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The justices turned away five appeals by the oil companies of lower court decisions that determined that the lawsuits belonged in state court, a venue often seen as more favorable to plaintiffs than federal court. A separate appeal filed by the oil companies challenging lower court decisions in cases out of New Jersey and Delaware is still pending before the Supreme Court. Theodore Boutrous, an attorney for Chevron, expressed confidence that the cases will be dismissed in state court. That decision prompted other federal appeals courts to reconsider whether they should send similar lawsuits by state and local governments back to state courts. Four other appeals courts reached similar conclusions in the lawsuits by Rhode Island and jurisdictions in California, Colorado, Hawaii and Maryland.

☆ Alberta Energy Regulator to probe wildlife death at Suncor tailings pond
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

April 22 (Reuters) - The Alberta Energy Regulator (AER) has started an investigation into the death of 32 waterfowl at a Suncor Energy Inc (SU.TO) tailings pond on its Base Mine Site, 29 km (18 miles) north of Fort McMurray. It was detected during an oilsands bird contact monitoring program survey, according to a statement from the regulator. The company has further discovered two additional dead wildlife, one muskrat and one vole, at the site since it notified the AER. Suncor said it had begun an investigation after finding the dead wildlife on Friday, on the edge of a tailings pond at the Base Plant site during one of its regular, required checks. "At the time of discovery, all bird deterrent systems at Base Plant were active."

☆ Canada's Suncor releases 5,900 cubic metres of water from oil sands site
▼ + stars: | 2023-04-18 | by ( Nia Williams | ) www.reuters.com time to read: +1 min

April 18 (Reuters) - Canada's Suncor Energy (SU.TO) has reported the release of 5,900 cubic metres (208,400 cubic feet) of water with more than twice the approved level of suspended solids from a sedimentation pond at its Fort Hills oil sands project in northern Alberta. The water came from a sedimentation pond, which collects and discharges surface run-off from the oil sands site, and not a tailings pond, Suncor spokesperson Erin Rees said in an email. Oil sands companies are under scrutiny for how they manage water on their sites, after Imperial Oil (IMO.TO) said in February that tailings ponds at its Kearl site had been seeping for months and another spill released 5,300 cubic metres of process water in late January. "This is not a tailings pond, but a water run-off pond that collects and discharges run off into Fort Creek ... in line with regulatory approvals," Rees said. The water discharges into Fort Creek roughly 800 metres upstream of the Athabasca River, the main waterway running through the oil sands region.

☆ Biden administration tells Supreme Court Big Oil climate cases belong in state court
▼ + stars: | 2023-03-17 | by ( Clark Mindock | ) www.reuters.com time to read: +2 min

SummarySummary Companies Solicitor general urged SCOTUS to reject Big Oil's appealFive appeals courts have supported state jurisdictionMarch 16 (Reuters) - A lawsuit filed by several Colorado municipalities accusing ExxonMobil Corp and Suncor Energy Inc. of exacerbating climate change belongs in state court where it was filed, the Biden administration told the U.S. Supreme Court on Thursday. The administration urged the justices to reject the oil companies’ petition for review of a February 2022 appeals court's ruling that sent the case back to state court, a venue generally considered more favorable to the municipal plaintiffs. The oil companies have denied the local and state governments' allegations and argued that despite the municipalities only raising state law claims, the cases clearly raise federal questions. The Supreme Court first considered the jurisdiction question in 2021 in case brought by the city of Baltimore. Circuit Court of Appeals to reconsider arguments for removal raised by the oil companies in that case, but didn't weigh in directly on which courts were proper.

Equinor became Europe's top natural gas supplier last year after exports from Russia were mostly choked off following Moscow's invasion of Ukraine. Europe cut demand, increased domestic output and imported liquefied natural gas (LNG) at huge cost in response to the drop in Russian gas supplies, which accounted for around half of the region's supply in 2021. "Trying to replace 150 billion cubic metres of (Russian) gas is a massive task. "The weather in Asia can set the gas price in Europe," Opedal said. Equinor produced over 2 million barrels of oil equivalent of oil and gas in 2022, when it reported a record adjusted operating profit of $75 billion on the back of soaring oil and gas prices.

