Latest news with #RichardPrior
Global News
6 days 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.
BBC News
11-06-2025
- Entertainment
- BBC News
Bristol theatre company pledges to be a 'home for all'
An amateur dramatics group started in 2019 by a husband and wife team says it wants more people with disabilities to try Prior, who has muscular dystrophy, founded The Whodunnit Theatre Company with his wife Kayley and said performing "changed his life".Mr Prior said the Bristol group is a "home for all" regardless of acting experience or ability and that it can be "off-putting" to join a new group especially when you have additional company is currently rehearsing their annual play for 2025, Blackadder II, for which they received special permission from the original screenwriter, Richard Curtis. Diagnosed with muscular dystrophy aged nine, Mr Prior said drama has given him "hope and enjoyment in life".He will be playing the role of Lord Percy in this years production and said "I'm going to be dressed very brightly and with my limp I need a cane."Its going to be worth the ticket money alone to see me dressed as him".Mr Prior said "we want to give everybody an opportunity" adding "performance is important but we're friends and we have a laugh and that's the most important thing". Adam Elms has previously worked as a professional actor and will lead the performance as Edmund Blackadder in this years has been partially-sighted since birth and is almost blind in one eye with 35% vision in the Elms said "after a certain time of night my eyes don't work well" adding the company has been "brilliant" at providing what he about the forthcoming performance he said "I said yes immediately" when offered his role, adding Rowan Atkinson - who played Blackadder in the popular sitcom - is a "comic hero" to him. Weekly rehearsals have been ongoing since March but before they could start Mr Prior had to get permission from British comedy screenwriter, Richard Curtis, who wrote Prior said: "You have to drop an email to Mr Curtis and speak to his agent."They've been wonderfully accepting and amenable to us".The company's production of Blackadder II will be at the Warmley Community Centre from 12 to 14 June.
Hamilton Spectator
16-05-2025
- Business
- Hamilton Spectator
Keystone restrictions, market uncertainty weigh on South Bow earnings forecast
CALGARY - Oil shipper South Bow Corp. is lowering the upper end of its 2025 earnings forecast due to market uncertainty and ongoing pressure restrictions on its Keystone pipeline. A segment of the Alberta-to-Texas system ruptured and spilled crude onto North Dakota farmland last month. The Calgary-based company says earnings before interest, taxes, depreciation and amortization are expected to be around US$1.01 billion this year, as earlier predicted. However, its most optimistic scenario would see one per cent added to that figure instead of three per cent. But South Bow also said its more pessimistic scenario has improved thanks to better clarity over the impact of U.S. tariffs and strong first-quarter results. It's now predicting a two-per-cent downside to its EBITDA, down from three per cent. South Bow says about 90 per cent of its business is contracted, meaning it has very little risk. It said it has been able to meet contractual commitments to ship 585,000 barrels of oil per day on Keystone. The system starts in Hardisty, Alta., and delivers oilsands crude to refineries in the U.S. Midwest and Gulf Coast, as well as the Cushing, Okla., storage hub. During the first quarter, about 613,000 barrels per day flowed on the line, down from 643,000 a year earlier. 'We expect to deliver on our committed contracts for the remainder of the year, though we expect to have limited capacity to transport any uncommitted or spot volumes on our Keystone system with the pressure restrictions in place,' chief financial officer Van Dafoe told analysts on a conference call Friday. In early April, a segment of South Bow's Keystone pipeline in North Dakota ruptured, spilling more than 556,000 litres of oil onto a field. It was able to bring the pipe back into service a week later, but regulators have ordered it to pump oil at a lower pressure for now. Chief operating officer Richard Prior said 85 per cent of the spilled oil has been injected back into the pipeline, with the rest disposed of at an approved treatment facility. The company aims to fully clean up the site by mid-year and expects insurance policies to cover the remediation costs. Chief executive Bevin Wirzba said there are also contract provisions with customers that allow the company to collect tolls when a pipeline is out of commission. 