Connect with us

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.

Leading storyteller for social issues in Canada including energy, mental health, and social enterprise. WeMaple division of Business on Camera (BOC).

Follow Author

Alberta

Stantec buying Cardno's North American and Asia Pacific engineering business

Published on

EDMONTON — Stantec Inc. has signed a deal to buy Cardno Ltd.’s North American and Asia Pacific engineering and consulting business for US$500 million.

The Edmonton-based company says the deal helps grow its environmental services business.

Cardno’s Latin American operations and international development business are not included in the deal.

The acquisition will add about 2,750 professionals to Stantec, nearly doubling its position in Australia to 2,500 employees and increasing its presence in the United States.

Stantec CEO Gord Johnston says the company has worked closely with Cardno for many years.

He says Cardno’s key strengths in ecosystem restoration, health sciences, infrastructure, water, and government services are complementary to his company’s own offerings in the United States and Australia.

This report by The Canadian Press was first published Oct. 21, 2021.

Companies in this story: (TSX:STN)

The Canadian Press

Continue Reading

Alberta

Precision Drilling Q3 revenue up more than 50% from year ago as drilling ramps up

Published on

CALGARY — Precision Drilling Corp. says it lost $38 million in its latest quarter as drilling ramped up and revenue rose more than 50 per cent compared with a year ago.

The Calgary-based company says the loss amounted to $2.86 per diluted share for the year ended Sept. 30, compared with a loss of $28.5 million or $2.08 per diluted share in the same quarter last year.

Revenue totalled $253.8 million in the company’s third quarter, up from $164.8 million a year earlier.

Precision, which is the largest drilling rig contractor in the country, says on average it had 51 active drilling rigs in Canada in the quarter, up from 18 in the same quarter last year.

In the U.S., the company had on average 41 active drilling rigs in the quarter, up from 21 a year earlier, while its international drilling business averaged six rigs, the same as a year ago.

In its outlook, Precision says that at current commodity prices it expects higher demand for its services and improved fleet utilization as customers look to maintain and replenish production levels.

“We believe current industry fundamentals are providing the most promising backdrop for our business that we have experienced in almost a decade,” Precision CEO Kevin Neveu said in a statement.

“Strong oil and natural gas prices, a significantly improved Canadian market structure and rapidly declining drilled but uncompleted well inventories all point to higher drilling activity in our core markets. Although we are likely in the early innings, our firm bookings and current customer inquiries indicate substantially stronger demand for our services and improved fleet utilization as this rebound continues.”

This report by The Canadian Press was first published Oct. 21, 2021.

Companies in this story: (TSX:PD)

The Canadian Press

Continue Reading

Trending

X