"China was closed for months and just improving economic data gives buyers of commodity stocks confidence that those prices can hold, and as we know it is a good chunk of the TSX index," said Barry Schwartz, portfolio manager at Baskin Financial Services. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 244.37 points, or 1.2%, at 20,581.58, its highest closing level since Feb. 16. Wall Street also advanced as U.S. Treasury yields eased and economic data helped investors look past the growing likelihood that the Federal Reserve will keep its restrictive policy in place for longer than anticipated. Sleep Country Canada Holdings Inc (ZZZ.TO) was up 5.9% after the company's fourth-quarter sales and earnings beat estimates. Reporting by Johann M Cherian in Bengaluru; Editing by Shilpi Majumdar and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ TSX climbs as materials stocks gain on higher gold, copper prices
▼ + stars: | 2023-03-03 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

ET (1512 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 99.49 points, or 0.49%, at 20,436.7. The materials sector (.GSPTTMT) climbed 0.6%, tracking strength in copper and gold prices as strong economic data in top consumer China raised demand hopes. Following a volatile February, the TSX tracked weekly gains of 1.2%, its best performance in seven weeks. The index is on track to snap three straight weekly declines as strong economic data from China allayed fears of a global economic slowdown. Among stocks, Suncor Energy Inc (SU.TO) added 0.8% after Equinor (EQNR.OL) said it would acquire the British oil and gas business of the energy firm for $850 million.

☆ Norway's Equinor nears deal to buy Suncor's UK oilfields
▼ + stars: | 2023-03-01 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

LONDON, March 1 (Reuters) - Norway's Equinor (EQNR.OL) is close to reaching a deal to buy Suncor Energy's (SU.TO) British North Sea oil and gas assets for around $1 billion, three sources familiar with the matter told Reuters on Wednesday. The deal includes Suncor's 40% stake in the Equinor-operated offshore Rosebank oil and gas project, located some 130 km (80 miles) northwest of Shetland Islands, and one of the largest developments in the ageing basin. Equinor, which already owns 40% of Rosebank, had previously estimated the project's cost at about 4.3 billion pounds ($5.22 billion). The windfall tax led many companies, including Equinor, to warn that they could reduce their UK North Sea investments. The acquisition of the Suncor assets gives Equinor a large amount of tax losses that it could use to offset future investments in the basin, the sources said.

☆ Suncor Energy names Exxon veteran Rich Kruger as CEO
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Canada's Suncor Energy Inc (SU.TO) said on Tuesday former Exxon Mobil Corp executive Rich Kruger would take over as its chief executive from April 3, replacing interim boss Kris Smith, sending its shares up nearly 3% in afternoon trading. Kruger, a near 40-year veteran of Exxon (XOM.N), served as CEO of Imperial Oil Ltd (IMO.TO) for six years before retiring in 2019. "Investors are likely going to see this as a key reason to expect a complete positive change in the safety culture at SU," Eight Capital analysts said. Smith replaced Mark Little as CEO in July following a worker death, which was the fifth fatality at the company since 2019. The company named Smith as its finance chief in place of Alister Cowan, who plans to retire at the end of the year.

☆ Rise in Canadian shareholder activism faces test next month with new rules in place
▼ + stars: | 2023-02-12 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

The country has lagged the rising trend of activism seen globally, but that could be about to change, lawyers say. Some 53 Canadian companies faced activism campaigns in 2022, a 17.8% rise over the previous year, compared with a 10.6% rise in the U.S to 511, showed data from Insightia, a Diligent brand. Previously, shareholders could only vote 'for' a candidate or 'withhold' their vote, meaning a majority was not legally a necessity. While not enshrined in law, majority voting was often adopted by companies in their policy, prior to the change. And oil and mining companies could continue to be the sector that faces activism, say market participants.

☆ Investors need to embrace these stocks that we love
▼ + stars: | 2023-02-12 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

I’ve typically done this stock picking feature in early to mid February as a Stocks We Love type of story, pegging it to Valentine’s Day. The restaurant stocks in particular could do well. Inflation is obviously still a concern for big consumer brands. Consumer prices rose 6.5% over the past 12 months through December, down from a 7.1% pace in November. Up nextMonday: Earnings from TreeHouse Foods (THS), Avis Budget (CAR), FirstEnergy (FE), IAC (IAC) and PalantirTuesday: US CPI; Japan GDP; UK employment report; earnings from Coca-Cola, Asahi Group, Marriott (MAR).

