Canada's Natural Gas and Oil Emissions
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Cenovus Reports Second-Quarter 2020 Results Company Captures Value by Leveraging Flexibility of Its Operations Calgary, Alberta (July 23, 2020) – Cenovus Energy Inc
Cenovus reports second-quarter 2020 results Company captures value by leveraging flexibility of its operations Calgary, Alberta (July 23, 2020) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) remained focused on financial resilience in the second quarter of 2020 and used the flexibility of its assets and marketing strategy to adapt quickly to the changing external environment. This positioned the company to weather the sharp decline in benchmark crude oil prices in April by reducing volumes at its oil sands operations and storing the mobilized oil in its reservoirs for production in an improved price environment. While Cenovus’s financial results were impacted by the weak prices early in the quarter, the company captured value by quickly ramping up production when Western Canadian Select (WCS) prices increased almost tenfold from April to an average of C$46.03 per barrel (bbl) in June. As a result of this decision, Cenovus reached record volumes at its Christina Lake oil sands project in June and achieved free funds flow for the month of more than $290 million. “We view the second quarter as a period of transition, with April as the low point of the downturn and the first signs of recovery taking hold in May and June,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “That said, we expect the commodity price environment to remain volatile for some time. We believe the flexibility of our assets and our low cost structure position us to withstand a continued period of low prices if necessary. And we’re ready to play a significant -
Cenovus Energy Inc. (CVE) – Quality and Growth for the Patient Investor
Portfolio Advisory Group Cenovus Energy Inc. (CVE) – Quality and Growth For The Patient Investor Cenovus was created through the split of Calgary-based Primer on the Oil Sands and energy company EnCana into two separate organizations in late 2009. As a result of this split, many Canadian Steam-Assisted-Gravity-Drainage investors found themselves holding two very different (SAGD) investments: a pure-play natural gas company (EnCana) Including the oil sands, Canada’s oil reserves are the and an integrated oil & gas company (Cenovus). This second largest in the world. Oil sands are composed document aims to provide some insight into the nature primarily of sand, clay, bitumen and water. Bitumen and long-term potential of Cenovus. is the product of oil sands production – a thick oil Cenovus owns oil sands projects that have a tremendous embedded in sand. growth profile over the next decade and are widely Recovery of bitumen is typically achieved by one of viewed as some of the highest-quality assets in the two methods: mining in open pits or drilling. Bitumen industry. However, since inception, the shares of extraction using drilling is referred to as in situ recovery, Cenovus have largely traded within a range. One reason and is generally used for reservoirs that are too deep for is that the company has made a trade-off between near- surface mining techniques to work economically. It is term and future production by drawing cash flows from estimated that approximately 80% of the total bitumen its natural gas business to fund growth in its oil sands recoverable in Alberta can only be produced with in business. -
Cenovus Completes Acquisition of Assets in Western Canada from Conocophillips
