The U.S. oil rig count fell for a third week in a row, extending a two-month drilling decline, although producers have sharply ramped up bets against a fall in oil prices, which could spur another investment surge. The oil rig count fell seven to 736 in the week to Oct. 20, the lowest level since June, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The rig count, an early indicator of future output, is still much higher than a year [Read more]
Oil prices flat; weak U.S. demand offsets Mideast tensions
NEW YORK (Reuters) - Oil prices were flat on Friday in see-saw trade, under pressure from weak U.S. demand but drawing support from a sharp decline in Iraqi crude exports due to tensions in the Kurdistan region. U.S. light crude was 10 cents higher at $51.39. Brent crude was up 24 cents at $57.47 a barrel by 11:44 a.m. EST. “We’ve continued to see signs that the market needs a steady drumbeat of positive information,” said Gene McGillian, director of market research for Tradition Energy. “This [Read more]
U.S. natural gas prices under pressure even as stocks tighten
LONDON, Oct 20 (Reuters) - U.S. natural gas stocks continue to tighten, but most traders appear unconcerned, with futures prices for gas delivered this winter close to the lowest levels since the start of the year. Working gas stocks in underground storage were 35 billion cubic feet (bcf) below the five-year average at 3,646 bcf on Oct. 13, according to data from the U.S. Energy Information Administration. Working stocks have tightened significantly since the middle of March, when they stood [Read more]
Thailand’s PTTEP delays Canadian oil sands project at cost of $550 mln
PTT Exploration and Production Pcl (PTTEP) , the upstream arm of Thailand's energy giant PTT Group , said on Thursday that it was delaying plans investment for the Mariana Oil Sands in Canada. PTTEP, which owns 100 percent of the Mariana Oil Sands, is delaying the project's final investment decision, which will result in an impairment cost of $550 million, the company said. The cost will be reflected in its third-quarter earnings. The delay is the latest project to be postponed in Canada's [Read more]
Cenovus to sell Palliser assets for $1.3 bln to pay down debt
Canadian oil and gas producer Cenovus Energy said on Thursday it will sell its Palliser crude oil and natural gas assets in southeastern Alberta to Torxen Energy and Schlumberger Ltd for C$1.3 billion ($1.04 billion) to lower its debt load. The company has been looking to sell parts of its portfolio to pay off the debt it accumulated to partly fund its C$16.8 billion purchase of some ConocoPhillips assets in May. That deal doubled Cenovus' production assets, but dented its [Read more]
Cenovus to sell Palliser assets for $1.3 bln
Cenovus Energy said on Thursday it will sell its Palliser crude oil and natural gas assets in southeastern Alberta to Torxen Energy and Schlumberger Ltd for C$1.3 billion ($1.04 billion) to pay down debt. Cenovus continues to target between C$4 billion and C$5 billion in asset sale agreements by the end of the year as it looks to lower its debt, chief executive Brian Ferguson said. (Reporting by Karan Nagarkatti; Editing by Savio D'Souza) [Read more]
Kinder Morgan’s revenue beats as natgas volumes rise
Pipeline operator Kinder Morgan Inc's quarterly revenue edged past analysts' estimates as a rise in natural gas volumes helped offset the impact of Hurricane Harvey and loss of revenue from the divestiture of its Canadian assets. The company's shares were up 1.3 percent at $18.93 in extended trading on Wednesday. Revenue was weighed down by the separation of Kinder Morgan Canada Ltd in May and a partial shut down of some of its pipelines and gas storage facilities due to [Read more]
Kinder Morgan Canada says pipe expansion delay possible; profit rises
Kinder Morgan Canada Ltd's $7.4 billion ($5.9 billion) Trans Mountain pipeline expansion has seen a delay in construction preparation and its December 2019 operational date could be pushed back, the company said on Wednesday. In a statement announcing a rise in third-quarter earnings, Kinder Morgan Canada said the delay was due to the time necessary to secure regulatory permits. The company, a unit of Houston-based Kinder Morgan Inc , said it is working with contractors to speed up [Read more]
Kinder Morgan Canada profit up, slower start for pipe expansion
Kinder Morgan Canada Ltd's $7.4 billion ($5.9 billion) Trans Mountain pipeline expansion has seen a delay in construction preparation, the company said on Wednesday as it posted a bigger quarterly profit. The unspecified delay was due to the time necessary to secure permits, but the December 2019 date for shipping oil on the expansion remains, said the company, a unit of Houston-based Kinder Morgan Inc . Kinder Morgan Canada reported a net income of C$42.4 million, or 11 cents per [Read more]
TransCanada’s Keystone crude pipeline shut down after storm -sources
TransCanada Corp's Keystone crude oil pipeline is shut down after a storm on Tuesday night in southeast Alberta and southwest Saskatchewan, market sources said on Wednesday. The 590,000 barrel per day Keystone pipeline ships crude from Hardisty, Alberta, to Steele City, Nebraska. (Reporting by Nia Williams) [Read more]