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Enerplus Corporation (“Enerplus”) (TSX:ERF.TO) (NYSE:ERF) today announced that its dividend will increase 8%, to US$0.065 per share, effective with the March 15, 2024 dividend, which is payable to all shareholders of record at the close of business on March 4, 2024. The ex-dividend date for this payment is March 1, 2024.

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Manulife Financial Corp. says it had a net income attributed to shareholders of $1.66 billion for the quarter ending Dec. 31, up 81 per cent from $915 million in the same quarter last year.

The insurance giant reported core earnings of $1.77 billion, or 0.92 cents per share in the quarter, up from $1.54 billion or 0.77 cents per share last year.

Manulife says core earnings exclude the impact of market swings and some other factors to give a better indication of the long-term potential of the business.

Results saw its Asia core earnings up 14 per cent to $414 million, Canada core earnings up 19 per cent to $352 million, and U.S. earnings up 16 per cent to US$349 million.

Global wealth and asset management had a 29 per cent increase in core earnings to $353 million, though unadjusted net income was down nine per cent to $365 million.

Earnings from the 2022 quarter are based on adjusted results following the shift to a new accounting standard.

This report by The Canadian Press was first published Feb. 14, 2024.

March Nymex natural gas (NGH24) on Friday closed -0.129 (-7.45%).

Nat-gas prices on Friday closed sharply lower as a shift in U.S. weather forecasts to warmer sent nat-gas prices tumbling.  The Commodity Weather Group said “strong warmth” is expected for the mid-western to the eastern parts of the U.S. from March 4-8, reducing heating demand for nat-gas and keeping supplies elevated.   U.S. nat-gas prices also had some negative carryover from a fall in European nat-gas prices Friday to a 2-3/4 year low.

Nat-gas prices have collapsed this year and posted a 3-1/2 year nearest-futures low on Tuesday as an unusually mild winter curbed heating consumption for nat-gas and pushed inventories well above average.

Nat-gas prices are also under pressure from the announcement by the Freeport LNG nat-gas export terminal in Texas on January 26 that it was forced to shut down one of its three production units for a month for repairs after extreme cold in Texas damaged equipment.  The closure of the unit will limit U.S. nat-gas exports and increase U.S. nat-gas inventories.

On Wednesday, nat-gas prices surged to a 1-week high after Chesapeake Energy Corp said it would cut its nat-gas production by about 20% this year due to market conditions.  Last month, Chesapeake Energy merged with Southwestern Energy to become the top U.S. nat-gas producer.

Lower-48 state dry gas production Friday was 102.4 bcf/day (+2.5% y/y), according to BNEF.  Lower-48 state gas demand Friday was 81.9 bcf/day (-11.9% y/y), according to BNEF.  LNG net flows to U.S. LNG export terminals Friday were 13.5 bcf/day (-3.6% w/w), according to BNEF.

The U.S. Climate Prediction Center said there is a greater than 55% chance the current El Nino weather pattern will remain strong in the Northern Hemisphere through March, keeping temperatures above average and weighing on nat-gas prices.  AccuWeather said El Nino will limit snowfall across Canada this season in addition to causing above-normal temperatures across North America.

An increase in U.S. electricity output is positive for nat-gas demand from utility providers.  The Edison Electric Institute reported Thursday that total U.S. electricity output in the week ended February 17 rose +1.8% y/y to 76,416 GWh (gigawatt hours), although cumulative U.S. electricity output in the 52-week period ending February 17 fell -0.2% y/y to 4,100,727 GWh.

Thursday’s weekly EIA report was bearish for nat-gas prices as nat-gas inventories for the week ended February 16 fell -60 bcf, close to expectations of -59 bcf but a much smaller draw than the five-year average for this time of year at -168 bcf.  As of February 16, nat-gas inventories were up +12.5% y/y and were +22.3% above their 5-year seasonal average, signaling ample nat-gas supplies.  In Europe, gas storage was 65% full as of February 19, above the 5-year seasonal average of 49% full for this time of year.

Baker Hughes reported Friday that the number of active U.S. nat-gas drilling rigs in the week ending February 23 fell by -1 rig to 120 rigs, moderately above the 2-year low of 113 rigs posted September 8.  Active rigs have fallen back since climbing to a 4-1/2 year high of 166 rigs in Sep 2022 from the pandemic-era record low of 68 rigs posted in July 2020 (data since 1987).

Commenting on the results, Eric J. Guerin, Chief Financial Officer, said, “We capped off the year with strong financial performance and a notable reduction in leverage, a testament to the Company’s sound strategy and execution.”

