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Oil rig floorhands from Akita Drilling at Cenovus Energy's Christina Lake SAGD project, south of Fort McMurray, Alta., on Aug. 15, 2013. Todd Korol/Reuters Cenovus Energy Inc. CVE-T has forecast a bump in its capital spending next year, as the Calgary-based company looks to increase both oil production and refining. The move reflects a wider trend among fossil fuel companies, many of which have cautiously raised forecast capital spending after reaping record profits because of sky-high global energy prices. Canadian Natural Resources Ltd., for example, announced last week it expected to spend $5.2-billion in its capital budget next year to help grow production, and Suncor Energy Inc. also forecast higher capital expenditures. Alex Pourbaix, the president and chief executive officer of Cenovus, said in an interview Tuesday that most of the oil and gas industry has been cautious about increasing capital spending over the past two years. But he said he expects that to change. “Almos...

Oil rig floorhands from Akita Drilling at Cenovus Energy's Christina Lake SAGD project, south of Fort McMurray, Alta., on Aug. 15, 2013. Todd Korol/Reuters Cenovus Energy Inc. CVE-T has forecast a bump in its capital spending next year, as the Calgary-based company looks to increase both oil production and refining. The move reflects a wider trend among fossil fuel companies, many of which have cautiously raised forecast capital spending after reaping record profits because of sky-high global energy prices. Canadian Natural Resources Ltd., for example, announced last week it expected to spend $5.2-billion in its capital budget next year to help grow production, and Suncor Energy Inc. also forecast higher capital expenditures. Alex Pourbaix, the president and chief executive officer of Cenovus, said in an interview Tuesday that most of the oil and gas industry has been cautious about increasing capital spending over the past two years. But he said he expects that to change. “Almos...

Superior Plus Corp. SPB-T will acquire Certarus Ltd. for $1.05-billion including debt, the companies said on Thursday, adding low-carbon fuels to Superior’s portfolio. Certarus operates mobile storage units to bring green fuels including compressed natural gas, renewable natural gas and hydrogen to North American customers who want to transition away from diesel and other distillates but do not have the infrastructure in place. It directly passes on changes in the commodity cost of its fuels to customers. The Calgary-based company expects to expand the number of its fuel-moving trailers to 640 by the end of the year. Superior’s chief executive Luc Desjardins added the Toronto-based company now expects to hit the lower end of its target of $700-million to $740-million in EBITDA from operations by 2024, two years ahead of schedule. The equity value of the deal is $853-million. Superior, which distributes and markets propane and distillates, will also assume Certarus’ outstanding senior...