Business of Energy - February 2022

OF ENERGY

FEBRUARY 2022

STRONGER, BETTER SECURE ENERGY CEO RENE AMIRAULT ON HIS COMPANY’S FUTURE

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OF ENERGY VOL 4, ISSUE 1 | FEBRUARY 2022

PUBLISHERS

Winter Reminds Us of the Crucial Role of Our Oil and Gas Workers

by Cody Battershill

Stronger, Better

Melanie Darbyshire

04 06 12

Oil and Gas Will Get the Respect It 2019 FEBRUARY Deserves in 2022

by David Yager

Pat Ottmann & Tim Ottmann

EDITOR

Melanie Darbyshire

COPY EDITOR Nikki Mullett

ART DIRECTOR

Jessi Evetts jessi@businessincalgary.com

ADMINISTRATION/ ACCOUNTING Natasha Walz natasha@businessincalgary.com

THIS ISSUE’S CONTRIBUTORS Melanie Darbyshire David Yager Cody Battershill Rennay Craats

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COVER 3 • Business of Energy • February 2022

Cody Battershill | Winter Reminds Us of the Crucial Role of Our Oil and Gas Workers

WINTER REMINDS US OF THE CRUCIAL ROLE OF OUR OIL AND GAS WORKERS

by Cody Battershill

T

here’s nothing like a serious winter cold snap to drive home the importance of the women and men who make up Alberta’s energy sector.

As severe cold gripped Alberta and neighbouring provinces in parts of December and January, sending some areas into a record deep freeze with temperatures – including windchill – dipping down to between -40 and -55 degrees, we were all affected in varying ways. Among other things, the effects of the Canadian cold spell hit the U.S. midwest, as natural gas exports to the region were reduced and prices surged higher, according to S&P Global.

As I write this column, Environment & Climate Change Canada warns that the extreme cold was likely to continue through the weekend for our province, and that “risks are greater for young children, older adults, people with chronic illnesses, people working or exercising outdoors, and those without proper shelter.”

While agriculture workers, road maintenance and safety crews, emergency services, postal workers and many others are always deserving of our thanks, in these times I’m especially grateful.

I’m sending that same gratitude to the men and women who show up, day after day, to keep Alberta’s oil and gas operations working through the bitter cold weather, as they focus on their safety and the safety of others. It’s an enormous task, and they’re truly Alberta’s unsung heroes.

But my appreciation for energy workers goes even further. In all types of weather, many kilometres away from their families, these men and women put in the hard work of keeping our electrical grid running, carrying out oil and gas services, installing or maintaining wind turbines

and solar arrays, or building and managing our heating utilities and energy pipelines.

Let’s remember the vital role oil and gas play in maintaining, year-round, the safety and comfort of people of this province and others across the country, the continent and beyond.

From food production and transportation, to manufacturing, heating, cooling, healthcare and education, our energy workers support every aspect of Alberta society – whether or not we’re in the throes of an extreme cold snap. Sports equipment? It comes from oil and gas. Winter clothing? Ditto. Computers and electronics? Absolutely.

Add it all up and it’s no wonder natural gas consumption in Alberta hit a record high recently. While globally, demand for oil and gas isn’t just strong, it’s growing.

Equally important, there’s recognition the world needs all forms of energy – oil and gas, hydro, wind, solar, geothermal, nuclear and biomass. In Alberta, we have some of the largest wind and solar facilities in North America under construction, with more on the way. We need to have an inclusive conversation about how we can support all our energy opportunities, because that’s the reality of consumer demand around the world.

Once we get through the current Alberta cold snap, as we always do, let’s remember to thank our energy workers for continuing to show up, day after day, under extremely challenging B conditions. OE

Cody Battershill is a Calgary realtor and founder / spokesperson for CanadaAction. ca, a volunteer-initiated group that supports Canadian natural resources sector and the environmental, social and economic benefits that come with it.

