Latest news with #Calgary-based
Cision Canada
4 hours ago
- Business
- Cision Canada
North American Energy Opportunities Corp. welcomes Murray MacLeod Stewart to Executive Leadership and Acquires Equity Interest in Mjolnir Resources Corp.
NEW YORK, Aug. 7, 2025 /CNW/ -- North American Energy Opportunities Corp. ("NAEOC" or the "Company") is pleased to announce the appointment of Murray MacLeod Stewart to its Executive Team, effective August 8, 2025. Mr. Stewart will assume the dual roles of President of NAEOC Alberta and President of North American Energy Opportunities Corp. USA. In this capacity, Mr. Stewart will oversee all aspects of NAEOC's operations and regulatory compliance in Alberta, Canada, and Texas, USA, reporting directly to Dr. Vincent deFilippo, Chairman and Chief Executive Officer of NAEOC. As part of this strategic development, NAEOC has also acquired a 7.9% equity interest in Mjolnir Resources Corp. ("Mjolnir") through a share swap arrangement with Mr. Stewart, who previously held the position of President & Chief Executive Officer. This transaction marks NAEOC's entry as a shareholder of Mjolnir, further strengthening our presence in the Leduc-Woodbend region of Central Alberta. Mjolnir is a Calgary-based exploration and development company focused on oil and gas production. "We are thrilled to welcome Murray Stewart to the NAEOC Executive Team," said Dr. Vincent deFilippo. "His leadership style, strategic thinking, and deep technical expertise in field development and reservoir optimization make him an ideal fit for our team as we continue to scale up our operations in both Canada and the United States." Mr. Stewart brings over 40 years of oil and gas experience, supported by a formal education in chemistry and chemical engineering and a distinguished career focused on field optimization and enhanced recovery. His past roles include senior technical and leadership positions at leading organizations such as BP Canada, Talisman Energy, Penn West Petroleum, Beau Canada, and NAL Resources. He has also served as President and CEO of multiple junior oil and gas companies, including Magnus Energy Inc. – a publicly listed Canadian E&P firm that achieved a successful exit. More recently, Mr. Stewart served as President and CEO of Mjolnir Resources Corp., where he led initiatives in completions, well servicing, reservoir engineering, and multi-stage horizontal drilling, delivering substantial production gains and capital efficiencies. In addition to his operational achievements, Mr. Stewart has been a respected contributor to energy-sector workforce development, managing corporate training programs at SAIT Polytechnic's MacPhail School of Energy. This new leadership appointment and strategic investment represent a key milestone in NAEOC's growth trajectory, as the Company continues to expand its presence across Leduc-Woodbend in Alberta and Conger, Leon, and Rusk Counties in Texas, USA. For further information about this release, please contact: Dr. Vincent deFilippo CEO and Founder North American Energy Opportunities Corp. New York, NY 10005 +1-856-319-2784 [email protected]
Global News
5 hours ago
- Business
- Global News
Calgary-based South Bow reports increased income despite April pipeline spill
The company that operates the Keystone pipeline says it expects an in-depth report to be available in September on the impact of an April 8 leak near Fort Ransom, N.D. But Calgary-based South Bow doesn't expect it to reveal any wide-spread problems with the pipeline that runs 4,327 kiolmetres from Hardisty, Alta. to refineries in Illinois, Oklahoma and Texas. The leak of about 3,500 barrels forced the company to shut the pipeline down for about a week, to allow for cleanup efforts that were completed in early June. View image in full screen This image provided by South Bow shows a spill from the Keystone oil pipeline that occurred Tuesday, April 8, 2025 near Fort Ransom, N.D. South Bow via AP South Bow's chief operating officer Richard Prior said early tests found the source of the failure was a crack on a seam weld but the company will know more once results of the third party root cause failure analysis are out next month. Story continues below advertisement 'From everything that we've seen so far, we're not seeing evidence that this is a broad systemic issue that we're not going to be able to get our arms around,' said Prior on an earnings call Thursday. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy He said the company should be able to address any issues through the remedial actions it's completing now or will once the analysis is done, along with enhancements to its ongoing integrity program. The company gave the update as it reported a net income of $96 million U.S. in its second quarter, up from $88 million in the same quarter last year. Prior said the cost of the spill should total about $60 million U.S., which should be covered by insurance. View image in full screen In this photo provided by South Bow, a vacuum truck transfers oil into a storage tank at the scene of a spill of the Keystone oil pipeline that occurred Tuesday, April 8, 2025, near Fort Ransom, N.D. South Bow va AP South Bow was asked on its earnings call about how the increased talk in Canada of new energy infrastructure, including oil pipelines, could affect the company, but chief executive Bevin Wirzba's answer focused mostly on efforts to add to the company's existing systems. Story continues below advertisement 'For South Bow, we remain committed to leveraging our pre-invested capital that we have, not only in our Alberta systems, but also in our Gulf Coast section, and we're looking to work with customers to find solutions to provide incremental capacity solutions for them over the next number of years.' Calgary-based South Bow reported earnings of 46 cents per share in the quarter ending June 30, up from 42 cents last year. The company had average throughput of 544,000 barrels per day on its Keystone pipeline, and 760,000 barrels per day on the U.S. Gulf Coast segment of the Keystone pipeline system. With files from Global News.
