The chief executives of Canada’s oilsands juggernauts say inflationary pressures are being felt but are limited in impact so far because their respective long-lead-time projects have required them to procure supplies and services prior to any major price spikes.
With his “number one focus” on improving Suncor Energy Inc.’s safety and operating performance, interim president and CEO Kris Smith says he’s been “deeply engaged with the management team and our improvement plan and its execution to drive that improvement and strengthen our safety culture.”
Suncor Energy Inc. continues to review options for its retail business to ensure the company is maximizing the long-term value of that business segment and “we will disclose the results of this process in the fourth quarter,” says Kris Smith, interim president and CEO.
ARC Resources Ltd. has taken a world class asset with Kakwa and implemented its “operational excellence” to make it even more profitable, said president and chief executive officer Terry Anderson.
Front-end engineering design activities and commercial discussions with a diverse group of potential customers are both underway for the Cedar LNG project, says Pembina Pipeline Corporation.
Some recent capex announcements portend a positive outlook for drilling activity in the coming months.
Cenovus Energy Inc. has reached an agreement to purchase BP plc’s 50 per cent interest in the BP-Husky Toledo Refinery in Ohio.
Tenaz Energy Corp. has boosted capital spending guidance from $5.8 to $8.0 million following the completion of wells in the Leduc-Woodbend, driven by longer well lengths with more frack stages, higher-than-budgeted inflation in services prices, and costs for open-hole sidetracking in one of the wells due to a stuck drill pipe event.
For the second half of 2022, Prairie Provident Resources Inc. expects to focus on reactivations, recompletions and optimization projects while following up on its successful 2021 drilling program in the Princess area, by drilling one (1.0 net) Glauconite formation well.