U.S. energy companies added oil rigs for a fourth week in a row even though crude pulled back from three-year highs over the past couple of weeks as more drillers boost their 2018 spending plans. Drillers added seven oil rigs in the week to Feb. 16, bringing the total count up to 798, the highest level since April 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That was the first time since June that drillers added rigs for four [Read more]
Oil near one-week high on weak dollar, stocks rally
NEW YORK (Reuters) - Oil prices edged higher on Friday as a rebound in the global equities market and a weak dollar supported crude’s recovery from last week’s slide. Brent crude was up 57 cents, or 0.8 percent, at $64.90 per barrel by 11:17 a.m. EST (1617 GMT). The global benchmark was on track to end the week up more than 3 percent after a decline of more than 8 percent last week. U.S. West Texas Intermediate crude rose 29 cents to $61.65, having touched a one-week high of $61.89. WTI [Read more]
Enbridge to double asset sales, targets about C$8 bln, sources say
Enbridge Inc , Canada's biggest pipeline operator, plans to accelerate its divestment program by selling assets valued at about C$8 billion ($6.4 billion) in 2018, more than twice its initial sale target, according to people familiar with the situation. Under pressure from both investors and rating agencies, the Calgary, Alberta-based firm wants to ramp up the sale of non-core assets from the previous C$3 billion it forecast in November, the people said on condition of anonymity because the [Read more]
Enbridge to double asset sales, targets about C$8 bln, sources say
Enbridge Inc , Canada's biggest pipeline operator, plans to accelerate its divestment program by selling assets valued at about C$8 billion ($6.4 billion) in 2018, more than two times its initial sale target, according to people familiar with the situation. Under pressure from both investors and rating agencies, the Calgary, Alberta-based firm wants to ramp up the sale of non-core assets from the previous C$3 billion it forecast in November, the people said on condition of anonymity [Read more]
Encana’s profit beats, production rises 4 pct
Canadian oil and gas producer Encana Corp posted a better-than-expected fourth-quarter profit on Thursday and said production rose 4 percent. Calgary, Alberta-based Encana, which produces gas and light oil, has benefited from whittling down its operations to focus on its four core North American assets: acreage in Montney and Duvernay in Western Canada and assets in the prolific Eagle Ford and Permian shale fields in Texas. Production from core assets jumped 32 percent to 313,200 barrels of [Read more]
Keystone operator TransCanada beats profit estimates
Keystone pipeline operator TransCanada Corp's fourth-quarter profit beat market expectations on Thursday, helped by lower costs and an expansion of its gas lines. On an adjusted basis, the Calgary-based company earned 82 Canadian cents, beating the average analyst estimate of 77 Canadian cents, according to Thomson Reuters I/B/E/S. Keystone's profitability was boosted, among others reasons, by the expansion of its NGTL gas pipeline, Chief Executive Officer Russ Girling said in a [Read more]
Transcanada reports fourth-quarter profit
Canadian pipeline operator TransCanada Corp on Thursday reported a quarterly profit compared with a year ago loss when it took about C$1 billion in charges. The Calgary-based company's net income attributable to shareholders was C$861 million ($689.08 million), or 98 Canadian cents per share, in the fourth quarter ended Dec. 31, compared with a loss of C$358 million, or 43 Canadian cents, a year ago. Revenue fell to C$3.62 billion from C$3.64 billion. The company separately also [Read more]
Canada’s Cenovus Energy posts jump in quarterly profit
Canadian oil producer Cenovus Energy Inc's fourth-quarter profit soared, as production nearly doubled and the company reined in expenses. The Calgary-based company said on Thursday its net income jumped to C$620 million ($497 million), or 50 Canadian cents per share, in the quarter ended Dec. 31, from C$91 million, or 11 Canadian cents per share, in the year-ago period. Total production was 554,606 barrels of oil equivalent per day, up 96 percent. (Reporting Ahmed Farhatha in [Read more]
U.S. crude oil, gasoline inventories rise: EIA
(Reuters) - U.S. crude stocks rose less then expected last week, while gasoline stocks rose by more than analysts had forecast as refineries cut output, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 1.8 million barrels in the week to Feb. 9, short of analysts’ expectations for an increase of 2.8 million barrels. “With a big drop in refining activity as we descend deeper into maintenance season, we have seen a third consecutive build to crude [Read more]
Surge in global oil supply may overtake demand in 2018: IEA
LONDON (Reuters) - The rise in global oil production, led by the United States, is likely to outpace growth in demand this year, the International Energy Agency said on Tuesday. The Paris-based IEA raised its forecast for oil demand growth in 2018 to 1.4 million barrels per day, from a previous projection of 1.3 million bpd, after the International Monetary Fund upped its estimate of global economic growth for this year and next. Oil demand grew at a rate of 1.6 million bpd in 2017, the [Read more]