Connect with us
[the_ad id="89560"]

Alberta

The Challenge Of A Diversified Economy

Published

2 minute read

The Challenge Of A Diversified Economy:

Harrie Vredenburg   Professor U of C, Suncor Energy Chair

HARRIE VREDENBURG: “…Alberta and a diversified economy is always a question that comes up, and it’s come up time and again throughout the history of Western Canada or the history of Alberta.  And the challenge is, of course, that our oil and gas or natural resources here in Alberta are the biggest thing that we have going here.

And so the commodity industries that we’re involved in here do have ups and downs; they are cyclical.  And when things are on an up cycle, everything gets sucked over to the commodities industry, and that’s where the wages are highest, that’s where the returns are the best, and everything goes there, and it’s hard to keep anything else going.

And governments over the years have said, oh, we have to diversify, we have to diversify, and attempts to diversify always fall on the rocks when we get an upswing in the commodities economy, so it’s a challenge.

But having said that, it is important to now not only diversify, but to transition the Alberta economy and the Western Canadian economy to a lower carbon economy…”

 

Producer’s note: What a beautiful shot around 30 seconds into that video of the oil derricks with the orange sunset. It’s such a beautiful sight to see industry. At work, no people, just these solid No people just oil derricks and solidarity pumping away like one of those little toy cranes that you have on your desk that dips its beak in there in your glass of water is just such a beautiful thing to see.

See more stories from WeMaple.

Alberta

Ensign Energy reports lower Q4 drilling activity, revenue as slow recovery continues

Published on

CALGARY — Drilling company Ensign Energy Services Inc. says oilpatch activity in its Canadian and U.S. operations is staging a slow recovery from a deep slump in 2020.

The Calgary-based company says it earned net income of $3.1 million or two cents per share on revenue of $201 million in the last three months of 2020, compared with a net loss of $71.6 million on revenue of $375 million in the year-earlier period.

Analysts had expected a net loss of $57.9 million on revenue of $197 million, according to financial data firm Refinitiv.

Ensign’s fourth-quarter revenue slumped 43 per cent in Canada compared with the same period in 2019, by 52 per cent in the U.S. and by 36 per cent in its international arm, which operates in South America, the Middle East and Australia.

The driller says it had a net loss attributed to shareholders of $79.3 million for 2020 as a whole on revenue of $936.8 million, compared with a loss of $163 million on revenue of $1.6 billion in 2019.

It said it received $12.5 million in 2020 from the Canada Emergency Wage Subsidy program and a $6.9-million wage subsidy from the Australian government.

“The outlook for oilfield services has recently and meaningfully improved as oil and natural gas industry fundamentals continue to recover,” Ensign said in a news release that notes recent improvements in benchmark world oil prices.

“In addition, the rollout of COVID-19 vaccines globally in combination with economic stimulus actions have driven oil demand improvements.”

The outlook echoes that offered by rival Precision Drilling Corp., which last month reported a fourth-quarter loss of $37.5 million as its revenue fell 46 per cent compared with a year earlier.

This report by The Canadian Press was first published March 5, 2021.

Companies in this story: (TSX:ESI, TSX:PD)

The Canadian Press

Continue Reading

Alberta

Judge to decide if pastor accused of violating public-health orders will receive bail

Published on

EDMONTON — A judge is to decide today whether to release an Alberta pastor from jail, after his lawyer argued he should be free to lead worshippers until his trial.

James Coates with GraceLife Church, west of Edmonton, has been in jail for over two weeks and is appealing his bail conditions.

Coates is charged with violating Alberta’s Public Health Act and with breaking a promise to abide by conditions of his bail release, which is a Criminal Code offence.

His lawyer, James Kitchen, told court Thursday that Coates can’t follow a bail condition that forbids him from holding services, because that would violate his conscience by disobeying God.

A prosecutor argued that the pastor’s release is a danger to the public.

The church has been holding services that officials say break public-health orders on attendance, masking and distancing.

The church has continued to hold services, even though Coates is in custody.

He is to stand trial in May.

This report by The Canadian Press was first published March 5, 2021.

The Canadian Press

Continue Reading

Trending

X