Western energy to fuel Canada's economic engine?
The second day of a meeting of Canada's Western premiers focused on pipelines, energy and the economy.
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Winnipeg Free Press
28 minutes ago
- Winnipeg Free Press
Vancouver home sales tick 2% lower in July with market ‘turning a corner': board
VANCOUVER – Vancouver-area home sales were down two per cent in July compared with last year, as the city's real estate board says it continues to believe the market is showing early signs of recovery. Greater Vancouver Realtors says residential sales in the region totalled 2,286 last month, down from the 2,333 sales recorded in July 2024 and 13.9 per cent below the 10-year seasonal average. The board's director of economics and data analytics Andrew Lis says the figures confirm that the market has turned a corner after months of slow activity spurred by the Canada-U.S. trade war. Year-over-year sales were down around 10 per cent in June, roughly half of the decline recorded in May. There were 5,642 newly listed properties on the market in July, a 0.8 per cent increase from last year, as total active listings rose 19.8 per cent year-over-year to 17,168. Monday Mornings The latest local business news and a lookahead to the coming week. The composite benchmark price in July was $1,165,300, down 2.7 per cent from a year earlier and 0.7 per cent lower than June. This report by The Canadian Press was first published Aug. 5, 2025.
Globe and Mail
28 minutes ago
- Globe and Mail
ConocoPhillips' Q2 Earnings on Deck: Remain Invested in the Stock?
ConocoPhillips COP is set to report second-quarter 2025 results on Aug. 7, before the opening bell. The Zacks Consensus Estimate for second-quarter earnings is pegged at $1.36 per share, implying a decline of 31.3% from the year-ago reported number. Three analysts have revised their estimates upward in the past 30 days. The Zacks Consensus Estimate for quarterly revenues is currently pinned at $14.9 billion, indicating a 5.6% increase from the year-ago actuals. COP beat the consensus estimate for earnings in three of the trailing four quarters and missed the same once, with the average surprise being 1.94%. Q2 Earnings Whispers Our proven model doesn't predict an earnings beat for COP this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is not the case here. The leading upstream energy player has an Earnings ESP of 0.00%. COP currently carries a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank stocks here. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter. Factors Shaping Q2 Results According to the U.S. Energy Information Administration ('EIA'), the average spot prices for Cushing, OK, West Texas Intermediate (WTI) crude for April, May and June were $63.54, $62.17, and $68.17 per barrel, respectively. Based on the EIA data, the pricing environment was healthier in the first quarter, with average prices of $75.74, $71.53 and $68.24 per barrel for January, February and March, respectively. The same story also applies to natural gas prices. Our model forecasts a 21% year-over-year increase in the company's total daily oil equivalent production volumes. In the prolific Lower 48 region, which significantly contributes to COP's production, daily oil equivalent volumes are expected to rise 27.8% year over year, according to our model. Notably, the Lower 48 represents the company's high-quality unconventional resources in the United States. Price Performance & Valuation COP's stock has lost 8.4% over the past year compared with the decline of 12.3% of the industry 's composite stocks. One-Year Price Chart Although COP declined less than the industry, it still appears relatively undervalued. The company's current trailing 12-month enterprise value/earnings before interest, tax, depreciation and amortization (EV/EBITDA) ratio is 5.18, which is trading at a discount compared to the industry average of 10.83. COP's Investment Thesis ConocoPhillips has extensive oil and natural gas resources that it can develop, earning substantial profits, even if the price of oil declines. The upstream player had claimed on its first-quarter earnings call that it had identified sufficient oil and gas resources that could be developed and produced for decades, which would be highly economical. The leading upstream player is confident that it will conduct the extraction, development and delivery of the oil to the market profitably even if the price of West Texas Intermediate oil falls to as low as $40 per barrel. Thus, ConocoPhillips has a significant competitive advantage, especially when the pricing environment of oil becomes challenging. Like COP, Exxon Mobil Corporation XOM and Chevron Corporation CVX can also conduct low-cost operations due to their presence in prolific shale resources. However, ConocoPhillips' global footprint exposes it to high-tax regions like Norway and Libya, which may weigh on net earnings. Also, ConocoPhillips is spending heavily on big projects like Willow and LNG that may boost profits later, but for now, they're tying up cash and limiting how much the company can return to investors. How the Diversified Energy Majors XOM, CVX Fared in Q2 Chevron reported adjusted second-quarter earnings per share of $1.77, beating the Zacks Consensus Estimate of $1.70. The outperformance stemmed from higher-than-expected production in the company's key upstream segment. However, the bottom line came well below the year-ago adjusted profit of $2.55 due to weaker oil price realizations. CVX generated revenue of $44.8 billion. The sales figure missed the Zacks Consensus Estimate of $47.1 billion and decreased 12.4% year over year. Coming to XOM's story, the large integrated player reported earnings per share of $1.64 (excluding identified items), which beat the Zacks Consensus Estimate of $1.49. The bottom line declined from the year-ago level of $2.14. ExxonMobil's total quarterly revenues of $81.5 billion missed the Zacks Consensus Estimate of $82.8 billion. The top line declined from the year-ago figure of $93.06 billion. Last Word While COP offers promising long-term potential and appealing valuations, investors should not rush to buy the stock. However, those already holding the stock are advised to maintain their position. Only $1 to See All Zacks' Buys and Sells We're not kidding. Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent. Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators, and more, that closed 256 positions with double- and triple-digit gains in 2024 alone. See Stocks Now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report Exxon Mobil Corporation (XOM): Free Stock Analysis Report ConocoPhillips (COP): Free Stock Analysis Report