4 • Business of Energy • February 2022

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Cover | Stronger, Better

STRONGER, BETTER

SECURE ENERGY CEO RENE AMIRAULT ON HIS COMPANY’S FUTURE

by Melanie Darbyshire

T

he last eight years have not been easy for Alberta’s energy industry. From the plummeting price of oil to antagonistic government policies to negative popular opinion to the COVID-19 pandemic, oil and gas companies have had to cope with enormous, unpredictable and volatile challenges unlike ever before. For many, it has proved too much. For others, surviving through the dark times – by whatever means – has meant thriving on the other side.

So is the case with SECURE Energy, a Calgary-based energy services company.

Founded in 2007 (about a year before WTI peaked at $99.06), SECURE started out as a midstream infrastructure services company with 10 employees, including current CEO Rene Amirault, who still holds the post. Its first project was an oilfield landfill south of Grande Prairie.

Today it has over 2,100 employees and roughly 70 per cent of the business remains in midstream infrastructure. The other 30 per cent is in the environmental and fluids management business. Last March, SECURE announced a merger with Tervita Corporation, predicting a significant estimated annual integration cost savings of at least $75 million within 12 to 18 months of closing.

In December, SECURE was added to the S&P/ TSX Composite Index, the flagship index of the Canadian stock market which tracks the performance of the largest companies listed on the Toronto Stock Exchange and serves as a benchmark for the performance of Canadian equities.

“Every month the business seems to get stronger, better,” Amirault confirms. “Our customers on the energy side are very focused on disciplined growth and we are focused on lowering the cost structure, even in light of major inflationary pressures, becoming

Rene Amirault. Photo by BOOKSTRUCKER.

more efficient and lowering our emissions to ultimately have a higher ESG score.”

The higher price of oil has, of course, helped a lot. “A more fair and reasonable price for oil and natural gas (which drives a lot of the industry west of Edmonton) is important,” Amirault concurs. “I think both are now being priced at a more reasonable and fair price for both the consumer and the producer. And I think there’s a common understanding around the world that too high of a commodity price is a bad thing but too low is also a bad thing.”

6 • Business of Energy • February 2022

Stronger, Better | Cover

Stronger, Better

Tulliby Lake Full Service Terminal & Landfill.

The optimum – Goldilocks – price is one, he says, where all parties (producers and consumers) are comfortable and where energy security can be ensured over the next 20 to 30 years.

Larger market capitalization with liquidity and access to capital is also very important, hence the merger with Tervita. “Part of the reason to put the two companies together was to drive efficiencies, but the other part was access to capital and liquidity for our shareholders,” Amirault explains. “Entering into the TSX Index helps everybody because a lot of money now goes into passive funds that invest in indexes, as opposed to individual companies. So it’s important for our shareholders.”

“Both boards recognized that together we would be stronger than two smaller companies,” he continues. “And ultimately if we’re going to drive down the cost structure for our customers, we have to be more efficient. So far, we’re well on our way to achieving that $75 million a year in efficiencies.”

SECURE’s midstream infrastructure business is focused on helping its customers safely process and transport water and oil. Most of its processing facilities are in that division, ranging from North Dakota all the way to Fort Nelson. “It’s quite an extensive network,” Amirault says.

“Ninety-five per cent of our customers are oil and gas companies. The top 10 producers in Western Canada would be our top 15 customers.”

The environmental and fluids management division performs remediation and reclamation work – cleaning up environmental liabilities – and includes metal and water recycling. “About half of the revenue in that business unit comes from industrial sources,” he notes. “We have operations in Vancouver, Winnipeg, all over Western Canada. They’re non-energy.”

As an environmental company, SECURE takes its commitment to ESG metrics very seriously.

“We do a ton of water recycling and metal recycling,” Amirault says. “We’re extracting hydrocarbons out of the waste. We’re taking trucks off the road by putting in gathering pipelines so that we not only reduce emissions but we make it safer. We’re doing a lot of automation and energy efficiencies at our facilities so that we use less energy and are ultimately less carbon intense. Then we’re looking into the future: wind, solar, carbon capture.”

