Canadian Oil Sands holds the largest stake in the Syncrude oil-sands mining consortium. The interest by other parties may slow Suncor’s momentum ahead of a Dec. 4 deadline it has Continue Reading
The Suncor oil-sands extraction plant near Fort McMurray in Alberta, Canada. CALGARY, Alberta—The government of oil-rich Alberta province in western Canada on Sunday pledged to phase out coal emissions by 2030, limit greenhouse gases from oil-sands production and implement an economywide carbon tax. The province unveiled the long-awaited plan one day ahead of a meeting in Ottawa among Prime Minister Justin Trudeau, Alberta Premier Rachel Notley, and the leaders of other Canadian provinces and territories to discuss environment policy. Mr. Trudeau has pledged to develop a framework for reducing greenhouse-gas emissions before a United Nations summit on Nov. 30. The plan comes at a challenging time for coal and oil producers in western Canada that are struggling to cope with low commodity prices. “Our goal is to become one of the world’s most progressive and forward-looking energy producers,” Ms. Notley said at a news conference in Edmonton. “We are […]
Suncor Energy Inc., Calgary, plans to spend $6.7-7.3 billion and production of 525,000-565,000 boe/d in 2016, with a slight decline in oil sands output. The company says the “budget incorporates Continue Reading
PlayCurrent Time 0:00/Duration Time 0:00Remaining Time -0:00Stream TypeLIVELoaded: 0%Progress: 0%00:00Fullscreen00:00MutePlayback Rate1Subtitles subtitles off Captions captions settings captions off Chapters Chapters No compatible source was found for this video.Foreground—WhiteBlackRedGreenBlueYellowMagentaCyan—OpaqueSemi-OpaqueBackground—WhiteBlackRedGreenBlueYellowMagentaCyan—OpaqueSemi-TransparentTransparentWindow—WhiteBlackRedGreenBlueYellowMagentaCyan—OpaqueSemi-TransparentTransparentFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyDefaultMonospace SerifProportional SerifMonospace Sans-SerifProportional Sans-SerifCasualScriptSmall CapsDefaultsDonexShare & EmbedCopy CodeAdvertisement Suncor CEO on Merger and Acquisition Opportunities Suncor Chief Executive Officer Steven Williams is seeking more assets in Canada’s beaten-down oil sands, saying he’s cracked the code for making money in the notoriously costly region. The country’s largest crude producer is seeking to take advantage of an industry downturn to get even bigger. As competitors struggle or walk away from bitumen production in northern Alberta because of a 60 percent slide in crude prices since June of last year, Suncor is ready to step in, Williams said. “We’re starting to bust this paradigm of Canadian oil sands being expensive,” Williams said before an interview on Bloomberg TV Canada in […]
Suncor Energy Inc., Canada’s largest crude producer, plans to boost capital spending to as much as C$7.3 billion ($5.5 billion) next year to expand operations and increase efficiency. The investment would be an increase from about C$6.3 billion this year, the average of 14 analysts’ estimates compiled by Bloomberg. The program is flexible, within a range starting at C$6.7 billion, to respond quickly to any further deterioration in market conditions, Suncor said Tuesday. Both capital and operating expenditures can be scaled back. Suncor has announced 1,000 job cuts, lowered its 2015 capital budget by $1 billion and delayed projects to weather collapsing prices. The company, along with Canadian Natural Resources Ltd., Cenovus Energy Inc. and other competitors, has squeezed spending in the oil sands, one of the world’s most expensive reserves to develop. “We’re well-positioned to invest in our base business and growth projects, even in a lower for […]
Canadian Oil Sands says it’s frustrated with scare tactics used by rival Suncor in its unsolicited takeover offer. Photo courtesy of Canadian Oil Sands CALGARY, Alberta, Nov. 13 (UPI) — Canadian Oil Sands Ltd. continued to urge its shareholders to reject a bid from rival Suncor Energy, saying the offer would sell itself if it was worthwhile. Suncor last month said its unsolicited $3.2 billion takeover bid for its rival was a "financially compelling" offer. Last week, Suncor called on the Alberta Securities Commission to consider a shareholder rights plan adopted by Canadian Oil Sands, which is designed to prevent the takeover . Suncor, in a letter to rival shareholders, said a "do-nothing" stance from Canadian Oil Sands is a risky position given the continued weakness in the energy sector. In a new filing, Suncor said it updated information on the bid to reflect further evidence of the downturn […]
U.S. study of post-Keystone XL energy landscape in Canada finds rail may carry more oil across the region. Photo by Steven Frame/Shutterstock WASHINGTON, Nov. 11 (UPI) — Crude oil deliveries from Alberta, Canada, will rely on rail in the wake of the permit refusal for Keystone XL , the U.S. Energy Information Administration said. The U.S. State Department last week denied TransCanada’s permit to build the cross-border Keystone XL oil pipeline. The project was designed to carry as much as 830,000 barrels of oil per day from Canada to Nebraska. From there, it would eventually send oil through the so-called Gulf Coast Project, which TransCanada put into service in 2014, and on to refineries along the southern U.S. coast Mark Cooper , a TransCanada spokesman, said saying no to Keystone XL means more of Canada’s crude oil would be sent to the U.S. market by rail, which the company […]
Canadian Oil Sands says its weathering weak market, recommending shareholders reject unsolicited bid from rival Suncor. Photo courtesy of Canadian Oil Sands CALGARY, Alberta, Oct. 30 (UPI) — While posting a heavy loss for the quarter, Canadian Oil Sands Ltd. said it was advising against what it considers an undervalued bid by rival Suncor. Canadian Oil Sands, among the largest owners in the Syncrude joint venture production group in northern Alberta, said its operating expenses fell to around $5 per barrel, its net debt declined and capital expenses were down 62 percent to $63.5 million. The company said it’s achieved around $750 million in cost reductions during the first nine months of the year. "Canadian Oil Sands is demonstrating its ability to weather this period of low oil prices and even a modest improvement in oil prices will generate robust expansion of cash flow," President and Chief Executive Officer […]
Canadian oil sands producer Suncor reports production increase from third quarter, though profits down during depressed market. Photo courtesy of Suncor CALGARY, Alberta, Oct. 29 (UPI) — Canadian oil company Suncor said production for the third quarter was up 9 percent year-on-year at a time when surplus is driving industry profits down. "Our focus on operational discipline continues to pay off," President and Chief Executive Officer Steve Williams said in a statement. Suncor, the largest energy company in Canada, reported total production for the third quarter of 566,100 barrels of oil equivalent per day, up 9 percent year-on-year, because of strong results from British output and Canadian oil sands operations. Oil sands, which accounted for the vast majority of the company’s output, increased in production by 4.5 percent from third quarter 2014. Crude oil prices are depressed in part because markets are favoring the supply side at a time […]
CALGARY, Alberta— Canadian Oil Sands Ltd. COSWF 1.48 % , the largest stakeholder in the Syncrude oil-sands consortium, on Thursday swung to a net loss and posted a sharply lower operating profit in its latest quarter due to falling production volumes and a slump in crude oil prices. The Calgary-based company reported a net loss of 174 million Canadian dollars ($132 million), or 36 Canadian cents a share, for the three months ended Sept. 30, compared with a net profit of C$87 million, or C$0.18 a share, in the year-earlier period. It said that came partly from a C$184 million foreign exchange loss linked to U.S. dollar-denominated debt due to a weaker Canadian currency. Cash flow from operations, which is adjusted to exclude one-time items, slid 73% to C$82 million, or C$0.17 a share, down from C$302 million, or C$0.62 per share, a year ago. Canadian Oil Sands blamed […]
