Canadian oil producer Cenovus Energy Inc reported a smaller third-quarter loss on Thursday as its purchase of ConocoPhillips' Canadian oil-sands assets more than doubled production. Total production rose to 590,851 barrels of oil equivalent per day from 273,405 boed a year earlier. Cenovus paid $13.3 billion in March to buy ConocoPhillips' Canadian oil sands assets. The company trimmed its full-year spending by C$100 million, saying it would not impact production in its [Read more]
Booming oil demand is eroding inventories: Kemp
LONDON, Nov 2 (Reuters) - Global oil consumption is growing rapidly, helping account for the decline in reported inventories, the recent surge in prices and the shift in futures markets from contango to backwardation. Consumption is much harder to measure than production, which is why the demand side of the market receives less attention. Even in the advanced economies, consumption data is only available with a delay of two months or more, and reliable data from emerging economies often not at [Read more]
Canadian Natural Resources posts profit on higher production, prices
Canadian Natural Resources Ltd on Thursday reported a third-quarter profit, rebounding from a year-ago loss, helped by higher production and average realized prices for crude oil and natural gas liquids (NGL). Oil and natural gas production rose 40.9 percent to 1.04 million barrels of oil equivalent per day (boepd) in the quarter, Canada's largest independent petroleum producer said. The realized price of crude oil and NGL averaged C$46.30, an increase of 16.8 percent from the year-ago [Read more]
Oil slips, erases gains as U.S. crude draw shy of API report
NEW YORK (Reuters) - Oil prices dipped in see-saw trade on Wednesday, hitting their highest in more than two years and then retreating after weekly U.S. government inventory data showed the latest crude stock draw was not as big as an industry trade group had reported. While oil settled lower, both global marker Brent and U.S. crude benchmarks remained near the highest levels since July 2015, as lower global supply pushed markets higher. “The market had a bit of a pull back today...prompted by [Read more]
Canada oil, gas drilling to pick up in 2018 -industry body
Canadian oil and gas drilling activity will climb 5 percent in 2018 as a gradual uptick in crude prices gives rise to cautious optimism among producers, an industry body forecast on Tuesday. The Petroleum Services Association of Canada (PSAC) expects energy firms to drill 7,900 wells next year, up from 7,550 in 2017. The biggest increase in activity will be in Canada's main crude oil and gas-producing province of Alberta. Based on PSAC's forecast, next year will be the busiest for [Read more]
Oil market set to move from rebalancing to tightening: Kemp
LONDON (Reuters) - The oil market is now well into a cyclical upswing and within the next year the narrative about “rebalancing” is likely to be replaced by one about “tightening”. Rebalancing started well before the production pact between the Organization of the Petroleum Exporting Countries (OPEC) and its allies went into effect in January. OPEC has been open about the fact that the rebalancing process pre-dated its agreement, with officials repeatedly noting the accord was intended to [Read more]
Cenovus taps TransCanada veteran Alex Pourbaix for CEO role
Canadian oil and gas producer Cenovus Energy Inc on Monday named industry veteran Alex Pourbaix chief executive officer, effective Nov. 6. Cenovus said in June it would replace Chief Executive Brian Ferguson after investors rejected Ferguson's rationale for expanding in Canada's high-cost oil sands. Pourbaix, who worked at TransCanada Corp for 27 years, most recently held the role of chief operating officer at Canada's second-largest pipeline operator. Calgary-based [Read more]
U.S. oil exports boom, putting infrastructure to the test
NEW YORK/HOUSTON (Reuters) - Tankers carrying record levels of crude are leaving in droves from Texas and Louisiana ports, and more growth in the fledgling U.S. oil export market may before long test the limits of infrastructure like pipelines, dock space and ship traffic. U.S. crude exports have boomed since the decades-old ban was lifted less than two years ago, with shipments recently hitting a record of 2 million barrels a day. But shippers and traders fear the rising trend is not [Read more]
Alberta’s Conservatives pick former federal MP to lead party
A former federal politician was elected on Saturday as leader of the right-leaning opposition in Canada's oil-rich Alberta province, becoming the first permanent head of a new conservative movement formed from splintered factions. Jason Kenney, a former federal cabinet minister, was elected with 61.1 percent of the vote, the United Conservative Party announced at an event in Alberta's largest city of Calgary. Kenney will head a party formed this year from the Progressive Conservative and [Read more]
Canada’s Burnaby, B.C., hits back at Kinder Morgan in pipeline dispute
The city of Burnaby, British Columbia, accused Kinder Morgan Canada Ltd of disrespecting municipal regulations on Friday, after the company appealed to Canada's energy regulator for approval to start work on its Trans Mountain oil pipeline. The company, a unit of Houston-based Kinder Morgan Inc , on Thursday asked the National Energy Board for approval to start some construction work in Burnaby as it has been unable to obtain the necessary permits from the city. Kinder Morgan said [Read more]