta municipalities that have been economically thrashed by the COVID-19 pandemic are receiving more than $1 billion in support from other levels of government. The funds include $500 million in provincial money for shovel-ready infrastructure projects starting this year — part of Alberta’s multibillion-dollar recovery plan. Municipalities and Metis settlements can start applying for funding to build roads, bridges and other infrastructure that... Read More

Oilsands production expected to rebound after pandemic-linked 2020 slump

Oilsands production expected to rebound after pandemic-linked 2020 slump
CALGARY — A new report predicts Canadian oilsands production will have its biggest annual decline on record this year, dropping by an average of nearly 175,000 barrels per day due to issues associated with the COVID-19 pandemic. But research firm IHS Markit says the step back in 2020 isn’t expected to greatly affect the rest of its 10-year forecast. It says it... Read More

Pipeline owner fined for unsafe incident near GO tracks in Greater Toronto

Pipeline owner fined for unsafe incident near GO tracks in Greater Toronto
CALGARY — The Canada Energy Regulator is fining Trans-Northern Pipelines $40,000 for an incident near a commuter train line in Greater Toronto that resulted in damage to a pipeline transporting gasoline. It says the incident near Oakville could potentially have resulted in fatalities and injuries because the pipeline is located just 35 metres from rail track that serves the Lakeshore West branch of the commuter GO... Read More

Deutsche Bank says it won’t back any new oilsands or coal projects

Deutsche Bank says it won’t back any new oilsands or coal projects
CALGARY — Frankfurt-based Deutsche Bank is joining a lengthening list of European lenders and insurance companies that say they won’t back new oilsands projects. The German bank said Monday its new fossil fuels policy will also prohibit investing in projects that use hydraulic fracturing or fracking in countries with scarce water supplies, and all new oil and gas projects in the Arctic region. It... Read More

MEG Energy records bigger Q2 loss on lower oil prices, reduced bitumen output

MEG Energy records bigger Q2 loss on lower oil prices, reduced bitumen output
CALGARY — Oilsands producer MEG Energy Corp. is reporting a higher second-quarter net loss on voluntarily curtailed bitumen production and lower oil prices. The Calgary-based company says it had a net loss of $80 million or 26 cents per share in the three months ended June 30 on revenue of $307 million, versus a net loss of $64 million or 21... Read More

Deutsche Bank says it won’t back an new oilsands or coal projects

Deutsche Bank says it won’t back an new oilsands or coal projects
CALGARY — Frankfurt-based Deutsche Bank is joining a lengthening list of European lenders and insurance companies that say they won’t back new oilsands projects. The German bank says its new fossil fuels policy will also prohibit investing in projects that use hydraulic fracturing or fracking in countries with scarce water supplies and all new oil and gas projects in the Arctic region. It... Read More

Development of LNG industry could create almost 100,000 jobs, says report

Development of LNG industry could create almost 100,000 jobs, says report
CALGARY — A report funded by the Canadian liquefied natural gas industry estimates that creating a 56-million-tonnes-per-year LNG industry in B.C. would result in nearly 100,000 jobs. The Conference Board of Canada report, funded by the Canadian LNG Alliance, examines a scenario where 56 million tonnes per year of LNG is produced by 2034, including an expansion of the $40-billion LNG Canada project now under... Read More

Vermilion loses $71.3 million in second quarter on 55 per drop in revenues

Vermilion loses $71.3 million in second quarter on 55 per drop in revenues
CALGARY — Vermilion Energy Inc. is reporting a net loss of $71.3 million in its second quarter on a 55 per cent decrease in sales from a year earlier due mainly to the impact of the COVID-19 pandemic. The Calgary-based company says the loss amounted to 45 cents per share for the three month period that ended June 30, compared with... Read More

Suncor Energy facing environmental charges

Suncor Energy facing environmental charges
EDMONTON — Suncor Energy Inc. is facing seven environmental charges for an incident alleged to have occurred two years ago at its refinery in Stratchona county, Alberta. The Alberta government says in a news release the company faces five charges for contravening a term or condition of an approval relating to the July 2018 incident. It says the company is... Read More