BWXT Cambridge to add 350 new jobs
Ontario Minister of Energy Stephen Lecce was in Cambridge Monday to announce that the Ontario government has authorized Ontario Power Generation to sign $960 million in contracts with BWXT, generating 350 new jobs. Workers would be part of the construction of 48 new steam generators for the Pickering nuclear power plant and would begin work on small modular reactors for the Darlington New Nuclear Project. CBC Kitchener-Waterloo's Cameron Mahler was at the announcement to learn more.
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Globe and Mail
18 hours ago
- Globe and Mail
Why Oklo Stock Slumped Today
One of the hotter energy stocks of recent times cooled down on Friday. This is next-generation nuclear company Oklo (NYSE: OKLO), which provided details of a capital-raising effort it originally announced late Wednesday afternoon. Investors weren't all that happy with this, and on Friday, they traded the stock down to leave it with a more than 1% loss in value. Adding to the pool After market hours Thursday, Oklo provided more information about the secondary share issue it disclosed the previous day. The issue has been priced at $60 per share, more than $4 below Thursday's closing price. The company is to float nearly 6.7 million shares of its class A common stock, so the issue is set to raise gross proceeds of slightly over $400 million. The issue's underwriting syndicate is led by Goldman Sachs and Bank of America Securities and includes Citigroup, JPMorgan Chase 's J.P. Morgan, and UBS Investment Bank. The underwriters have been granted a 30-day option to collectively purchase up to 1 million additional shares at that $60 per share price. The offering should close this coming Monday, June 16. Despite recent successes, such as its receipt of a notice of intent to award (NOITA) a project on an Alaska base for the Air Force, Oklo is still at a relatively early stage as a company. As such, it continues to be hungry for capital to sustain its operations. Dilution now... and in the future? The downside of this, of course, is the dilutive nature of share issues. This one isn't particularly so, as Oklo has more than 139 million shares currently outstanding. Still, it's surely spooking investors who worry that there are more, and larger, share issues to come. Should you invest $1,000 in Oklo right now? Before you buy stock in Oklo, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Oklo wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $655,255!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $888,780!* Now, it's worth noting Stock Advisor 's total average return is999% — a market-crushing outperformance compared to174%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Bank of America is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bank of America, Goldman Sachs Group, and JPMorgan Chase. The Motley Fool has a disclosure policy.
National Post
a day ago
- National Post
Prince Rupert mayor sides with Eby over Smith on Northern Gateway pipeline reboot
OTTAWA — The mayor of northern British Columbia's busiest port city says he's following Premier David Eby's lead in taking a wait-and-see approach to rebooting the cancelled Northern Gateway Pipeline project. Article content Prince Rupert Mayor Herb Pond told the National Post on Friday that he's reserving judgment until he sees a new proposal on the table. Article content 'I'm a little bit (more) with Premier Eby… Until there's a project and a proponent, we're not going to spend much time on it,' said Pond. Article content Article content 'It's so hard to have a discussion about an imaginary project.' Article content Alberta Premier Danielle Smith has pushed heavily for a revival of the shelved pipeline, which would have shipped up to 525,000 barrels of Alberta oil per day through nearby Kitimat, B.C., and ultimately to markets in the Asia-Pacific region via tanker. Article content Smith has said that the revamped North Coast pipeline should end at the Port of Prince Rupert, citing its close proximity to potential buyers in markets like Japan and South Korea. Article content She's also said that shipping Alberta oil through northern B.C. is one of the best things Canada can do to reduce its economic dependency on top trading partner the United States. Article content But Eby says that Smith is getting ahead of herself with no entity, public or private, coming forward to lead the project. Article content 'There's no proponent, there's no money, there's no project right now,' Eby said this week during a trade visit Seoul, South Korea. Article content Pond says he agrees with Smith that Prince Rupert is the most logical destination for a new pipeline carrying Alberta oil to the Pacific Ocean. Article content 'If (technical dimensions) were the only thing you were scoring it on… Rupert would score the highest,' said Pond. Article content 'Prince Rupert is a very deep natural harbour, doesn't need to be dredged (and) we're not moving through a congested traffic area (like) Vancouver.' Article content But he added that a new oil pipeline wouldn't make or break Prince Rupert economically, and may not be worth the risk of an oil spill in the sensitive marine ecosystem. Article content Pond said that, like Eby, he supports the federal moratorium on oil tanker traffic along B.C.'s northern coast.
CTV News
a day ago
- CTV News
IEA says it stands ready to tap emergency oil stocks, OPEC sees no need
The oil drilling rig Polar Pioneer is towed toward a dock in Elliott Bay in Seattle. The rig is the first of two drilling rigs Royal Dutch Shell is outfitting for Arctic oil exploration on May 14, 2015. (AP / Elaine Thompson) The west's energy watchdog said on Friday it was ready to release oil stocks should the market experience shortages following Israel's attack on Iran, drawing criticism from rival OPEC which said the statement would only create fear in the market. The International Energy Agency, representing oil consumers, and the Organization of the Petroleum Exporting Countries, representing some of the world's top oil producers, have in recent years clashed on global oil demand trajectories and the pace of the energy transition. The IEA's head Fatih Birol said that while the oil market was well supplied, the agency would be ready to act if needed, adding that the agency's oil security system held US1.2 billion barrels of oil in strategic and emergency reserves. OPEC Secretary General Haitham Al Ghais criticized Birol's statement, saying it 'raises false alarms and projects a sense of market fear through repeating the unnecessary need to potentially use oil emergency stocks.' He said there were no developments in supply or market dynamics that 'warrant unnecessary measures.' Oil prices jumped sharply after Israel launched a barrage of strikes across Iran on Friday, saying it had attacked nuclear facilities and missile factories and killed a swathe of military commanders in what could be a prolonged operation to prevent Tehran building an atomic weapon. Oil prices were trading seven per cent higher, their biggest daily spike since 2022 when Russia invaded Ukraine. The United States and its allies, in coordination with the IEA, last tapped emergency oil stocks in early 2022 after the Russian invasion of Ukraine, a decision that OPEC heavily criticized at the time. While Israel has stopped short of targeting Iran's energy facilities, market participants are wary the situation may escalate further leading to damage to energy infrastructure in Iran or its neighbors, as well as a blockade of the Strait of Hormuz. In September 2019, Iran-backed Houthi militias in Yemen launched a drone attack on Saudi Aramco's Abqaiq oil processing plant, knocking 5.7 million bpd of Saudi oil production offline and sending the oil market into a frenzy. Iran's diplomatic relations with its Gulf neighbors Saudi Arabia and the United Arab Emirates have improved significantly since that attack, though there are still some concerns in the region of a repeat of the Abqaiq scenario. 'Oil has already spiked ... and its ultimate landing point will likely hinge on whether Iran revives the 2019 playbook and targets tankers, pipelines, and key energy facilities across the region,' RBC Capital Markets analyst Helima Croft said in a note following the Israeli attack. (Reporting by Ashitha Shivaprasad in Bengaluru and Ahmad Ghaddar in London, Editing by Louise Heavens and Susan Fenton)
