Latest news with #Alberta-based
San Francisco Chronicle
18 hours ago
- Business
- San Francisco Chronicle
Western Energy: Q2 Earnings Snapshot
CALGARY, Alberta (AP) — CALGARY, Alberta (AP) — Western Energy Services Corp. (WEEEF) on Tuesday reported a loss of $3.3 million in its second quarter. On a per-share basis, the Calgary, Alberta-based company said it had a loss of 10 cents. The drilling services company posted revenue of $28.9 million in the period.
Edmonton Journal
2 days ago
- Automotive
- Edmonton Journal
Canadian auto dealership chain on the hunt to buy competitors, dumps U.S. laggards
An Alberta-based chain of auto dealerships is in pursuit of Canadian competitors to buy after selling more than a dozen struggling car lots in the United States. Article content AutoCanada Inc., which already owns 64 dealerships in eight provinces, says it has ambitions to dramatically expand its reach in Canada, with plans to leave the U.S. completely. It's putting Canadian dealerships on notice that it aims to be a top consolidator in the industry. Article content Article content Article content 'As long as everything holds like this, there's no reason why this company couldn't be double the size or greater in the next three to five years,' said Paul Antony, the chair of AutoCanada's board. Article content Article content The company, based in Edmonton, is selling 13 dealerships in the U.S. to undisclosed buyers for $82.7 million, leaving four other American lots to offload before its strategy to exit the country is finished. Article content AutoCanada took its first shot at the U.S. market in 2018, when it bought eight dealerships and an auto mall in and around Chicago for $110 million, but Antony said the deal was a mistake. Article content 'The reason I was brought in to AutoCanada was this deal actually nearly bankrupt the company because they were under-performing assets,' he said. Article content 'We were forced to try and put somebody in to fix it. And we've gone through several leaders in the United States. What was clear to me is that our time is better spent in Canada for now.' Article content Article content Antony says U.S tariffs and Canadian counter-tariffs on autos did not factor into the company's decision to sell. He says it was mainly focused on finding the right price and buyer to take on its American dealerships. Article content Article content As the company shifts its focus north of the border, Antony says sales are steady at the Canadian dealerships. Article content Analysts had predicted that tariffs would spike the price tag of new vehicles, turning customers away. But that hasn't been the case so far. Article content Canadian auto sales were up by 5.5 per cent in the first six months of the year, compared to the same stretch of 2024, according to a Scotiabank report. Still, sales have slowed meaningfully since a spike earlier in the year when car buyers were likely trying to get ahead of tariffs, the report said.
Yahoo
2 days ago
- Automotive
- Yahoo
Canadian auto dealership chain on the hunt to buy competitors, dumps U.S. laggards
An Alberta-based chain of auto dealerships is in pursuit of Canadian competitors to buy after selling more than a dozen struggling car lots in the United States. AutoCanada Inc., which already owns 64 dealerships in eight provinces, says it has ambitions to dramatically expand its reach in Canada, with plans to leave the U.S. completely. It's putting Canadian dealerships on notice that it aims to be a top consolidator in the industry. 'As long as everything holds like this, there's no reason why this company couldn't be double the size or greater in the next three to five years,' said Paul Antony, the chair of AutoCanada's board. The company, based in Edmonton, is selling 13 dealerships in the U.S. to undisclosed buyers for $82.7 million, leaving four other American lots to offload before its strategy to exit the country is finished. AutoCanada took its first shot at the U.S. market in 2018, when it bought eight dealerships and an auto mall in and around Chicago for $110 million, but Antony said the deal was a mistake. 'The reason I was brought in to AutoCanada was this deal actually nearly bankrupt the company because they were under-performing assets,' he said. 'We were forced to try and put somebody in to fix it. And we've gone through several leaders in the United States. What was clear to me is that our time is better spent in Canada for now.' Antony says U.S tariffs and Canadian counter-tariffs on autos did not factor into the company's decision to sell. He says it was mainly focused on finding the right price and buyer to take on its American dealerships. As the company shifts its focus north of the border, Antony says sales are steady at the Canadian dealerships. Analysts had predicted that tariffs would spike the price tag of new vehicles, turning customers away. But that hasn't been the case so far. Canadian auto sales were up by 5.5 per cent in the first six months of the year, compared to the same stretch of 2024, according to a Scotiabank report. Still, sales have slowed meaningfully since a spike earlier in the year when car buyers were likely trying to get ahead of tariffs, the report said. Car prices were supposed to spike because of tariffs Canada's auto industry at 'hinge moment' Bullish on the Canadian market, Antony says he's looking to drive down costs and pay off debt to prepare AutoCanada for its expansion. 'I think that what you'll find over the course of the next year or two is with our new business model, we're going to be in a position to really get into the mergers and acquisition business, and really, really increase the size and scope of our business,' he said. • Email: rsouthwick@ Sign in to access your portfolio
CBC
16-07-2025
- Business
- CBC
Indigenous-led data centre in Alberta slated for developent amid AI infrastructure boom
