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University of Calgary hits pause on bachelor's program in oil and gas engineering – CBC.ca

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For more than two decades, the bachelor’s program in oil and gas engineering at the University of Calgary was popular with students seeking a career in energy — and maybe a job in one of the office towers downtown.

But after a long downturn in the oilpatch, enrolment at historic lows and the energy landscape changing, the university’s engineering school is suspending admission of new students to the undergraduate program. Existing students will still be able to complete their degree.

“It’s really been a great program for us; it typically used to be a high-demand program,” said Prof. Arin Sen, head of the department of chemical and petroleum engineering. “It wasn’t a decision that we came to lightly.”

The university said it has no plans to abandon oil and gas studies. Sen said there are still various paths for engineering students to pursue careers in oil and gas, including a minor in petroleum engineering or graduate studies among any number of options.

“We’ve had partnerships with that sector for four decades … and we’re going to continue doing that.”

The news comes during a period of change in the broader energy sector, including the growth of renewable technologies, government commitments to slash greenhouse gas emissions and uncertainty about long-term demand for fossil fuels. 

In Canada, the oil and gas sector is also trying to emerge from a long downturn that resulted in thousands of layoffs. Meanwhile, energy demand continues to increase worldwide.

Many people who worked in oil and gas in downtown Calgary lost jobs during a prolonged downturn in the oilpatch, a time when enrolment in the bachelor of oil and gas engineering also declined. (Jeff McIntosh/TheCanadian Press)

The oil and gas engineering undergraduate program at the university’s Schulich School of Engineering was one of several routes students could follow to a career in the petroleum sector, including chemical, mechanical, civil engineering and others.

Typically, about 40 new students would enter the program annually, but it graduated fewer than 10 last year. 

The university began a review of the program and — following consultations with students, alumni, faculty and industry — received provincial approval to suspend it.

Sen said oil and gas isn’t going away any time soon, but added it’s also clear people are looking at other forms of energy — not just in Alberta, but globally. 

He pointed to activity in areas such as hydrogen, geothermal and renewable energy. The provincial government is also exploring small modular nuclear reactors.

Sen said resources will be allocated to exploring ways to better support students who want to work in the province’s evolving energy industry, including oil and gas.

The energy engineering program, which has an oil and gas component but also exposes students to renewable energy and sustainability, has been an area of growth.

Engineering is not the only department feeling a shift in student interests.

Alberta is expected to see significant growth in renewable energy, a growing area of study at the U of C. (Jeff McIntosh/The Canadian Press)

The U of C has also seen a five-year decrease in the number of undergrads with a concentration in petroleum geology, which is offered by the department of geoscience.

But the faculty of science has seen growing interest and demand toward programs like energy science, said spokesperson Gloria Visser-Niven.

The faculty is responding with courses in energy transformation and distribution, mature energy fields like hydroelectricity and nuclear energy, and renewable energy, she said. 

It’s also consulting with the engineering school on developing a new energy science minor program with a range of renewable energy courses and research opportunities.

“Energy education continues to evolve in response to global market forces and societal demand for lower carbon energy sources,” Visser-Niven said in an email. 

WATCH | Why student interest in petroleum courses is waning:

Tough times in the industry and a shifting energy landscape are part of the reason enrolment is down, says Arin Sen, a professor and head of the department of chemical and petroleum engineering. 0:59

At Memorial University in St. John’s, N.L., where many engineering graduates have found work in the petroleum industry over the years, there’s also greater interest in renewable energy like solar, wind and tidal power.

“We’re also looking at … focusing a bit more carefully on greener technologies and these sorts of things,” said Dennis Peters, Memorial University’s acting dean of the faculty of engineering and applied science. 

“That’s where the world is going and … we’re recognizing the environment we’re in.”

According to PetroLMI, which studies labour force data across the oil and gas sector, the industry is expected to hire a net total of 19,800 people over the next three years.

It forecasts that engineers and geoscientists will make up about seven percent of that number. That includes petroleum, civil, mechanical, mining and chemical engineers.

Amanda Quinn is entering her final year of study in energy engineering at the University of Calgary. (Kyle Bakx/CBC)

David Langille, who received a master’s degree in petroleum engineering at the U of C, is the incoming chair of the Society of Petroleum Engineers Canadian Educational Foundation, a group promoting energy literacy that offers scholarships to engineering students.

He said young engineers today are thinking about the future and the energy transition.

