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

Former USC defensive end tased, arrested

first_imgFormer USC defensive end Everson Griffen was tased and apprehended by LAPD after assaulting an officer at a traffic stop near USC’s campus at around 4 p.m. Monday.Police officers were performing a routine traffic stop at the intersection of 30th and Hoover Streets when they pulled Griffen over.He did not have a valid ID on him and became aggressive when questioned by officers, according to an LAPD spokesperson. Griffen attempted to run away and then assaulted one of the officers who was pursuing him.The officers tased Griffen, then arrested him on a charge of felony battery.Griffen, who was selected by the Minnesota Vikings with the 100th overall pick in last April’s NFL Draft, had been on campus earlier in the day to visit coaches and players.As a junior, Griffen recorded 45 tackles for the Trojans before giving up his final season of eligibility to declare for the draft.During his first season with the Vikings, the former five-star recruited appeared in 11 games, recording 11 tackles. Minnesota finished just 6-10 overall.Monday was not Griffen’s first run-in with the law.On July 4, 2009, Griffen, along with former USC linebacker Jordan Campbell, was cited by the Nantucket Police Department for a noise violation at a party.Neither Griffen nor Campbell was reprimanded by the university. They were, however, asked to write letters of apology.last_img read more