77••Business Businessof ofEnergy Energy••December February 2022 2020

Cover | Stronger, Better

Kerrobert Oil Terminal.

Gold Creek Water Disposal Facility.

Safety is the top priority for the company and so is Indigenous relationships. SECURE has over 26 partnerships across Western Canada with First Nations groups. “We want them to be meaningful partners,” he says. “We want them side by side with us as we take on new projects and opportunities. And we want to show these partnerships to our customers, so they can see this is a better solution, a better way to do business.”

The focus for 2022 is to optimize what SECURE has and gain greater efficiencies, Amirault explains, and to work with customers to advance some of the ESG projects. The effort to build gathering lines in order to replace truck transportation with pipelines will also continue. “There may also be some expansions to our existing facilities,” Amirault adds.

Fox Creek Full Service Terminal.

One big issue SECURE faces is the available labour for industry to continue to grow. In order to add more drilling rigs, frac crews and construct new pipelines, workers are needed. “There’s a shortage,” he says, “so that’s a big issue for a lot of companies. And that will feed itself into inflation, by wages going up.”

When it comes to industry-wide issues, he laments the fact that the rest of Canada and the world don’t realize that the Canadian oil and gas industry has the best ESG standards in the world: “That’s an issue for us. So I think you’re going to see this year a lot more involvement by my fellow CEOs to get the word out that Canada is head

Pipeline Integrity Dig.

8 • Business of Energy • February 2022

Stronger, Better | Cover

Stronger, Better

Kakwa Water Disposal Facility.

and shoulders ahead on every metric than everyone else in the global oil and gas industry, and we still want to get better. We’re not resting on our laurels.”

He’s confident that some of the pipeline egress issues are being solved but notes an LNG export terminal should already be up and running today. “It’s being built, so that gives us optimism,” he notes.

“There’s just so much more that Canadians could do to lower CO2 emissions around the world,” Amirault opines. “So every Canadian should be trying to become the biggest cheerleader of the industry. To make sure that Canadian energy gets exported around the world because it’s got the highest ESG standards.”

A survivor to be sure, SECURE, under Amirault’s leadership, has many reasons to look up in 2022. Perhaps the years of misfortune are behind it and the industry, but then, perhaps they’re not. Either way, SECURE has demonstrated the ability to withstand very difficult times. When B the good times do arrive, it will be set. OE

When it comes to industry-wide issues, he laments the fact that the rest of Canada and the world don’t realize that the Canadian oil and gas industry has the best ESG standards in the world.

9 • Business of Energy • February 2022

SOLVING THE ENERGY TRANSITION IN CANADA REQUIRES MULTIFACETED ADVISORY

A

ddressing energy transition opportunities in Canada is complex. Complexities arise from the multifaceted nature of a topic that is dominating every conversation – mitigating greenhouse gas (GHG) emissions. To mitigate GHG emissions, optionality in approach, location, cost, quantities, schedule, risk and GHG disposition (among many others) all need to be clearly understood and addressed, prior to every company selecting their go-forward position. Clearly, carbon dioxide (CO2) is the centre of attention.

Recognizing the requirement for multifaceted advisory services to solution these challenges, Fluor Canada Ltd. (Fluor) has teamed up with GoobieTulk Inc. (GTI) and Sproule to offer advisory services to Canadian industries facing these challenges.

Fluor is a global advisor in CO2 capture and the only technology licensor with 32+ years of commercial operating experience in CO2 recovery from streams in power plants, refineries and chemical facilities.

They offer a technology-agnostic posture, with unbiased approaches for evaluating, advising and implementing industryavailable CO2 capture technologies.

Fluor also offers their proprietary CO2 capture technology, alongside a complete engineering, procurement, construction (EPC) and maintenance solution for CO2 capture projects.

