Finning International Inc. announced that Juan Carlos Villegas, President of Finning Canada and Chief Operating Officer of Finning International, will retire on December 31, 2018 following a distinguished career with the company. Kevin Parkes, currently Managing Director of Finning UK and Ireland, will assume the role of President of Finning Canada. Assuming the role of Managing Director of Finning UK and Ireland will be David Primrose, currently Finning Canada's Executive Vice President of Core Industries. Kevin and David will assume their positions on January 1, 2019 and will report to Finning International's President and Chief Executive Officer, Scott Thomson.
Industry News News
The National Energy Board (NEB) has released a condition compliance Letter Report that gives Trans Mountain Pipeline ULC (Trans Mountain) NEB approval to start construction of its expansion project on Segments 1-4 (also referred to as Spreads), from the Edmonton Terminal to its Darfield Pump Station north of Kamloops in the B.C. Interior.
Dräger announced the release of its X-am 8000 to the US and Canada markets. The multi-gas detector can simultaneously detect up to seven gases including flammable gases, vapors, and oxygen and is applicable to a number of industries including chemical, oil and gas, fire services, mining, shipping, pharmaceutical and water treatment.
Canada is a place where the environment and the economy go hand in hand. Providing a stable, effective regulatory regime to approve and oversee pipeline operations is integral to safeguarding the environment, while supporting projects in the national interest that create good jobs, strengthen and grow the middle class and help get Canada's resources to world markets will deliver economic benefits for all Canadians.
Plains Midstream Canada ULC (PMC), a subsidiary of Plains All American Pipeline, L.P., and SemCAMS ULC (SemCAMS), a subsidiary of SemGroup Corporation, announced that they have received sufficient customer interest to conduct an open season and are soliciting further producer engagement for a new Montney to Market liquids pipeline to service production from the Wapiti and potentially the Pipestone area in West Central Alberta to PMC's terminal infrastructure in Edmonton and Fort Saskatchewan, AB.
Ritchie Bros. Auctioneers Incorporated reported the following results for the three months ended June 30, 2018 (All figures are presented in U.S. dollars): Net income attributable to stockholders of $45.7 million improved 159% compared to $17.6 million for the same quarter in 2017. Diluted earnings per share ("EPS") attributable to stockholders increased 163% to $0.42 versus $0.16 in the second quarter of 2017, while diluted adjusted EPS attributable to stockholders1 (non-GAAP measure) increased 27% to $0.42 from $0.33 in the same respective period.
Cenovus Energy Inc. and one of its subsidiaries have entered into an agreement to sell the general partnership that holds the Pipestone and Wembley natural gas and liquids business in northwestern Alberta (the "Pipestone Business") for cash proceeds of $625 million. The transaction also includes the Pipestone Business's 39% operated working interest in the Wembley gas plant. The sale is expected to close in the third quarter of 2018, subject to customary closing conditions.
The National Energy Board (NEB) has published its Recommendations to Improve Quality Assurance of Quenched and Tempered Fittings white paper. The report provides recommendations for enhanced quality assurance of integral components of Canada's transmission pipeline systems - quenched and tempered fittings. There are thousands of fittings (elbows, tees and reducers) on NEB-regulated pipeline systems, whose proper and traceable manufacturing, distribution and procurement helps ensure the safe operation of more than 73,000 km of pipeline currently under NEB jurisdiction.
Calima Energy Limited advises that following the successful completion of the takeovers of TSV Montney Ltd. and TMK Montney Ltd., the company will own a 100% working interest in 72,000 acres of drilling rights in British Columbia considered to be prospective for the Montney Formation. As a result, the Farm-in Agreement between the Company and TSVM and TMKM has become redundant and the agreement will be concluded.As advised on 1 May 2018, the purpose of the takeover transaction was to consolidate ownership of the Montney Project, with the key benefits including, but not limited to:
- Consolidation of a 100% interest in a single entity is likely to attract greater market interest;
- The enhanced structure will likely provide improved access to capital to fund the forward work program and removes any risk associated with TSVM and/or TMKM funding its share of development costs;
- Removes any potential impediments or misalignment of separate JV interests; and
- Additional synergies include the removal of duplicated technical and administrative costs.
Cenovus Energy Inc. has published its 2017 corporate responsibility report detailing the company's efforts to accelerate its environmental performance, protect the health and safety of its staff, invest in and engage with the communities where it operates and maintain the highest standards of corporate governance.Highlights for 2017 included:
- Achieving the company's lowest ever total recordable injury frequency (TRIF) of 0.36
- Awarding 33 scholarships valued at $3,500 each for Aboriginal students pursuing a full-time degree, diploma or certified trade
- Donating over $10 million to more than 1,000 local community organizations with a focus on supporting youth, strong families and safe communities
- Raising nearly $1.5 million for more than 500 charitable organizations through our annual Thanks & Giving employee donation campaign
- Spending $240 million doing business with local Aboriginal-owned companies or joint ventures and surpassing $2.4 billion in Aboriginal business spending since the company's launch in 2009
- Publishing Cenovus's Carbon Disclosure: Managing climate-related risks. The report features Cenovus's perspective on the transition to a lower-carbon future, carbon pricing and the ways that the company is managing and mitigating climate-related risks.
Growth continues to be the word across the board for Enbridge, according to the company's financial results through the second quarter of 2018. With $7 billion in new projects scheduled to come into service in 2018, and the company's Line 3 project moving forward, company executives are expecting that strength to continue.
Macurco has developed the new TracXP Wireless and Fixed Gas Transmitter product suite specifically for hazardous-location gas detection applications. The TracXP products include a comprehensive line of wired and wireless gas detection solutions to address special hazard applications including harsh industrial environments and hazardous locations. TracXP by Macurco also provides cellular and satellite options for remote toxic gas monitoring solutions in real time.
AltaGas Ltd. reported results in line with its expectations and remains firmly focused on achieving its operational and financial objectives for 2018. With normalized EBITDA of $166 million, and normalized funds from operations of $121 million, AltaGas remains well positioned to fund its capital program through internally generated cash flow, its dividend reinvestment program, and normal course borrowings under its credit facilities. AltaGas' net income applicable to common shares for the quarter was $1 million ($0.01 per share), with normalized net income of $23 million or $0.13 per share.
Terex Corporation reported strong second quarter 2018 sales of $1.4 billion, up 19% versus Q2 of 2017, with increased sales and backlog in all three business segments. The results were driven by continued implementation of the company's Execute to Win business strategy and its focus on meeting the growing needs of customers during a period of broad-based growth.
The National Energy Board (NEB or Board) has approved NOVA Gas Transmission Ltd. (NGTL)'s request to construct and operate the Northwest Mainline Loop (Boundary Lake North Section) (Project). The Project will be located in northwestern Alberta and includes 23 kilometres of new pipeline to transport natural gas.