Cenovus completes acquisition of assets in Western Canada from ConocoPhillips Calgary, Alberta (May 17, 2017) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has closed its previously announced purchase of assets in Western Canada from ConocoPhillips after receiving all necessary regulatory approvals for the transaction. The acquired assets include ConocoPhillips’ 50% interest in the FCCL Partnership, the oil sands venture which was jointly owned with and operated by Cenovus, as well as the majority of ConocoPhillips’ Deep Basin conventional assets in Alberta and British Columbia. “With the completion of this transformational deal, we now have full control of our best-in- class oil sands projects and an exciting new growth platform in the Deep Basin that provides us with significant short-cycle development opportunities to complement our long-term oil sands growth portfolio,” said Brian Ferguson, Cenovus President & Chief Executive Officer. “As a result of this transaction, we’ve now doubled our production and reserves base.” In the coming months, Cenovus will remain firmly focused on: • Continuing to safely and reliably operate all of its assets • Efficiently integrating the Deep Basin assets and staff into the company • Deleveraging its balance sheet, including using the proceeds of planned divestitures, such as the sale of the company’s Pelican Lake and Suffield assets, which are currently being marketed. Cenovus intends to provide an update on its investment plans for its consolidated oil sands business and newly acquired Deep Basin -
Athabasca Oil Sands Project Acquisition March 9, 2017
Athabasca Oil Sands Project Acquisition March 9, 2017 ATHABASCA OIL SANDS PROJECT ACQUISITION March 9, 2017 PREMIUM VALUE. DEFINED GROWTH. INDEPENDENT. Agenda • Transaction ‒Significant Opportunity ‒Overview & Metrics ‒Operational Impact • Asset Overview ‒Summary & Upside Opportunities ‒Mines ‒Upgrader ‒Infrastructure Pipelines ‒Quest Carbon, Capture, & Storage (“CCS”) ‒Other Oil Sands Assets • Opportunities to Create Value • Finance ‒Summary of Financial Impact ‒Financing Plan • Conclusion CNQ 2 1 Athabasca Oil Sands Project Acquisition March 9, 2017 Forward Looking Statements Certain statements relating to Canadian Natural Resources Limited (the “Company”) in this document or documents incorporated herein by reference constitute forward-looking statements or information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements can be identified by the words “believe”, “anticipate”, “expect”, “plan”, “estimate”, “target”, “continue”, “could”, “intend”, “may”, “potential”, “predict”, “should”, “will”, “objective”, “project”, “forecast”, “goal”, “guidance”, “outlook”, “effort”, “seeks”, “schedule”, “proposed” or expressions of a similar nature suggesting future outcome or statements regarding an outlook. Disclosure related to expected future commodity pricing, forecast or anticipated production volumes, royalties, operating costs, capital expenditures, income tax expenses and other guidance provided, constitute forward-looking statements. Disclosure -
Canadian Crude Oil at Record Discount
Canadian crude oil at record discount Hilliard MacBeth Hilliard’s Weekend Notebook – Friday October 19, 2018 Richardson GMP World oil prices are at cycle highs recently with the benchmark Brent at US$80 and 10180 101 Street, Suite 3360 the North American West Texas Intermediate (WTI) at US$70. Edmonton, AB T5J 3S4 Tel. 1.780.409.7735 But in Canada, the Western Canada Select (WCS) price is below US$20. Fax 780.409.7777 www.TheMacBethGroup.com This gap of US$50 to WTI is shocking. Hilliard MacBeth Will the price for a key Canadian energy export recover soon enough to save the Director, Wealth Management industry? Portfolio Manager Tel. 780.409.7740 Source: Bloomberg Rising production from oil sands along with a lack of pipeline capacity to move that product to the US market gets the blame for this extremely low price. On October 12, the price for WCS fell to US$15.97, as of yesterday the price has returned to US$19.75. Source: OilPrice.com One solution that should have been in place by now is the Keystone XL pipeline that was approved years ago but keeps hitting new roadblocks. This pipeline is the 4th phase of an existing pipeline system that moves crude to the US refineries that are well-suited to handle Alberta’s heavy crude. The new XL phase would handle an additional 830,000 barrels per day but won’t be on line until 2021, if it goes ahead. Nebraska’s highest court has yet to rule on another legal challenge to the route. -
Explaining Variation in Oil Sands Pipeline Projects
