Imperial Oil posts second-quarter beat on oilsands growth, Alberta tax cuts

Imperial Oil posts second-quarter beat on oilsands growth, Alberta tax cuts
CALGARY — Imperial Oil Ltd. is reporting second-quarter results that beat analyst expectations on the back of strong oilsands output and an allowance for lower future Alberta corporate taxes. The Calgary-based company, which is about 70 per cent owned by Texas-based Exxon Mobil Corp., reports net income in the three months ended June 30 of $1.2 billion on revenue of... Read More

Sale of B.C. hydroelectric project boosts Fortis Q2 profit to $720 million

Sale of B.C. hydroelectric project boosts Fortis Q2 profit to $720 million
ST. JOHN’S, N.L. — Canadian utility company Fortis Inc. says the sale of its share of a B.C. hydroelectric project helped boost its second-quarter profit to $720 million — nearly three times what it had in the same period last year. However, adjusted earnings and revenue for the Newfoundland-based company were below analysts’ estimates. The quarter included a $484-million after-tax gain... Read More

Enbridge helped by demand for pipeline capacity; Q2 adjusted earnings rise

Enbridge helped by demand for pipeline capacity; Q2 adjusted earnings rise
CALGARY — Enbridge Inc. says a number of unusual factors boosted its second-quarter profit to $1.74 billion, while operations also performed well amid strong demand for transporting crude oil through its pipeline systems. Net income attributable to common shares of the Calgary-based company was 86 cents per share. That was up from $1.07 billion or 63 cents per share in last year’s... Read More

SNC slashes dividend by 80 per cent after posting $2.1-billion Q2 loss

SNC slashes dividend by 80 per cent after posting $2.1-billion Q2 loss
MONTREAL — SNC-Lavalin Group Inc. delivered more harsh news to investors Thursday, cutting its quarterly dividend by 80 per cent as the troubled engineering giant grappled with a $2.12-billion net loss in its second quarter and a stock price that hit a new 14-year low. The dividend drop to two cents per share from 10 cents per share came after a third straight... Read More

Tourmaline shares tumble on disappointing Q2 and production guidance changes

Tourmaline shares tumble on disappointing Q2 and production guidance changes
CALGARY — Shares in Tourmaline Oil Corp. tumbled by as much as 16 per cent on Thursday after it missed second-quarter expectations and warned it expects to produce fewer barrels of petroleum liquids and more dry gas this year. The Calgary-based company’s shares fell as low as $14.54 from Wednesday’s close of $17.40 after it reported production during the three months ended June... 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

MEG Energy buys crude quota from rivals to boost Q2 bitumen production

MEG Energy buys crude quota from rivals to boost Q2 bitumen production
CALGARY — Oilsands producer MEG Energy Corp. says it bought unused production quota room from other producers to increase its bitumen output to near maximum capacity in the second quarter despite the ongoing Alberta government oil curtailment program. The Calgary-based company says bitumen production from its steam-driven oilsands wells averaged 97,300 barrels per day in the three months ended June 30, compared with its... Read More

TC Energy selling power plant assets to Ontario Power Generation for $2.87B

TC Energy selling power plant assets to Ontario Power Generation for $2.87B
CALGARY — TC Energy Corp. says it is selling two Ontario natural gas-fired power plants and a 50 per cent interest in a third to a subsidiary of Ontario Power Generation Inc. for about $2.87 billion. The deal through its wholly owned subsidiary, TransCanada Energy Ltd., includes the 683-megawatt Halton Hills power plant, the 900-MW Napanee generating station (which is nearing completion)... Read More

Oilsands production growth cut despite lower building costs in CERI forecast

Oilsands production growth cut despite lower building costs in CERI forecast
CALGARY — The Canadian Energy Research Institute says growth in oilsands production over the next 20 years is expected to be slower than previously forecast, despite falling project construction costs. In an update study, the Calgary-based think-tank says it expects total oilsands output to grow from about three million barrels per day in 2018 to between 4.1 million and 5.8 million bpd... Read More

French refinery outage slows second-quarter production for Vermilion Energy

French refinery outage slows second-quarter production for Vermilion Energy
CALGARY — Vermilion Energy Inc. says a refinery outage in France led to a second-quarter oil and gas production decline from the prior quarter, offset by gains in its operations in the United States and Australia. CEO Tony Marino says the Calgary-based company averaged 103,000 barrels of oil equivalent per day, down about 400 boe/d from the prior quarter, as output in France... Read More