Suncor Energy and its partners have announced a plan to extend the life of the Terra Nova Floating Production, Storage and Offloading (FPSO) facility. The proposal is expected to provide an additional 70-million barrels of oil and extend the project’s life by a decade. The offshore Newfoundland oilfield has not produced oil since late 2019 but production is expected to be restored by the end of next year. Suncor (48 per cent), Cenovus (34 per cent) and Murphy Oil (18 per cent) now control the project. Suncor has also announced a conditional agreement to increase its interest in the White Rose offshore oilfield, but is dependant on Cenovus’ decision about restarting the expansion of the West White Rose project.
LULULEMON SHARES SURGE IN PRE-MARKET TRADING
Lululemon will be a stock to watch today after the company boosted its outlook for the year and topped expectations in the second quarter. The Vancouver-based athletic clothing company is now on track to exceed its 2023 sales target by the end of this year, which is two years ahead of schedule. Despite the strong quarter and outlook, the company did note it still faces supply chain constraints due to the pandemic-related factory shutdowns in Vietnam.
DOLLARAMA MISSES Q2 EXPECTATIONS
The ban on the sale of non-essential products in the province of Ontario took a toll on Dollarama’s second quarter. Comparable store sales declined 5.1 per cent year over year. Ontario is the company’s largest market and where about 40 per cent of its stores are located.
OTHER NOTABLE STORIES
- Empire Company, the parent company of Sobeys, Farmboy and Safeway, has missed profit expectations in the first quarter
- Shares of GameStop are under pressure in pre-market trading after the struggling video-game retailer posted a wider-than-expected second-quarter loss
- The Conservatives put a price tag on their platform a couple of hours ahead of the French debate last night, and it includes $51-billion in new spending and shows it could eliminate the deficit in 10-years
- The second official leaders debate and the only one in English starts tonight at 9 p.m. ET and can be watched here on BNN Bloomberg
NOTABLE RELEASES/EVENTS
- Notable data: U.S. initial jobless claims
- Notable earnings: Empire Company, Dollarama, Transat A.T.
- European Central Bank releases interest rate decision (7:45)
- 12:00: Bank of Canada Governor Tiff Macklem addresses Fédération des chambres de commerce du Québec
- Scotia two-day financials summit (Scotia CEO Brian Porter at 8:20, RBC CEO Dave McKay at 8:50, BMO CEO Darryl White at 9:20, TD CEO Bharat Masrani at 9:50, CIBC CEO Victor Dodig at 10:30, National Bank CEO Louis Vachoon at 11:00)
- 21:00: Federal leaders’ English-language debate
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