Winnipeg Free Press
8 hours ago
- Business
- Winnipeg Free Press
South Bow reports profit of US$96 million in second quarter
CALGARY – Pipeline operator South Bow Corp. says it had a net income of US$96 million in its second quarter, up from US$88 million in the same quarter last year. Calgary-based South Bow says earnings amounted to 46 cents per share in the quarter ending June 30, up from 42 cents last year. On an adjusted basis, its profit worked out to 42 cents per share, up from 34 cents last year, while the mean analyst expectation had been for 34 cents per share this quarter as well, according to LSEG Data & Analytics. The company had average throughput of 544,000 barrels per day on its Keystone pipeline, and 760,000 barrels per day on the U.S. Gulf Coast segment of the Keystone pipeline system. On April 8, the company had an oil spill on its Keystone pipeline near Fort Ransom, N.D., that forced it to shut down the line, but it reopened the line on April 15. It says it completed cleanup of the roughly 3,500-barrel spill in early June, with costs related to the incident totalling US$58 million. Monday Mornings The latest local business news and a lookahead to the coming week. This report by The Canadian Press was first published Aug. 7, 2025. Companies in this story: (TSX:SOBO)
Edmonton Journal
9 hours ago
- Business
- Edmonton Journal
These trucks weigh almost as much as a fully-loaded 747 jet — and no one's driving them
Article content Suncor Energy Inc. is escalating the rollout of its massive 400-tonne capacity driverless trucks, a move the company says will cut costs and improve safety, but it's also expected to eliminate jobs. Article content The company said Wednesday it plans to expand its autonomous fleet to 150 or more by the end of the year, up from just 20 trucks that were in operation in the spring of 2024. Article content Article content 'All the expected benefits, safety, direct cost, productivity . . . we are on track to see or achieve all of those, or more than we would have hoped for,' Rich Kruger, Suncor's chief executive, said Wednesday during a conference call on the company's earnings. Article content Article content Despite 'ongoing commodity price volatility' this spring, Suncor managed to collect nearly $1.7 billion in profits, up by more than $100 million from the same time last year. The company has also set records for production in each quarter of the past year, and returned $1.45 billion to its shareholders in the latest stretch. Article content When the Calgary-based company began rolling out its fleet of driverless trucks 2018, it said the move would eliminate 400 jobs overall, though Suncor also vowed to minimize the impact and retrain workers. Article content Suncor said its driverless fleet is the largest of its kind in Canada, deploying the hulking vehicles to some of its oilsands mines. Article content Article content The company has seen some efficiency gains and improvement in productivity as a result, according to Peter Zebedee, an executive vice-president. Article content 'We really see this as a strategic move for us. It helps us to improve safety,' said Zebedee. Article content Like other oil producers, Suncor is dealing with an uncertain economic backdrop. Oil prices ranged widely in a short window, averaging US$63.70 per barrel for the second quarter, a near US$8 dip from earlier in the year.
Calgary Herald
a day ago
- Business
- Calgary Herald
These trucks weigh almost as much as a fully-loaded 747 jet — and no one's driving them
Article content Suncor Energy Inc. is escalating the rollout of its massive 400-tonne capacity driverless trucks, a move the company says will cut costs and improve safety, but it's also expected to eliminate jobs. Article content The company said Wednesday it plans to expand its autonomous fleet to 150 or more by the end of the year, up from just 20 trucks that were in operation in the spring of 2024. Article content Article content 'All the expected benefits, safety, direct cost, productivity . . . we are on track to see or achieve all of those, or more than we would have hoped for,' Rich Kruger, Suncor's chief executive, said Wednesday during a conference call on the company's earnings. Article content Article content Despite 'ongoing commodity price volatility' this spring, Suncor managed to collect nearly $1.7 billion in profits, up by more than $100 million from the same time last year. The company has also set records for production in each quarter of the past year, and returned $1.45 billion to its shareholders in the latest stretch. Article content When the Calgary-based company began rolling out its fleet of driverless trucks 2018, it said the move would eliminate 400 jobs overall, though Suncor also vowed to minimize the impact and retrain workers. Article content Suncor said its driverless fleet is the largest of its kind in Canada, deploying the hulking vehicles to some of its oilsands mines. Article content Article content The company has seen some efficiency gains and improvement in productivity as a result, according to Peter Zebedee, an executive vice-president. Article content 'We really see this as a strategic move for us. It helps us to improve safety,' said Zebedee. Article content Like other oil producers, Suncor is dealing with an uncertain economic backdrop. Oil prices ranged widely in a short window, averaging US$63.70 per barrel for the second quarter, a near US$8 dip from earlier in the year.
