The decision by Teck Resources to pull out of a multi-billion-dollar oilsands project in northern Alberta is “not the end of the world,” according to the Canada West Foundation, though it considers it to be “another straw on the camel’s back in terms of Alberta’s economy.”
Related News
In a letter addressed to federal Environment and Climate Change Minister Jonathan Wilkinson on Sunday, Teck’s CEO and president Don Lindsay said the company was withdrawing from the proposed $20.6-billion Frontier mine because of the broader conversation around climate change in Canada.
Marla Orenstein, director of the natural resources centre at the Canada West Foundation, said she agreed with some of the points Teck made in its letter, especially when it comes to having “a common environmental plan” for major resource and energy projects in the country.
“They were saying that this country really needs to figure out what it wants in terms of an energy policy: how we reconcile energy development, Indigenous rights and climate issues,” Orenstein said.
Story continues below advertisement
“Those are our big, thorny, hairy issues that we have problems with and we haven’t figured out how to reconcile them yet. We’re desperately looking for leadership from the federal government on how to move forward so that all these things can progress in tandem, and that hasn’t been resolved, not by a long shot.
Tweet This
“And until that is resolved, future projects are likely to get caught up in the same problem.”
2:32 Politicians point fingers after Teck pulls out of $20.6B oilsands project
Politicians point fingers after Teck pulls out of $20.6B oilsands project
Orenstein said many people are disappointed by the end result, both because of the jobs the project was expected to deliver and because the Frontier mine was seen as a project that could reinforce the country’s oil and gas sector as a viable industry. However, she said the company’s decision not to move forward on the project doesn’t mean “oil and gas is finished in Canada.”
“I think that’s far from the truth. There remains a really strong demand for oil and gas products around the world and as long as there is, there’s going to be companies that need to come forward to provide that,” she said.
For oil and gas company Tundra Process Solutions, the cancellation of the project is another blow to the already struggling industry.
“I saw this as a beacon of hope,” CEO Iggy Domagalisk said. “There were no real projects that were being announced, and to hear that this massive project was being led by a company that has a wonderful environmental record, [and] was going to be built in Alberta for Canada, I thought that was something spectacular.”
Domagalisk said the most “devastating” part is that it wasn’t the government that backed down, but the company behind it.
“To see not even the government cancel it, but the company itself pull out and say that, ‘We don’t believe that we can get this done,’ I think it sends a message to others that they likely think they can’t get it done either,” he said.
‘Investment craves certainty’
While Teck and its mine were seen by some as a “touchstone” for future oil and gas projects, Martin Olszynski, an associate professor with the University of Calgary’s Department of Environmental and Natural Resources Law, said the significance of the decision is being overplayed.
“How much value it has really depends on our politicians right now, and they should be mindful to not make it sound too gloomy because investors will respond to that as well,” Olszynski said.
The Frontier mine isn’t the first oilsands project to go through the regulatory process in the past 10 years and not come to fruition, Olszynski said; Shell’s Jackpine mine expansion and Total’s Joslyn North projects were both approved in the early 2010s and remain dormant.
Olszynsky said the federal government’s current regulatory process — the Impact Assessment Act and the Canadian Energy Regulator Act, commonly known as Bill C-69 — “provides a benchmark and a guidepost” for potential investors to align their projects with.
“One of the things that investment craves is certainty,” he said.
Tweet This
In Teck’s letter to Wilkinson, Lindsay said that “the promise of Canada’s potential will not be realized until governments can reach agreement around how climate policy considerations will be addressed in the context of future responsible energy sector development.”
“Without clarity on this critical question, the situation that has faced Frontier will be faced by future projects and it will be very difficult to attract future investment, either domestic or foreign,” Lindsay said.
Olszynsky said the Alberta government’s environmental regulations are more ambiguous, leading to a policy “back-and-forth” that stood in Teck’s way.
“I do think that the work the federal government is doing right now actually is the work that Teck seems to be asking for. It says: ‘Show us how these projects are going to work within this broader system,’” he said.
Canada ‘struggling’ with getting major projects done
Tim McMillan, CEO of the Canadian Association of Petroleum Producers (CAPP) said Canada has “positioned ourselves as a country that has struggled to get major projects done,” citing the Northern Gateway and Energy East pipelines which were both cancelled after approvals because of policy inconsistencies across provincial lines.
Story continues below advertisement
“I think that puts a cloud over Canada in general,” McMillan said. “Today it’s over the oil and gas sector, but global investors have to look at Canada after announcements like this and ask, ‘Can we build anything here? Is Canada a jurisdiction that wants high-quality projects and capital investment?’
Tweet This
“It’s going to take some work to reposition ourselves for success next time around.”
McMillan said he believes the Frontier mine was viable and that the challenge came when it reached the political stage, adding that stakeholders need to “do some real thinking” about how to move forward with major projects.
“This is a major undertaking — a very large project in Canada,” he said.
“The communities have been involved in this right from the beginning; Indigenous communities have been involved and had support agreements that would see them benefit from this going forward. The science that goes into how the processes work has been under development for years.
“And to go through the joint review panel and the provincial and federal review agencies and have them say, ‘This is a good project and should be approved’ — this has cost over $1-billion and that now evaporates and becomes a writeoff on a balance sheet.”
2:01 Teck project environmental deal reached between First Nation and Alberta government
Teck project environmental deal reached between First Nation and Alberta government
Goldy Hyder with the Business Council of Canada said businesses want a “predictable regulatory regime” and that she believes Canada’s has become less consistent over the past 10 years, instead becoming “very politicized.”