☆ Key inflation data in the week ahead will offer clues to future Fed rate moves and the market's path
▼ + stars: | 2023-02-11 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Looking forward The January consumer price index (CPI) , which calculates the average change over time in prices that shoppers pay for goods and services, is slated for Tuesday. Economists and investors will use the number to gauge the odds of a soft landing or hard landing for the economy. The producer price index (PPI) for January, which calculates the change in selling prices received by producers of goods and services, is out on Thursday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

It is planning to develop a CCS hub in northern Alberta, expected to cost C$16.5 billion ($12.3 billion) by 2030. Trudeau told Reuters in an interview earlier this month Alberta was "hesitating around investing in anything related to climate change". Canada is the world's fourth-largest producer of crude, most of which comes from Alberta's oil sands. The oil and gas sector is the country's highest-polluting industry and needs to drastically cut emissions if Canada is to achieve its climate commitments. 'NO TIME TO SLIP'The Pathways Alliance has already said Ottawa's goal of cutting oil and gas emissions 42% by 2030, equivalent to a 35-megatonne reduction, is impossible.

☆ Suncor to retain Petro-Canada retail business
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: 1 min

Nov 29 (Reuters) - Canada's Suncor Energy Inc (SU.TO) said on Tuesday it would retain the Petro-Canada gas station retail business. "After careful consideration, the Board has concluded that retaining and optimizing the Company’s retail business will generate the highest long-term value for shareholders," company's board Chair Mike Wilson said. Reporting by Ankit Kumar; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Equinor evaluating impact of British windfall tax on projects
▼ + stars: | 2022-11-22 | by ( Ron Bousso | ) www.reuters.com time to read: +1 min

LONDON, Nov 22 (Reuters) - Norwegian oil company Equinor (EQNR.OL) said on Tuesday it is evaluating the impact of Britain's windfall tax on its oil and gas projects, including the giant Rosebank development. The British government's decision last week to raise the windfall tax on North Sea producers to 35% from 25% "does not help investor confidence," Equinor said in a statement. "Uncertainty makes it harder to take investment decisions, especially the uncertainty around the longevity of the EPL (Energy Profits Levy)," Equinor said, referring to the tax. The Rosebank project is estimated to bring 26.8 billion pounds to the British economy through tax payments and investments, Equinor said. Equinor and Suncor Energy (SU.TO) each have a 40% interest in the Rosebank project, while newly-listed Ithaca Energy (ITH.L) has the remaining 20%.

☆ Canada's share buyback tax could backfire, energy sector warns
▼ + stars: | 2022-11-06 | by ( Rod Nickel | Nia Williams | ) www.reuters.com time to read: +4 min

FILE PHOTO: The processing facility at the Suncor oil sands operations near Fort McMurray, Alberta, September 17, 2014. On Thursday, the Liberal government proposed a 2% tax on buybacks to encourage companies to reinvest in their workers and business. The tax will generate an estimated C$2.1 billion ($1.6 billion) over five years and take effect on Jan. 1, 2024. Canada’s four largest producers - Canadian Natural Resources Ltd, Cenovus Energy, Suncor Energy and Imperial Oil - spent C$15.8 billion combined on buybacks in 2022’s first three quarters, according to Tudor Pickering Holt (TPH). The tax may not deter oil companies’ buyback intentions anyway, said Eight Capital analyst Phil Skolnick, who covers the sector.

☆ Suncor quarterly profit more than doubles, beats estimates on crude rally
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - Suncor Energy Inc (SU.TO) said on Wednesday its third-quarter adjusted profit more than doubled and beat analysts' expectations, as the Canadian energy major was supported by higher oil and refined product prices. Excluding items, Suncor's adjusted earnings more than doubled to C$2.57 billion ($1.87 billion), or C$1.88 per share, beating analysts' consensus of C$1.83 per share, as per Refinitiv data. Total upstream production for the reported quarter was 724,100 barrels of oil equivalent per day (boepd), compared with last year's 698,600 boepd. Its refinery crude throughput rose 1.4% to 466,600 barrels a day with a refinery utilization of 100%. ($1 = 1.3716 Canadian dollars)Reporting by Ruhi Soni in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Canada's oil sands hold the world's third-largest crude reserves and the long-life projects can produce for decades. Last week Suncor agreed to buy Teck Resources' (TECKb.TO) Fort Hills stake for about C$1 billion ($737 million) in cash as "part of our Base Plant mine replacement strategy". Other acquisition targets could include French major TotalEnergies' (TTEF.PA) stake in Fort Hills and its 50% share of the Surmont thermal oil sands project, Oberstoetter added. Last month TotalEnergies said it plans to spin off its Canadian oil sands assets into a separate company. The Fort Hills deal is the latest move by Calgary-based Suncor to focus on its core oil sands business.

