Canada's Imperial Oil Ltd on Friday reported a quarterly loss, compared with a profit last year, when it realized a nearly C$1 billion gain from the sale of its service stations. The oil producer and refiner's net loss was C$137 million ($111 million), or 16 Canadian cents per share, in the fourth quarter, compared with a profit of C$1.44 billion, or C$1.70, a year earlier. Imperial Oil, majority owned by Exxon Mobil Corp , said production remained unchanged at 399,000 gross [Read more]
Canada’s Trudeau says Kinder Morgan pipeline expansion to proceed -radio
Prime Minister Justin Trudeau said on Thursday his government would ensure Kinder Morgan Canada's Trans Mountain oil pipeline expansion is built and added the C$7.4 billion ($6 billion) project is not a threat to Canada's West Coast. Trudeau reiterated the government's position in two separate radio interviews. His comments came two days after British Columbia proposed new laws that would temporarily ban increased shipments of crude oil through the West Coast province, adding [Read more]
U.S. oil production nears 47-year record as shale booms: Kemp
LONDON, Feb 1 (Reuters) - U.S. crude oil production topped 10 million barrels per day (bpd) in November, according to monthly estimates published by the Energy Information Administration on Wednesday. Crude output was the highest in 47 years and just 6,000 bpd below the record set in November 1970 (“Petroleum Supply Monthly”, EIA, Jan. 31). Production has doubled over the last 10 years, from a low of around 5 million bpd in 2007, reversing decades of decline since the 1970s. The most [Read more]
Shell poised to dethrone Exxon in oil titans’ cash clash
LONDON (Reuters) - Royal Dutch Shell (RDSa.L) could usurp its largest rival Exxon Mobil (XOM.N) as the energy sector’s biggest cash generator after higher oil and gas prices combined with an improved performance lifted its 2017 revenue. Chief Executive Ben van Beurden has made no secret of his desire to challenge the dominance of the world’s largest listed oil company after its $54 billion purchase of BG Group in 2016 catapulted Shell into second place in terms of production. The [Read more]
U.S. crude output passes 10 million bpd for first time since 1970
NEW YORK, Jan 31 (Reuters) - U.S. crude oil production in November surpassed 10 million barrels per day for the first time since 1970, and neared the all-time output record, the Energy Information Administration said in a monthly report on Wednesday. Oil output rose 384,000 barrels per day (bpd) in November from October to 10.038 million bpd, the agency said. The agency also increased its October estimate by 17,000 bpd to 9.654 million bpd, according to the report, known as the 914 production [Read more]
Oil could struggle to top $70 as U.S. output offsets OPEC cuts
(Reuters) - Oil prices are unlikely to advance much higher than $70 a barrel in 2018, with the market caught between the opposing forces of OPEC-led production cuts and surging U.S. output, a Reuters poll showed on Wednesday. The survey of 34 economists and analysts forecast that Brent crude will average $62.37 a barrel in 2018, up from the $59.88 forecast in the previous monthly poll. “Steady demand growth, a clear commitment to supply restraint by key OPEC producer Saudi Arabia and [Read more]
Oil falls for second day on stock market selloff, supply concerns
HOUSTON (Reuters) - Oil prices dipped for a second straight day on Tuesday, driven by ongoing evidence of rising U.S. crude output, while wary investors sold off stocks, bonds and commodities. Brent crude futures for March delivery settled down 44 cents, or 0.6 percent, at $69.02 a barrel after touching a session low of $68.40. U.S. West Texas Intermediate futures fell $1.06, or 1.6 percent, to close at $64.50 a barrel. Futures traded weaker in post-settlement trading after weekly [Read more]
Canadian province moves to block increased oil shipments
British Columbia moved on Tuesday to block increased shipments of crude oil through the Pacific Coast province, in the latest blow to Kinder Morgan Canada's proposed C$7.4 billion ($6 billion) Trans Mountain pipeline expansion. The Western Canadian province's environment ministry said it will set up an independent scientific advisory panel to make recommendations on the safe transport of heavy oils and to better prepare for cleanup, in case of spills. The province plans to bar any increase [Read more]
Exxon plans major U.S. investments due to tax reform: CEO
HOUSTON - Exxon Mobil Corp plans to invest billions of dollars in the United States due in part to recently approved corporate tax rate cuts, the company’s chief executive said on Monday. Darren Woods, head of the world's largest publicly traded oil producer, said in a blog post on the company's website that Exxon expects to spend $50 billion in U.S. projects over the next five years. The company also is "actively evaluating" projects now in planning stages as a result of new tax and [Read more]
Oil dips, still set for biggest January rise in five years
HOUSTON (Reuters) - Oil prices slipped 1.5 percent on Monday, pressured by a strengthening dollar and rising U.S. crude output, but prices remained on track for the biggest January increase in five years. Brent crude futures were down $1.05 at $69.45 a barrel at 11:26 EST (1626 GMT). U.S. West Texas Intermediate (WTI) crude futures were $1 lower at $65.14 a barrel. Brent has risen 6.3 percent so far this month, headed for its biggest January rise since 2013. “There seems to be a little [Read more]