NEW YORK - Exxon Mobil Corp. expects production to decline by about 1 per cent this year due to weaker output of natural gas, then rise in the next few years as new projects start up. The oil and gas giant expects annual production to rise by 2 per cent to 3 per cent per year through 2017. The company gave the forecast Wednesday at its annual meeting with analysts. Exxon Mobil's production fell 6 per cent last year, but the company still earned $44.9 billion, barely missing [Read more]
REPORT: $25 billion in-place to build Kitimat oil refinery
VANCOUVER - B.C. newspaper mogul David Black says a group of U.S. investors has committed funding for his plan to build a $25-billion oil refinery near the city of Kitimat on the province's northern coast. Speaking in Vancouver, Black says details still have to be worked out, but a memorandum of understanding has been signed and he insists it's "100 per cent." He says he expects to announce more details about the investors in the coming weeks. Black's plan is for a refinery to [Read more]
Crude oil inventory rises well above analyst forecasts
U.S. commercial crude oil inventories increased by 3.8 million barrels from the previous week, well above the expected build of ~3.8 million barrels due to higher refinery utilization. Total crude oil stocks of 381.4 million barrels are well above the upper limit of the average range for this time of year. Total commercial petroleum inventories decreased by 2.4 million barrels last week. [table] [attr style="width: 25%"]March 1`[attr style="width: 25%"]February 22`[attr style="width: [Read more]
Talisman Energy to cut capital budget by 25 per cent, work on more asset sales
CALGARY - Talisman Energy Inc. (TSX:TLM) is planning a further $2.3 billion of dispositions or joint ventures over the next 12 to 18 months, including marketing some of its assets in western Canada. The Calgary-based oil and gas company has reduced its capital budget to $3 billion this year, a 25 per cent reduction from 2012. Talisman says the reduced capital budget is mostly as a result of the sale of most of its North Sea operations last year to Chinese oil giant Sinopec for [Read more]
Little reaction in oil market to Chavez death
By Pamela Sampson, THE ASSOCIATED PRESS BANGKOK – Oil markets are taking the death of Venezuelan President Hugo Chavez in stride, with the price of crude little changed Wednesday. Chavez, who died Tuesday after a two-year battle with cancer, oversaw a decline in oil production during his 14 years as the leader of Venezuela, and analysts don’t expect that trend to change immediately. The full impact of his death may not be felt until Venezuela, which sits on the world’s second-largest oil [Read more]
NuVista Energy Ltd. Announces Fourth Quarter and Year End 2012 Results
CALGARY, ALBERTA--(Marketwire - March 6, 2013) - NuVista Energy Ltd. ("NuVista") (NVA.TO) is pleased to announce results for the three and twelve months ended December 31, 2012 and provide an update on its future business plans. 2012 was a pivotal and successful year for NuVista as the business model was transformed in this challenging natural gas price environment. In our year end 2011 press release we indicated we would be carefully evaluating our business to preserve value and ensure a [Read more]
Pace Oil & Gas Ltd. Provides Update on Strategic Alternatives and Reports 2012 Reserves and Operating Results
CALGARY, ALBERTA--(Marketwire - March 5, 2013) - Pace Oil & Gas Ltd. (PCE.TO) ("Pace" or the "Company") is pleased to provide an update on the status of its previously announced merger, selected information from Pace's 2012 reserve evaluation and its fourth quarter and 2012 year end operating and financial results. STRATEGIC PROCESS UPDATE On December 20, 2012, Pace entered into an arrangement agreement (the "Arrangement Agreement") with Charger Energy Corp. ("Charger") and AvenEx [Read more]
Environment minister hopes for new oil and gas regulations by mid-year
OTTAWA — Environmental regulations for Canada’s oil-and-gas sector are in their final stages, the environment minister said Tuesday. The regulations would seek to curb the sector’s greenhouse-gas emissions to help Canada meet a 2020 target for a 17 per cent cut in overall emissions from 2005 levels. Rules are already in place for the transportation and coal-fired electricity industries, but estimates suggest they get Canada only halfway to that goal. Environment Minister Peter [Read more]
Gibson Energy raises dividend 5.8 per cent, reverses last year’s net loss
CALGARY - Gibson Energy Inc. raised its quarterly dividend on Tuesday as it reported improved financial results. The company has declared a quarterly dividend of 27.5 cents per share, an increase of 5.8 per cent. It's the third increase since Gibson went public nearly two years ago. "The consistent performance of our diversified, integrated and growing asset base over this time period provides us with confidence that we will be able to continue to generate steady and growing [Read more]
CHAVEZ DEAD
By FRANK BAJAK Associated Press CARACAS, Venezuela (AP) -- President Hugo Chavez, the fiery populist who declared a socialist revolution in Venezuela, crusaded against U.S. influence and championed a leftist revival across Latin America, died Tuesday at age 58 after a nearly two-year bout with cancer. Vice President Nicolas Maduro, surrounded by other government officials, announced the death in a national television broadcast. He said Chavez died at 4:25 p.m. local time. During more [Read more]
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