Suncor Energy Inc reported quarterly adjusted earnings of 40 cents per share for the quarter ended in March. The mean expectation of eight analysts for the quarter was for earnings of 23 cents per share. Revenue rose 11.3% to $7.03 billion from a year ago; analysts expected $6.92 billion. Suncor Energy Inc's reported EPS for the quarter was 44 cents. The mean earnings estimate of analysts had risen by about 687.2% in the last three months. In the last 30 days one analyst negatively [Read more]
Heavy discount widens on first day of new trade cycle
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened on Monday, the first day of the new monthly trade cycle: Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, widened to last trade at $12.00 per barrel below WTI, according to NE2 Canada Inc, down 25 cents from the previous settle. Light synthetic crude from the oil sands for June delivery traded at $1.00 per barrel below WTI, according to NE2, having previously settled at 50 cents a [Read more]
Tourmaline Oil Corp expected to post earnings of C$1.94 a share
Tourmaline Oil Corp is expected to show a rise in quarterly revenue when it reports results on May 5. The Calgary, Alberta-based company is expected to report a 25.6% increase in revenue to C$841 million from C$669.64 million a year ago, according to the estimate from one analyst, based on Refinitiv data. Refinitiv's mean analyst estimate for Tourmaline Oil Corp is for earnings of 68 cents per share. For the same quarter last year, the company reported a loss of 13 cents per [Read more]
Oil climbs as demand optimism overshadows India worries
Oil prices climbed on Monday as optimism about a strong rebound in fuel demand in developed countries and China in the second half of the year overshadowed growing concerns of a full lockdown in India to curb the COVID-19 pandemic. U.S. West Texas Intermediate for June was at $64.07 a barrel, up 61 cents, or 0.98%. Brent crude futures for July gained 46 cents, or 0.71%, to $67.12 a barrel. Vaccinations are expected to lift global oil demand, especially during peak travel season in the [Read more]
In energy-reliant Canada, banks and investors face dilemma in meeting emissions target
Canadian banks' commitments to "net-zero financed emissions" by 2050 have drawn doubts from many investors, given the lack of a defined goal, details, and their continued support for oil and gas companies, even if partially aimed at helping them transition to alternatives. But their growing funding for green projects also presents a dilemma for shareholders who might want to divest. The situation highlights the largely Canadian quandary faced by both the banks and their investors. Even in [Read more]
Imperial Oil Ltd reports results for the quarter ended in March – Earnings Summary
Imperial Oil Ltd reported quarterly adjusted earnings of 43 cents per share for the quarter ended in March. The mean expectation of seven analysts for the quarter was for earnings of 42 cents per share. Revenue rose 4.6% to $5.69 billion from a year ago; analysts expected $6.52 billion. Imperial Oil Ltd's reported EPS for the quarter was 43 cents. The mean earnings estimate of analysts had risen by about 58.8% in the last three months. In the last 30 days one analyst negatively [Read more]
U.S. drillers add oil and gas rigs for ninth month
U.S. energy firms added oil and natural gas rigs this week, leading to a ninth straight monthly rig count increase, as a recovery in prices lured some drillers back to the wellpad. The oil and gas rig count, an early indicator of future output, rose two to 440 in the week to April 30, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That was the sixth time the count increased in the past seven weeks and put the total number [Read more]
Canada’s oil sands becomes country’s COVID-19 hotspot
The oil sands region in northern Alberta has become a COVID-19 hotspot, disrupting essential annual maintenance work at its massive oil sands plants. Alberta is battling the highest rate of COVID-19 in Canada as the country grapples with a third wave of the pandemic, and on Thursday hit a record for new daily infections, topping 2,000 a day for the first time. The Regional Municipality of Wood Buffalo, home to the oil sands, has the highest rate of active cases per capita in the [Read more]
Whitecap Resources Inc reports results for the quarter ended in March – Earnings Summary
Whitecap Resources Inc reported quarterly adjusted earnings of 4 cents per share for the quarter ended in March. The mean expectation of three analysts for the quarter was for earnings of 6 cents per share. Revenue fell 23.7% to $267.32 million from a year ago. Whitecap Resources Inc's reported EPS for the quarter was 3 cents. The mean earnings estimate of analysts had risen by about 36.2% in the last three months. In the last 30 days one analyst negatively revised an earnings [Read more]
Canadian regulator allows oil pipeline Trans Mountain to keep insurers names private
The Canada Energy Regulator (CER) granted on Thursday a request of government-owned oil pipeline operator Trans Mountain to keep the names of its insurers confidential, to protect them from pressure by protesters. Activists have stepped up pressure on banks and insurers to drop financing and insurance for fossil fuel companies, leading to European companies like AXA and Zurich pulling back from underwriting coal and oil sands projects. Trans Mountain has said it incurred higher costs last [Read more]
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