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Alberta

Suncor’s fourth-quarter profits increase 76 per cent to $2.74 billion

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A processing unit at Suncor’s Fort Hills facility in Fort McMurray, Alta., on Monday, Sept. 10, 2018. Suncor Energy Inc. says it earned $2.74 billion in the fourth quarter of 2022, a 76 per cent increase from the $1.55 billion it earned in the same three months of 2021. THE CANADIAN PRESS/Jason Franson

Calgary – Suncor Energy Inc. says it earned $2.74 billion in the fourth quarter of 2022, a 76 per cent increase from the $1.55 billion it earned in the same three months of 2021.

The Calgary-based company says its increased profit was due to the higher price of crude and refined product realizations as well as higher upstream production, partially offset by increased operating expenses.

On an adjusted basis, Suncor says it earned $2.43 billion, or $1.81 per common share, compared to $1.30 billion or 89 cents per common share in the prior year’s quarter.

The energy giant says its total upstream production increased to 763,100 barrels of oil equivalent per day (boe/d) in the fourth quarter of 2022, compared to 743,300 boe/d in the prior year quarter, primarily driven by increased production from the company’s oilsands assets.

Suncor’s refinery crude throughput was 440,000 barrels per day and its refinery utilization was 94 per cent in the fourth quarter of 2022, compared to 447,000 bbls/d and 96 per cent in the prior-year quarter.

It attributes the decrease in part to unexpected maintenance that occurred in the quarter, including that required as a result of bad weather at the company’s Commerce City refinery.

This report by The Canadian Press was first published Feb. 14, 2023.

Companies in this story: (TSX:SU)

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Alberta

Working to avoid future US tariffs, Alberta signs onto U.S. energy pact

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Louisiana Governor Jeff Landry and New Hampshire Governor Chris Sununu of the Governors’ Coalition for Energy Security

Premier Danielle Smith has joined the Governors’ Coalition for Energy Security to further support advocacy of Alberta’s energy and environmental interests with key U.S. states.

The coalition was established in September 2024 by U.S. State governors Jeff Landry (Louisiana) and Chris Sununu (New Hampshire) with the aim of ensuring energy security, lower energy costs, increased reliability, sustainable economic development and sensible management of energy resources and the environment. With 12 U.S. states already signatories to the coalition, Alberta is the first non-U.S. state to enter into this agreement.

By expanding energy ties with the U.S. and promoting cross-border energy trade and participation, Alberta is helping to build upon its North American Energy strategy. Alberta already accounts for 56 per cent of all oil imports to the U.S. – twice as much as Mexico, Saudi Arabia and Iraq combined – which is helping to drive job creation and prosperity on both sides of the border. Natural gas also plays an important role in North America’s energy mix. Alberta is the largest producer of natural gas in Canada and remains positioned to support the U.S. in filling their domestic supply gaps.

“I am honoured to join the Governors’ Coalition for Energy Security and would like to extend my sincere thanks to governors Landry and Sununu for the invitation. Alberta plays a vital role in North American energy security, serving as the largest supplier of crude oil and natural gas to the United States. With 200 billion barrels of recoverable oil, 200 trillion cubic feet of recoverable natural gas, significant natural gas liquids and ample pore space for carbon capture, Alberta’s contribution is set to grow even further as we look to work with the Trump Administration and other U.S. partners to increase our pipeline capacity to our greatest friend and ally, the United States. We are proud to collaborate with this coalition of allied states in advancing energy security, reliability and affordability for Americans and Canadians.”

Danielle Smith, Premier

“Our mission as an organization has not changed but Alberta’s welcome arrival to our group sparked a conversation about what our core mission is, and that is ensuring energy security in all its forms. Our members all share the common goal of enhancing and protecting energy options for our people and businesses, which leads to lower energy costs, increased reliability, sustainable economic development and wise management of energy resources and the environment. I welcome Premier Smith and the insights she will bring as the leader from a fellow energy-producing province, that like my state, is under a federal system of government where national imperatives are not always aligned with state or provincial interests.”

Jeff Landry, governor of Louisiana

Alberta is a global leader in emissions reduction technology and clean energy solutions. The province has captured about 14 million tonnes of carbon dioxide through carbon capture, utilization and storage technology, and has the ability to support the U.S. in developing new infrastructure and supply chains for future energy markets in the areas of hydrogen, renewables, small modular reactors and others.

Alberta is also unlocking its untapped geological potential to help meet the increasing demand for minerals – many of which are used worldwide to manufacture batteries, cell phones, energy storage cells and other products. This includes the province’s lithium sector where Alberta’s government is supporting several innovative projects to develop new ways to extract and concentrate lithium faster and with higher recovery rates that are less capital and energy intensive and have a smaller land-use footprint.