'No incident is ever acceptable at South Bow, but I'm proud of the way our team came together and demonstrated South Bow's ability to execute and get our system back up quickly and effectively while meeting the expectations of our regulators, the surrounding community, and local leaders,' he said on the call. 'And the collaboration I witnessed throughout our organization showed our strength to be agile and perform as a stand-alone entity while coming together to find answers.' South Bow was spun off from pipeline giant TC Energy last October. Late Thursday, it said net income for the first three months of 2025 was US$88 million, down from US$112 million a year earlier, before it became an independent firm. Net income per share was 42 cents US compared to 54 cents US during the first quarter of 2024. Revenues were US$498 million, a drop from US$544 million a year earlier. South Bow said there's more crude oil pipeline capacity in Western Canada than there is supply to fill it. 'As a result, the demand for uncommitted capacity on South Bow's Keystone Pipeline is expected to remain low in the near term,' it said. 'Additionally, rapidly changing global trade policies, including tariffs, have introduced economic and geopolitical uncertainty, leading to significant volatility in commodity prices and pricing differentials.' This report by The Canadian Press was first published May 16, 2025. Companies in this story: (TSX: SOBO) (TSX: TRP) Note to readers:This is a corrected story. An earlier version had an incorrect figure for South Bow's earnings per share in the first quarter of 2024.
Yahoo
16-05-2025
- Business
- Yahoo
Keystone restrictions, market uncertainty weigh on South Bow earnings forecast
CALGARY — Oil shipper South Bow Corp. is lowering the upper end of its 2025 earnings forecast due to market uncertainty and ongoing pressure restrictions on its Keystone pipeline. A segment of the Alberta-to-Texas system ruptured and spilled crude onto North Dakota farmland last month. The Calgary-based company says earnings before interest, taxes, depreciation and amortization are expected to be around $1.01 billion this year, as earlier predicted. However, its most optimistic scenario would see one per cent added to that figure instead of three per cent. But South Bow also said its more pessimistic scenario has improved thanks to better clarity over the impact of U.S. tariffs and strong first-quarter results. It's now predicting a two-per-cent downside to its EBITDA, down from three per cent. South Bow says about 90 per cent of its business is contracted, meaning it has very little risk. It said it has been able to meet contractual commitments to ship 585,000 barrels of oil per day on Keystone. The system starts in Hardisty, Alta., and delivers oilsands crude to refineries in the U.S. Midwest and Gulf Coast, as well as the Cushing, Okla., storage hub. During the first quarter, about 613,000 barrels per day flowed on the line, down from 643,000 a year earlier. "We expect to deliver on our committed contracts for the remainder of the year, though we expect to have limited capacity to transport any uncommitted or spot volumes on our Keystone system with the pressure restrictions in place," chief financial officer Van Dafoe told analysts on a conference call Friday. In early April, a segment of South Bow's Keystone pipeline in North Dakota ruptured, spilling more than 556,000 litres of oil onto a field. It was able to bring the pipe back into service a week later, but regulators have ordered it to pump oil and a lower pressure for now. Chief operating officer Richard Prior said 85 per cent of the spilled oil has been injected back into the pipeline, with the rest disposed of at an approved treatment facility. The company aims to fully clean up the site by mid-year and expects insurance policies to cover the remediation costs. Chief executive Bevin Wirzba said there are also contract provisions with customers that allow the company to collect tolls when a pipeline is out of commission. "No incident is ever acceptable at South Bow, but I'm proud of the way our team came together and demonstrated South Bow's ability to execute and get our system back up quickly and effectively while meeting the expectations of our regulators, the surrounding community, and local leaders," he told the call. "And the collaboration I witnessed throughout our organization showed our strength to be agile and perform as a stand-alone entity while coming together to find answers." South Bow was spun off from pipeline giant TC Energy last October. Late Thursday, it said net income for the first three months of 2025 was $88 million, down from $112 million a year earlier, before it became an independent firm. Net income per share