Oil prices were little changed as rising coronavirus deaths fed worries about the global demand outlook, but losses were capped by reports of a blast in Saudi Arabia. WTI crude fell 70 cents, or 1.34%, to settle at $52.03. Brent crude ended the session up down 69 cents, or 1.25%, at $55.32. U.S. crude futures pared losses and Brent crude inched higher in post-settlement trade after data from the American Petroleum Institute showed U.S. crude inventories fell by 5.3 million barrels in the week [Read more]
Kimmeridge launches proxy fight for seats on Ovintiv board
Kimmeridge Energy Management Co on Tuesday launched a proxy fight against Ovintiv Inc to win three seats on the oil producer's board. The private investment firm urged Ovintiv to alter its capital spending, focus on governance and said that the board had allowed Ovintiv to become an environmental laggard, trailing peers on key environmental metrics. Kimmeridge has nominated its founder Ben Dell, Cambiar Investors' Katherine Minyard and Columbia University research scholar Erin Blanton as [Read more]
Oil prices edge up amid doubts over U.S. stimulus, rising coronavirus cases
Oil prices slightly gained on Tuesday, as hopes for rapid approval of new U.S. economic stimulus faded while new coronavirus infections around the world mount up. WTI increased 3 cents, or 7% to $52.84. Brent crude shot up 12 cents at $56.96, having risen nearly 21% on Monday. Have recently hit 11-month highs, oil is caught between lingering doubts over any recovery in demand as the pandemic continues to rage, offset by optimism for more stimulus from the newly installed Biden [Read more]
Canada’s Trans Mountain pipeline sees fortunes shine after KXL’s demise
The expansion of Canada's government-owned Trans Mountain pipeline assumes greater importance for the oil sector after the cancellation of rival Keystone XL reduced future options to carry crude, potential buyers say. Trans Mountain Corp, a government corporation, is spending C$12.6 billion ($9.9 billion) to nearly triple capacity to 890,000 barrels per day (bpd), a 14% increase from current total Canadian capacity. Prime Minister Justin Trudeau's government bought the 68-year-old pipeline [Read more]
U.S. drillers add oil and gas rigs for 9th week in a row
U.S. energy firms this week added oil and natural gas rigs for a ninth week in a row amid higher energy prices over the past few months. The oil and gas rig count, an early indicator of future output, rose five to 378 in the week to Jan. 22, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. Despite gains in recent months, that count is still 416 rigs, or 52%, below this time last year. The total count, however, has soared since [Read more]
Even without Keystone XL, U.S. set for record Canadian oil imports
The Keystone XL pipeline project may be dead, but the United States is still poised to pull in record imports of Canadian oil in coming years through other pipelines that are in the midst of expanding. U.S. President Joe Biden canceled Keystone XL's permit on his first day in office Wednesday, dealing a death blow to a long-gestating project that would have carried 830,000 barrels per day of heavy oil sands crude from Alberta to Nebraska. Environmental activists and indigenous communities [Read more]
Oil prices fall as China’s surging COVID-19 cases trigger clampdowns
Oil prices dropped on Friday, retreating further from 11-month highs hit last week, weighed down by worries that new pandemic restrictions in China will curb fuel demand in the world's biggest oil importer. U.S. West Texas Intermediate (WTI) crude futures dropped 88 cents, or 1.63%, to $52.13 a barrel. Brent crude futures fell 85 cents, or 1.52%, to $55.20 a barrel. Recovering fuel demand in China underpinned market gains late last year while the United States and Europe lagged, but that [Read more]
Irving oil lays off 60 Saint John refinery employees, sees more job cuts
Irving Oil on Thursday said it laid off about 60 Saint John, Canada refinery employees, representing 7% of the refinery team, due to challenges caused by the coronavirus pandemic. "We have made the difficult decision to reduce our workforce at our Saint John refinery," the company said, adding it will reduce the refinery's contract workforce to 225 from 1,000 in the first quarter. Irving operates Canada's largest refinery in Saint John, New Brunswick. [Read more]
TC Energy to cut 1,000 construction jobs, halt Keystone XL work
TC Energy Corp will eliminate more than 1,000 construction jobs in coming weeks and halt work on the Keystone XL oil pipeline after U.S. President Joe Biden revoked the project's presidential permit, the company said in an email to employees. The line was already under construction in Canada. It would have carried 830,000 barrels of oil per day through the United States to Nebraska. Calgary-based TC Energy separately confirmed the authenticity of the email, sent by KXL President Richard [Read more]
Baker Hughes says energy downturn to bottom out by first half of 2021
Baker Hughes Co on Thursday joined larger rival Halliburton Co to say the energy industry's worst downturn in decades would be over by the first half of this year. Oil and gas producers have been forced to cut their budget, restructure operations and reduce employees, to tackle the COVID-19 pandemic-led fallout in energy demand and prices. "We believe this macro environment likely translates into a tepid investment environment for oil and gas during the first half of 2021", said Baker [Read more]