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CBC
02-06-2025
- Business
- CBC
SeaRose FPSO workers vote to join Unifor, with union also eyeing Hebron platform
A majority of workers on the SeaRose FPSO have voted to join Canada's largest union, and Unifor says it's now hoping to do the same with Hebron workers. Unifor already represents workers on the Hibernia and Terra Nova FPSO platforms, and the vote by SeaRose workers represents the first time in two decades offshore oil workers have joined a union. "We all know that offshore workers face unique challenges out there, and for that reason they need a strong union. And we're so pleased that they chose Unifor as the union that will fight for them and will represent them as we move forward," Jennifer Murray, Unifor's Atlantic regional director, told CBC News. Unifor sent members of its organizing department to Belfast last year while the SeaRose was in refit at an Irish shipyard. Murray could not provide an exact number, but said the percentage of the roughly 200 SeaRose workers who signed cards during the union drive in Northern Ireland was "not an overwhelming majority." "We got the majority," said Murray. The union filed for certification with the labour board in October, but Murray said "challenges with the employers" led to delays in counting the ballots, and certification was finalized on May 23. Murray said the union is now waiting for collective bargaining to begin. The SeaRose is majority owned (60 per cent) and operated by Calgary-based Cenovus Energy, while Suncor Energy has a 40 per cent ownership stake. In a statement, Cenovus spokesperson Colleen McConnell said the owners "have long had an open and collaborative relationship with workers on SeaRose, and this will not change." McConnell added that Cenovus will work with the union on the next stage of the process, which is negotiating an inaugural collective agreement. Cenovus 'trying to instill confusion,' says union But Murray signalled that relations are off to a bumpy start, and she accused the company of trying to alter the employment terms and conditions of some employees while a so-called "freeze provision" is in place. She said Cenovus is "trying to instill confusion in the workers," and said the union is reassuring the workers that the union will "continue to fight for them always." The 271-metre long SeaRose is a floating production, storage and offloading vessel that began operating in the White Rose oil field in the Jeanne d'Arc Basin in late 2005. The vessel resumed production in March following a extensive refit that will extend the life of the White Rose oil field by about 14 years. The SeaRose produced more than 6.6 million barrels of crude in 2022, according to reports filed with the offshore regulator. According to mandated benefits reports, just over 300 people were employed in offshore positions in the White Rose field in late 2024, including on the SeaRose, support vessels, helicopters and shuttle tankers. Murray was unable to say whether the SeaRose certification will include future workers on the West White Rose expansion project. "That's the question of the hour," said Murray. "But we will gladly represent them. And certainly if they are not all automatically certified with Unifor, we will be out talking to these workers, encouraging them to also join the union." The 145-metre tall, 210,000-tonne concrete gravity base for the West White Rose project, which was constructed in Argentia, is now floating in Placentia Bay. It's expected to be towed to the oil field sometime this month, after ballasting operations are complete. The 25,000-tonne topsides for the platform is currently being transported by ship from Ingleside, Texas, and is scheduled to be installed on the concrete platform in July. The West White Rose project is expected to create roughly 250 permanent offshore jobs, and first-oil is forecasted for the second quarter of 2026, with daily production eventually expected to reach 80,000 barrels. The new platform will send the oil back to the SeaRose FPSO through a series of subsea flowlines. Meanwhile, Murray said the union is making connections with workers on Hebron, which is now the only non-unionized oil platform in the offshore. "We're pretty confident that we will see the rest of them coming on board," she said.