was 42 cents compared to 52 cents during the first quarter of 2024. Revenues were $498 million, a drop from $544 million a year earlier. South Bow said there's more crude oil pipeline capacity in Western Canada than there is supply to fill it. "As a result, the demand for uncommitted capacity on South Bow's Keystone Pipeline is expected to remain low in the near term," it said. "Additionally, rapidly changing global trade policies, including tariffs, have introduced economic and geopolitical uncertainty, leading to significant volatility in commodity prices and pricing differentials." This report by The Canadian Press was first published May 16, 2025. Companies in this story: (TSX: SOBO) (TSX: TRP) Lauren Krugel, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Winnipeg Free Press
16-05-2025
- Business
- Winnipeg Free Press
Keystone restrictions, market uncertainty weigh on South Bow earnings forecast
CALGARY – Oil shipper South Bow Corp. is lowering the upper end of its 2025 earnings forecast due to market uncertainty and ongoing pressure restrictions on its Keystone pipeline. A segment of the Alberta-to-Texas system ruptured and spilled crude onto North Dakota farmland last month. The Calgary-based company says earnings before interest, taxes, depreciation and amortization are expected to be around $1.01 billion this year, as earlier predicted. However, its most optimistic scenario would see one per cent added to that figure instead of three per cent. But South Bow also said its more pessimistic scenario has improved thanks to better clarity over the impact of U.S. tariffs and strong first-quarter results. It's now predicting a two-per-cent downside to its EBITDA, down from three per cent. South Bow says about 90 per cent of its business is contracted, meaning it has very little risk. It said it has been able to meet contractual commitments to ship 585,000 barrels of oil per day on Keystone. The system starts in Hardisty, Alta., and delivers oilsands crude to refineries in the U.S. Midwest and Gulf Coast, as well as the Cushing, Okla., storage hub. During the first quarter, about 613,000 barrels per day flowed on the line, down from 643,000 a year earlier. 'We expect to deliver on our committed contracts for the remainder of the year, though we expect to have limited capacity to transport any uncommitted or spot volumes on our Keystone system with the pressure restrictions in place,' chief financial officer Van Dafoe told analysts on a conference call Friday. In early April, a segment of South Bow's Keystone pipeline in North Dakota ruptured, spilling more than 556,000 litres of oil onto a field. It was able to bring the pipe back into service a week later, but regulators have ordered it to pump oil and a lower pressure for now. Chief operating officer Richard Prior said 85 per cent of the spilled oil has been injected back into the pipeline, with the rest disposed of at an approved treatment facility. The company aims to fully clean up the site by mid-year and expects insurance policies to cover the remediation costs. Chief executive Bevin Wirzba said there are also contract provisions with customers that allow the company to collect tolls when a pipeline is out of commission. 'No incident is ever acceptable at South Bow, but I'm proud of the way our team came together and demonstrated South Bow's ability to execute and get our system back up quickly and effectively while meeting the expectations of our regulators, the surrounding community, and local leaders,' he told the call. 'And the collaboration I witnessed throughout our organization showed our strength to be agile and perform as a stand-alone entity while coming together to find answers.' South Bow was spun off from pipeline giant TC Energy last October. Late Thursday, it said net income for the first three months of 2025 was $88 million, down from $112 million a year earlier, before it became an independent firm. Net income per share was 42 cents compared to 52 cents during the first quarter of 2024. Revenues were $498 million, a drop from $544 million a year earlier. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. South Bow said there's more crude oil pipeline capacity in Western Canada than there is supply to fill it. 'As a result, the demand for uncommitted capacity on South Bow's Keystone Pipeline is expected to remain low in the near term,' it said. 'Additionally, rapidly changing global trade policies, including tariffs, have introduced economic and geopolitical uncertainty, leading to significant volatility in commodity prices and pricing differentials.' This report by The Canadian Press was first published May 16, 2025. Companies in this story: (TSX: SOBO) (TSX: TRP)