As part of this coalition, Alberta looks forward to sharing best practices with states that already have expertise in these areas.

Quick facts

  • The U.S. is Alberta’s largest trading partner, with C$188 billion in bilateral trade in 2023.
  • In 2023, energy products accounted for approximately C$133.6 billion, or more than 80 per cent of Alberta’s exports to the U.S.
  • The Governors’ Coalition for Energy Security’s 12 signatory states include Louisiana, New Hampshire, Indiana (Governor Eric Holcomb), Alabama (Governor Kay Ivey), Georgia (Governor Brian Kemp), Tennessee (Governor Bill Lee), South Dakota (Governor Kristi Noem), Mississippi (Governor Tate Reeves), Arkansas (Governor Sarah Huckabee Sanders), Oklahoma (Governor Kevin Stitt), Wyoming (Governor Mark Gordon) and Virginia (Governor Glenn Youngkin).

 

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Alberta

New red tape reporting website will help ramp up housing construction in Alberta

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Helping builders by putting an end to housing delays

Alberta’s new Stop Housing Delays online portal will allow developers, municipalities and other housing partners to report red tape and unnecessary home-building delays.

Alberta’s government is focused on ensuring Albertans have access to the housing they need, and that means working to streamline processes, cut red tape and reduce delays that are slowing housing construction down. As part of this work, government has launched a new online portal to help in these efforts.

The Stop Housing Delays online portal is now available for developers and municipal authorities to help identify areas that are preventing fast and efficient residential construction. This portal will help government identify and address barriers to building homes across the province.

“The Stop Housing Delays portal will allow Alberta’s government to hear directly from developers, municipalities and other partners on where delays are happening in the construction process. This will help identify and remove barriers, ultimately getting homes built faster and continuing Alberta’s record home-building pace.”

Jason Nixon, Minister of Seniors, Community and Social Services

“Alberta’s government will continue to work with municipalities and find solutions to speed up the home-building process. The Stop Housing Delays portal will give us another tool to inform those discussions and identify areas where we can improve the pace of home building.”

Ric McIver, Minister of Municipal Affairs

Once developers, municipalities or industry partners have submitted their issue using the online form, government will collect and assess the information provided. Alberta’s government will be taking a collaborative, cross-ministry approach to ensure the appropriate departments are working together to find solutions where possible. Solutions may range from minor changes to policy reform.

Alberta’s government continues to support builders and encourage new residential housing construction by reducing red tape, incentivizing housing construction and supporting innovative strategies to build homes faster than ever.

“This webpage is an excellent opportunity to gather knowledge and further eliminate red tape. Government has been persistent in our approach of cutting red tape and removing roadblocks, and this will help to speed up residential construction. I look forward to hearing from developers and our other partners on how we can help get projects moving and Albertans in homes.”

Dale Nally, Minister of Service Alberta and Red Tape Reduction

Alberta continues to see strong housing starts and increases while other provinces across Canada are seeing a reduction in housing starts. The first half of 2024 saw 9,903 apartment unit starts in the province. This marks the highest amount in any half year in Alberta’s history, breaking the previous record of 9,750 set in 1977. Albertans will benefit from 33,577 new housing starts from January through September 2024, up 35 per cent from the same period last year. Alberta’s government remains focused on working with industry and non-profit partners to ensure that the province’s growing population has access to the housing it needs.

“This portal is a valuable tool for industry to highlight gaps, barriers and delays that may need to be prioritized and addressed by either local or provincial governments. Real solutions can only emerge through transparency, open communication and collaboration. This is an important step toward identifying the unique challenges each region and municipality faces in delivering attainable housing.”

Scott Fash, chief executive officer, BILD Alberta Association

Quick Facts

  • Housing starts for January – September 2024 compared with January – September 2023
    • Provincewide: 33,577 compared with 24,904 (up 35 per cent)
    • Edmonton: 13,359 compared with 9,099 (up 47 per cent)
    • Calgary: 17,414 compared with 14,141 (up 23 per cent)
    • Lethbridge: 599 compared with 148 (up 305 per cent)
    • Red Deer: 314 compared with 146 (up 115 per cent)
  • Data shows Alberta had 10,699 purpose-built rentals, making up 32 per cent of all housing starts.
  • Since 2019, Alberta’s government has invested almost $850 million to build more than 5,100 units and close to 900 shelter spaces. This includes projects we have committed to, that are in progress and that are complete.
  • Together with its partners, Alberta’s government is supporting $9 billion in investments into affordable housing to support 25,000 additional low-income households by 2031.

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