TRP:CC - Canada's oil and gas production again at risk from wildfires

2023-06-13 11:23:24 ET

The number of wildfires burning in Canada's Alberta province is on the rise again , with 76 active wildfires on Monday, up from 71 on Friday, including 23 blazes burning out of control.

The amount of land burned has risen to a record 1.4M hectares in Alberta, and natural gas production has dropped 400K cf/day from its late May peak, but weather experts are anticipating rain and cooler weather in the coming days.

On Saturday, TC Energy ( NYSE: TRP ) shut two compressor stations that were part of its NOVA Gas Transmission system and a gas-storage facility that were close to wildfires.

Tourmaline Oil ( OTCPK:TRMLF ) estimated last week that the overall net impact to Q2 production from the wildfire events is in the 1.5%-2% range.

The situation has improved slightly in Quebec, with 113 active wildfires as of Monday afternoon, down from ~150 late last week.

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