Business Insider
25-05-2025
- Business
- Business Insider
Analysts Offer Insights on Energy Companies: Tamarack Valley Energy (OtherTNEYF), Suncor Energy (SU) and Cross Timbers Royalty (CRT)
Analysts have been eager to weigh in on the Energy sector with new ratings on Tamarack Valley Energy (TNEYF – Research Report), Suncor Energy (SU – Research Report) and Cross Timbers Royalty (CRT – Research Report). Confident Investing Starts Here: Tamarack Valley Energy (TNEYF) BMO Capital analyst Jeremy Mccrea maintained a Buy rating on Tamarack Valley Energy on May 7 and set a price target of C$6.50. The company's shares closed last Friday at $3.19. According to Mccrea is a 5-star analyst with an average return of 16.3% and a 52.1% success rate. Mccrea covers the NA sector, focusing on stocks such as Headwater Exploration, Paramount Resources, and PrairieSky Royalty. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Tamarack Valley Energy with a $4.09 average price target, representing a 29.4% upside. In a report issued on May 7, Raymond James also upgraded the stock to Buy with a C$5.00 price target. Suncor Energy (SU) In a report issued on May 7, Randy Ollenberger from BMO Capital maintained a Buy rating on Suncor Energy, with a price target of C$65.00. The company's shares closed last Friday at $35.71. According to Ollenberger is a 5-star analyst with an average return of 10.9% and a 54.8% success rate. Ollenberger covers the NA sector, focusing on stocks such as ARC Resources, Imperial Oil, and MEG Energy. Suncor Energy has an analyst consensus of Moderate Buy, with a price target consensus of $43.34, representing a 23.9% upside. In a report issued on April 25, National Bank also maintained a Buy rating on the stock with a C$61.00 price target.
CBS News
12-05-2025
- Business
- CBS News
Colorado Supreme Court rules that Boulder's lawsuit against Exxon and Suncor can proceed
The Colorado Supreme Court ruled Monday that a years-long lawsuit from the City and County of Boulder against energy giants Exxon Mobil and Suncor Energy can move forward. The city and county argue in the ongoing lawsuit from 2018 that the companies are knowingly and willfully harming the planet and people through fossil fuel emissions, which the city and county say violates the Clean Air Act. The State Supreme Court agreed with Boulder in a 5-2 split. Chief Justice Monica Márquez and Justices William Hood, Melissa Hart, Richard Gabriel, and Maria Berkenkotter joined the opinion of the city and county that the case should be allowed to continue in state court, while Justices Carlos Samour and Brian Boatright dissented, saying the case should be handled in federal court. "We now conclude that Boulder's claims are not preempted by federal law and, therefore, the district court did not err in declining to dismiss those claims," Gabriel wrote in his ruling. The Suncor refinery in Commerce City, Colorado is seen in a Feb. 5, 2024 Getty Images file photo. RJ Sangosti/The Denver Post via Getty Images "This ruling affirms what we've known all along: corporations cannot mislead the public and avoid accountability for the damages they have caused," Boulder Mayor Aaron Brockett said in a statement. "Our community has suffered significantly from the consequences of climate change, and today's decision brings us one step closer to justice and the resources we need to protect our future." A phone message was left for an Exxon Mobil representative, and an email was sent to Suncor seeking comment Monday afternoon. Attorneys for the energy companies, however, previously said that fossil fuels are a necessity and one of many things that impact climate change. "Dealing with climate change not only has to be uniform across the country, but it has to be something that we deal with internationally," said Phil Goldberg, special counsel to the Manufacturers Accountability Project. The Manufacturers Accountability Project -- a legal advocacy project of the National Association of Manufacturers, which is supporting the energy companies in court -- argues the U.S. Supreme Court should take on all these lawsuits by state and local governments, arguing that these issues are regulated by federal law and that the U.S. Supreme Court court already set legal precedent in these types of cases. Just two of the Colorado Supreme Court's seven justices agreed. Boulder's damages claims against Exxon Mobil Corporation and three Suncor Energy companies (collectively, "the energy companies") are based on harms the State of Colorado has allegedly suffered as a result of global climate change," Samour wrote, in part, in his dissenting opinion. "I am concerned that permitting Boulder to proceed with its claims will interfere with both our federal government's regulation of interstate air pollution and our federal government's foreign policies regarding air pollution." The Boulder lawsuit is one of several similar lawsuits around the country. While courts in New York, New Jersey, and Maryland have dismissed the cases, the Hawaii Supreme Court gave the green light to a Honolulu