Suncor Energy Inc , Canada's second-largest oil and gas producer, reported a second-quarter profit on Wednesday due to stronger crude oil prices and increased production from some upstream assets and refining operations. The company raised its 2017 capital budget to C$5.4 million-C$5.6 million, from C$4.8 million-C$5.2 million, after speeding up work at its Fort Hills oil sands project and to reflect increased costs at the Syncrude plant in northern Alberta following a fire in March. Fort [Read more]
Suncor Energy reports second-quarter profit
Suncor Energy Inc , Canada's second-largest oil and gas producer, reported a second-quarter profit on Wednesday as a result of stronger crude oil prices and increased production from its upstream assets and refining operations. The company reported a net profit of C$435 million ($349.57 million), or 26 Canadian cents per share, versus a loss of C$735 million, or 46 Canadian cents per share, during the same period a year earlier when wildfires in northern Alberta disrupted production. [Read more]
Oil jumps to near eight-week high after big draw in U.S. crude stocks
Oil prices rose to near eight-week highs on Wednesday, with Brent crude futures above $50 a barrel, as a much steeper than expected decline in U.S. inventories encouraged hopes the global crude glut would recede. Brent crude futures LCOc1 settled up 77 cents or 1.5 percent to $50.97 a barrel. U.S. West Texas Intermediate futures CLc1 rose 86 cents or 1.8 percent to $48.75 a barrel. U.S. crude stocks fell last week as refineries hiked output and imports dropped, while gasoline stocks decreased [Read more]
Canada top court throws out permits for seismic testing in north
Canada's top court handed aboriginals a partial victory on Wednesday, ruling there was not adequate consultation on plans to conduct seismic testing for oil and gas in the north of the country, but dismissing a separate attempt to quash permits for changes to an Enbridge Inc pipeline. In the two separate but related decisions, the Supreme Court of Canada found that while the Canadian government holds ultimate responsibility for ensuring that consultations with First Nations are adequate, [Read more]
Canada’s top court finds aboriginals consulted on Enbridge pipeline
Canada's top court ruled on Wednesday that aboriginals were adequately consulted on changes to an Enbridge Inc oil pipeline, dismissing an attempt to quash the national energy regulator's approval of the project. The Supreme Court of Canada ruled in a unanimous decision that the Chippewas of the Thames First Nation were given early notice of hearings on changes to Enbridge's Line 9 oil pipeline, which runs between Sarnia, Ontario, and Montreal, through what the Chippewas [Read more]
Malaysia’s Petronas halts western Canadian LNG project
Malaysia's state-owned energy company Petronas will not proceed with a proposed C$36 billion ($28.8 billion) liquefied natural gas (LNG) project in western Canada because of weak global prices, the company said on Tuesday. The news is a heavy blow to Canada's ambitions to become a global LNG player. Of more than a dozen projects proposed for the west coast of British Columbia only the C$1.6 billion privately held Woodfibre project has been given the green light by its developers. [Read more]
Malaysia’s Petronas halts western Canadian LNG project
Malaysia's state-owned energy company Petronas will not proceed with a proposed C$36 billion ($28.78 billion) liquefied natural gas (LNG) project in western Canada because of depressed prices and industry shifts, the company said on Tuesday. Petronas and partners will continue to develop natural gas assets in Canada, Anuar Taib, the chairman of the board of Pacific NorthWest LNG, which is majority-owned by Petronas, said in a statement. (Reporting by Nia Williams, editing by G Crosse) [Read more]
Oil extends gains as Saudi pledges export curbs
Oil prices extended gains on Tuesday after Saudi Arabia pledged to curb exports from next month and OPEC called on several members to boost compliance with output cuts to help rein in oversupply and tackle flagging prices. Brent crude futures were up 68 cents at $49.28 a barrel by 1054 GMT. U.S. West Texas Intermediate futures rose 64 cents to $46.98 a barrel. At a meeting in the Russian city of St. Petersburg on Monday, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC [Read more]
Break in rationing on Enbridge Canada pipelines likely short lived
Enbridge Inc's move not to ration space on heavy oil pipelines out of western Canada for the first time in 16 months is likely to give producers only a short respite from difficulties in getting crude to market, industry players said. Market access is a persistent headache for Canadian energy firms, who produce oil from the world's third-largest crude reserves but often struggle to get their barrels to U.S. markets because of limited space in export pipelines. Canada's largest pipeline [Read more]
Conservatives to choose interim leader after uniting in Canada’s Alberta
The two right-leaning parties in Canada's oil-rich province of Alberta were due to elect an interim leader on Monday after voting over the weekend to form a new conservative alliance to take on the ruling New Democratic Party (NDP). The new United Conservative Party could present a serious challenge in the 2019 provincial election to the left-leaning NDP, which ended 40 years of Conservative rule in a shock win two years ago. The NDP was partly helped by a divided right at the time. In [Read more]