☆ The Fed could lay the groundwork for a year end rally in the week ahead
▼ + stars: | 2022-10-28 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

The coming week is also the busiest of the corporate earnings season, with about a third of the S & P 500 companies releasing results. "Historically, the market waits for the last Fed rate hike to be introduced and then the market climbs higher. The S & P 500 was up more than 8.8% for the month. The Dow was up 5.7% on the week, the S & P 500 was up 5.7% and the Nasdaq was up 2.2%. The 50-day moving average is 3,841 for the S & P 500, and it was well above it Friday afternoon for the second time in the past week.

☆ TSX hits fresh one-month high as Shopify shines, energy stocks rise
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - Canada's main stock index on Thursday hit a fresh one-month high as e-commerce firm Shopify surged after strong results, while higher crude lifted energy stocks. read moreThe broader technology index (.SPTTTK) rose 4.6% to lead sectoral gains. Energy stocks (.SPTTEN) gained 1% as oil prices rose on optimism over record U.S. crude exports and waning recession fears. read moreGlobal stocks rose on Wednesday after the Bank of Canada announced a smaller-than-expected rate hike and said it was getting closer to the end of its historic tightening campaign. Reporting by Shashwat Chauhan in Bengaluru; Editing by Shailesh Kuber and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

A tanker truck used to haul oil products operates at an oil facility near Brooks, Alberta, Canada April 18, 2018. Oil and gas is Canada's highest-polluting sector, but also contributes around 7.5% annually to national GDP and is a major employer in Alberta. The province has already "invested or committed" C$1.8 billion ($1.3 billion) to develop CCS, Puddifant said. Over the last decade, the Alberta government has invested in infrastructure including the Quest carbon capture project, operated by Shell (SHEL.L) and the Alberta Carbon Trunk Line. In March, Alberta picked six proposals to move forward on developing a carbon storage hub near Edmonton.

Last month, it unveiled plans to spin off its Canadian oil sands assets into a new publicly traded company, which surprised many industry watchers. McCrea expects the recent trend of takeovers of private Canadian oil companies by larger companies to continue rather than the IPO route. The last time a new Canadian energy listing appeared on the TSX was in January when Calgary-based Kiwetinohk Energy Corp (KEC.TO) shares started trading. read moreNow, energy stocks have become a refuge for investors facing a sell-off in high growth sectors. Some energy investors welcomed the idea of more Canadian oil and gas listings.

☆ France's TotalEnergies plans to spin off Canadian oil sands assets
▼ + stars: | 2022-09-28 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

A sign with the logo of French oil and gas company TotalEnergies is pictured at a petrol station in Nantes, France, June 30, 2022. REUTERS/Stephane MaheSept 28 (Reuters) - TotalEnergies (TTEF.PA) said on Wednesday it is looking to spin off its Canadian oil sands operations and list them on the Toronto Stock Exchange, as the assets do not fit with the French oil major's low-emissions strategy. Register now for FREE unlimited access to Reuters.com RegisterCanada's oil sands hold some of the world's largest crude reserves but are more carbon-intensive and costly to produce than many conventional oil projects worldwide. Total has been trying to exit the region for several years and in 2020 wrote down C$9.3 billion ($6.83 billion) worth of oil sands assets. TotalEnergies' oil sands assets will generate $1.5 billion of cash flow in 2022, he added.

☆ This options strategy for earnings is returning 38% — and Goldman says there's still time to try it
▼ + stars: | 2022-08-03 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

Many major second quarter earnings reports have come and gone, but they have revealed a pattern that investors can still take advantage of in coming days, according to Goldman Sachs. "The average stock reporting earnings so far this quarter has traded up 0.8% on their earnings day. Investors that bought calls five days ahead of each earnings report have seen +38% average return on premium so far this earnings season," the Goldman note said. "Looking ahead, we recommend buying calls or replacing stock positions with call options ahead of the remaining earnings reports." Tuesday's earnings report from Starbucks could be good news for Shake Shack.

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