Husky Energy Inc on Tuesday nearly doubled its free cash flow target over five years and cut its capital spending at a time when investors have been calling on oil and gas companies to shore up capital for buybacks and dividends.Total free cash flow before dividends is expected to reach C$8.7 billion between 2019 and 2023, compared with previous estimate of C$4.8 billion between 2018 and 2022. "Husky's updated five-year plan... achieves a significant increase in free cash flow [Read more]
Gibson to load 225,000 bpd of Canadian crude-by-rail by summer’s end: CEO
CALGARY, Alberta (Reuters) - Canadian midstream company Gibson Energy is loading 60 unit trains per month at the Hardisty, Alberta, crude-by-rail terminal and that will rise to 90 trains per month by the end of the summer, Chief Executive Steve Spaulding said on Friday. Each unit train can carry around 60,000-75,000 barrels, which would put total loadings at 180,000-225,000 barrels per day (bpd) by summer’s end. The increase in crude-by-rail loadings comes as the discount on Canadian crude [Read more]
Oil under pressure from U.S.-China trade war, but OPEC cuts provide support
SINGAPORE: Oil prices were mixed on Monday, with U.S. crude under pressure from Sino-American trade tensions, while Brent prices were supported by OPEC's supply cuts. Front-month U.S. West Texas Intermediate (WTI) crude futures were at $58.43 per barrel at 0700 GMT, down 20 cents, or 0.3%, from their last settlement. Spot Brent crude futures, the international benchmark for oil prices, were firmer at $68.82 per barrel, 13 cents, or 0.2%, above their last close. Both crude contracts [Read more]
Pemex’s oil exports tumble 11% in April from March
MEXICO CITY (Reuters) - Pemex’s oil exports dropped by 11% in April compared to the previous month, while production slipped by 0.9%, data from the Mexican state oil firm showed on Friday. Exports of Maya crude, the only type Pemex has been selling abroad for almost a year, fell to 1.023 million barrels per day (bpd) in April from 1.150 million bpd in March, the data showed. Crude output dipped to 1.675 million bpd from 1.691 million bpd. Pemex has been struggling to cope with financial [Read more]
U.S. oil drillers cut rigs for third week in a row
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as weaker oil prices encourage drillers to follow through on plans to cut spending. Drillers cut five oil rigs in the week to May 24, bringing the total count down to 797, the lowest since March 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 859 rigs operating during the same week a year ago. The rig count, an [Read more]
Alberta tabling bill to repeal carbon tax
Alberta will table a bill to repeal the provincial carbon tax on Wednesday, the new government said in a speech kicking off its first legislative session. Premier Jason Kenney's United Conservative Party swept to power in Alberta last month on a platform that promised to champion the province's beleaguered energy industry and stand up to the federal government in Ottawa. Scrapping Alberta's carbon tax, which was introduced by the previous government, was a major part of Kenney's campaign. [Read more]
U.S. oil drillers cut rigs to lowest count since March 2018
U.S. energy firms this week reduced the number of oil rigs operating for the second week in a row, with the rig count at its lowest since March 2018, as some drillers follow through on plans to cut spending. Despite those cuts, production in the nation's biggest shale formations was expected to keep rising from record levels. Drillers cut three oil rigs in the week to May 17, bringing the total count down to 802, below the 844 units operating a year ago, General Electric Co's Baker Hughes [Read more]
Canadian Senate committee passes amendments on Bill C-69
A Canadian Senate committee has passed 187 amendments to a controversial energy bill proposed by the Liberal government that would change how the environmental impact of major projects like oil export pipelines is assessed. The amendments, approved late on Thursday, were welcomed by the premier of Canada's main crude-producing province Alberta, but environmental groups warned they represent a step backwards in Canada's commitment to tackling climate change. Bill C-69 will now go back to [Read more]
Scheer pledges to limit spending, build energy corridor
Canada's Conservative Party leader Andrew Scheer on Thursday said if he is elected in the October national election he will rein in spending, build oil pipelines and put the country on a path to energy independence by 2030. In a 14-page speech delivered in Toronto, Canada's financial capital, Scheer attacked Liberal Prime Minister Justin Trudeau, who he says has "blown it all." It was the second of five promised policy speeches by Scheer following one on foreign policy last week. Scheer's [Read more]
U.S. oil output helps fill gap left by Iran, Venezuela
The world will require very little extra oil from OPEC this year as booming U.S. output will offset falling exports from Iran and Venezuela, the International Energy Agency said on Wednesday. The IEA, which coordinates the energy policies of industrial nations, said Washington's decision to end sanctions waivers that had allowed some importers to continue to buying Iranian crude added to the "confusing supply outlook." "However, there have been clear and, in the IEA's view, very welcome [Read more]