SANTA MONICA, Calif., Oct. 30, 2015 /PRNewswire-USNewswire/ -- Chevron today reported its highest U.S. refining profits for the first nine months of the year—a whopping $2.6 billion as compared to $1.7 billion for the same period last year. Since 54 percent of the company's refining takes place in California, California drivers paid the price, Consumer Watchdog said today. "Chevron's results reinforce the fact that our gasoline market is stacked against consumers by oil companies that routinely [Read more]
Archives for October 2015
NEB says whistleblower concerns over TransCanada pipeline safety resolved
CALGARY - A whistleblower's concerns over TransCanada Corp's (TSX:TRP) pipeline safety practices have been resolved, according to results of a National Energy Board investigation.The federal regulator said Friday that six of the 16 allegations against the company were partially substantiated, but that TransCanada had taken the appropriate steps to fix the problems. The remaining 10 allegations could not be verified.The environment and public safety were not at risk and no enforcement action was [Read more]
ConocoPhillips to Present at Bank of America Merrill Lynch 2015 Global Energy Conference
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced that Matt Fox, executive vice president, Exploration and Production, will speak at the Bank of America Merrill Lynch 2015 Global Energy Conference on Tuesday, Nov. 10 at 10:30 a.m. EST. Investors can access a live audio webcast of the presentation at www.conocophillips.com/investor. An archived replay, presentation slides and a transcript of the webcast will be available shortly after the presentation. --- # # # --- About [Read more]
Cardinal Energy Ltd. Announces Closing of Light Oil Acquisition
CALGARY, ALBERTA--(Marketwired - Oct. 30, 2015) - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX:CJ) has closed the previously announced light oil acquisition (the "Acquisition") in the greater Mitsue area of Alberta for a total purchase price of approximately $142.5 million. The Company is also pleased to announce that it has entered into an agreement to sell a gas plant and associated infrastructure to a third party for estimated net proceeds to Cardinal of $12.8 million. The sale [Read more]
National Energy Board releases TransCanada PipeLines investigation report
CALGARY, Oct. 30, 2015 /CNW Telbec/ - The National Energy Board (NEB) has released its investigation into 16 allegations of regulatory non-compliance made through the NEB's whistleblower process against TransCanada PipeLines Ltd. (TransCanada). The NEB's investigation concludes: Six of the 16 third-party allegations were partially substantiated and TransCanada has taken all appropriate corrective and preventative actions. Ten allegations could not be verified. Public safety and [Read more]
The geopolitics behind the Saudi-engineered supply glut
Only a congenital optimist would greet Shell's abandonment of its Canadian and Alaskan projects - after sinking a combined $4.6 billion - with anything but dread. When even a supermajor is reporting quarterly losses of $7.4 billion, observers would be in their rights to throw up their hands in frustration and ask when will it end. The problem is indefinite, and WTI remains anchored around $45 per bbl for now, although it may or may not have bottomed out. The supply glut persists. While North [Read more]
TransAlta Reports Third Quarter 2015 Results
CALGARY, ALBERTA--(Marketwired - Oct. 30, 2015) - TransAlta Corporation ("TransAlta" or the "Company") (TSX:TA)(NYSE:TAC) today reported third quarter 2015 financial results. Comparable EBITDA(1) for the third quarter was $219 million, an increase of $7 million compared to the same period last year, as the Company's high level of contracts and hedges largely mitigated the impact of low power prices in Alberta during the quarter. Continued improvements in mining operations to reduce fuel costs [Read more]
Apache Announces North Sea Discoveries With Estimated Net Reserves Of 50 Million To More Than 70 Million Barrels
HOUSTON, Oct. 30, 2015 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today announced significant discoveries on two exploration wells in the Beryl area of the U.K. North Sea. The company also drilled two significant development wells in the Beryl area, from which no reserves have been previously booked. Additionally, Apache announced a large discovery at its Seagull prospect, which lies approximately 50 miles south of the company's Forties Field, the largest oil field in the U.K. [Read more]
Breitburn Energy Partners Announces Monthly Cash Distributions for Common and Preferred Units
LOS ANGELES--(BUSINESS WIRE)--Breitburn Energy Partners LP (NASDAQ:BBEP) announced today a cash distribution of $0.04166 per common unit for the second month attributable to the third quarter of 2015, payable on November 13, 2015, to record holders of its common units at the close of business on November 9, 2015. This monthly distribution is equal to a distribution of $0.50 per common unit on an annualized basis. Breitburn also announced today distributions for its 8.25% Series A Cumulative [Read more]
Chevron Reports Third Quarter Net Income of $2.0 Billion
SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE:CVX) today reported earnings of $2.0 billion ($1.09 per share – diluted) for third quarter 2015, compared with earnings of $5.6 billion ($2.95 per share – diluted) in the 2014 third quarter. Foreign currency effects increased earnings in the 2015 quarter by $394 million, compared with an increase of $366 million a year earlier. Sales and other operating revenues in third quarter 2015 were $33 billion, compared to $52 billion in the [Read more]
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