“New engineers, aspiring engineers, aspiring geoscientists, are definitely trying to future-proof themselves a little bit more,” Langille said. 

“They’re thinking, ‘OK, hey, I’m a petroleum engineer now, but where else am I going to be able to work this in [to] the energy system in the future?”

Amanda Quinn wants a career in energy and sees opportunities across the spectrum.

She’s entering her final year in the U of C’s energy engineering program and is now on an internship at a company working on desalination technology to help provide drinking water.

Quinn, who has two sisters in oil and gas, hopes the conversation about the energy transition becomes less polarized and focused on stereotypes, and more focused on solutions.

“There’s so much more technology that we can develop in the future in regards to harnessing energy,” she said.

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Stock market news live updates: Stock turn lower following last week's rebound – Yahoo Canada

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U.S. stocks closed a choppy session lower Monday, weighed down by losses in technology shares, after the major indexes failed to sustain momentum from last week’s rally.

The S&P 500 fell 0.3%, and Dow Jones Industrial Average dipped 60 points, or 0.2% after each benchmark wavered between the red and the green throughout the trading day. The Nasdaq Composite declined 0.9%.

The moves follow a sharp rebound Friday that saw the S&P 500 surge 3% during the session and over 6% for the week, its second-best week this year and its first weekly rise since late May. Still, the benchmark index is on pace for its worst opening six months since 1970.

During the previous session, the Dow rose more than 800 points, or 2.7%, while the Nasdaq increased by more than 3.3%, leading to weekly gains for the indexes of more than 5% and 7%, respectively.

Some Wall Street strategists are hopeful that markets may have found a bottom.

“As bad as [this year] has been for investors, the good news is previous years that were down at least 15% at the midway point to the year saw the final six months higher every single time, with an average return of nearly 24%,” LPL Financial chief market strategist Ryan Detrick said in a note last week.

J.P. Morgan strategist Marko Kolanovic also predicted that U.S. equities may climb as much as 7% this week as investors rebalance portfolios amid the end of the month, second quarter, and first half of the year.

While sentiment on Wall Street appears optimistic, investors are in for a bevy of key economic reports and earnings that may sway markets this week and put hopes of a comeback to the test.

Quarterly results from Nike (NKE) and Micron (MU) will be closely watched for signs of rising inventories and slowing orders like Target and some other retailers have warned about recently, which may renew worries of an economic slowdown among Corporate America.

Traders also face a fairly loaded economic calendar this week, with the latest read on core PCE inflation – the Federal Reserve’s preferred measure of consumer prices, the Conference Board’s consumer sentiment survey, and manufacturing and housing reports due out through Friday.

A trader works on the floor of the New York Stock Exchange NYSE in New York, the United States, June 16, 2022. U.S. stocks fell sharply on Thursday as steep sell-off continued on Wall Street amid rising recession fears. (Photo by Michael Nagle/Xinhua via Getty Images)A trader works on the floor of the New York Stock Exchange NYSE in New York, the United States, June 16, 2022. U.S. stocks fell sharply on Thursday as steep sell-off continued on Wall Street amid rising recession fears. (Photo by Michael Nagle/Xinhua via Getty Images)

A trader works on the floor of the New York Stock Exchange NYSE in New York, the United States, June 16, 2022. U.S. stocks fell sharply on Thursday as steep sell-off continued on Wall Street amid rising recession fears. (Photo by Michael Nagle/Xinhua via Getty Images)

On the move

  • Robinhood Markets (HOOD)‘s stock surged 14% to close at $9.12 per share following a report from Bloomberg that cryptocurrency exchange FTX is considering a deal to acquire digital trading platform. Earlier in the day, Robinhood was in the spotlight after Goldman Sachs upgraded the brokerage to Neutral, about two months after the bank downgraded shares to Sell.

  • Coinbase (COIN) shares plunged nearly 10.8% to $55.96 after analysts at Goldman Sachs on Monday downgraded the cryptocurrency exchange to Sell from Neutral and slashed their price target on the stock to $45 from $70. Goldman also noted that while Coinbase recently announced it would cut 18% of staff, these layoffs will not be enough to bring the company’s costs in line with lowered sales.

  • AMC Entertainment (AMC) rallied to cap trading up 13.6% despite a turbulent session for the broader markets. The stock rose amid increased mentions across forums such as Reddit’s WallStreetBets and Stocktwits. AMC was also added to the Russell 1000 Index after an annual rebalancing.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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Man uses Apple Airtags to find stolen Range Rover | CTV News – CTV News Toronto

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An Ontario man whose car was stolen from his driveway in midtown Toronto twice in three months is revealing how he tracked and located his second vehicle.