Woodland Cree First Nation announced plans to acquire a partially completed power plant to convert into a natural gas-powered data centre. The Mihta Askiy Data Centre is located on the First Nation's traditional lands, about 500 kilometres northwest of Edmonton. The name translates to "wood land." Woodland Cree First Nation is working in partnership with Alberta-based developer in power and technology, Sovereign Digital Infrastructure, to build the site. It would generate a total of 650 megawatts of on-site natural gas power, with a grid backup, as required by the Alberta Energy Systems Operator. It would also include two 200-megawatt turbines. Chief of Woodland Cree First Nation, Isaac Laboucan-Avirom, is heading the project, and has a background in oil and gas. He said this data centre could generate significant revenue and opportunities for his community. "The value that we'll be making out of it, will be able to for more for our community, like put more into education, or elder care, housing, infrastructure … and make sure there's a legacy left for our children's children's children," he said. Alberta is becoming a hotbed for data centre applications. As part of its strategy, the AESO had to introduce a temporary limit on how many data centres could be added to an electrical grid, after project proposals soared in the province. Jon Horsman, chief financial officer of Sovereign Digital Infrastructure, said the project will address multiple barriers that failed data centres typically face. "There's just not enough power readily available to sort of build, at scale, these data centres," he said. "What they've found is they actually have to now move the data centres closer to the sources of power. In Alberta, because we've got a deregulated electricity market, it means that you're kind of driving closer and closer to those natural gas." In this case, the site would be responsible for generating the natural gas power it needs. Horsman also said consultation and partnership with First Nations has been left to the side when other data centres were proposed. Earlier this year, celebrity investor Kevin O'Leary proposed Wonder Valley, a data centre that was slated to be built in the District of Greenview, near Grande Prairie, Alta. After the announcement, multiple First Nations across Alberta protested, saying they were never consulted. "My general sort of path to large-scale development is to start with the First Nation partnership. Through that partnership, you can accelerate and you can get things done that you can't get done otherwise," Horsman said. For Laboucan-Avirom, these projects need to go further than just consultation with the Indigenous communities — they also need a seat at the table. "We really want to modernize the way to harness our culture, our language and our uniqueness," he said. "That's one thing that the education system doesn't do justice for us Indigenous communities, is really realizing our uniqueness and our the demographics in Canada." In a statement provided in the Sovereign Digital Infrastructure press release, Technology and Innovation Minister Nate Glubish said this project would play a vital role in advancing Alberta's AI infrastructure. "With 51 per cent Indigenous ownership, this project represents a meaningful step forward in reconciliation and economic partnership." CBC reached out to Glubish's office for additional comment.
Toronto Sun
14-07-2025
- Business
- Toronto Sun
U.S.-owned Sarnia propane and butane plant may be sold to Canadian company
A Sarnia plant said to be eastern Canada's main source of propane will be back in Canadian hands if a proposed sale goes ahead. The Plains Midstream plant in Sarnia is shown in this file photo. Photo by File photo / The Observer A Sarnia propane and butane plant will be back in Canadian hands if a proposed sale of a U.S. company's Canadian natural gas liquids business to Alberta-based Keyera Corp., goes ahead. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Keyera has an agreement to buy all of Houston-based Plains Canada's natural gas liquids business, including the Sarnia site, and some U.S. assets, for more than $5 billion. The purchase is expected to close in the first quarter of 2026. Opened by Dome Petroleum in 1970s, the plant located along Plank Road, has also been owned by Amoco and BP before it was purchased by Plains in 2012. Propane produced from natural gas liquids arriving by pipeline from western Canada is delivered by rail and truck from the Sarnia site to locations in Ontario, Quebec and other eastern Canadian provinces, as well as U.S. Midwest and East Coast markets, according to the Canadian Energy Regulator. Butane is also produced at the Sarnia site. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 'Any time sales or mergers take place, you optimistically move forward,' said Sarnia Mayor Mike Bradley. 'I'm feeling pretty positive about what they've been saying about the value of Sarnia,' he said. Keyera said in a news release the purchase includes large scale natural gas liquids extraction, fractionation, storage, pipelines and terminals in Western Canada and Sarnia. 'This transaction enhances our ability to serve customers, capture meaningful operational efficiencies, and deliver sustainable long-term value for shareholders, while also helping to reinforce Canada's position as a global energy leader,' Keyera chief executive Dean Setoguchi said in the release. Keyera president and chief executive, Dean Setoguchi, speaks at a ceremony to celebrate the completion of the 575 km KAPS Pipeline at Keyera's Fort Saskatchewan Condensate System site in October 2023. (David Bloom/Postmedia) Photo by David Bloom / Postmedia 'Plains is exiting the Canadian NGL business at an attractive valuation while Keyera is receiving highly complementary and critical infrastructure in a strategic market,' Plains chief executive Willie Chiang said in a news release from the U.S. company. This advertisement has not loaded yet, but your article continues below. Along with the Sarnia plant, the sale includes a storage sitein Sarnia, pipelines in the region and a Windsor storage terminal and a sales terminal in St. Clair, Mich. This ownership change appears 'positive for the community,' said Matthew Slotwinski, chief executive of the Sarnia-Lambton Economic Partnership. 'Ultimately, what we're looking at here is a Canadian company acquiring Canadian assets to strengthen its Canadian opportunities,' he said. Keyera 'currently doesn't have a presence in Eastern Canada, which they do consider to be a key consumption hub,' Slotwinski said. 'What that means is tremendous opportunity for the existing fractionation and pipeline assets that exist in this area.' The purchase by a Canadian company is 'such a bonus,' Bradley said. 'It shows we can do it; be proud Canadians and reinvest in Canada.' This advertisement has not loaded yet, but your article continues below. Assets in the sale include more than 2,400 kilometres of pipeline infrastructure with capacity of more than 575,000 barrels a day, the Calgary-based gas and NGL midstream company said in a statement. The deal gives Keyera operations in both eastern and Western Canada, including processing capacity, storage infrastructure and truck and rail terminals. As well as putting those operations in 'Canadian decision makers' hands,' income that had been going to the U.S. will now stay in Canada, Setoguchi told Bloomberg News. The transaction has been in negotiations for six months, but Keyera has been interested in the Plains assets for the past decade, he said. With files from Bloomberg News pmorden@ Columnists NFL NHL Golf World
