Category: Economic

Categories
Economic Entertainment Ft Mac

Fundraising Gala by Keyano College Raised More Than $300,000

Keyano College, fundraising

An annual high class fundraising gala by Keyano College has managed to raise $320,000, but this is less than what the event has drawn in on previous years. Last year the gala drew in a little over $400,000, and in 2011 over $500,000 was raised for the event. The foundation behind the event has said that the results were impressive in spite of being less than years past. Keyano College Foundation board vice-chair Tony Mankowski issued a press release that included the following statement “The tremendous support we have received is an important reminder of how generous our community is, even during difficult times.” The release also stated “I would like to thank all our partners, donors, and friends for supporting Gala. Their commitment to Gala, and to the activities of the Foundation year round, is an important investment in the future of our community, as Keyano graduates go on to become nurses in our hospital, teachers in our schools, and trades people at site.”

The proceeds from the event will go to the Keyano College Foundation. According to the foundation money raised will be utilized in order to “support students, programming, athletics, theatre, and infrastructure improvements at the College.” Keyano College vice president of external relations Therese Greenwood explained “We’re very happy with the results, and the key number for us (is) that 90% of our sponsors stayed with us this year. What that shows it that the community remains committed to Keyano College.” The headlining act at the event was the Nitty Gritty Dirt Band, a Grammy award winning group from the USA . The individual ticket price was $350 and there was also fundraising through auctions and corporate and industry sponsorships. More than 1,000 people showed up for the gala.

Categories
Alberta Economic Ft Mac Politics

Wood Buffalo Employment Rates for October are Down According to StatsCan

Wood Buffalo employment rates, StatsCan

According to StatsCan the Wood Buffalo employment rates are down for October, and these statistics also show that the number of people who are not employed full time is also down as well. These numbers may not bode well for Wood Buffalo, a region already hit hard economically because of lower gas and oil prices. Much of the economy in the area comes from the oilsands, and the energy companies who operate in the area. There are some signs that the economy is starting to recover, but many people are either without jobs or are employed part time instead of full time. New oilsands projects in the works offer some hope for those who are trying to find full time employment but some of these projects have barriers that would make it difficult for Wood Buffalo residents to compete for these available jobs.

The StatsCan statistics show that all is not gloom and doom for the Wood Buffalo employment rates. The decision by President Obama to deny the Keystone XL pipeline could put even more pressure on employment in the region though, because the decision to deny the pipeline project means fewer future jobs will be created as a result. The economy of Wood Buffalo depends in part on the oil industry and the energy companies. Some individuals believe that Fort McMurray and Wood Bufalo residents should get priority for local jobs in the oilsands, however the municipality can not require this from private companies who do business in the area.

Categories
Alberta Canada Economic Ft Mac Politics U.S.

President Obama Rejects Keystone XL Pipeline, Mayor Blake Expresses Disappointment

Keystone XL pipeline, President Obama

President Obama recently announced his decision to reject the Keystone XL pipeline project application, a decision that has been in the works for 7 long years. Just hours after the decision was announced Fort McMurray Mayor Melissa Blake expressed her disappointment with the decision. Blake explained that Obama’s decision was not a big surprise but that it was a setback and a disappointment for the region. “It sort of had lead indicators all along that it probably wouldn’t find success. I think it’s unfortunate, because it doesn’t really round out (with) the evidence.” Many in Wood Buffalo and the United States believe that the decision by President Obama was motivated by politics instead of evidence and sound science.

The announcement about the Keystone XL pipeline by President Obama stated “Today we’re continuing to lead by example. Ultimately, if we’re going to prevent large parts of this earth from becoming not only inhospitable but uninhabitable in our lifetimes, we’re going to have to keep some fossil fuels in the ground rather than burn them.” Obama also called the oil product “dirtier crude oil.”. According to John Kerry, the U.S. Secretary of State, the pipeline would “facilitate transportation into our country of a particularly dirty source of fuel.” The decision comes as no surprise. Many have accused the Obama administration of playing fast and loose with the true facts involved in climate change and the role that oil and natural gas play in this change. Mayor Blake stated “Fundamentally, I would expect that people become a lot more informed than what they have been. It (shouldn’t) be a simple point-the-finger at the oilsands and blame them, it should be looking at the holistic approach and saying how do we as a nation make improvements in our (environmental) performance.”