“It’s pretty scary, but you can’t live your life in fear,” Lorne, whose surname CTV News Toronto has omitted due to safety concerns, said on Monday.

On April 1, his family moved to the Avenue Road and Lawrence Avenue area.

The following day, employees from an electronics company arrived at his house to install televisions. He placed the keys of his Range Rover Autobiography into a faraday box, which is designed to prevent criminals from copying a key fob and gaining access to a vehicle.

However, within minutes of the employees leaving his house, his car was stolen in broad daylight.

“The thieves were able to disable the tracker in my car, put there by the manufacturer,” Lorne said.

Meanwhile, his wallet, along with his kids phones, which were in the car, were thrown out of the vehicle before it was stolen, which Lorne said he believes was a preventive measure to avoid him from tracking the location of his car.

His Range Rover was never recovered.

Thirty days later, he got a new car of the same model, but this time, he placed three Apple AirTag tracking devices inside – one in the glovebox, another in his spare tire in the trunk and a third under his back seat.

While Lorne said he typically parks in his garage, last Wednesday night, he didn’t.

At 8:30 a.m. the next morning, he said his kids ran into his bedroom screaming, ”Daddy, daddy, your car is gone.” 

Right away, he logged into his Find My app and located all three of his AirTags near Manville and Comsock roads in Scarborough, listed as a metal recycling plant. 

After dropping his kids at school, he headed to that location and called the police. With no success reaching an officer, he drove to the 41 Division police station.

Toronto police spokesperson David Hopkinson confirmed to CTV News Toronto that a report of this nature was received by police on Thursday.

“I pressed my panic button and you heard it going off,” Lorne said. “The next day I was told they recovered nine cars.”

Due to an ongoing investigation, police could not comment further on the incident.

This time, however, Lorne said police recovered his vehicle and he anticipates it should be back in his possession soon.

While he said his AirTags worked in this case, he anticipates car thefts will only get increasingly sophisticated.

“It’s not foolproof,” he said.

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Company buying Trump's social media app faces subpoenas – Yahoo Canada Finance

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NEW YORK (AP) — The company planning to buy Donald Trump’s new social media business has disclosed a federal grand jury investigation that it says could impede or even prevent its acquisition of the Truth Social app.

Shares of Digital World Acquisition Corp. dropped almost 10% Monday as the company revealed that it has received subpoenas from a grand jury in New York.

The Justice Department subpoenas follow an ongoing probe by the Securities and Exchange Commission into whether Digital World broke rules by having substantial talks about buying Trump’s company starting early last year before Digital World sold stock to the public for the first time in September, just weeks before its announcement that it would be buying Trump’s company.

Trump’s social media venture launched in February as he seeks a new digital stage to rally his supporters and fight Big Tech limits on speech, a year after he was banned from Twitter, Facebook and YouTube.

The Trump Media & Technology Group — which operates the Truth Social app and was in the process of being acquired by Digital World — said in a statement that it will cooperate with “oversight that supports the SEC’s important mission of protecting retail investors.”

The new probe could make it more difficult for Trump to finance his social media company. The company last year got promises from dozens of investors to pump $1 billion into the company, but it can’t get the cash until the Digital World acquisition is completed.

Stock in Digital World rocketed to more than $100 in October after its deal to buy Trump’s company was announced. The stock closed at $25.16 Monday.

Digital World is a special-purpose acquisition company, or SPAC, part of an investing phenomenon that exploded in popularity over the past two years.

Such “blank-check” companies are empty corporate entities with no operations, only offering investors the promise they will buy a business in the future. As such they are allowed to sell stock to the public quickly without the usual regulatory disclosures and delays, but only if they haven’t already lined up possible acquisition targets.

Digital World said in a regulatory filing Monday that each member of its board of directors has been subpoenaed by the grand jury in the Southern District of New York. Both the grand jury and the SEC are also seeking a number of documents tied to the company and others including a sponsor, ARC Global Investments, and Miami-based venture capital firm Rocket One Capital.

Some of the sought documents involve “due diligence” regarding Trump Media and other potential acquisition targets, as well as communications with Digital World’s underwriter and financial adviser in its initial public offering, according to the SEC disclosure.

Digital World also Monday announced the resignation of one of its board members, Bruce Garelick, a chief strategy officer at Rocket One.

The Associated Press

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