How Alberta’s biggest oil companies are still raking in billions

[Integrity_Farmer]

According to Parkland’s analysis, the Big Five, taken together, brought in almost the same amount in aggregate profits in 2017 — $46.6 billion.

Imperial oil Gross revenues: According to the company’s 2018 financial and operating results, released at the end of February, the company’s gross revenue increased last year, up 20 per cent to nearly $35 billion from $29 billion the year before.

Suncor According to the company’s 2018 annual report, released at the end of February, its revenue increased last year, up to nearly $40 billion from just shy of $33 billion the year before.

https://thenarwhal.ca/how-albertas-biggest-oil-companies-are-still-raking-in-billions/

Seems the oil companies don't want to share with Albertan's.

As Economist John Kenneth Galbraith once stated “If you feed enough oats to the horse, some will pass through to feed the sparrows (referring to "trickle down" economics).”

Seems Kenney's only solution is to 'feed the horse'. Well good luck to Alberta YOU WILL NEED IT.

[Taiga]

I didn’t know anyone actually read that agenda driven left wing rag, but I guess there are a few readers with the same agenda bent.

Reality:
Suncor 2018 operating earnings were $580 million ($0.36 per common share) and the company had a net loss of $280 million ($0.18 per common share) in the fourth quarter of 2018, compared to operating earnings of $1.310 billion ($0.79 per common share) and net earnings of $1.382 billion ($0.84 per common share) in 2017.

I didn’t waste my time looking up the other companies, will be the same story.

Who looks at gross earnings?? Meaningless.

[Herc]

Looking at my gross revenue right now. Man I’m a rock star......

[jazz]

Integrity farmer will be filling his pants when Ab is producing 8mm bbls a day and become the highest per capital income in the solar system.

[Integrity_Farmer]

Alberta oilsands producers 'incredibly profitable' during recent economic downturn

https://www.cbc.ca/news/canada/edmonton/oilsands-husky-cnrl-cenovus-imperial-parkland-institute-report-edmonton-1.4896996

Don’t worry about Canada’s big oil companies, they’re doing just fine: report

https://globalnews.ca/news/4643295/canada-big-oil-company-profits-report/

[ajl]

The weakest player in that bunch, Cenovus, is the only one that does not have a refinery division. Any one capable of though knows that cheap oil means refinery profits. Cnrl is the major player in the new north west refinery at Redwater. Imperial and Suncor have refineries in Sherwood Park but also in Ontario as well so they are obviously spreading out those profits. (not just AB) Husky has a refinery in SK. Anyone that gets a coop equity check knows that 90% of that comes from the Regina refinery. (the other 10% from seed canola sales) So like all drivel coming from leftist loons, this story was written to mislead.

[Integrity_Farmer]

Cleaning up Alberta’s oilpatch could cost $260 billion, internal documents warn

The staggering financial liabilities for the energy industry’s mining waste and graveyard of spent facilities were spelled out by a high-ranking official of the Alberta Energy Regulator (AER) in a presentation to a private audience in Calgary in February

The liabilities include costs that companies must assume to shut down aging and inactive oil and gas exploration wells, facilities and pipelines once they are no longer needed. Another significant part of the liability is the clean-up of toxic tailings ponds from oilsands extraction mines near Fort McMurrray. The ponds have sprawled to cover an area the size of Kelowna.

https://globalnews.ca/news/4617664/cleaning-up-albertas-oilpatch-could-cost-260-billion-regulatory-documents-warn/

Norway’s Oil Fund Hits $1 Trillion; Meanwhile, In Alberta..
"Reaching one trillion dollars is a milestone, and the growth in the fund's market value has been stunning."

That stands in stark contrast to Alberta's oil fund, which is valued at C$17.2 billion, according to a statement released last month.

Norway's fund amounts to US$192,000 (C$235,000) for every person in the country. Alberta's fund works out to C$4,150 per person in the province.

https://www.huffingtonpost.ca/entry/norway-s-oil-fund-hits-1-trillion-meanwhile-in-alberta_ca_5cd504bee4b07bc72973fdd2?

[chuckChuck]

https://www.cbc.ca/news/canada/edmonton/oilsands-husky-cnrl-cenovus-imperial-parkland-institute-report-edmonton-1.4896996 https://www.cbc.ca/news/canada/edmonton/oilsands-husky-cnrl-cenovus-imperial-parkland-institute-report-edmonton-1.4896996

"The five companies that dominate the oilsands industry have remained "incredibly profitable" despite low oil prices and delays in building new pipelines, according to a report from the Parkland Institute.

"Despite the 2014 oil price crash and the ongoing hand-wringing over pipelines and the price differential, the reality is that the big five oilsands producers have remained incredibly profitable corporations," said Ian Hussey, lead author of a report released Thursday by Parkland Institute and the Canadian Centre for Policy Alternatives.

Last year alone, the companies banked or paid out to shareholders a total of $13.5 billion, he said.

"These companies have been able to continue to transfer sizeable amounts of money to their shareholders or to their bank accounts, while at the same time in 2015 cutting almost 20,000 jobs from the Alberta economy," Hussey said."

Boom, Bust, and Consolidation
Corporate Restructuring in the Alberta Oil Sands

https://www.parklandinstitute.ca/boom_bust_and_consolidation https://www.parklandinstitute.ca/boom_bust_and_consolidation

[chuckChuck]

Alberta likes to portray itself as a victim but its hard to feel sorry for the oil companies and shareholders who are still doing well. Its good politics to stir up the Alberta, Saskatchewan versus Trudeau resentment.

They are doing well in part because they have trimmed their workforce. The oil industry is trying to cut costs and new technology is allowing them to lower labour costs which means job losses.

Families that are in trouble need support to transition to other jobs in more sustainable and stable industries.

[sk_wheatking]

How can you two continue to carry on about the oil industry the way you do, but yet gladly use the hated product to survive in your every day life. It just makes no sense. I've said it before, give it up then, all of it, but you wont. You just need something in your life to hate on.