The chief executive of pipeline builder Enbridge Inc. says he's encouraged by how governments in both Canada and the United States are recognizing the need to build oil and gas projects more quickly.

OTTAWA--Canadian Prime Minister Mark Carney unveiled Tuesday a new cabinet weeks following his election victory, leaning on newcomers and key officials working on U.S.-Canada relations to rebuild a weakened economy exposed by President Trump's tariff policy.

Shares in Cenovus Energy jumped nearly 10% on Thursday after the Canadian oil and gas producer posted a fall in first-quarter profit but managed to beat Wall Street estimates on the back of higher output and improved refining margins.

Canada has more oil reserves than the U.S., and it can produce oil cheaper. As U.S. oil producers watch falling oil prices with growing concern, the election of Canadian Prime Minister Mark Carney could help keep the situation from getting worse.

This week marked an important milestone in the state of trade between the United States and Canada. Since February, the United States and Canada have entered into a series of trade measures and countermeasures,

Canadian oil and gas producer Cenovus Energy on Thursday posted a fall in first-quarter profit, amid market volatility. The Calgary, Alberta-based company's net income fell to C$859 million ($618.79 million),

Trump has shattered a decades-old alliance by saying he wants to make Canada the 51st U.S. state and levying steep tariffs.

OTTAWA--Canadian Prime Minister Mark Carney unveiled Tuesday a new cabinet weeks following his election victory, leaning on newcomers and key officials working on U.S.-Canada relations to rebuild a weakened economy exposed by President Trump's tariff policy.