Canada’s biggest oil sands producers are generating billions more in free cash flow thanks to a faster-than-expected pandemic rebound, but their cautious approach to spending it is disappointing environment-minded investors. Continue Reading
As one of his first acts in office, President Biden revoked TC Energy Corp.’s (NYSE:TRP) license on the controversial Keystone XL pipeline project. The project ran into trouble soon after Continue Reading
The Regional Municipality of Wood Buffalo, which includes Fort McMurray – the hub of Alberta’s oil sands business – has issued a mandatory evacuation order for all of downtown Fort Continue Reading
The collapse of global oil demand has impacted the price of Canadian Oil Sands to such a degree, the price of a barrel is now cheaper than a 12-pack of Continue Reading
Over the last few weeks, the higher breakeven costs for oil and the lack of sufficient takeaway capacity has come back to haunt Canada’s oil patch. Two months ago, the Continue Reading
The last major oil-sands mine to start operating in northern Alberta could be Canada’s first big casualty of the Saudi-Russian price war and the Covid-19 pandemic. Teck Resources Ltd., one of Continue Reading
After Teck Resources canceled its oil sands project, even approved oil sands projects could be difficult for Canada’s companies to bring online in the short term until more pipeline capacity Continue Reading
Teck Resources Ltd’s surprise decision to cancel a planned C$20.6 billion ($15.6 billion) oil sands mine in northern Alberta, citing uncertainty about Canada’s climate policy, underscores a global struggle to Continue Reading
Teck Resources has withdrawn its application for a regulatory review of the Frontier oil sands project, the company said in a news release . “Investors and customers are increasingly looking Continue Reading
Teck Resources’ withdrawal of its application for the major Frontier oil sands mine in Alberta exacerbates uncertainty for the Canadian upstream as the country’s political leaders clash over climate goals Continue Reading
Teck Resources is uncertain it will go ahead with a planned oil sands project that is awaiting the approval of the federal Canadian government, the Canadian Press reports , citing Continue Reading
Another billion-dollar energy project is polarizing Canada once again, but this time, it’s got nothing to do with pipelines , or even LNG terminals . It’s the Frontier oil sands Continue Reading
Canadian oil sands production is set to enter a period of slower annual production growth compared to previous years. Nevertheless, total production is expected to reach nearly four million barrels Continue Reading
Crude oil production from Canada’s oil sands could rise by a million barrels from today’s average daily rate to as much as 4 million bpd in 2030 despite a slowdown Continue Reading
Exxon Mobil Corp. is delaying a C$2.6 billion ($1.9 billion) oil-sands project in Canada by at least a year as the nation’s energy industry grapples with a shortage of pipeline Continue Reading
Alberta government’s decision to respond to the very low Canadian heavy oil prices with mandatory production cuts of 325,000 bpd has created a division among Canada’s oil industry. The government Continue Reading
Canada’s biggest integrated oil and gas firm Suncor Energy said on Monday that its total upstream production set a quarterly record of 831,000 barrels of oil equivalent per day (boed) Continue Reading
The Canadian oil industry could be in for another turbulent year in 2019, depending on how some pivotal events pan out. Government-mandated production cuts and the potential startup of a key Continue Reading
Alberta’s tar sands are among the most carbon-intensive sources of oil. The Canadian province announced it would temporarily curtail oil production in 2019 in the face of a saturated market Continue Reading
Suncor had a record high production in Q3 of 744,000 b/d. The company had a realized price of $49/b for its bitumen. Suncor considers it viable to install coker at Continue Reading
The rise in oil prices has resulted in relentless drilling and booming production in the U.S. shale plays, and the Permian in West Texas is attracting the most drillers, analysts, Continue Reading
Canadian oil sands production will rise more than half a million barrels per day in 2019 and growth will moderate thereafter, according to a forecast by data firm IHS Markit. Continue Reading
Syncrude Canada on Friday told buyers it would cut crude deliveries in August by about 35 percent after an outage last month at its oil sands site in northern Alberta, Continue Reading
Canadian energy company Suncor said its Syncrude oil sands facility, crippled by a June power outage, will be back at full capacity by September. U.S. crude oil prices were supported Continue Reading
The Syncrude oil sands site in northern Alberta is commissioning its steam systems, taking an important step toward restarting, its majority owner Suncor Energy Inc ( SU.TO ) said on Continue Reading
