Low crude prices prompt Teck Resources to write off C$910 million at Fort Hills oil sands operation

first_img FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Canadian diversified miner Teck Resources Ltd. swung to a net loss of C$891 million in the fourth quarter of 2019 from a year-ago net profit of C$433 million due to C$999 million in write-downs primarily related to the Fort Hills oil sands operation in Alberta.Teck said Feb. 20 that it declared a noncash impairment charge of C$910 million on Fort Hills amid lower market expectations for future oil prices. The company also booked write-downs of C$75 million on the Cardinal River coal mine, also in Alberta, due to low steelmaking coal prices and C$14 million on the Quebrada Blanca copper mine in Chile due to the short remaining life of the cathode operation.The company booked an EBITDA loss of C$755 million from positive EBITDA of C$1.15 billion a year ago. Revenues slipped to C$2.66 billion from C$3.25 billion.During the quarter, it reported lower output on a yearly basis for all products, with 6.7 million tonnes of steelmaking coal, 71,000 tonnes of copper, 149,000 tonnes of zinc in concentrate, 66,000 tonnes of refined zinc and 3.2 million barrels of bitumen.“We remain confident in the longer-term outlook for our major commodities, however, global economic uncertainty has had a significant negative effect on the prices for our products this year,” Teck said, adding that the new coronavirus outbreak may have a “material” impact on demand for its products and prices.For full-year 2019, Teck’s net profit slumped to C$339 million from C$3.11 billion as EBITDA plunged to C$2.48 billion from C$6.17 billion and revenues sagged to C$11.93 billion from C$12.56 billion.[Karl Decena]More ($): Teck in the red after nearly C$1B in impairment charges for Q4’19 Low crude prices prompt Teck Resources to write off C$910 million at Fort Hills oil sands operationlast_img read more

Beachgoers find $1 million worth of cocaine and marijuana on beach in Alabama

first_imgAuthorities in Alabama are currently investigating after receiving several calls about bundles of drugs washing up on a beach.The beached bundles began showing up just before Memorial Day weekend in Orange Beach, Alabama.Authorities reported that the first call about a bundle was received on Tuesday, May 21st. Authorities say someone on the beach in front of Lei Lani Condominium called them about the incident.When investigators arrived to the scene, they found 21 pounds of marijuana and 39 kilos of cocaine in bundles with barnacles growing on the packaging.Authorities then received another phone call Thursday from a beach goer front of Phoenix 10 Condominium. When investigators arrived, they found 38 kilos of cocaine. In all, the bundles valued at $1 million dollars.Officials reported that they were able to recover all of the drugs from the beach but they are still investigating their origin.Several other agencies, including the FBI have joined the investigation.last_img read more

Amy Klobuchar to suspend her presidential campaign, endorse Biden, reports say

first_imgWPTV Reports:Sen. Amy Klobuchar (D-Minnesota) will suspend her presidential campaign, the Associated Press reports.Klobuchar plans to endorse former Vice President Joe Biden ahead of tomorrow’s crucial Super Tuesday vote.Despite some solid debate performances, Klobuchar failed to distinguish herself in the crowded race to represent to moderate vote in the Democratic primaries. Biden’s win in South Carolina on Saturday set him up as the leader among moderate candidates.Sen. Bernie Sanders continues to lead all candidates with 60 pledged delegates. Klobuchar picked up seven delegates in the first four states.Klobuchar’s announcement comes a day after former South Bend Mayor Pete Buttigieg announced that he was ending his presidential campaign.This is a breaking story and will be updated.last_img read more

Potential Tropical Cyclone nine develops in the Atlantic

first_imgThe National Hurricane Center is currently monitoring a potential tropical cyclone that has developed in the Atlantic.Potential Tropical Cyclone 9 developed Tuesday morning and is expected to bring heavy rains and flash flooding to Puerto Rico and the Virgin Islands.It is expected to become a tropical storm before reaching the Leeward Islands Wednesday into Thursday.As of Tuesday morning, the system was located about 50 miles from the Leeward Islands and is moving at 23 mph with 40 mph winds.While The National Hurricane center is unsure of the long-range track of the tropical system due to it’s less defined center, officials believe the system could bring winds and rain to the Bahamas and Florida by the end of the week.last_img read more

Wimbledon 2017: Aggressive Caroline Wozniacki powers past Bulgaria’s Caroline Wozniacki

first_imgCaroline Wozniacki’s power game proved too much for Tsvetana Pironkova as she eased past her Bulgarian opponent 6-3 6-4 in their Wimbledon second-round clash on Thursday.In a gruelling baseline duel, the Danish fifth seed’s bigger shots off both wings and her pinpoint accuracy as she hit the lines time and again proved to be decisive.She largely had the measure of 29-year-old Pironkova, ranked 131, whom she had beaten in their four previous encounters.It was not all brute power, however – Wozniacki also showed flashes of her deft touch as the match progressed, including a beautifully judged lob to break serve in the second set.The Dane, who will face 38th ranked Estonian Anett Kontaveit in the next round, was happy with her performance.”I feel like I’m hitting it (the ball) well. I thought I played aggressive, defended where I needed to,” said the 26-year-old, who has finished two seasons as world number one – 2010 and 2011 – but has never won a grand slam.”I haven’t had any easy matches here this week yet. It’s only going to get tougher.”last_img read more