Canadian Natural Resources Ltd beat estimates for quarterly profit on Thursday, as higher prices for Canadian crude helped offset lower production.The previous government of Alberta, Canada's major oil-producing province, imposed curtailments in January in a rare step to drain a glut of oil in storage and lift prices.Congested pipelines have caused the Canadian industry's growth to lag that of other countries such as the United States, and soured investor sentiment.Canadian Natural [Read more]
Canadian Natural Resources quarterly profit falls 18.5%
Canadian Natural Resources Ltd reported an 18.5% fall in quarterly adjusted profit on Thursday, hit by lower production and higher operating costs per barrel.The company's adjusted earnings came in at C$1.04 billion, or 87 Canadian cents per share, in the second quarter ended June 30, from C$1.28 billion, or C$1.04 per share, a year earlier. Quarterly daily production fell to 1.03 million barrels of oil equivalent per day (boe/d) from 1.05 million boe/d. (Reporting by Taru Jain) [Read more]
Senior American oil and gas producer Whiting Petroleum cuts 254 jobs
Oil and gas producer Whiting Petroleum on Wednesday reported a surprise quarterly loss, announced a 33% job cut and asset sales as a lack of natural gas infrastructure hits prices. Construction of new oil and gas pipelines in the United States has failed to keep pace with output, which has more than doubled over the past three years in the country that is now the world’s largest oil producer. Since gas cannot be stored in tanks or transported by truck or train, any excess has to either [Read more]
U.S. natgas futures jump 4.5% from 3-year low on short covering, roll
U.S. natural gas futures rose 4.5% on Wednesday, recovering from a three-year low touched the previous day as investors covered short positions after prices held above technical support and as traders rolled over positions. On its second day as the front month, gas futures for September delivery on the New York Mercantile Exchange rose 9.6 cents to settle at $2.233 per million British thermal units. In the previous session the contract slipped to $2.107, its lowest since May [Read more]
U.S. crude stocks slump 8.5 mln bbls in seventh straight weekly fall – EIA
U.S. crude oil stockpiles fell for the seventh straight week, falling to their lowest levels since November even as production rebounded and net imports increased, the Energy Information Administration said on Wednesday.Crude inventories fell 8.5 million barrels in the week ended July 26, far exceeding analysts' expectations for a decrease of 2.6 million barrels. At 436.5 million barrels, crude inventories, not including strategic oil reserves, were at the five year average for this time [Read more]
Texas shale pioneers struggle to appease investors, compete with majors
Seven years ago, Diamondback Energy Inc went public with a modest parcel of drillable land in the Permian Basin of West Texas. Like dozens of other Permian startups, the firm then pursued a classic wildcatter's strategy - borrowing to buy up acreage, acquire competitors and quickly boost output in the booming shale field. Today, Diamondback is the 7th largest producer in the top U.S. oil region, according to researcher Wood Mackenzie. But Diamondback differs from most of its peers in a [Read more]
Exxon Mobil’s Q2 results expected to sag, spotlighting need for asset sales
Exxon Mobil Corp's plan to accelerate asset sales, a way of delivering needed cash to finance shareholder returns and major projects, is getting off to a slow start as oil companies pull back on big deals. On Friday, the largest U.S. oil company is expected to report a 79-cents-a-share profit, down from 92 cents a year earlier, according to data provider Refinitiv. With little cash from asset sales and a third straight quarter of weaker year-over-year earnings, Exxon cannot resume share [Read more]
Oil edges up on prospect of U.S. interest rate cut
Oil prices rose on Monday as the prospect of an expected interest rate cut by the U.S. Federal Reserve overshadowed pessimism over U.S.-China trade talks and worries about slower global economic growth. Brent crude LCOc1 gained 25 cents to settle at $63.71 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 67 cents to settle at $56.87 a barrel. “Prices appear to be treading water ahead of this week’s events,” said John Kilduff, partner at Again Capital [Read more]
U.S. natgas futures slip to fresh 3-year low on rising production
U.S. natural gas futures fell to a fresh three-year low on Monday with spot prices at their lowest in years, production rising close to record highs and forecasts for less demand this week than previously expected. Analysts noted the front-month has traded around multi-year lows since late May despite power demand and liquefied natural gas (LNG) exports close to all-time highs, as near-record production and mild spring weather allowed utilities to inject huge amounts of gas into [Read more]
Oil steadies on pessimism over U.S.-China trade talks
Oil prices steadied on Monday amid pessimism over U.S.-China trade talks and the prospect of slower economic growth globally that could reduce demand for crude. U.S. West Texas Intermediate crude CLc1 was down 16 cents at $56.04 a barrel. WTI gained 1% last week. Economic growth in the United States slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption. But non-U.S. growth is slowing faster, due partly to the [Read more]