AGP Executive Report
Last update: 10 hours agoRecord Oil Results: Suncor generated record third-quarter cash flow, raised its dividend and increased buybacks, while Cenovus posted a $3.36-billion profit and record production above one million barrels a day. Refining helped both companies weather weaker Canadian crude prices. Crude Discount: Western Canadian Select’s discount widened to US$31.70 a barrel, its widest since 2018, amid high tanker costs and competition from Venezuelan oil. Cenovus expects the gap to be temporary and says it won’t change output plans. LNG Investment: Blackstone and Canadian pension funds committed US$3.1 billion for a 49.9% stake in Mitsubishi’s LNG Canada holding company, backing the project’s expansion. A record First Nations Finance Authority bond will help fund projects including Cedar LNG. Pipeline Tensions: First Nations in B.C. are challenging the federal fast-track status of the Pacific Link oil pipeline, while U.S. President Donald Trump has floated a pipeline as part of a potential trade deal with Canada. Power Projects: Bruce Power began refurbishing Unit 5, and Nova Scotia and Vermont agreed to explore offshore wind power for New England.
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