GTI is a regional advisory group located in Calgary. GTI industry executives, Dave Tulk and Gerry Goobie, are well-known in the Western Canadian energy business, providing sound and objective advice

based on career-long experience, thorough analyses and a deep understanding of the Canadian and global energy industries.

GTI’s advisory services centre around strategic planning, business/infrastructure development and project economic evaluations (amongst others) in the areas of natural gas and liquids, LNG and petrochemicals.

Sproule is a global energy consulting and advisory firm with expertise in technical and commercial assessment of energy projects.

Sproule’s dedicated Carbon Management practice leverages the firm’s deep bench strength in subsurface evaluation and modeling with a broader understanding of market and regulatory drivers. This work is particularly pertinent with regional assessments, identifying optimal locations based on source, transportation and sink parameters, helping understand the pore space and storage potential, and the regulatory and economic drivers leading up to FID. Sproule has over 30 years of experience working with CO2 capture and gas storage projects, offering strategic support and advisory services to assist industry with navigating the changing energy landscape by supporting pathways to net zero.

“Our strategic alliance with Fluor and GTI offers clients the confidence that we can deliver onestop advisory services to frame the complex picture around the evolving carbon economy,” says Christoffer Mylde, Sproule’s senior vice president of Corporate Development.

The assembly of multifaceted advisory skills between Fluor, GTI and Sproule provides clients a single point of contact for understanding the entire spectrum of

David Mercer, Fluor’s head of Technology and Sustainability for Canada has seen an uptick in the industry’s interests regarding CO2 capture and hydrogen, particularly during the last half of 2021. He expects the momentum for advisory services to continue to build throughout 2022.

E.ON Kraftwerke Carbon Capture Technology Demonstration Plant.

Whether attempting to deliver a project in CO2 capture or hydrogen (or a combination thereof) the fundamental business case success criteria must be satisfied. For example, a meaningful reduction in GHG emissions, coupled with the use of proven de-risked technology, the use of worldscale production/capture, the potential for immediate industrial implementation and the continued requirement for asset economic competitiveness.

“We are helping many clients realize the opportunities and challenges around CO2 – and in some cases, comparing those challenges against a hydrogen California Resources Corporation Elk Hills CalCapture Project. play,” David says. “Every carbon capture and sequestration projects situation is unique, provided – ranging from strategic planning and the configuration of the industrial assets infrastructure development, technology being considered. Teaming together with deployment for CO2 capture, suitability of GTI and Sproule enables our clients to see CO2 sequestration geology, CO2 pipeline the full value chain.” and compression requirements, project cost and schedule requirements, regulatory Christoffer Mylde, Dave Tulk and and permitting considerations and project David Mercer are available to share their business case evaluations. views on Canadian industry opportunities Dave Tulk of GTI, says that the Fluor, Sproule and GTI consortium of advisory services demonstrates a group who have “… been there, done that…”, enabling their clients to immediately see value in the well-rounded advisory team. Tulk himself had a 28year career with NOVA Chemicals, having served as the vice president of Natural Gas Liquids, followed by a role as divisional vice president with AltaGas Ltd.

regarding CO2 capture and hydrogen and can be contacted at chris.mylde@sproule.com, dave@goobietulk.com or david.mercer@fluor.com, respectively.

www.fluor.com Fluor Canada Ltd.

David Yager | Oil and Gas Will Get the Respect It Deserves in 2022

OIL & GAS WILL GET THE RESPECT IT DESERVES IN 2022

by David Yager

I

t has long been fashionable to vilify the oil industry. Starting in 1973 when OPEC first flexed its pricing muscles, “big oil” became synonymous with the worst of capitalism.

Nearly 50 years later the tradition continues.

As oil prices rose in the 1970s, two myths became urban legends.

The first was that the so-called “Seven Sisters” – the world’s largest privately-owned oil companies – colluded to artificially raise prices. This was based on the premise that the third-world OPEC producers restricting output weren’t smart enough to figure out how do this themselves.

This would be considered racist today.

