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Alberta

Suncor’s Q2 net profit increases more than fourfold year-over-year

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Suncor Inc. says it earned $3.99 billion in the second quarter of 2022, or $2.84 per common share, more than four and a half times the $868 million it earned in the same period of 2021.

The Calgary-based oil producer and refiner, which reported after markets closed Thursday, says its adjusted funds from operations hit $5.35 billion in the quarter, the highest in the company’s history by 33 per cent.

Production from the company’s oilsands assets increased to 641,500 barrels per day in the second quarter, up from to 615,700 bpd in the prior-year quarter, due to increased production at its Syncrude and Fort Hills sites.

Refinery crude throughput increased to 389,300 barrels per day and refinery utilization was 84 per cent in the second quarter of 2022, compared to 325,300 barrels per day and 70 per cent in the prior-year quarter.

Suncor says it is undertaking specific safety improvements in light of a string of recent deaths at its work sites.

Suncor says it will also be undertaking a strategic review of its retail business. It says the review will evaluate and consider everything from a potential sale of the business to options to enhance the value of its retail business.

This report by The Canadian Press was first published Aug. 4, 2022.

Companies in this story: (TSX:SU)

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Alberta

E3 Lithium gets $37M from feds to support oilfield lithium extraction

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CALGARY — An Alberta-based company aiming to extract lithium from the province’s old oilfields has received $37 million from the federal government.

E3 Lithium has developed a technology to extract lithium, a light metal used to make EV batteries, from oilfield brines.

E3 Lithium has already drilled test wells within Alberta’s historic Leduc oilfield region. It aims to have a field pilot project up and running next year.

Imperial Oil Ltd. has also invested in E3 Lithium and is providing technical and development support for the company.

The federal government has identified lithium as a focus of its $3.8-billion, eight-year critical minerals strategy.

The goal is to create a domestic supply chain for electric vehicles, boosting the economy while tackling greenhouse gas emissions at the same time.

This report by The Canadian Press was first published Nov. 28, 2022.

Companies in this story: (TSX:TKTK)

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Alberta

CannTrust execs linked to unlicensed growing caused ‘incredible’ damage, court hears

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TORONTO — A lawyer representing Ontario’s securities regulator says three former executives whose cannabis company was caught growing pot in unlicensed rooms were in positions to disclose the improper growing but didn’t. 

Dihim Emami, a lawyer for the Ontario Securities Commission, said in a Toronto court today that by not disclosing the unlicensed growing at CannTrust Holdings Inc., Peter Aceto, Eric Paul and Mark Litwin caused “incredible” damage to investors.

The three men have pleaded not guilty to a series of securities offences linked to the unlicensed growing at a Niagara, Ont. region facility, including fraud and authorizing, permitting or acquiescing in the commission of an offence.

Litwin and Paul are also facing insider trading charges, and Litwin and Aceto are charged with making a false prospectus and false preliminary prospectus.

The charges were first laid by the OSC in June 2021, around the same time executives told shareholders the Vaughan, Ont. company was compliant with regulations. 

The three men no longer work for CannTrust, which is now called Phoena Holdings Inc., and maintain they have always complied with the law.

This report by The Canadian Press was first published Nov. 28, 2022.

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