BOE Report

BOE Report Staff

  • X

Precision Drilling holding steady with dividend payment despite tough market

By The Canadian Press CALGARY - Precision Drilling Corp. (TSX:PD.TO) is maintaining its dividend amid difficult market conditions that have driven down its revenue and profit. The Calgary-based drilling company's net income fell to $93 million or 33 cents per diluted share, down 16 per cent from the first quarter of 2012. Its revenue dropped by seven per cent to $596 million, mainly due to lower North American drilling activity compared with the first quarter of 2012. Nevertheless, [Read more]

Canadian Pacific expects to ramp up crude oil capacity a year early

By Ross Marowits, The Canadian Press Canadian Pacific Railway, after delivering a strong earnings report Wednesday, had more good news for investors, saying it expects to double its deliveries of crude oil 12 months earlier than previously forecast. The Calgary-based railway said Wednesday that it expects to ship 140,000 carloads of crude by the end of 2015. It delivered 53,500 carloads last year and expects to reach a 70,000-carload run rate by the end of 2013. "We have clear line of [Read more]

TSX surges 179 points amid solid earnings reports, sharp gains in commodities

By Malcolm Morrison, The Canadian Press TORONTO - The Toronto stock market registered a solid, triple-digit gain Wednesday amid positive earnings reports from heavyweights Barrick Gold (TSX:ABX.TO) and Canadian Pacific Railway (TSX:CP. The S&P/TSX composite index surged 179.49 points, or 1.48 per cent, to 12,270.43 as investors bought into resource stocks knocked down this month amid signs of slowing economic growth. The move went a long way toward clawing back last week's steep 2.2 [Read more]

Oliver sees no need for change despite U.S. agency’s pipeline concerns

  OTTAWA - Natural Resources Minister Joe Oliver says he sees no need to change anything about Canada's environmental protections in order to persuade Americans to approve the Keystone XL pipeline. That's despite a recent letter from the U.S.-based Environmental Protection Agency suggesting Ottawa needs to step up its game. Oliver is on his fourth pipeline road show through the United States this week, touting the energy benefits and environmental stewardship that Canada would [Read more]

Cenovus refining assets a cushion against light heavy oil price gap

By Lauren Krugel, The Canadian Press CALGARY - Cenovus Energy Inc. says its refinery business cushioned the company from weak prices for heavy oil during the first quarter, when it saw a 15 per cent bump in operating earnings compared to a year ago. "This quarter we have clearly demonstrated the value of our integrated strategy," CEO Brian Ferguson said Wednesday. The Calgary-based oil producer (TSX:CVE) said its profits, excluding hedging and foreign exchange impacts, were $391 [Read more]

US crude stocks build below estimates

U.S. commercial crude oil inventories increased 0.9 million barrels from the previous week, below the expected build of ~1.5 million barrels. Total crude oil stocks of 388.6 million barrels are well above the upper limit of the average range for this time of year. Total commercial petroleum inventories decreased by 1.9 million barrels last week. [table] [attr style="width: 25%"]April 19`[attr style="width: 25%"]April 12`[attr style="width: 25%"]Change`[attr style="width: 25%"]% [Read more]

Canadian Pacific CEO claims first-quarter results are best in company history

By The Canadian Press CALGARY - The man who was brought in last year to shake up Canadian Pacific Railway Ltd. (TSX:CP.TO) says a strong first quarter — which broke several company records — has put CP on track to have the best year in its 132-year history. CP chief executive Hunter Harrison, who was brought in last year after a highly public and hotly contested shareholder revolt against the former leadership, said he's happy with the progress but not finished with transforming the [Read more]

TransCanada says it’s somewhat surprised over EPA reaction to Keystone pipeline

By The Canadian Press CALGARY - TransCanada says it's somewhat surprised at the U.S Environmental Protection Agency's recent critical comments of its proposed Keystone XL pipeline. TransCanada (TSX:TRP.TO) says it has had a co-operative relationship with the EPA throughout the four-year-plus review of the project. On Monday, the EPA publicly denounced for a second time the U.S. State Department's favourable environmental review of the pipeline. The pipeline company says the EPA [Read more]

Encana closer to finding new CEO, Q1 operating income beats estimates

By Lauren Krugel, The Canadian Press CALGARY - Encana Corp. has reported first-quarter operating earnings that beat analyst expectations and says its hunt for a new CEO is nearing its end. The natural gas giant (TSX:ECA.TO) posted operating earnings of US$179 million, or 24 cents per share. During the same period a year earlier, operating earnings — deemed a better measure of Encana's underlying performance — were $240 million, or 33 cents per share. The consensus estimate had been for [Read more]

Earnings news, weak Chinese economic data depress Toronto stock market

  TORONTO - The Toronto stock market was negative Tuesday and commodity prices slid amid data showing China's manufacturing sector barely in expansion mode in April. The S&P/TSX composite index fell 24.37 points to 12,066.31 as the latest economic growth worries about the world's second-biggest economy pushed mining stocks lower. The market was also pressured by earnings reports with traders expressing disappointment with mining giant Teck Resources (TSX:TCK-B.TO) and telecom [Read more]