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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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First Nations unhappy as second Kitimat LNG investor bails


A model shows the proposed liquefied natural gas liquification plant and marine terminal in Kitimat, B.C., June 26, 2014. Photo by: The Canadian Press/Robin Rowland
VANCOUVER A British Columbia First Nations coalition says it s disappointed by the news that a second major investor is looking to sell its shares in the Kitimat Liquefied Natural Gas development.
Woodside Petroleum Ltd., an Australian company, says it plans sell its 50 per cent stake in the 480-kilometre Pacific Trail Pipeline and the proposed LNG facility at Bish Cove.
The First Nations Limited Partnership, which represents 16 First Nations in northern B.C., says the decision to sell is both disappointing and poses a threat to its members commercial interests. ....

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B.C. LNG industry faces more uncertainty as another investor pulls out


B.C. LNG industry faces more uncertainty as another investor pulls out
Simon Little
© AP Photo/Koji Sasahara
FILE IMAGE - LNG tanker Umm Al Ashtan arrives at a port.
There are new signs of uncertainty for British Columbia s liquified natural gas industry this week, as one of the province s marquee projects faces another blow.
The second of two key investors in the proposed Kitimat LNG development, Australia-based Woodside Petroleum Ltd., announced Wednesday it plans to sell its 50 per cent stake in the project.
Earlier this year, Chevron Canada Ltd. said it would stop funding feasibility work on the project. Chevron put its interests up for sale in December 2019, but no buyer has yet stepped forward. ....

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