Latest news with #oilsands
CTV News
2 days ago
- Business
- CTV News
Cenovus shuts in oilsands production at Christina Lake operations due to wildfires
Cenovus Energy logos are on display at the Global Energy Show in Calgary, Alta., Tuesday, June 7, 2022. THE CANADIAN PRESS/Jeff McIntosh CALGARY — Cenovus Energy Inc. says only essential personnel are at its Christina Lake oilsands operations where it has shut production due to the wildfires in northern Alberta. The company says it began the work to shut in production at Christina Lake on May 29. Based on its inspections so far, Cenovus says it is not aware of any damage to its infrastructure and expects a full restart of its Christina Lake operations once it is safe. About 238,000 barrels per day of production have been impacted. It says it will provide an update when it's in a position to restart. Thousands of residents have been affected by wildfires in Manitoba, Saskatchewan and Alberta prompted by hot, dry weather that have allowed some fires to grow. This report by The Canadian Press was first published June 2, 2025.
Yahoo
3 days ago
- Business
- Yahoo
Canadian wildfires force oilsands evacuations, stop oil flows
(Bloomberg) — Raging Western Canadian wildfires that have forced thousands of people from their homes are now also prompting evacuations from oilsands projects in northern Alberta. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania Where the Wild Children's Museums Are The Economic Benefits of Paying Workers to Move NYC Congestion Toll Brings In $216 Million in First Four Months A fire near Cold Lake, Alberta is bearing down on oilsands operations and curtailing production in the region as employees are told to leave. Out-of-control fires in Alberta, Saskatchewan and Manitoba are threatening towns and mining operations as crews fight to contain the blazes. Canadian Natural Resources Ltd., the largest oil and gas producer in the country, said Saturday it had evacuated workers from its Jackfish 1 oilsands project and halted 36,500 barrels per day of bitumen production. 'All workers are safe and accounted for with no reported injuries,' the Calgary-based company said in a statement. Similarly, MEG Energy Corp. said late Saturday it had 'proactively' evacuated all non-essential personnel from its Christina Lake project and that the wildfire had caused an outage to a third-party power line, disconnecting it from the grid. The company said it is still producing oil from the project, though the startup of an additional 70,000 barrels per day of production will be delayed as a result of the power loss. 'We are working closely with authorities and coordinating with our industry peers to support each other and resume normal operations,' MEG President and CEO Darlene Gates said in a statement. Earlier, Cenovus Energy Inc. put customers on notice that it may not make some oil deliveries from one asset and evacuated staff from another in the Cold Lake region. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce AI Is Helping Executives Tackle the Dreaded Post-Vacation Inbox How Coach Handbags Became a Gen Z Status Symbol Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? ©2025 Bloomberg L.P. 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
Bloomberg
3 days ago
- Business
- Bloomberg
Canadian Wildfires Force Oilsands Evacuations, Stop Oil Flows
Raging Western Canadian wildfires that have forced thousands of people from their homes are now also prompting evacuations from oilsands projects in northern Alberta. A fire near Cold Lake, Alberta is bearing down on oilsands operations and curtailing production in the region as employees are told to leave. Out-of-control fires in Alberta, Saskatchewan and Manitoba are threatening towns and mining operations as crews fight to contain the blazes.
Bloomberg
5 days ago
- Business
- Bloomberg
Alberta Wildfires Approach Oil Sands, Threatening More Output
Wildfires in Alberta are threatening almost half a million barrels of daily crude production as heat and wind push the flames closer to massive oil sands well sites. A total of 30 out-of-control fires are burning in the province amid hot, dry weather, bringing flames within 20 kilometers (12 miles) of about 458,000 barrels of daily oil production, according to data from Alberta's energy regulator and wildfire department. The province had only four out-of-control fires on Monday.
CTV News
5 days ago
- Business
- CTV News
Strathcona formally launches takeover bid for oilsands peer MEG Energy
The MEG Energy Corp. logo is seen in this undated handout photo. THE CANADIAN PRESS/HO, MEG Energy *MANDATORY CREDIT* CALGARY — Strathcona Resources Ltd. has formally launched its takeover bid for fellow oilsands producer MEG Energy. Its offer, open until Sept. 15, comprises 0.62 of a common share of Strathcona and $4.10 in cash for each MEG share it doesn't already own. MEG said Friday that its board as well as legal and financial advisers will consider the offer. A special committee of independent directors will assist in that review. The target company is urging shareholders to take no action until it has made a recommendation, which it expects to do within 15 days. Also Friday, Strathcona announced an equity commitment letter with Waterous Energy Fund, whose CEO Adam Waterous is executive chairman of Strathcona. The fund owns almost 80 per cent of Strathcona shares, and the new investment is worth about $662 million. 'WEF's major further investment in Strathcona reflects our view that more than eight years into building Strathcona, our best years are in front of us. As part of the offer, we are asking MEG shareholders to join us as fellow shareholders in Strathcona and trust the Strathcona team as stewards of their capital,' Waterous said in a release Friday. 'We therefore believe it is important that we eat our own cooking, ensuring no one will be more focused on increasing Strathcona's value beyond current levels than WEF. We firmly believe Strathcona represents compelling value at this price with a large margin of safety, and that we and the partners in our fund will do very well over the long run.' Strathcona announced its ambitions to snap up MEG earlier this month. On a call with analysts at the time, Waterous said his company and MEG have assets so complementary they are like 'doppelgangers' or 'brothers from another mother.' Strathcona and MEG both extract bitumen using steam-driven techniques in eastern Alberta and don't have fuel refining or retail businesses like some bigger oilsands players. Shortly before the MEG bid was announced, Strathcona signalled its plans to become a pure-play heavy oil company when it announced the sale of its Alberta shale natural gas operations in three separate deals for a total of $2.84 billion. It also said it bought the Hardisty crude-by-rail terminal in Alberta for about $45 million. Strathcona shares rose more than two per cent to $29.42 in Friday trading on the Toronto Stock Exchange. MEG shares fell almost two per cent to $24.53. MEG's stock has been trading higher than the value of the bid, suggesting investors believe a better offer might come along. Analysts have said competing bids may come from oilsands majors like Cenovus Energy Inc., Canadian Natural Resources Ltd. or Imperial Oil Ltd. This report by The Canadian Press was first published May 30, 2025. Companies in this story: (TSX: MEG, TSX: SCR, TSX: CVE, TSX: CNQ, TSX: IMO) Lauren Krugel, The Canadian Press
