U.S. imports of Canadian heavy crude oil continues to grow

U.S. is by far the world’s largest refining market for heavy oil, processing more than half of all that type of crude globally in 2018

U.S. imports of Canadian heavy crude oil continues to growA new report released on Tuesday by IHS Markit says imports of Canadian heavy crude are an increasingly important source of supply to the United States, the world’s largest refining market for such crudes. The report, Looking North: A U.S. Perspective on Canadian Heavy Oil, said U.S. imports of Canadian heavy crudes will approach 2.8…

Athabasca Oil chopping 25% of head office staff

The sector is still a long ways away from permanent solutions, says company president Robert Broen

Athabasca Oil chopping 25% of head office staffAthabasca Oil Corp. announced on Tuesday that it has undertaken a number of actions to enhance its competitiveness and resiliency. It has introduced a streamlined corporate cost structure that consists of a 25 per cent reduction in head office staff effective immediately and 10 per cent rollback in salaries for executives and directors. The company did…

Canadian crude oil production on the rise in September

StatsCan said Alberta produced 17.4 million cubic metres of crude oil and equivalent products in the month

Canadian crude oil production on the rise in SeptemberCanadian production of crude oil and equivalent products totalled 21.1 million cubic metres (132.6 million barrels) in September, up 5.7 per cent compared with the same month in 2017, says Statistics Canada. Non-upgraded production of crude bitumen surpassed 9.0 million cubic metres for the third consecutive month, to reach 9.3 million cubic metres (+15.0 per…

Oil production cut to take 2.2% out of Alberta’s GDP in 2019

The move is also bound to have implications for Canada’s economy: Conference Board of Canada

Oil production cut to take 2.2% out of Alberta’s GDP in 2019The Alberta government’s unprecedented move to cut back oil production in the province starting next year is “a desperate measure to alleviate bottlenecks and bolster prices,” says a commentary by the Conference Board of Canada. “Whether there’s a payoff will be hard to determine and will depend on whose opinion you ask on this complex…

Capital expenditures in Canadian oil patch plunge 58% from 2014

ATB report blames the decline on the completion of major projects and the dramatic oil price differential

Capital expenditures in Canadian oil patch plunge 58% from 2014The news from the oil patch continues to raise concerns across Alberta and Canada. The latest is the revelation that capital expenditure in the oil patch, a driving force of the national and provincial economies, is falling again. ATB Financial’s Economics & Research Team on Thursday released data from Statistics Canada indicating that there were “whispers…

Alberta cuts oil production in face of price differential

‘Every Albertan owns the energy resources in the ground and we have a duty to defend those resources,’ says Premier Notley

Alberta cuts oil production in face of price differentialAlberta Premier Rachel Notley announced on Sunday that the province is mandating a short-term reduction in oil production in response to the historically high oil price differential. The provincial government says that differential is costing the national economy more than $80 million a day. Production of raw crude oil and bitumen will be reduced by…

ePlay Digital making its mark in the growing esports industry

Company is poised to take advantage of the growing billion-dollar esports industry

ePlay Digital making its mark in the growing esports industryA Calgary-based company has become a key player in the mobile game creator field and a publisher specializing in sports and entertainment augmented reality titles. Trevor Doerksen, CEO of ePlay Digital Inc., says the company is poised to take advantage of the growing billion-dollar esports industry. The company, which was established in 2017, is a…

What’s going on with oil prices in Alberta?

Industry expert Richard Masson explains how supply and demand balance dramatically impacts oil pricing

What’s going on with oil prices in Alberta?Trying to understand the critical situation Alberta faces with current oil prices is daunting for most people, especially if they’re not directly involved with the oilpatch. So Calgary’s Business decided to make some sense out of this confusing scenario and sought the expertise of one of the country’s top experts in the field to explain…

Crude oil and equivalent products production up 9.6%

Alberta (82.6%), Saskatchewan (10.3%) and Newfoundland and Labrador (4.7%) accounted for the vast majority of Canadian production

Crude oil and equivalent products production up 9.6%Canadian production of crude oil and equivalent products continued at a robust pace in August as production totalled 23.6 million cubic metres (148.6 million barrels), up 9.6 per cent compared with the same month in 2017, says Statistics Canada. And Alberta produced a record 19.5 million cubic metres of crude oil and equivalent products in…

Shaw Communications revenue tops $5 billion in fiscal 2018

Wireless network investments remain the company’s top priority

Shaw Communications revenue tops $5 billion in fiscal 2018Shaw Communications Inc. saw revenue from continuing operations increase by seven per cent to $1.34 billion in its fourth quarter, which ended Aug. 31. The Calgary-based company also reported on Thursday that revenue was also up by roughly the same amount to $5.24 billion for its full fiscal year of 2018. Operating income before restructuring…

Husky Energy net earnings $545 million in third quarter

The company said it generated funds from operations of $1.3 billion in the quarter, up 48%

Husky Energy net earnings $545 million in third quarterNet earnings for Husky Energy soared in the third quarter of this year. The Calgary-based energy company reported on Thursday that net earnings were $545 million, a 300 per cent increase compared to $136 million in the third quarter of 2017. Net debt at the end of the quarter was lowered to $2.6 billion. “Husky’s…

Alberta leads country with highest level of average debt

Calgary and Edmonton had the highest levels of debt of major Canadian cities

Alberta leads country with highest level of average debtThe average consumer debt continues to rise in Alberta with the highest level in the country, according to the latest Equifax Canada Q2 2018 National Consumer Credit Trends Report which was released on Wednesday. Calgary and Edmonton had the highest levels of debt of major Canadian cities and Alberta had the highest for all the…

Alberta, B.C. to lead Canadian economic growth, again

Scotiabank report says Alberta will have employment gains of 1.8% this year, 1.2% in 2019 and 1.2% in 2020

Alberta, B.C. to lead Canadian economic growth, againAlberta and British Columbia have been the country’s economic growth leaders since 2000 and will continue to be so this year, says a new report released on Monday by Scotiabank Economics. The bank’s latest Provincial Outlook said both western provinces will see economic growth of 2.4 per cent this year, eclipsing the Canadian average of…

Report highlights Alberta’s continued economic vulnerability

Fundamental to diversification of Alberta’s economy is the contribution of small business innovation: ABCtech

Report highlights Alberta’s continued economic vulnerabilityUncertainties in the oil and gas industry and government deficits have weakened industry sentiment that Alberta is economically resilient, according to a report released Monday by the Alberta Council of Technologies (ABCtech). The report also said there’s an associated decline in the sentiment that the province’s innovation ecosystem is effective for supporting small business innovation…

Canmore Alberta’s first four-star hotel opening in November

But it is currently taking bookings for events and small group accommodation

Canmore Alberta’s first four-star hotel opening in NovemberAn Alberta-based hotel and resort developer is getting ready to open its latest offering, signalling it continuing confidence in the province’s hospitality industry. Clique Hotels and Resorts will open Canmore’s first four-star luxury hotel, the Malcolm Hotel at Spring Creek. It plans to officially open in November but is currently taking bookings for events and…