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Calgary Herald
4 days ago
- Business
- Calgary Herald
Canada's oilsands emissions intensity falls for sixth year
Article content Canada's oilsands industry reduced its emissions per barrel for the sixth straight year in 2023, even as one growing portion of the sector moved in the opposite direction, according to new Alberta government data released Thursday. Article content The emissions intensity of all oilsands sites fell to the equivalent of 0.399 metric tons of carbon dioxide per cubic meter of bitumen produced, down from 0.404 in 2022, the data show. The gain reflects improvements at oilsands mines, where bitumen is dug from the ground. However, in situ oilsands, which use wells similar to traditional oil producers, saw emissions per barrel rise. Article content Article content Even with the efficiency improvement, total emissions rose to the equivalent 80.1 million metric tons of carbon dioxide, up from 78.8 million in 2022, the data show. That's the highest in data back to 2011. Article content Article content The oilsands' declining energy intensity — to the lowest in data stretching back to 2011 — is welcome news for an industry that has struggled with a reputation for being climate unfriendly, prompting some investors to shun it altogether. However, the rising emissions intensity at well sites presents a challenge for the sector, as the method's lower costs make it increasingly popular among producers. Article content While the average intensity of oilsands producers is higher than the average for the global oil industry overall, drillers' emissions profiles vary widely around the world, said Kevin Birn, chief analyst for Canadian oil markets for S&P Global. Article content Article content The oilsands 'fits well within the range of carbon intensity of oil and gas we see in the world,' Birn said in an interview. Article content Article content All of the oilsands mines reduced their emissions intensity with Canadian Natural Resources Ltd.'s Horizon making the biggest gain for the year. Article content In situ production facilities, which include the more than 250,000 barrel-a-day Suncor Energy Inc. Firebag site and Cenovus Energy Inc.'s Christina Lake, inject steam into the ground to pump the viscous bitumen out of the earth. The emissions intensity of such facilities, the source of about 52 per cent of the bitumen produced in the oilsands, rose to 0.426 in 2023 from 0.417 a year earlier. Article content In situ sites' emissions intensity can increase for a range of reasons, including simply through the addition of new wells, because steam is injected into the ground long before bitumen is produced, Birn said. Article content The biggest emissions intensity increases for large producing sites came from Strathcona Resources Ltd.'s Tucker, where intensity has been rising each year since 2018, the data show. The biggest drop happened at Canadian Natural's Wolf Lake and Primrose Plant.
Hamilton Spectator
07-05-2025
- Business
- Hamilton Spectator
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)
Toronto Star
07-05-2025
- Business
- Toronto Star
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. ARTICLE CONTINUES BELOW 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)
Winnipeg Free Press
06-05-2025
- Business
- Winnipeg Free Press
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. The Suncor Energy Centre is pictured in Calgary, Friday, Sept. 16, 2022. THE CANADIAN PRESS/Jeff McIntosh 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.' Winnipeg Free Press | Newsletter 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. Sign up for The Warm-Up This report by The Canadian Press was first published May 6, 2025. Companies in this story: (TSX: SU)
Bloomberg
07-04-2025
- Business
- Bloomberg
Canada's Poilievre Says He Would Approve Suncor Oil Project, Mines
The leader of Canada's Conservative Party said he would accelerate approval on 10 resource projects if elected, including the extension of a major Suncor Energy Inc. oil sands mine in Alberta. Pierre Poilievre, who's running against Liberal Prime Minister Mark Carney in an April 28 election, has pledged to advance projects including the second phase of LNG Canada in British Columbia, the Rook 1 Uranium Mine in Saskatchewan, Springpole Lake Gold mine in Ontario and Suncor's project. Poilievre said natural resource projects have been stymied over the past decade of Liberal leadership due to excessive regulations and slow approvals.