Then there was the fable about the miracle carburetor that could enhance fuel economy.

It was intentionally concealed to sustain high gasoline prices.

Both were fabrications, but never let the facts ruin a good story.

You know you’re in the big leagues of awful when you get your own TV show. From 1978 to 1991 Dallas was a fictional soap opera about a wealthy Texas oil family. Lead character J.R. Ewing was very rich and supremely rotten. His primary purpose when he awoke every day was to screw somebody. Hollywood’s stereotypical oil villain warped a generation of TV viewers.

Decades later big oil had morphed from corporate criminal to climate criminal. Fulfilling a Democrat pledge from the 2020 campaign, on October 28 the House Committee on Oversight and Reform convened public hearings with a preordained conclusion titled, “Fueling the Climate Crisis: Exposing Big Oil’s Disinformation Campaign to Prevent Climate Action.”

Really?

CEOs were required by law to appear.

Michigan Democrat Congresswoman Rashida Tlaib interrogated Chevron CEO Michal Wirth. In a clearly hostile tone Tlaib thundered, “You can poison the planet so you can make money but we’re going to defend the planet so we can live.”

Three days later, leaving the G20 meeting in Rome on the way to the UN Climate Conference in Glasgow, U.S. Democrat President Joe Biden pleaded with OPEC+ to increase oil production because U.S. gasoline prices were too high.

Shortly thereafter he ordered that more poisonous oil be released from the Strategic Petroleum Reserve for the same reason.

Biden’s contradictory 21st century climate politics are a sobering reminder that the oil business exists because it provides the energy and products that keep the world functioning, essentials that nobody is prepared to live without.

The only reason the climate emergency and energy transition got this far is because so few

12 • Business of Energy • February 2022

Oil and Gas Will Get the Respect It Deserves in 2022 | David Yager

The pandemic’s thundering background noise distracted attention from the greater economy.

The world clearly had bigger problems. people understand how ubiquitous fossils are in their daily lives.

From late 2014 to mid-2021, environmental alarmists and vote-seeking politicians declared open season on fossil fuels in the name of climate change. There was little resistance from consumers.

Energy was cheap, interest rates were low, and the economy appeared to be growing. “Fighting climate change” was politically popular. Lower carbon energy alternatives were essential, so they were legislated and subsidized. New fossil fuel developments were obstructed or cancelled.

Environmentalists cheered.

Development of new oil, gas and coal supplies declined sharply. One reason was that low commodity prices didn’t justify the investment.

But others included the mantra that fossil fuels were a “sunset industry” and would eventually become “stranded assets.” And it became fashionable – make that necessary – to starve the oil industry of capital through divestment and ESG investing.

A significant event took place in the fall of 2020 when legacy European supermajors BP and Shell announced that they were changing their business models to move from fossil fuels to low carbon renewables. This jaw-dropper provided more evidence that oil had no future.

They were joined by global mining giants like Glencore and BHP which investigated ways to remove coal from their portfolios to meet the expectations of the ESG investment phenomenon.

At the same time, warnings were ignored from OPEC, western oil producers and even the International Energy Agency that underinvestment in new oil and gas supplies would cause future problems.

The pandemic’s thundering background noise distracted attention from the greater economy.

The world clearly had bigger problems.

But when the world emerged from the pandemic in 2021, things changed fast.

Prices for everything started rising. While originally this was blamed on startup issues and so-called “transitory” inflation as supply chains were re-established, it soon became clear that the world had gone from an energy surplus to an energy shortage.

Up to last year, political leadership on a rapid switch to low-carbon energy became a political badge of honor in Europe. Then the wind quit blowing, causing electricity supplies to fall and prices to rise. Backup power from coal and natural gas had been mothballed or eliminated because that’s what voters appeared to want.

New supplies of domestic natural gas had been obstructed. More gas from Russia became a geopolitical football.

You know the rest. European electricity and natural gas prices skyrocketed. Multiple industries have shut down as uneconomic.