Categories
Alberta Economic Ft Mac

Suncor Energy Sets Commuter Policy for Fort Hills Project

Fort Hills project, Suncor Energy

A commuter policy set by Suncor Energy for the Fort Hills project has some area residents concerned, but the energy company has defended this policy as one that is necessary given the location of the project. An estimated 2,000 jobs will be created but the Fort Hills project is very remotely located, situated near the start of the Fort Chipewyan winter road. This makes a daily commute to the work site almost impossible. Instead Suncor has set a camp based policy which flies workers in and out on a rotating schedule. This means that Fort McMurray residents will probably not find employment at this project even though the area is one of the closest communities to the location.

Sneh Seetal, a spokesperson for Suncor Energy, defended the commuter policy on the Forest Hills project as a necessary one. “It’s not practical or safe for daily commuting. We aren’t set up for that type of commuting.” Council members and business owners in Fort McMurray have expressed concern over the impact that the commuter policy will have on local residents who are searching for employment. One council member, Colleen Tatum, won the last election in part because of her dedication to reducing the commuters to local work camps. Tatum told reporters that she has had an overwhelming number of local residents contact her about this, however Tatum also acknowledged that employment hiring decisions by independent companies can not be controlled by the municipality. “If there’s some kind of barrier to overcome – like if there is a problem with the Fort McMurray airport layout or if they need a central bus hub built – if we could get clarification to what it will take to hire local, we would welcome that. I’m aware Fort Hills would require people to live in camps, but I don’t know why it’s so bad to let someone commute to the camps from Fort McMurray.”

Categories
Economic Ft Mac

Employee Layoffs are Expected to Save Cenovus Energy Roughly $100 Million

Cenovus Energy, employee layoffs

Cenovus Energy has announced that their employee layoffs in the last year are starting to pay off due to cost savings in the amount of $400 million dollars and oilsands productivity that increased by 17%. These cost cutting savings have had a high price tough, and the company said that by the end of this year the number of staff layoffs will have reached 700. The percentage of workers lost will be around 24% of the entire workforce for the company. The 700 staff laid off is on top of the roughly 800 layoffs announced earlier in the year, and this round of layoffs mostly impacted contractors who worked with the energy company. A statement released by the business said that cuts to staff are largely complete.

Cenovus Energy President and CEO Brian Fergusn discussed the employee layoffs, saying “We’ve made difficult, but necessary decisions to help us remain financially resilient. It’s important that the size of our workforce matches our more moderate approach to oilsands growth and our reduced cash flow in a lower commodity price environment. We’ve realized substantial, substantial cost reductions, maintained capital discipline and strengthened our balance sheet. We will continue to look for additional opportunities to reduce costs, become more efficient and enhance shareholder value.” The entire Wood Buffalo area has been affected by declining oil prices and a slowing economy and Cenovus Energy is no different. The decision to lay off staff and contractors was a difficult but necessary choice if the company wants to stay competitive and control expenses.

Categories
Economic Ft Mac

Job Cuts at Husky Energy May Just be a First Step, Asset Sales Being Considered as Well

job cuts, Husky Energy

In addition to the job cuts that have taken place at Husky Energy the company has announced that it is also considering the sale of assets in order to stay competitive and cut costs as much as possible. When the company posted the third quarter financial information the business had a loss, and so far 1,400 people have been laid off. 280 of these individuals were full time employees of Husky Energy, and roughly 1,120 of the positions eliminated involved contractors. The company also announced that additional cuts will be made and further layoffs will be coming. This is in addition to a salary freeze over the entire company workforce. A report released by Husky Energy included the statement that “Additional workforce adjustments will be undertaken as required in line with the business plan.”

Cutting jobs is not the only priority for Husky Energy right now. In addition to large job cuts the company is also thinking about selling off third party royalty interest that it currently holds, and the sale of assets that involve properties that have natural gas and oil potential. The report released by the company explains that “This would allow for a more focused capital program with a much larger proportion of capital deployed to higher return assets in a low oil price environment. Accelerating the rejuvenation of the Western Canada business with these initiatives will improve its resiliency through the various commodity cycles.” A $101 million dollar loss was posted by Husky Energy for their third quarter this year.