Story continues below advertisement
“Canada has to have the ability to reconcile the environment and the economy,” she said.
“We need to address it and we need to address it together, and that means moving out from the extremes and into the middle to find common ground.
Tweet This
“What would help is if our governments… either get out of the way or make things clear in such a way that they don’t need to be in the process on an ongoing basis. We need to depoliticize our regulatory system.”
— with files from Global’s Adam MacVicar, Adam Toy, Maryan Shah and Mercedes Stephenson
It’s common knowledge that companies don’t hire the most qualified candidates. Employers hire the person they believe will deliver the best value in exchange for their payroll cost.
Since most job seekers know the above, I’m surprised that so few mention their Employee Value Proposition (EVP). Most job seekers list their education, skills, and experience without substantiating them and expect employers to determine whether they can benefit their company; hence, most resumes and LinkedIn profiles are just a list of opinions—borderline platitudes—that are meaningless and, therefore, have no value. Job seekers need to better explain, along with providing evidence, how they’ll contribute to an employer’s success.
Employers don’t hire opinions (read: talk is cheap); they hire results.
You’re not offering anything tangible when you claim:
I’m a great communicator.
I’m detail oriented.
I’m a team player.
Tangible:
“At Global Dynamics, I held quarterly town hall meetings with my 22 sales reps, highlighting our accomplishments, identifying opportunity areas, and recognizing outstanding performers.”
“For eight years, I managed Vandelay Industries IT department, overseeing a staff of 18 and a 12-million-dollar budget while coordinating cross-specialty projects. My strong attention to detail is why I never exceeded budget.”
“While working at Cyberdyne Systems, I was part of the customer service team, consisting of nine of us, striving to improve our response time. Through collaboration and sharing of best practices, we reduced our average response time from 48 to 12 business hours, resulting in a 35% improvement in customer feedback ratings.”
These examples of tangible answers provide employers with what they most want to hear from candidates but rarely do; what value the candidate will bring to the company. Typically, job seekers present their skills, experience, and unsubstantiated opinions and expect recruiters and employers to figure out their value, which is a lazy practice.
Getting hired isn’t based on “I have an MBA in Marketing and Sales,” “I’ve been a web designer for over 15 years,” “I’m young, beautiful and energetic,” blah, blah, blah. Likewise, being rejected isn’t based on “I’m overqualified,” “I’m too old,” “I don’t have enough education,” blah, blah, blah. Getting hired depends entirely on showing employers that you can add value and substance to their company; that you’ll serve a purpose.
When you articulate a solid value offer, the “blah, blah, blah” doesn’t matter. Job seekers focus too much on the “blah, blah, blah,” and when not hired, they say, “It’s not me, it’s…” The biggest mistake I see job seekers make is focusing on the “blah, blah, blah”—their experience and education—believing this is what interests employers. Hiring managers are more interested in whether you can solve the problems the position exists to solve than in your education and experience.
Not impressive: Education
Impressive: A track record of achieving tangible results.
You aren’t who you say you are; you are what you do.
If you want to be somebody who works hard, you have to actually work hard. If you want to be somebody who goes to the gym, you actually have to go to the gym. If you want to be a good friend, spouse, or colleague, you have to actually be a good friend, spouse, or colleague. Actions build reputations, not words.
The biggest challenge job seekers face today is differentiating themselves. To stand out and be memorable, don’t be like most job seekers, someone who’s all talk and no action. Any recruiter or hiring manager will tell you that the job market is heavily populated with job seekers who talk themselves up, talk a “good game” about everything they can “supposedly” do, drop names, etc., but have nothing to show for it.
More than ever, employers want to hear candidates offer a value proposition summarizing what value they bring. If you’re looking for a low-hanging fruit method to differentiate yourself, do what job seekers hardly ever do and make a hard-to-ignore value proposition.
Increase sales: “Based on my experience managing Regina and Saskatoon for PharmaKorp, I’m confident that I can increase BioGen’s sales by no less than 25% in Winnipeg and the surrounding area by the end of 2025.”
Reduce cost: “During my 12 years as Taco Town’s head of purchasing, I renegotiated contracts with key suppliers, resulting in 15% cost savings, saving the company over $450,000 annually. I know I can do the same for The Pasta House.”
Increase customer satisfaction:“During my time at Globex Corporation, I established a systematic feedback mechanism that enabled customers to share their experiences. This led to targeted improvements, increasing our Net Promoter Score by 15 points. I can increase Dunder Mifflin’s net promoter score.”
Save time: “As Zap Delivery’s dispatcher, I implemented advanced routing software that analyzed traffic patterns, reducing average delivery times by 20%. My implementation of this software at Froggy’s Delivery can reduce your delivery times by at least 20%, if not more.”
If you want to achieve job search success as soon as possible, structure your job search with a single thread that’s evident and consistent throughout your résumé, LinkedIn profile, cover letters and especially during interviews; clearly convey what difference you’ll make to the employer.
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.
Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.
The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.
Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.
The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.
The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.
The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.
The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.
Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.
In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.
“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.
As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.
Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.
All orders are protected by SSL encryption – the highest industry standard for online security from trusted vendors.
All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store is backed with a 60 Day No Questions Asked Money Back Guarantee. If within the first 60 days of receipt you are not satisfied with Wake Up Lean™, you can request a refund by sending an email to the address given inside the product and we will immediately refund your entire purchase price, with no questions asked.