Canadian Journal of Political Science (2020), 1–20 doi:10.1017/S0008423920000190 RESEARCH ARTICLE/ÉTUDE ORIGINALE Explaining Variation in Oil Sands Pipeline Projects Amy Janzwood* Department of Political Science, University of Toronto, 100 St. George, Toronto ON, M5S 3G3 *Corresponding author. Email: [email protected]. Abstract While the vast majority of oil pipeline projects in Canada have been successfully built, several mega oil sands projects within and passing through Canada have been cancelled or significantly delayed. This article explains why these delays and cancellations have occurred. A systematic cross-case analysis is used to provide insight into the changing politics of oil sands pipelines. Qualitative comparative analysis (QCA) is used to identify combinations of causal conditions that co-occur across cases of proposed new oil pipelines and pipeline expansion projects. The pipeline projects were proposed to the federal regulator—the National Energy Board—between 2006 and 2014. The QCA reveals that social mobilization and major regulatory barrier(s) are necessary conditions in explaining variation in pipeline project outcomes. The analysis of sufficiency reveals more complex configurations of conditions. This article contributes to the literature on the politics of oil sands pipelines by using a comparative approach to identify the impacts of socio-polit- ical and legal dynamics that have emerged around pipelines in the last 15 years. Résumé Cet article explique les raisons pour lesquelles plusieurs propositions récentes de méga- pipelines à l’intérieur du Canada et passant à travers le pays ont été annulées ou considérablement retardées. Alors que la grande majorité des projets d’oléoducs ont été construits avec succès, plusieurs mégaprojets de sables bitumineux ont été mis de côté ou ont subi des retards importants. -
Facts About Alberta's Oil Sands and Its Industry
Facts about Alberta’s oil sands and its industry CONTENTS Oil Sands Discovery Centre Facts 1 Oil Sands Overview 3 Alberta’s Vast Resource The biggest known oil reserve in the world! 5 Geology Why does Alberta have oil sands? 7 Oil Sands 8 The Basics of Bitumen 10 Oil Sands Pioneers 12 Mighty Mining Machines 15 Cyrus the Bucketwheel Excavator 1303 20 Surface Mining Extraction 22 Upgrading 25 Pipelines 29 Environmental Protection 32 In situ Technology 36 Glossary 40 Oil Sands Projects in the Athabasca Oil Sands 44 Oil Sands Resources 48 OIL SANDS DISCOVERY CENTRE www.oilsandsdiscovery.com OIL SANDS DISCOVERY CENTRE FACTS Official Name Oil Sands Discovery Centre Vision Sharing the Oil Sands Experience Architects Wayne H. Wright Architects Ltd. Owner Government of Alberta Minister The Honourable Lindsay Blackett Minister of Culture and Community Spirit Location 7 hectares, at the corner of MacKenzie Boulevard and Highway 63 in Fort McMurray, Alberta Building Size Approximately 27,000 square feet, or 2,300 square metres Estimated Cost 9 million dollars Construction December 1983 – December 1984 Opening Date September 6, 1985 Updated Exhibit Gallery opened in September 2002 Facilities Dr. Karl A. Clark Exhibit Hall, administrative area, children’s activity/education centre, Robert Fitzsimmons Theatre, mini theatre, gift shop, meeting rooms, reference room, public washrooms, outdoor J. Howard Pew Industrial Equipment Garden, and Cyrus Bucketwheel Exhibit. Staffing Supervisor, Head of Marketing and Programs, Senior Interpreter, two full-time Interpreters, administrative support, receptionists/ cashiers, seasonal interpreters, and volunteers. Associated Projects Bitumount Historic Site Programs Oil Extraction demonstrations, Quest for Energy movie, Paydirt film, Historic Abasand Walking Tour (summer), special events, self-guided tours of the Exhibit Hall. -
PUBLIC DISCLOSURE DOCUMENT Proposed Development Plan OPTI