CTV News
28 minutes ago
- CTV News
Northern Ont. man denied Canadian residency because he worked for Ukrainian secret police
While denying him permanent residency, immigration officials said there 'is no evidence that Oleksandr Zahrebelnyi personally engaged in acts of subversion.' (File) A man who came from Ukraine to North Bay, Ont., in 2017 has been denied permanent residency in Canada because he was a former member of the Ukrainian Secret Service, known as the SBU. Oleksandr Zahrebelnyi was open about his role with the SBU when he applied for permanent residency, the Federal Court said in a decision dated July 29. Zahrebelnyi left the SBU and opened a meat processing plant in Ukraine in 2016. 'As conditions in Ukraine deteriorated, he opened a meat processing plant in North Bay … with two business partners and obtained a Canadian work permit in the entrepreneur/self-employed category,' said the court's decision. 'His spouse and three children eventually joined him in Canada.' 'The officer who refused his application acknowledged at several points in the decision that there is no evidence that (Zahrebelnyi) personally engaged in acts of subversion or had any knowledge of such acts perpetrated by the SBU.' — Federal Court decision The Federal Court ruling made it clear that Zahrebelnyi 'is not alleged to carry personal responsibility for committing acts of subversion or any other bases for inadmissibility to Canada.' 'His inadmissibility results from his admitted service and employment with the … SBU between 1998 and 2011,' the decision said. 'The officer who refused his application acknowledged at several points in the decision that there is no evidence that (Zahrebelnyi) personally engaged in acts of subversion or had any knowledge of such acts perpetrated by the SBU.' In a statement to CTV News, Zahrebelnyi said the decision to reject his application was 'unfair and unjustified.' 'It is very difficult to maintain and make any strategic decisions for the business, when the life of my family is in 'limbo,'' he said in an email. His business was thriving Zahrebelnyi employed 20 people at Canada Meat Group in North Bay, and had plans to hire as many as 150 people in an expanded operation, as reported by CTV News in 2022. But those plans were shelved in 2024. The decision to deny him permanent residency in Canada on humanitarian and compassionate grounds under the Immigration and Refugee Protection Act was made on April 10, 2024. The immigration official denied his application on the basis that Zahrebelnyi had been a member of the SBU, which had been 'engaging in an act of subversion against a democratic government, institution or process as they are understood in Canada.' He appealed that decision and said that the denial had a major negative impact on his family and his business. The appeal said the official misinterpreted the meaning of 'subversion' and the more than four years it took to make a decision was an abuse of process. However, the immigration official handling the case ruled that membership in an organization 'that has engaged in subversion against a democratic government, institution or process' was sufficient grounds to deny the application. 'Subversive' actions 'After a detailed analysis, the officer concluded that the SBU was engaged in political repression, obstruction of the media, and election fraud throughout the period of (Zahrebelnyi's) involvement with the SBU,' the court decision said. A central issue of the appeal was the interpretation of the word 'subversive.' The immigration officer interpreted the word as including actions to maintain the status quo in Ukraine, as opposed to actions that accomplish change. The goal of the law is 'the protection of Canadian democracy through the denial of admission to those who have posed a threat anywhere to democratic governments, institutions or processes as they are understood in Canada,' the court said. 'This goal is served by including organizations which may not be internally democratic but are democratic in function, as understood in Canada.' Those organizations include the free media, the electoral process and opposition parties. The intent of the SBU was, in part, to actively repress these groups. The immigration officer provided internet links that showed the SBU 'illegally surveilled and interfered with Ukrainian parliamentarians in the early 2000s.' Other links showed that agents were hired to collect information on investigative journalists 'that threatened the interest of the political and economic elites.' The appeal also argued that the length it took to get a decision was unreasonable -- more than four years after Zahrebelnyi made the application in 2020 -- and amounted to an abuse of process. But the Federal Court ruled that there was 'insufficient evidence that it was characterized by the disruption to family life, loss of work, business opportunities or severe psychological harm that would amount to an abuse of process.' 'In the present case, while there is evidence of anxiety caused by the delay, the other consequences are the result of the unfavourable result of the investigation into the principal applicant's inadmissibility rather than the delay itself,' the decision said. Read the full decision here.
