Oil Sands ///

Canada's fading oil promise leaves U.S. majors struggling

Oil-sands investments in Western Canada that gobbled tens of billions of dollars over the past decade are proving an Achilles heel for some of the world’s biggest energy producers.

Exxon bows to oil crash with historic global reserves cut

Exxon Mobil Corp. disclosed the deepest reserves cut in its modern history as prolonged routs in oil and natural gas markets erased the value of a $16-billion oil-sands investment and other North American assets.

Suncor output hits record with oil-sands unit at full speed

Suncor Energy Inc.’s production rose to a record last quarter after the oil-sands giant took control of the Syncrude processing unit and put it at full throttle.

Trump’s 20% import tax good news for Canadian oil patch

U.S. President Donald Trump’s controversial 20% tax on imports from Mexico to pay for a border wall would come as a second gift in less than a week for Canada’s oil patch.

Canada faces era of pipeline abundance after Keystone XL move

President Donald Trump’s decision to revive TransCanada Corp.’s Keystone XL pipeline may herald a new era of pipeline abundance for Canadian oil producers after years of bottlenecks, while lowering the discount on the region’s crude.

Canadian drillers brave deep freeze as oil patch revives growth

In the snowy prairies of Western Canada, not even temperatures below -40 degrees have stopped Stampede Drilling Ltd.’s 60 recently rehired workers from manning the oil-service provider’s rigs after a nine-month dry spell for the business.

MEG expands Christina Lake project, taps debt market as oil rebounds

MEG Energy Corp. is boosting production at its Christina Lake project in Alberta and tapped debt and equity markets for financing, further signs of a rebound in Canada’s oil patch as crude prices stabilize.

Statoil sells its Canadian oil sands business

Statoil has signed an agreement to divest its 100% owned Kai Kos Dehseh (KKD) oil sands projects in the Canadian province of Alberta to Athabasca Oil Corp (TSX: ATH). The transaction covers the producing Leismer demonstration plant and the undeveloped Corner project, along with a number of midstream contracts associated with Leismer’s production. Following this transaction, Athabasca will take over operatorship of Leismer and Corner and Statoil will no longer operate any oil sands assets.

Canadian oil sands producers turn eyes to expansion

Canadian oil sands producers are finally ready to grow again as Cenovus Energy and Canadian Natural Resources announce they are pushing ahead with expansion projects two years into the worst crude slump in decades.

Cenovus boosts 2017 budget, plans to up production

Cenovus Energy plans to invest between $1.2 billion and $1.4 billion in 2017, a 24% increase compared with the company’s forecast capital spending for 2016.

Canada boosts oil patch as Trudeau backs Kinder Morgan, Enbridge pipelines

Kinder Morgan and Enbridge won Canadian government approval for two pipeline projects—a long-awaited boost for the oil industry that could potentially expand exports, open new Asian markets and lift prices for locally produced barrels of crude.

Trump aides eye Keystone XL revival by rescinding 48-year-old order

Advisers to Donald Trump are exploring ways he can green light the Keystone XL oil pipeline on the day he is sworn into office, including by rescinding a 48-year-old presidential order.

Oil sands cost cutting ‘close to bone’ as crude recovery stalls

Canadian oil-sands producers are running out of tricks to buoy their share prices as crude prices keep bumping up against a $50 ceiling.

Imperial sees Syncrude, Suncor mines sharing to cut costs

Imperial Oil and Suncor Energy are looking for more ways to shave costs at their Syncrude joint venture by sharing trucks, storage and other resources with nearby operations owned by Suncor, Imperial CEO Richard Kruger said.

Three new oil sands developments receive initial approval following Regulator review

Three new proposed oil sands developments have cleared an important early step in the regulatory process.

Suncor CEO sees more volatile oil price in coming years

Oil prices will become more volatile after next year amid under-investment in production and uncertain growth in demand, Suncor Energy CEO Steve Williams said.

Canada’s E&P industry faces uphill struggle

Robert Curran, Contributing Editor

Rocked by the worst oil-price collapse in recent memory, Canadian operators are struggling to adapt to the new normal. The industry faces continued market access challenges, with much-needed pipelines bogged down by opposition.

Canadian Natural cost cuts trim loss as output misses estimates

Canadian Natural Resources Ltd., the nation’s largest heavy-oil producer, reported a narrower second-quarter loss as lower costs helped offset the slump in crude prices.

Suncor's emissions goal seen challenging even without total cuts

Suncor Energy Inc. plans to hold total greenhouse gas emissions at current levels through 2030, even as it boosts crude production by targeting a reduction in carbon output per barrel.

CNOOC cutbacks at Long Lake oil-sands site caps years of trouble

CNOOC Ltd.’s decision this week to idle part of its Long Lake oil-sands operation in Alberta comes after five years of problems cemented the site’s reputation as one of the most troubled projects in the region.