PUBLIC DISCLOSURE DOCUMENT Proposed Development Plan OPTI Canada Inc. & Nexen Inc. Long Lake Phase 2 SAGD Project July 2005 1.0 INTRODUCTION OPTI Canada Inc. and Nexen Inc. (OPTI/Nexen) are proposing to expand our Steam Assisted Gravity Drainage (SAGD) bitumen production at our Long Lake Project. This document has been prepared to inform you about our preliminary plans related to the proposed Long Lake Phase 2 SAGD Project (Phase 2). We encourage and welcome your input on this plan and your participation in the regulatory process. OPTI Canada and Nexen Inc. are joint-venture partners developing the Long Lake Project in the Athabasca oil sands region of northern Alberta. The Long Lake Project (Phase 1) is located on Lease 27, approximately 40 kilometres southeast of Fort McMurray, Alberta. Throughout the life of the Long Lake Project, we are committed to: • Understanding & addressing stakeholder concerns • Enhancing local employment & business development • Investing in communities to build capacity & self-sufficiency • Developing the Project in a safe & environmentally responsible manner Under the Memorandum of Understanding (IL 96-7) between the Alberta Energy and Utilities Board (EUB) and Alberta Environment (AENV) with respect to Oil Sands Developments, OPTI/Nexen will be filing a joint application related to the Long Lake Phase 2 SAGD Project to amend the following approvals: • Environmental Protection and Enhancement Act Approval No. 137467-00-00 • Oil Sands Conservation Act Approval No. 9151 We view the consultation process for the OPTI/Nexen Phase 2 Project as building on an ongoing co-operative approach with stakeholders that addresses such regional issues as fresh water conservation and protection, and air quality management. -
Foreign Investment in the Oil Sands and British Columbia Shale Gas
Canadian Energy Research Institute Foreign Investment in the Oil Sands and British Columbia Shale Gas Jon Rozhon March 2012 Relevant • Independent • Objective Foreign Investment in the Oil Sands and British Columbia Shale Gas 1 Foreign Investment in the Oil Sands There has been a steady flow of foreign investment into the oil sands industry over the past decade in terms of merger and acquisition (M&A) activity. Out of a total CDN$61.5 billion in M&A’s, approximately half – or CDN$30.3 billion – involved foreign companies taking an ownership stake. These funds were invested in in situ projects, integrated projects, and land leases. As indicated in Figure 1, US and Chinese companies made the most concerted efforts to increase their profile in the oil sands, investing 2/3 of all foreign capital. The US and China both invested in a total of seven different projects. The French company, Total SA, has also spread its capital around several projects (four in total) while Royal Dutch Shell (UK), Statoil (Norway), and PTT (Thailand) each opted to take large positions in one project each. Table 1 provides a list of all foreign investments in the oil sands since 2004. Figure 1: Total Oil Sands Foreign Investment since 2003, Country of Origin Korea 1% Thailand Norway 6% UK 7% 2% US France 33% 18% China 33% Source: Canoils. Foreign Investment in the Oil Sands and British Columbia Shale Gas 2 Table 1: Oil Sands Foreign Investment Deals Year Country Acquirer Brief Description Total Acquisition Cost (000) 2012 China PetroChina 40% interest in MacKay River 680,000 project from AOSC 2011 China China National Offshore Acquisition of OPTI Canada 1,906,461 Oil Corporation 2010 France Total SA Alliance with Suncor. -
Climate and Energy Benchmark in Oil and Gas
Climate and Energy Benchmark in Oil and Gas Total score ACT rating Ranking out of 100 performance, narrative and trend 1 Neste 57.4 / 100 8.1 / 20 B 2 Engie 56.9 / 100 7.9 / 20 B 3 Naturgy Energy 44.8 / 100 6.8 / 20 C 4 Eni 43.6 / 100 7.3 / 20 C 5 bp 42.9 / 100 6.0 / 20 C 6 Total 40.7 / 100 6.1 / 20 C 7 Repsol 38.1 / 100 5.0 / 20 C 8 Equinor 37.9 / 100 4.9 / 20 C 9 Galp Energia 36.4 / 100 4.3 / 20 C 10 Royal Dutch Shell 34.3 / 100 3.4 / 20 C 11 ENEOS Holdings 32.4 / 100 2.6 / 20 C 12 Origin Energy 29.3 / 100 7.3 / 20 D 13 Marathon Petroleum Corporation 24.8 / 100 4.4 / 20 D 14 BHP Group 22.1 / 100 4.3 / 20 D 15 Hellenic Petroleum 20.7 / 100 3.7 / 20 D 15 OMV 20.7 / 100 3.7 / 20 D Total score ACT rating Ranking out of 100 performance, narrative and trend 17 MOL Magyar Olajes