U.S. energy firms cut the number of oil rigs for the second in three weeks, slowing the pace of a 15-month drilling recovery, amid plans to spend less in reaction to declines in crude prices over the past several months. Drillers cut one oil rig in the week to August 4, bringing the total count down to 765, General Electric Co's Baker Hughes energy services firm said in its report on Friday. There were 381 active oil rigs during the same week a year ago. Drillers have added rigs in 55 of [Read more]
Canadian Natural among bidders for Cenovus’ Pelican Lake: sources
Cenovus Energy Inc has received separate bids from Canadian Natural Resources Ltd , ARC Financial Corp and others for a heavy oil project in Pelican Lake, Alberta, according to people familiar with the matter who told Reuters the project was valued at as much as C$1 billion ($796 million). Calgary-based Cenovus is also in advanced talks to sell another oil project in Suffield, Alberta, which is likely to fetch between C$500 million and C$600 million, the people added. Cenovus has also [Read more]
Oil prices fall as OPEC oil exports rise
LONDON (Reuters) - Oil prices edged lower on Friday and were on track for weekly losses, weighed down by rising OPEC exports and strong output from the United States. Brent crude futures LCOc1, the international benchmark, were trading at $51.76 a barrel at 1141 GMT, 25 cents below the last close and heading for a fall of close to 1.5 percent on the week. U.S. West Texas Intermediate (WTI) crude futures CLc1 were 30 cents lower at $48.73 per barrel and were set to drop by around 2 percent for [Read more]
Nebraska regulators block testimony ahead of Keystone XL hearings
Nebraska regulators weighing the fate of TransCanada Corp's proposed Keystone XL pipeline have ruled that opponents of the project cannot use one of their best arguments against it in final hearings next week: that America does not need the oil. The state's five-member Public Service Commission is scheduled to hold court-like hearings on Aug. 7 to 11 before deciding whether to approve the project's route, marking the final hurdle for the long-delayed project after President Donald Trump gave [Read more]
Pipeline operator Kinder Morgan Canada launches share offering
Pipeline operator Kinder Morgan Canada Ltd on Thursday announced a C$200 million ($159 million) share offering for the completion of certain projects and to reduce debt. The company said it would offer 8 million shares at C$25 per share, which represents a 37.7 percent premium to the stock's Wednesday close. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Martina D'Couto) [Read more]
Canada’s Enbridge posts lower-than-expected profit
Enbridge Inc , North America's largest pipeline operator, on Thursday reported a lower-than-expected profit, hurt by outages and production disruptions at its liquids pipeline business. The company said it expects the performance of its liquids pipelines business to strengthen over the rest of the year as production and throughput ramps back up on its mainline system. Quarterly profit more than tripled, helped partly by the company's $28 billion purchase of natural gas pipeline [Read more]
Enbridge second-quarter profit more than triples
Enbridge Inc , North America's largest pipeline operator, on Thursday reported a quarterly profit that more than tripled, helped partly by its purchase of natural gas pipeline company Spectra Energy Corp. Earnings attributable to shareholders rose to C$919 million ($729.77 million), or 56 Canadian cents per share, in the second quarter ended June 30, from C$301 million, or 33 Canadian cents per share, a year earlier. Enbridge bought Spectra for $28 billion in a deal that closed on [Read more]
Canadian Natural Resources profit tops estimates; cuts capex
Canadian Natural Resources Ltd posted a higher quarterly profit that topped Street estimates and said it would cut capital expenditure for the year by about C$180 million, becoming the latest oil and gas company to do so. Bigger rivals like Anadarko Petroleum and Hess Corp said last month they would cut capital budgets to adapt to a dip in oil prices, a trend which was not expected when 2017 budgets were crafted. In March, Canadian Natural had budgeted for about C$3.9 billion in [Read more]
Canadian Natural Resources posts Q2 profit from year-ago loss
Canadian Natural Resources Ltd reported a quarterly profit on Thursday compared with a year-ago loss, as the oil and natural gas producer benefited from higher oil prices and production rise. The company earned C$1.07 billion ($849.3 million), or 93 Canadian cents per share, in the second quarter ended June 30, compared with a loss of C$339 million, or 31 Canadian cents per share, a year earlier. Oil and natural gas production rose 16.5 percent to 913,171 barrels of oil equivalent per [Read more]
Oil falls 2 percent, weighed by ample OPEC supply
NEW YORK (Reuters) - Oil dropped about 2 percent from a two-month high on Tuesday as major world oil producers kept pumping out supply, causing investors to worry that several weeks of steady gains had pushed the rally too far, too fast. Selling picked up in the late morning as oil broke below Monday's lows, with more than 925,000 U.S. futures contracts traded, making it the busiest day in the market in nearly three weeks. OPEC production rose in July, a Reuters survey found Monday, despite a [Read more]