Net income down in the third quarter but company returned $512 million to shareholders through share purchases and dividends
Calgary-based Imperial Oil announced on Friday that it had net income of $424 million in its third quarter, down from $749 million a year ago. But the company also experienced its highest third quarter production in 30 years at 407,000 gross oil-equivalent barrels per day. The company also returned $512 million to shareholders through share…
Calgary-based TC Energy Corporation is moving forward with its West Path Delivery Program, a combined $1.2 billion expansion of its NOVA Gas Transmission Ltd. and Foothills Systems, which will connect with the US$335 million GTN XPress Project recently announced by TC PipeLines LP, to deliver the volumes to downstream markets. “The West Path Delivery Program,…
On Thursday, Encana Corp. dropped a major bombshell on Canada’s energy industry – the company plans to move its headquarters to the U.S. early next year, and to rebrand under a new name. Who can blame them? The new name – Ovinitiv Inc. – drops the reference to Canada in their corporate branding. Encana evolved…
Encana, Canada’s flagship energy company, has now become Americanized, driven south by disastrous Liberal policies
Ed. Note: Gwyn Morgan was the first CEO of Encana when it was formed in 2002. In this Nov. 22, 2018 column, the respected oil pioneer outlines the federal regulatory impediments that are driving companies to leave our country. With the announcement this week that Encana is rebranding and heading to the U.S., the column…
China’s and India's greenhouse gas emissions in 2018 equal to 150 Canadian oil sands
What will happen in Alberta’s energy sector in the aftermath of the federal election is anyone’s guess. But we need to change what we have been doing. We do know that there are many reasons a Canadian voter would be attracted to the Liberal or NDP platforms, and we know that concerns for the environment…
Total oil sands production during the third quarter increased to 670,000 barrels per day
Calgary-based energy giant Suncor is reporting net earnings of $1.035 billion ($0.67 per common share) in the third quarter of this year. That’s down from $1.812 billion ($1.12 per common share) in the corresponding quarter in the prior year. Funds from operations were $2.675 billion ($1.72 per common share) in the third quarter compared to…
Calgary-based Cenovus Energy Inc. reported net earnings of $187 million for its third quarter this year compared to a net loss of $242 million for the same time last year. “We’re continuing to do everything we said we would do,” said Alex Pourbaix, Cenovus president and CEO, in a news release on Thursday. “Through our…
Move still requires shareholder, stock exchange and court approval but it is expected to take place in early 2020
Alberta's Energy Minister lashed out at the federal Liberal government Thursday, blaming its policies for the decision by energy giant Encana Corporation to move its corporate headquarters to the United States and change its name to Ovintiv Inc. The Calgary-based company said the move still requires shareholder, stock exchange and court approval but it is…
Todd Dyer of Isotopes Canada talks about being a solution-provider through innovation for the energy industry
Todd Dyer is president and CEO of Isotopes Canada. What is Isotopes Canada and what does it do? Dyer: We’re a Canadian-owned, privately-held tracer technology company based in Calgary. All our staff, office and lab are in the city and all our laboratory work is done right here in Calgary. The services we provide include…
Nation’s network of transmission pipelines grew to about 121,000 km last year, delivering more than 1.6 billion barrels of crude oil and 5.9 trillion cubic feet of natural gas
A report released on Wednesday by the Canadian Energy Pipeline Association says Canada’s vast network of transmission pipelines grew to approximately 121,000 km in 2018, delivering more than 1.6 billion barrels of crude oil and 5.9 trillion cubic feet of natural gas. And it says there were 19 incidents last year. “Canadians rely on pipelines…
Calgary-based Imperial Oil announced on Friday that it had net income of $424 million in its third quarter, down from $749 million a year ago. But the company also experienced its highest third quarter production in 30 years at 407,000 gross oil-equivalent barrels per day. The company also returned $512 million to shareholders through share…
