Canadian oil sands producer MEG Energy Corp on Thursday reported a third-quarter profit, compared with a loss a year ago, helped by higher bitumen prices and lower production costs. MEG, whose major operations are in the Athabasca region, is planning on expanding current projects, rather than starting new projects, as oil sands companies deal with expensive production and volatile oil prices. Calgary, Alberta-based MEG said its realized bitumen prices rose to C$39.89 per barrel in the third [Read more]
OPEC’s options for extending production pact: Kemp
LONDON, Oct 26 (Reuters) - Senior officials from the Organization of the Petroleum Exporting Countries and its allies are already discussing an extension of their production accord beyond its scheduled expiry at the end of March 2018. Current production limits have already been extended once, from the end of June 2017 to give more time for the oil market to rebalance. Ministers and officials are now discussing lengthening the agreement again, possibly until the end of 2018 (“OPEC seeking [Read more]
Suncor reports better-than-expected third-quarter profit
Suncor Energy Inc , Canada's second-largest energy producer, reported a higher-than-expected third-quarter profit on Wednesday due to record production and strong refinery output. The Calgary-based company reported net earnings of C$1.289 billion ($1.01 billion), or 78 Canadian cents per share, in the three months ended Sept. 30. In the year-prior quarter net earnings were C$392 million, or 24 Canadian cents per share. Suncor's operating profit, which excludes one-time items, was [Read more]
TransCanada to sell solar assets, focus on C$24 bln capital program
Canadian pipeline operator TransCanada Corp has agreed to sell its solar energy portfolio for C$540 million ($426 million) to focus on its C$24 billion worth of other core projects, including its recently purchased Columbia natural gas network, the company said on Wednesday. TransCanada's solar portfolio, based in Canada's Ontario province, comprises eight facilities with a generating capacity of 76 megawatts. TransCanada had bought the solar assets for C$470 million between 2013 [Read more]
Small Canadian LNG project delayed to 2018 as costs bite
A construction decision on a small-scale liquefied natural (LNG) gas export terminal on British Columbia's coast has been pushed back to 2018, as Woodfibre LNG Ltd works to make its C$1.6 billion ($1.3 billion) project competitive in the face of weak prices. The Vancouver-based company, which is backed by Indonesian billionaire Sukanto Tanoto's RGE Group, said previously it would start construction on the 2.1 million tonnes per annum (Mtpa) terminal this year. "We're definitely moving [Read more]
Backwardation beckons for WTI as crude stocks fall: Kemp
LONDON, Oct 24 (Reuters) - U.S. crude prices appear set to follow the international Brent benchmark from contango into backwardation in the next few months as oil inventories in the United States dwindle. U.S. commercial crude stocks have fallen by 23 million barrels since the start of the year, compared with an increase of 19 million barrels at the same point in 2016, and an average seasonal rise of 24 million barrels in the last decade. U.S. light sweet crude (WTI) futures for the contract [Read more]
Tillerson urges Iraq, Kurds to resolve conflict through dialogue
BAGHDAD (Reuters) - U.S. Secretary of State Rex Tillerson urged the Iraqi government and the Kurdistan region on Monday to resolve their conflict over Kurdish self-determination and disputed territories through dialogue. Tillerson made the call at the start of a meeting in Baghdad with Iraqi Prime Minister Haider al-Abadi, who in turn defended the role of an Iraqi paramilitary force backed by Iran against criticism made by the secretary of state on Sunday. “We are concerned and a bit sad,” [Read more]
Oil steady, supported by Iraq disruptions and drop in U.S. rigs
NEW YORK (Reuters) - Oil prices were little changed on Monday as supply disruptions in Iraq dented exports by OPEC’s second-largest producer and U.S. drilling rates showed a slowdown. Oil exports from southern Iraq have fallen by 110,000 barrels per day this month, according to shipping data and an industry source, adding to the drop in flows caused by a shortfall from the northern Kirkuk fields. Brent crude settled at $57.37 a barrel, down 38 cents. U.S. West Texas Intermediate (WTI) [Read more]
Oil prices creep upward as traders test higher range: Kemp
LONDON, Oct 23 (Reuters) - Hedge fund managers continue to hold large bullish positions in crude and fuels, anticipating strong demand growth and output restraint will lift oil prices into a new, higher, trading range. Hedge funds and other money managers held a net long position equivalent to 883 million barrels in the five biggest futures and options contracts linked to petroleum on Oct. 17. The net position had been reduced by 6 million barrels compared with the previous week and 45 million [Read more]
CN train derails in Alberta, releases small amount of crude
A Canadian National Railway Co train derailed on Sunday afternoon in the western province of Alberta, spilling a small amount of crude and prompting the temporary evacuation of 46 homes as a precautionary measure, local authorities said. No injuries were reported and the cause of the incident was under investigation, said CN spokesman Patrick Waldron. The 12-car train was traveling south when it derailed about 1:45 p.m. in Sturgeon County, Alberta, some 30 miles (48 km)north of the [Read more]