Fourth Quarter Financial Highlights¹²³:

• GTV increased 160% year-over-year to $4.0 billion, which includes $2.2 billion from the impact of the acquisition of IAA, Inc. (“IAA”).
• Total revenue increased 134% year-over-year to $1.0 billion, which includes $559.2 million from the impact of the acquisition of IAA.
  • Service revenue increased 197% year-over-year to $809.1 million, which includes $488.0 million from the impact of the acquisition of IAA.
  • Inventory sales revenue increased 35% year-over-year to $231.8 million, which includes $71.2 million from the impact of the acquisition of IAA.
• Net income available to common stockholders increased 65% year-over-year to $74.8 million.
• Diluted earnings per share available to common stockholders increased 2% to $0.41 per share.
• Diluted adjusted earnings per share available to common stockholders increased 21% year-over-year to $0.82 per share.
• Adjusted EBITDA increased 153% year-over-year to $307.5 million.

https://www.newswire.ca/news-releases/rb-global-reports-fourth-quarter-and-full-year-2023-results-894173204.html

TransAlta Corp.TA-T +3.83%increase reported a loss attributable to common shareholders of $84 million compared with a loss of $163 million a year earlier.

The power utility says the loss amounted to 27 cents per diluted share for the quarter ended Dec. 31 compared with a loss of 61 cents per diluted share a year earlier.

Free cash flow per share for the quarter amounted to 39 cents, down from $1.17 in the fourth quarter of 2022.

Revenue totalled $624 million, down from $854 million in the last three months of 2022.

Production for the quarter was 5,783 gigawatt hours compared with 6,005 gigawatt hours a year earlier.

In its outlook for 2024, TransAlta says it expects adjusted earnings before interest, taxes, depreciation and amortization of $1.15 billion to $1.30 billion for the year and free cash flow of $1.47 to $1.96 per share.

CALGARY, Alberta (AP) — CALGARY, Alberta (AP) — Pembina Pipeline Corp. (PBA) on Thursday reported fourth-quarter profit of $512.7 million.

On a per-share basis, the Calgary, Alberta-based company said it had net income of 89 cents.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.

The oil and gas transportation and services company posted revenue of $1.81 billion in the period.

For the year, the company reported profit of $1.3 billion, or $2.20 per share. Revenue was reported as $6.7 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PBA at https://www.zacks.com/ap/PBA

eck Resources Ltd. reported its fourth-quarter profit rose compared with a year earlier as it ramped up operations at its Quebrada Blanca mine and produced a record amount of copper.

The Vancouver-based mining company says it earned a profit attributable to shareholders of $483 million or 92 cents per diluted share for the quarter ended Dec. 31, up from $266 million or 51 cents per diluted share a year earlier.

On an adjusted basis, Teck says it earned $1.40 per diluted share in its latest quarter, up from an adjusted profit of $1.07 per diluted share a year earlier.

Revenue totalled $4.11 billion, up from $3.14 billion in the fourth quarter of 2022.

Production in the quarter totalled 103,000 tonnes of copper, up from 65,000 tonnes a year earlier, while zinc in concentrate production amounted to 182,000 tonnes, up from 143,000 a year earlier. Refined zinc production totalled 70,000 tonnes, up from 46,000.

Teck’s steelmaking coal production rose to 6.4 million tonnes for the quarter, up from 4.9 million tonnes a year earlier.

This report by The Canadian Press was first published Feb. 22, 2024.

Loblaw opens 31 new Maxi and NoFrills stores in 2023, bringing lower prices and more value to hundreds of thousands more Canadians. Fourth quarter revenue grew 3.7% and net earnings increased 2.3%.

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 Fertilizer giant Nutrien Inc. says it earned US$176 million, or 35 cents per diluted share in the fourth quarter of 2023 — down from US$1.12 billion in the same period of 2022.

The Saskatoon-based company, which reports in U.S. dollars, says its fourth-quarter results include a $76-million non-cash impairment charge related to a new natural gas contract and higher natural gas costs at its nitrogen plant in Trinidad.

On an adjusted basis, Nutrien says it earned $1.1 billion in the quarter, or 37 cents per share.

For the full year 2023, Nutrien reported net earnings of $1.3 billion and adjusted earnings of $6.1 billion, down from the record levels achieved in 2022, when global fertilizer prices skyrocketed in the wake of Russia’s invasion of Ukraine.

The company says its lower 2023 earnings reflect lower selling prices across all of its business segments.

But Nutrien says it benefited from improved fertilizer affordability in the fourth quarter, which boosted potash demand in North America and overseas and helped the company achieve record fourth-quarter potash sales volumes.

This report by The Canadian Press was first published Feb. 21, 2024.