Oil prices in 2021 were supported by OPEC+ supply management, but that will end this year.

Now that more eyes are focused on future oil supply and demand, more analysts believe higher prices are inevitable. Producers with strong cash flow began 2022 still reluctant to reinvest at historic levels.

Fortunately, there has been a long overdue “channel change” in the past six months.

Inflation is now accepted as real, not just “transitory.” Central banks have announced they will be responding with higher interest rates.

This is intended to slow down the economy. Be assured it will.

The UN’s Food and Agricultural Organization reported that in November 2021, the global basket of human nutrition basics was at the highest level in 18 years. Rising gas and coal prices impact food prices through fertilizer costs which have risen

13 • Business of Energy • February 2022

David Yager | Oil and Gas Will Get the Respect It Deserves in 2022

sharply. As has energy for agricultural equipment, transportation and refrigeration.

The “Great Reset” never mentioned rising food costs.

Global priorities are changing fast. Pollster IPSOS released its findings for November 2021 titled, “What worries the world.” The coronavirus slipped from first to third, putting the economy back on top. The number one issue was “poverty and social inequality” while number two was “unemployment.”

Climate change slipped to number nine, behind taxes and inflation. Sixty-five per cent of those surveyed in 28 countries believed, “…things in their country are on the wrong track.”

This makes things interesting. The old saying in politics is to find a parade and get in front of it.

Tackling climate change was a great vote-getter for years.

No longer.

In late 2021 the Wall Street Journal ran a commentary about how European politicians are pivoting as voters recalibrate their needs in the face of economic reality and rising energy costs. It was titled, “Many climate ambitions will end with 2021 - In the U.K., Germany and France, leaders walk back as their plans’ exorbitant price tag becomes clear.” Writer Joseph C. Sternberg predicted that European political leaders would talk very little about climate issues in 2022 as costs escalate.

A major reversal has already taken place in the UK. Before the COP 26 climate conference, Prime Minister Boris Johnson advised voters that decarbonizing their home heating system would be legislated and expensive. But after energy prices exploded the deadline for houses to install climate-friendly central heating has been set back by 10 years from 2025 to 2035.

Detecting the sudden directional change in political winds, EU HQ in Brussels ended 2021 by finally including gas and nuclear as acceptable under their so-called “green label” for energy investments. Up to this point, only renewables like wind, solar and biomass were eligible for favored tax and policy treatment by central planning.

The last people to figure out how much the priorities of the rest of the world have changed will be in Canada which still enjoys the world’s lowest natural gas prices.

This will change as the federal carbon tax jumps 20 per cent this year. Other taxes will increase as federal and provincial governments are forced to manage the huge public debts accumulated to keep the economy functioning during the pandemic lockdowns.

Global capital investment for oil replacement remains subdued at US$400 billion for 2022, just over half of what it was in 2014. Although spending in Canada will be higher – which is great for the economy – it still isn’t where it could be based on cash flow, or should be based on global demand.

That will also change as year unfolds, made easier as capital providers recalibrate whether the pre-COVID energy transition plan will work in the very different post-COVID world.

The most refreshing changes will be in the tone of anti-oil vitriol and the pace of energy decarbonization narrative.

It is widely acknowledged that with whatever we’ve been told we must do to tackle the “climate emergency,” the world clearly went too far too fast.

Fossil fuels were ignored or taken for granted.

Replacement low-carbon energy sources were exposed as oversold in their ability to reliability and economically replace oil, gas and coal on a large scale.

Nobody will ever fall in love with the oilpatch.

But giving this industry and its players the respect they deserve will improve immensely in B 2022 and beyond. OE

David Yager is a Calgary oil service executive, energy policy analyst, writer and author. He is president and CEO of Winterhawk Well Abandonment Ltd., a methane emission reduction technology company. His 2019 book From Miracle to Menace - Alberta, A Carbon Story is available at www.miracletomenace.ca.

14 • Business of Energy • February 2022

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