Imperial Oil Ltd reported a smaller second-quarter loss as Canada's No.2 integrated oil producer and refiner benefited from a surge in oil prices. North American oil producers are slowly gaining from a jump in global crude prices as an OPEC-led production cut and a rebound in demand slowly erode a global glut. The company said crude oil prices jumped 43.2 percent to C$51.62 per barrel compared to the year-ago period. The company sold bitumen from its Canadian oil sands projects for [Read more]
TransCanada profit beats on U.S. pipelines unit strength
TransCanada Corp , Canada's No.2 pipeline operator, reported a better-than-expected profit on Friday, helped by strength in its U.S. natural gas pipelines and liquids pipelines units. Revenue from the company's U.S. natural gas pipelines unit more than doubled to C$879 million. The Calgary-based company's net income attributable to shareholders rose to C$881 million, or C$1.01 per share, in the second quarter ended June 30, compared with C$365 million, or 52 Canadian cents [Read more]
TransCanada quarterly profit more than doubles
TransCanada Corp , Canada's No.2 pipeline operator, reported a quarterly profit on Friday which more than doubled, helped by strength in its natural gas and liquids pipelines units. The Calgary-based company's net income attributable to shareholders rose to C$881 million, or C$1.01 per share, in the second quarter ended June 30, compared with C$365 million, or 52 Canadian cents per share, a year earlier. Revenue rose to C$3.22 billion from C$2.75 billion. (Reporting by Ahmed [Read more]
Petronas to take a hit from Canada pullout, but sees long-term domestic gains
Petronas may have to write off up to $800 million for work already done at the $29 billion Canadian liquefied natural gas (LNG) project, but scrapping the project brings long-term benefits, analysts said on Friday. State-owned Petroliam Nasional Bhd (Petronas) announced on Tuesday it would not proceed with its proposed Pacific NorthWest LNG terminal in British Columbia mainly due to depressed prices. "A rough gauge indicates that Petronas holding a 62 percent stake (in the project) would [Read more]
Suncor, Total SA argue over cost of Fort Hills project
Canada's Suncor Energy Inc is in the early stages of a commercial dispute with France's Total SA over funding for the Fort Hills oil sands project in northern Alberta, the two companies said on Thursday. The 194,000-barrel-per-day mining project is a joint venture between Suncor, Total and Teck Resources Ltd . Earlier this year Suncor upped its Fort Hills capital costs estimate to between C$16.5 billion and C$17 billion, from C$15.1 billion, and on Wednesday the Canadian [Read more]
TransCanada seeks additional commitments on Keystone pipeline system
TransCanada Corp launched an open season on Thursday for additional commitments for the transportation of crude oil on the Keystone pipeline system, according to a company statement. The open season will close on Sept. 28. The Keystone system, including the Keystone and Keystone XL pipelines, moves oil from Hardisty, Alberta, to markets in Cushing, Oklahoma, then onto the U.S. Gulf Coast. While the original Keystone is already operating, the controversial Keystone XL was delayed for years [Read more]
TransCanada seeks additional commitments on Keystone pipeline system
TransCanada Corp launched an open season on Thursday for additional commitments for the transportation of crude oil on the Keystone pipeline system, according to a company statement. The open season will close on Sept. 28. The Keystone system moves oil from Hardisty, Alberta, to markets in Cushing, Oklahoma, then onto the U.S. Gulf Coast. (Reporting by Catherine Ngai) [Read more]
Oil prices hover near eight-week highs on lower U.S. inventories
Oil prices held just below eight-week highs on Thursday, supported by a steeper-than-expected decline in U.S. crude inventories that boosted expectations of a shift to a more balanced market. Brent crude futures LCOc1 dipped 9 cents at $50.88 a barrel at 0950 GMT, after rising about 1.5 percent in the previous session. U.S. West Texas Intermediate futures CLc1 slipped 6 cents at $48.69 a barrel. U.S. crude stocks fell sharply last week as refineries increased output and imports declined, [Read more]
Statoil scales down exploration plans for 2017
Norway's Statoil has reduced its exploration ambitions for 2017 and will drill around 30 wells, down from previous plans for as many as 35, its chief financial officer said on Thursday. The company has revised its exploration spending guidance for 2017 to $1.3 billion from $1.5 billion, citing "strict prioritisation and efficient drilling operations" in a statement accompanying its second-quarter earnings. Its exploration spending in the second quarter was down to $224 [Read more]
Qatar’s LNG brownfield trumps Petronas’ greenfield hopes: Russell
The shifting dynamics of the liquefied natural gas (LNG) industry have been neatly encapsulated by two recent decisions: the scrapping of a major new development and the expansion of an existing large-scale project. Malaysia's state-owned Petronas announced this week it was cancelling its $29 billion Pacific Northwest LNG venture in Canada's western British Columbia province, citing low global prices for the super-chilled fuel. The decision not to proceed came after Qatar said on July 4 it [Read more]