A production problem at one of Canada’s largest oil sands facilities drove front-month U.S. crude futures to their steepest premium above second-month futures since 2014 on Monday. Canada is the Continue Reading
Canadian oil production from a facility in Alberta has the same greenhouse gas intensity as U.S. oil, the head of producer Suncor said. Suncor said it’s completed its $13 billion Continue Reading
Suncor Energy Inc. is barreling ahead on the ramp-ups of the Fort Hills and Hebron oil megaprojects as its refining operations protect it from the pipeline shortages and lower prices Continue Reading
Europe’s largest bank has joined the list of global investors retreating from new financial commitments in the fossil fuel industry, including investments in oil-rich Alberta. HSBC, whose global assets total Continue Reading
Kinder Morgan said it would halt nearly all work on a pipeline project that is crucial to the entire Canadian oil sands industry, representing a huge blow to Alberta’s efforts Continue Reading
Canada’s benchmark heavy crude oil widened its discount to WTI to the largest in six trading sessions on Thursday, as additional storage capacity in Alberta and data about lower crude-by-rail Continue Reading
Turning Canada’s heavy oil sands into a more marketable kind of crude is making a comeback, or rather half a comeback. Alberta’s government’s C$1 billion dollar pledge ($780 million) will Continue Reading
Canadian heavy crude rallied to a two-month high relative to U.S. crude this week, offering some relief to oil producers in Alberta struggling with thin margins amid plentiful supply. The Continue Reading
Monitoring the potential environmental impacts of oil sands development using the best available science is a Canadian priority, officials said. A federal report from 2015 finds there to be consistent Continue Reading
Canada’s oil sands are too dirty to be produced, and should probably stay in the ground. That has long been the sentiment of environmental groups, but it is also gaining acceptance Continue Reading
Canada’s oil sands producers are stuck in a rut. The nation’s oil firms are retrenching, with large producers planning little or no further expansion and some smaller projects struggling even Continue Reading
On Sept. 30, 1967, the Great Canadian Oil Sands facility opened north of Fort McMurray, Alta., with much fanfare, bunting and speeches by politicians. It was the first large-scale commercial Continue Reading
Through one of the largest investments in provincial history, expansions to an oil sands project in Alberta triggers big gains in output, its premier said. Alberta Premier Rachel Notley was Continue Reading
Canadian heavy crude differentials widened on Monday in quiet trade as some market players anticipated refinery shutdowns in the storm-hit U.S. Gulf Coast region backing up crude supplies in Canada. Continue Reading
Canadian oil sands producers such as Cenovus and MEG Energy impressed investors in the second quarter as prices of heavy crude rose, but those gains are expected to be short-lived. Continue Reading
Canada’s struggling oil market has found something of a lifeline as traders scramble for heavy crude due to OPEC production cuts and sinking Latin American output. Output has fallen in Continue Reading
While many oil companies doubled down on debt to maintain or even increase dividends while profits were hard to come by in the ‘lower-for-longer’ oil price world, Canada’s biggest oil Continue Reading
A managed decline of the tar sands isn’t a popular idea in Alberta, or in Canada for that matter. The idea of sunsetting the tar sands industry is about as Continue Reading
Producers have little choice but to move those extra barrels by train, with costs two to three times higher than pipeline shipping. (Bloomberg) — Call it the pipeline pinch, or Continue Reading
In the boreal forests and on the remote prairies of Alberta, a handful of firms are running pilot projects they hope will end a two-decade drought in innovation and stem Continue Reading
Canada’s Mordor, as environmentalists like to call the oil sands, is notorious for how “dirty” oil extraction is there. It’s also notorious for how expensive it is to extract. The Continue Reading
Canada is inviting Chinese companies to invest in its oil sands, Canada’s Natural Resources Minister Jim Carr said on Thursday, after an exodus in the past few months saw international Continue Reading
Suncor Energy said on Monday that pipeline shipments from the Syncrude Mildred Lake Oil Sands facility in Canada had resumed after completing repairs following a fire at the upgrader on Continue Reading
As global oil majors pull out of Canada’s oil sands, domestic companies are buying up assets and betting technology and economies of scale will enable them to turn a profit Continue Reading
Now that multinational energy producers have sold their stakes in Canada’s oil sands, local companies are hatching plans to make some real changes. Cenovus Energy Inc. and Canadian Natural Resources Continue Reading
