Tag: Noelle

Wildfire hands Suncor a 735million loss cuts Q2 oilsands production in half

CALGARY – Fierce wildfires that swept through northern Alberta’s oilsands region in May have delivered a $735-million net loss for Suncor Energy.The Calgary-based company said late Wednesday the fire that raged through the region meant it failed to produce about 20 million barrels of upgraded and raw bitumen from its oilsands projects. It said it spent $50 million related to evacuation and restart activities, offset by $180 million in cost savings while operations were suspended.President and CEO Steve Williams said in a news release the company focused on evacuating employees and their families during the fire. After personnel were allowed to return to the projects, the focus turned to restarting operations and completing a maintenance turnaround at one of its base mine upgraders, with all operations back to pre-fire productivity by mid-July.Suncor’s (TSX:SU) net loss for the three months ended June 30 equated to 46 cents per share. A year earlier, it reported second-quarter net earnings of $729 million or 50 cents per share.The company recorded a second-quarter 2016 operating loss of $565 million, compared with operating earnings of $906 million in the same period last year.Total second-quarter production was 330,700 barrels of oil equivalent per day, compared with 560,000 boe/d a year earlier. Total oilsands output was 177,500 barrels per day, less than half of 423,800 bpd in the second quarter of 2015.Suncor has increased its ownership of Syncrude Canada this year from 12 per cent to over 53 per cent by buying Canadian Oil Sands Ltd., which had a 37 per cent stake, and adding Murphy Oil’s five per cent interest.Suncor’s share of production from Syncrude in the second quarter increased to 35,600 bpd from 24,900 bpd a year earlier. Syncrude production was also affected by the wildfire but Suncor said it was also producing normal volumes by mid-July.Earlier Wednesday, Calgary-based Athabasca Oil (TSX-ATH) reported its Hangingstone oilsands project had nearly recovered to the 9,000 bpd it had reached before being shut down for three weeks in May because of the wildfire.It reported average production of 7,800 bpd in June and expected output of 8,600 bpd in July.Athabasca said annual production is expected to average about 1,500 bpd less than it forecast in December. The project, which uses steam injected in wells to melt heavy bitumen and allow it to be pumped to surface, is expected to ramp up to its 12,000-bpd capacity before year-end.Follow @HealingSlowly on Twitter. by Dan Healing, The Canadian Press Posted Jul 27, 2016 7:59 pm MDT Last Updated Jul 27, 2016 at 10:20 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Wildfire hands Suncor a $735-million loss, cuts Q2 oilsands production in half THE CANADIAN PRESS/Jeff McIntosh read more

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Ofsted grades are misleading parents and are wrong in up to half

Ofsted grades are misleading parents and are wrong in up to half of cases, a former Government adviser has said.The lack of consistency is so severe that grades should be scrapped altogether, according to new report by Tom Richmond who is now director of EDSK, a think-tank specialising in education and skills.  He cited research which demonstrates that thousands of schools could have been given the wrong rating over the years.Two international studies from 2012 and 2013 showed that different inspectors can reach different judgments about the same school in as many as 50 per cent of cases.Ofsted currently uses a four-point grading scale: outstanding, good, requires improvement and inadequate. Rather than trying to judge the overall performance of the school, Ofsted should concentrate of inspecting pupil behaviour, the quality of a school’s curriculum, careers advice and extra-curricular activities, the report said.Mr Richmond, who was an adviser to former Education Secretaries Michael Gove and Nicky Morgan, said: “We know that many parents use Ofsted grades when choosing a school for their child.”But these same parents have never been told these grades could be very misleading in terms of how well a school is performing.”Instead, we should focus on giving parents simple, accessible information to help them decide if a school is right for their child rather than Ofsted trying to come up with all the answers themselves.”Ofsted has published its proposals for a new inspection framework, which will come into force this September.Under the new framework, schools will be marked down if pupils misbehave and are discourteous to each other. In the new framework, the “personal development” category will examine what schools do to build young people’s resilience and confidence. This could include running a debating society, sports teams, drama clubs of cadet forces. Inspections in England will no longer focus on exam results and grades, and instead will concentrate on whether pupils are being taught a broad curriculum, the framework says. An Ofsted spokesperson said: “We are open to serious debate about how we inspect, as shown through our recent consultation on a new inspection approach. We will be publishing the outcome soon.” Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. read more

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