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Husky CEO slams Ottawa for derailing projects with politics – Yahoo Canada Finance

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Expansive aerial view of a pit mining project in Alberta's Oilsands near Fort McMurray.
Expansive aerial view of a pit mining project in Alberta’s Oilsands near Fort McMurray.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Husky Energy’s (HSE.TO) chief executive officer says major energy projects are unlikely to move forward in Canada unless Ottawa does more to reduce political uncertainty and lengthy, expensive approval processes.&nbsp;” data-reactid=”22″>Husky Energy’s (HSE.TO) chief executive officer says major energy projects are unlikely to move forward in Canada unless Ottawa does more to reduce political uncertainty and lengthy, expensive approval processes. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Speaking on a conference call following the release of the Calgary-based integrated oil producer’s latest financial results, Robert Peabody commented on the increasingly challenging environment for new energy infrastructure in Canada.&nbsp;” data-reactid=”23″>Speaking on a conference call following the release of the Calgary-based integrated oil producer’s latest financial results, Robert Peabody commented on the increasingly challenging environment for new energy infrastructure in Canada. 

“Governments should make every effort to ensure that companies in any industry don’t invest significant dollars in a project, and in project applications, only to be derailed by policy or political uncertainty at the very last moment,” he said on Thursday. “That certainly is a situation that has to be rectified if people want projects to move ahead.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="His remarks come in the wake of Teck Resources’ (TECK-B.TO)(TECK) decision last Sunday to pull the plug on plans for a $20 billion oilsands mine in northern Alberta. The company said the full potential of Canada’s energy sector will not be realized until the government reconciles conflicting natural resource development and carbon reduction priorities.” data-reactid=”25″>His remarks come in the wake of Teck Resources’ (TECK-B.TO)(TECK) decision last Sunday to pull the plug on plans for a $20 billion oilsands mine in northern Alberta. The company said the full potential of Canada’s energy sector will not be realized until the government reconciles conflicting natural resource development and carbon reduction priorities.

Teck began the regulatory process for the planned Frontier mine in March 2008. Last July, the Alberta Energy Regulator and the Canadian Environmental Assessment Agency recommended approval of the project. The federal government was expected to issue its decision by the end of the month. 

“All you have to do to frustrate large project investment is make the regulatory process longer than sort of five years,” Peabody said. “What killed Teck, ultimately, was a regulatory process that just went on and on and on.”

While Teck had not deemed the project viable given current commodity prices and the lack of take-away capacity in Canada’s oil patch, the project became a political flashpoint, pitting Ottawa’s commitment to reduce carbon emissions against the need to support Alberta’s long-suffering resource economy.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Teck warned last week that it would face a $1.13 billion impairment charge if the plan did not go ahead.” data-reactid=”29″>Teck warned last week that it would face a $1.13 billion impairment charge if the plan did not go ahead.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The abandoned Frontier mine plan is the latest casualty in a long line of energy projects impacted by regulatory hurdles and environmental opposition, including the Trans Mountain pipeline expansion sold to the government by Kinder Morgan (KMI), and TC Energy Corp’s (TRP.TO)(TRP) Keystone XL pipeline.&nbsp;” data-reactid=”30″>The abandoned Frontier mine plan is the latest casualty in a long line of energy projects impacted by regulatory hurdles and environmental opposition, including the Trans Mountain pipeline expansion sold to the government by Kinder Morgan (KMI), and TC Energy Corp’s (TRP.TO)(TRP) Keystone XL pipeline. 

The latest pressure point has been TC’s Energy Coastal GasLink pipeline in Northern British Columbia. The project aims to transport natural gas 670 kilometres from near Dawson Creek to a facility near Kitimat, where LNG Canada will prepare the gas for export to global markets. 

While the project has the approval of all 20 elected Indigenous band councils governing the route, the Wet’suwet’en hereditary chiefs have not consented. They insist their authority trumps governance structures created under Canada’s controversial Indian Act. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Nationwide protests in support of the hereditary chiefs have erupted in recent weeks. Demonstrators have blocked trains on key rail arteries, resulting in a range of setbacks for businesses across the country, including temporary layoffs.” data-reactid=”33″>Nationwide protests in support of the hereditary chiefs have erupted in recent weeks. Demonstrators have blocked trains on key rail arteries, resulting in a range of setbacks for businesses across the country, including temporary layoffs.

A new poll by the Angus Reid Institute found 78 per cent of Canadians feel the country’s reputation as a prime destination for investment has taken a hit as a result. 

Goldy Hyder, chief executive officer at the Business Council of Canada, said the disconnect between the Wet’suwet’en hereditary chiefs and their elected counterparts adds another layer of complexity to the already challenging process of building energy projects in Canada. 

He said the federal government keeps “moving the goalposts” on project approvals, and his members in the energy sector are getting fed up. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“‘What else do you want from us?’ That’s what I hear,” Hyder told Yahoo Finance Canada.&nbsp;” data-reactid=”37″>“‘What else do you want from us?’ That’s what I hear,” Hyder told Yahoo Finance Canada

His advice for the government: “Don’t politicize regulatory processes. Build the regulations strong enough that you are comfortable that you are getting the policy outcomes that you want.” 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.” data-reactid=”39″>Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Download the Yahoo Finance app, available for&nbsp;Apple&nbsp;and&nbsp;Android.” data-reactid=”40″>Download the Yahoo Finance app, available for Apple and Android.

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Stop Asking Your Interviewer Cliché Questions

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Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.

In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.

English philosopher Francis Bacon once said, “A prudent question is one half of wisdom.”

The questions you ask convey the following:

  • Your level of interest in the company and the role.
  • Contributing to your employer’s success is essential.
  • You desire a cultural fit.

Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:

  • “What are the key responsibilities of this position?”

Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”

  • “What does a typical day look like?”

Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.

  • “How would you describe the company culture?”

Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”

Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.

  • “What opportunities are there for professional development?”

When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.

Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.

Here are my four go-to questions—I have many moreto accomplish this:

  • “Describe your management style. How will you manage me?”

This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.

  • “What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”

This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”

  • “When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”

Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.

  • “If I wanted to sell you on an idea or suggestion, what do you need to know?”

Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.

Other questions I’ve asked:

 

  • “What keeps you up at night?”
  • “If you were to leave this company, who would follow?”
  • “How do you handle an employee making a mistake?”
  • “If you were to give a Ted Talk, what topic would you talk about?”
  • “What are three highly valued skills at [company] that I should master to advance?”
  • “What are the informal expectations of the role?”
  • “What is one misconception people have about you [or the company]?”

 

Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

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Canadian Natural Resources reports $2.27-billion third-quarter profit

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CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.

The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.

Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.

Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.

On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.

The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CNQ)

The Canadian Press. All rights reserved.

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Cenovus Energy reports $820M Q3 profit, down from $1.86B a year ago

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CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.

The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.

Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.

Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.

Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.

On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CVE)

The Canadian Press. All rights reserved.

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