LONDON (Reuters) - Oil prices fell on Friday after Brent rallied to just below $60 a barrel the previous session but support from Saudi Arabia’s crown prince for extending OPEC-led output cuts created a floor. Brent fell 38 cents to $58.92 a barrel by 1215 GMT, after Thursday’s rise to $59.55, its highest since July 2015 and more than 30 percent above its 2017 lows touched in June. U.S. light crude oil was down 28 cents at $52.36 but still 25 percent above its June low. U.S. crude prices have [Read more]
Imperial Oil misses Q3 profit estimates as costs weigh
Canadian oil producer and refiner Imperial Oil Ltd on Friday reported a smaller-than-expected quarterly profit as higher costs and a marginal drop in production offset an increase in realized crude prices. The company reported a net profit of C$371 million ($287.80 million), or 44 Canadian cents per share, in the third quarter ended Sept. 30. Analysts on average were expecting a profit of 46 Canadian cents per share, according to Thomson Reuters I/B/E/S. Imperial Oil posted a C$1 billion [Read more]
Kinder Morgan Canada appeals to regulator after permit failure
Kinder Morgan Canada Ltd said Thursday that it has been unable to gain permits from the coastal city of Burnaby, British Columbia, for its Trans Mountain pipeline expansion and is appealing to the national regulator for construction approval. Burnaby has long opposed the expansion over environmental concerns, and the lack of permits from the city adds to the hurdles facing the C$7.4 billion ($5.9 billion) expansion, as North American energy projects face increasing opposition from activists. [Read more]
Canada’s Irving Oil fined C$4 mln in 2013 deadly rail disaster
Canada's Irving Oil was fined C$4 million ($3.11 million) on Thursday for what authorities said was the private refiner and distributor's role in a derailment that killed 47 people in 2013 in Quebec province. Irving Oil has pleaded guilty to 34 offences including carrying erroneous shipping documents and inadequately training staff, according to the Public Prosecution Service of Canada. In July 2013, the downtown section of the town of Lac Megantic was destroyed following the [Read more]
Canada’s Crescent Point 3rd-qtr net loss widens, shares fall
Canadian oil and gas producer Crescent Point Energy Corp said on Thursday its third-quarter net loss more than doubled, driven by tax payments and foreign exchange losses, sending shares sharply lower. The Calgary-based company also said it would boost capital expenditures in 2017 to C$1.55 billion ($1.21 billion) from the previous estimate of C$1.45 billion. Most of that money is earmarked for work in the Uinta Basin in Utah, the Williston Basin in Saskatchewan and early work at its emerging [Read more]
TransCanada seeks to raise spot tariffs on Marketlink oil pipeline -FERC
TransCanada Corp is seeking to raise the temporary discounted spot rate for light crude on its 700,000 barrel-per-day Marketlink pipeline effective Dec. 1, according to a Federal Energy Regulatory Commission filing on Thursday. Light crude oil moving from Cushing, Oklahoma into Port Arthur or Houston in Texas will be raised to $3.00 a barrel from $2.50 a barrel previously, according to the filing. The heavy crude tariff rate at $3.00 a barrel remains unchanged. U.S. crude benchmark's [Read more]
Suncor says makes progress in oil sands project dispute with Total
Suncor Energy , Canada's second-largest energy producer, said on Thursday it has made progress in resolving a commercial dispute with joint venture partner Total SA over funding for the new Fort Hills oil sands mining project. Calgary-based Suncor is the majority owner and operator of the Fort Hills joint venture in northern Alberta. The plant, which is the last oil sands project to be built from scratch on a massive scale, is expected to be operating at 90 percent of its 190,000 [Read more]
Net loss widens at Canada’s Crescent Point on forex losses, tax payment
Canadian oil and gas producer Crescent Point Energy Corp said on Thursday its third-quarter net loss more than doubled, driven by tax payments and foreign exchange losses. The company said net loss in the period was C$270.6 million ($211.3 million), or 50 Canadian cents per share, in the quarter ended Sept. 30, more than double the loss of C$108.5 million, or 21 Canadian cents, in the third quarter of 2016. Operating profit, which excludes most one-time items, was C$33.7 million, or 6 cents [Read more]
Husky Energy profit beats estimates on higher output, prices
Canadian oil and gas producer Husky Energy Inc on Thursday reported a better-than-expected quarterly profit, helped by higher production and realized prices, and cut its capital budget for the year. The company said it expects to spend C$2.2 billion to C$2.3 billion ($1.7 billion to $1.80 billion) this year, less than its previous estimate of C$2.5 billion to C$2.6 billion. Husky, like other Canadian oil sands companies, has been trying to cut costs to offset weak demand for its heavy crude [Read more]
Canada’s MEG Energy posts Q3 profit on higher prices, lower costs
Canadian oil sands producer MEG Energy Corp on Thursday reported a third-quarter profit, compared with a loss a year ago, helped by higher bitumen prices and lower production costs. MEG, whose major operations are in the Athabasca region, is planning on expanding current projects, rather than starting new projects, as oil sands companies deal with expensive production and volatile oil prices. Calgary, Alberta-based MEG said its realized bitumen prices rose to C$39.89 per barrel in the third [Read more]