Gazipari Nyrt 20.2 / 100 2.5 / 20 D 18 Ampol Limited 18.8 / 100 0.9 / 20 D 19 SK Innovation 18.6 / 100 2.8 / 20 D 19 YPF 18.6 / 100 2.8 / 20 D 21 Compania Espanola de Petroleos SAU (CEPSA) 17.9 / 100 2.5 / 20 D 22 CPC Corporation, Taiwan 17.6 / 100 2.4 / 20 D 23 Ecopetrol 17.4 / 100 2.3 / 20 D 24 Formosa Petrochemical Corp 17.1 / 100 2.2 / 20 D 24 Cosmo Energy Holdings 17.1 / 100 2.2 / 20 D 26 California Resources Corporation 16.9 / 100 2.1 / 20 D 26 Polski Koncern Naftowy Orlen (PKN Orlen) 16.9 / 100 2.1 / 20 D 28 Reliance Industries 16.7 / 100 1.0 / 20 D 29 Bharat Petroleum Corporation 16.0 / 100 1.7 / 20 D 30 Santos 15.7 / 100 1.6 / 20 D 30 Inpex 15.7 / 100 1.6 / 20 D 32 Saras 15.2 / 100 1.4 / 20 D 33 Qatar Petroleum 14.5 / 100 1.1 / 20 D 34 Varo Energy 12.4 / 100 -
Big Oil's Oily Grasp
Big Oil’s Oily Grasp The making of Canada as a Petro-State and how oil money is corrupting Canadian politics Daniel Cayley-Daoust and Richard Girard Polaris Institute December 2012 The Polaris Institute is a public interest research organization based in Canada. Since 1997 Polaris has been dedicated to developing tools and strategies to take action on major public policy issues, including the corporate power that lies behind public policy making, on issues of energy security, water rights, climate change, green economy and global trade. Polaris Institute 180 Metcalfe Street, Suite 500 Ottawa, ON K2P 1P5 Phone: 613-237-1717 Fax: 613-237-3359 Email: [email protected] www.polarisinstitute.org Cover image by Malkolm Boothroyd Table of Contents Introduction 1 1. Corporations and Industry Associations 3 2. Lobby Firms and Consultant Lobbyists 7 3. Transparency 9 4. Conclusion 11 Appendices Appendix A, Companies ranked by Revenue 13 Appendix B, Companies ranked by # of Communications 15 Appendix C, Industry Associations ranked by # of Communications 16 Appendix D, Consultant lobby firms and companies represented 17 Appendix E, List of individual petroleum industry consultant Lobbyists 18 Appendix F, Recurring topics from communications reports 21 References 22 ii Glossary of Acronyms AANDC Aboriginal Affairs and Northern Development Canada CAN Climate Action Network CAPP Canadian Association of Petroleum Producers CEAA Canadian Environmental Assessment Act CEPA Canadian Energy Pipelines Association CGA Canadian Gas Association DPOH -
Oil Sands Performance Report 2015
OIL SANDS PERFORMANCE REPORT 2015 Shell Canada Ltd. April 22, 2016 OIL SANDS PERFORMANCE REPORT 2015 OIL SANDS PERFORMANCE REPORT 2015 INTRODUCTION This is Shell Canada’s seventh consecutive report on performance in our oil sands operations. We publish this update annually to share detail on our efforts and progress in developing Alberta’s oil sands in an economically, socially and environmentally responsible way. This report is intended for those who have interest in our performance and a desire to better understand oil sands development and its significant importance to Shell and to Canada. Further information about our oil sands operations is available at www.shell.ca/oilsands ABOUT THE DATA The data presented here covers the areas of safety, environment, reclamation and community and provides information on Shell’s operating performance for 2015 for: ■ Muskeg River and Jackpine Mines; ■ Scotford Upgrader; ■ Quest Carbon Capture and Storage Facility; and ■ Peace River and Cliffdale In Situ operations Unless otherwise noted, all data presented for the Muskeg River Mine, Jackpine Mine, Scotford Upgrader and Quest Facility is in reference to total Athabasca Oil Sands Project (AOSP) performance before division amongst joint venture owners. The AOSP is a joint venture operated by Shell, and owned among Shell Canada Energy (60%), Chevron Canada Limited (20%), and Marathon Oil Canada Corporation (20%). Data presented for In Situ operations is 100% Shell share. All monetary amounts referred to in the data are in Canadian dollars unless otherwise noted. SHELL CANADA LTD. | 2 OIL SANDS PERFORMANCE REPORT 2015 SAFETY Safety is a core value we work hard to instill in our people — both employees and contractors.