Enbridge Inc , Canada's biggest pipeline operator, plans to accelerate its divestment program by selling assets valued at about C$8 billion ($6.4 billion) in 2018, more than two times its initial sale target, according to people familiar with the situation. Under pressure from both investors and rating agencies, the Calgary, Alberta-based firm wants to ramp up the sale of non-core assets from the previous C$3 billion it forecast in November, the people said on condition of anonymity [Read more]
Encana’s profit beats, production rises 4 pct
Canadian oil and gas producer Encana Corp posted a better-than-expected fourth-quarter profit on Thursday and said production rose 4 percent. Calgary, Alberta-based Encana, which produces gas and light oil, has benefited from whittling down its operations to focus on its four core North American assets: acreage in Montney and Duvernay in Western Canada and assets in the prolific Eagle Ford and Permian shale fields in Texas. Production from core assets jumped 32 percent to 313,200 barrels of [Read more]
Keystone operator TransCanada beats profit estimates
Keystone pipeline operator TransCanada Corp's fourth-quarter profit beat market expectations on Thursday, helped by lower costs and an expansion of its gas lines. On an adjusted basis, the Calgary-based company earned 82 Canadian cents, beating the average analyst estimate of 77 Canadian cents, according to Thomson Reuters I/B/E/S. Keystone's profitability was boosted, among others reasons, by the expansion of its NGTL gas pipeline, Chief Executive Officer Russ Girling said in a [Read more]
Transcanada reports fourth-quarter profit
Canadian pipeline operator TransCanada Corp on Thursday reported a quarterly profit compared with a year ago loss when it took about C$1 billion in charges. The Calgary-based company's net income attributable to shareholders was C$861 million ($689.08 million), or 98 Canadian cents per share, in the fourth quarter ended Dec. 31, compared with a loss of C$358 million, or 43 Canadian cents, a year ago. Revenue fell to C$3.62 billion from C$3.64 billion. The company separately also [Read more]
Canada’s Cenovus Energy posts jump in quarterly profit
Canadian oil producer Cenovus Energy Inc's fourth-quarter profit soared, as production nearly doubled and the company reined in expenses. The Calgary-based company said on Thursday its net income jumped to C$620 million ($497 million), or 50 Canadian cents per share, in the quarter ended Dec. 31, from C$91 million, or 11 Canadian cents per share, in the year-ago period. Total production was 554,606 barrels of oil equivalent per day, up 96 percent. (Reporting Ahmed Farhatha in [Read more]
U.S. crude oil, gasoline inventories rise: EIA
(Reuters) - U.S. crude stocks rose less then expected last week, while gasoline stocks rose by more than analysts had forecast as refineries cut output, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 1.8 million barrels in the week to Feb. 9, short of analysts’ expectations for an increase of 2.8 million barrels. “With a big drop in refining activity as we descend deeper into maintenance season, we have seen a third consecutive build to crude [Read more]
Surge in global oil supply may overtake demand in 2018: IEA
LONDON (Reuters) - The rise in global oil production, led by the United States, is likely to outpace growth in demand this year, the International Energy Agency said on Tuesday. The Paris-based IEA raised its forecast for oil demand growth in 2018 to 1.4 million barrels per day, from a previous projection of 1.3 million bpd, after the International Monetary Fund upped its estimate of global economic growth for this year and next. Oil demand grew at a rate of 1.6 million bpd in 2017, the [Read more]
Japan’s JX sells Syncrude oil sand stake to Suncor
* Japan's JX Nippon Oil & Gas Exploration Corp says it has agreed to sell its entire 5 percent stake in Syncrude oil sand project in Province of Alberta, Canada, to a subsidiary of Suncor Energy * Crude oil production of this project in 2017 was 248,000 barrels per day, it said (Reporting by Osamu Tsukimori; Editing by Sunil Nair) [Read more]
Oil prices tumble as hedge funds liquidate record bullish position: Kemp
LONDON, Feb 12 (Reuters) - Hedge funds have started to liquidate some of their record bullish positions in crude oil and refined fuels as the rally has gone into reverse and amid signs that U.S. shale production is surging. Hedge funds and other money managers cut their combined net long position in the six most important futures and options contracts linked to petroleum by the equivalent of 41 million barrels in the week to Feb. 6. The combined net long position has been cut by a total of [Read more]
Canada province sets task force in oil versus wine trade battle
Canada's oil-rich province of Alberta ramped up its fight with western neighbor British Columbia over a crude oil pipeline expansion on Friday, announcing a task force to prepare new retaliatory measures in the trade battle. * British Columbia last week provoked the ire from Alberta when it said it would restrict increased oil shipments through the province, a move seen as an attack on Kinder Morgan Canada's Trans Mountain pipeline expansion project. * Alberta retaliated by [Read more]