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Industry group says emissions from Canadian oil and gas extraction down 24%, but that doesn't include oilsands – CBC.ca

Published

1 year ago

September 1, 2023

Canada’s conventional natural gas and oil producers cut greenhouse gas emissions by 24 per cent while increasing output 21 per cent from 2012 to 2021, an oil industry group said on Thursday, although its analysis covers only a small portion of its related emissions.

Conventional production, which uses vertical wells, does not include the oilsands that account for the vast majority of Canada’s crude output. Oilsands emissions were flat in 2022 even as output grew, a separate independent analysis showed this month.

Prime Minister Justin Trudeau’s Liberal government plans to cap Canada’s oil and gas emissions, angering Alberta’s government that says those plans amount to a limit on production, which is a provincial responsibility.

Emissions from conventional oil and gas production declined from 100 million metric tons of carbon dioxide equivalent in 2012 to 76 million tons in 2021, according to the Canadian Association of Petroleum Producers (CAPP) analysis, which it based on Canadian government emissions and production data.

An animated chart showing Canada's greenhouse gas emissions from the upstream oil and gas sector, with and without the oilsands included, from 1990 to 2021. — An animated chart showing Canada’s greenhouse gas emissions from the upstream oil and gas sector, with and without the oilsands included, from 1990 to 2021. (Robson Fletcher/CBC)

The reduction reflects in part regulations from Alberta, Canada’s main fossil fuel producing province, and other oil and gas producing provinces for companies to lower methane emissions, which happen from flaring and leaky equipment.

CAPP’s analysis only includes emissions from oil and gas production, not indirect emissions from energy that a company purchases or from combustion of gas and oil such as through driving — which accounts for the majority of emissions associated with oil and gas.

“This research obscures the fact that the bulk of emissions that the oil and gas sector is responsible for occurs when these fuels are burned,” said Caroline Brouillette, executive director of Climate Action Network Canada. “Ongoing production expansion is incompatible with a safe climate.”

The oil and gas sector was Canada’s biggest emissions source in 2021, accounting for 28 per cent of total national emissions.

“Canada’s conventional producers are demonstrating we can grow energy production to address energy security while also lowering emissions,” CAPP CEO Lisa Baiton said.

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Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

22 hours ago

November 6, 2024

Anne Joseph

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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