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The oilpatch rebound is here: Suncor, Cenovus swing to profit amid higher oil prices, reopening economies


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Suncor Energy Inc. and Cenovus Energy Inc., two of Canada’s three largest oil companies, reported better-than-expected quarterly profits Thursday and announced they cumulatively spent close to $2 billion on a combination of share buybacks, dividends and debt repayment in the second quarter.
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The oilpatch rebound is here: Suncor, Cenovus swing to profit amid higher oil prices, reopening economies Back to video
Both companies have enjoyed a dramatic turnaround in oil prices over the past year, as the West Texas Intermediate benchmark is up 78 per cent over the past 12 months. WTI rose 2 per cent Thursday, or US$1.17 per barrel, to US$73.56 per barrel. ....

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Shell proposes new carbon capture and storage project at Scotford Complex


The energy company has already been operating its Quest CCS facility in Alberta for six years. PHOTO: Shell Canada Ltd.
CALGARY Shell Canada Ltd. has announced plans to build a large-scale carbon capture and storage project at its Scotford Complex near Edmonton, part of its strategy to become a net-zero emissions company by 2050.
The proposed Polaris CCS project will capture carbon dioxide from the Shell-owned Scotford refinery and chemicals plant, the company said Tuesday, adding it expects Polaris to have storage capacity of about 300 million tonnes of C02 over the life of the project.
Shell said it will make a final investment decision about the project in 2023, with the initial phase expected to start operations around the middle of the decade. ....

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