lawsuit, and the U.S. Supreme Court refused to review the decision, keeping that case in state court. The U.S. Envionmental Protection Agency last year told Colorado public health officials they needed to get tougher on Suncor, which was fined over $10 million for air quality reporting violations. Marco Simons, an attorney who argued the case for the Boulder plaintiffs, said in a statement that federal law doesn't prevent any state or local community from seeking damages from companies those communities say harm them. "This lawsuit is based on a fundamental legal principle: you have to pay your fair share for the harm that you cause," he said. "Nothing in federal law stops Colorado courts from applying that principle to the fossil fuel industry's deception about climate change and their knowing alteration of our climate, as the Colorado Supreme Court has now found." You can read the Colorado Supreme Court justices' full opinions here:
Reuters
12-05-2025
- Politics
- Reuters
Colorado top court allows Boulder to sue Exxon, Suncor over climate change
May 12 (Reuters) - Colorado's highest court on Monday rejected efforts by ExxonMobil (XOM.N), opens new tab and Suncor Energy ( opens new tab to dismiss a lawsuit by the city of Boulder seeking to hold the fossil fuel companies responsible for climate change. The Colorado Supreme Court in a 5-2 decision, opens new tab said federal law did not block Boulder and its surrounding county from claiming that the energy companies violated state law by misleading the public about the dangers associated with fossil fuels. The ruling marked only the second time a state supreme court has allowed one of the numerous lawsuits by state and local governments against major energy companies over climate change to move forward in the years-long litigation. The Hawaii Supreme Court allowed a similar lawsuit by Honolulu to move forward against Exxon, Sunoco and several other companies in a decision that the U.S. Supreme Court in January declined to review. "This ruling affirms what we've known all along: corporations cannot mislead the public and avoid accountability for the damages they have caused," Boulder Mayor Aaron Brockett said in a statement. Representatives for Exxon and Suncor did not respond to requests for comment. Boulder sued in 2018, alleging the companies violated various state laws and created a public and private nuisance by misleading the public about the role their fossil fuel products played in exacerbating climate change. Boulder argues they should be forced to pay for the costs it will incur to protect its community from climate change. The companies deny wrongdoing. They had fought for years to have the case heard in federal court. State courts are often considered a more favorable venue for plaintiffs. But following years of litigation and two trips to the U.S. Supreme Court, the case ultimately returned to state court, where a trial judge declined to dismiss the lawsuit. On appeal, the companies argued that Boulder's lawsuit would interfere with the federal regulation of greenhouse gas emissions under the Clean Air Act and impair the federal government's ability to conduct foreign affairs. But Justice Richard Gabriel, who like all of the Colorado Supreme Court's other members was appointed by a Democratic governor, said "a lawsuit does not amount to regulation merely because it might have an impact on how actors in a given field behave." Justice Carlos Samour dissented, expressing concern that Boulder's case sought to effectively regulate interstate air pollution and could lead to "regulatory chaos."
Yahoo
10-05-2025
- Business
- Yahoo
Suncor reports highest-ever Q1 production and refinery throughput
CALGARY — Oilsands giant Suncor Energy Inc. says said it had its strongest-ever first-quarter performance in its production, refining and refined product sales segments. It says production was 853,000 barrels of oil per day, refining throughput was 483,000 per day and refined product sales were 605,000 barrels per day. Net earnings for the first three months of 2025 were $1.69 billion, up from $1.61 billion during the same 2024 period. That amounted to $1.36 per share versus $1.25 per share. Gross revenues were $13.33 billion, compared to $13.31 billion a year earlier. Adjusted operating earnings, a measure Suncor says provides a better comparison between quarters, were $1.63 billion, down from $1.82 billion, which it says was due to lower crude oil sales. "Our strong first quarter financial and operating performance maintained the momentum established in 2024, as we remain laser-focused on continuing to deliver safe, reliable, and cost-effective operations," CEO Rich Kruger said in a news release Tuesday. "Our focus on the fundamentals, integrated business model, and continually improving cost structure enable us to deliver free funds flow and shareholder value despite the current volatile business environment." This report by The Canadian Press was first published May 6, 2025. Companies in this story: (TSX: SU) Lauren Krugel, The Canadian Press
