U.S. oil drillers cut rigs for a second week since January as crude prices have declined in recent months despite an OPEC-led effort to cut production and end a multi-year glut. Analysts, however, noted weekly declines in the rig count were likely just a brief pause in a drilling recovery expected to continue through at least 2019. Drillers cut 1 oil rig in the week to July 21, bringing the total count down to 764, General Electric Co's Baker Hughes energy services firm said in its closely [Read more]
Husky Energy posts smaller 2nd-qtr loss on higher oil prices
Canadian oil and gas producer Husky Energy Inc reported a smaller loss on Friday, helped partly by higher oil prices and an increase in production. Oil prices began to rise late last year after a two-year slump, now hovering around $50 per barrel, as an OPEC-led production cut and rebounding demand slowly erode a global glut. The company's second-quarter production rose to 320,000 barrels of oil equivalent per day (boed), from 316,000 boed, a year earlier. Husky, which is controlled by [Read more]
Canada’s Husky Energy posts smaller 2nd-qtr loss
Canadian oil and gas producer Husky Energy Inc reported a smaller loss on Friday, helped partly by higher oil prices and a rise in production. The Calgary, Alberta-based company reported a net loss of C$93 million ($73.89 million), or 10 Canadian cents per share, in the second quarter ended June 30, compared with a loss of C$196 million, or 20 Canadian cents a share, a year earlier Husky produced 320,000 barrels of oil equivalent per day (boed), higher than the 316,000 boed it produced, a [Read more]
Canadian oil producer Encana posts quarterly profit
Canadian oil and gas producer Encana Corp on Friday posted a quarterly profit compared with a loss a year earlier, when it took impairment and hedging charges of about $641 million. Encana has benefited from downsizing its operations to focus on four core North American assets: the Montney and Duvernay in western Canada, and the Eagle Ford and Permian in the United States. Oil prices began to rise late last year after a two-year slump, now hovering around $50 per barrel, as an OPEC-led [Read more]
Canadian oil producer Encana posts quarterly profit
Canadian oil and gas producer Encana Corp on Friday posted a quarterly profit compared with a loss a year earlier, when it took impairment and hedging charges of about $641 million. The Calgary-based company posted net earnings of $331 million, or 34 cents per share, in the second quarter ended June 30, compared with a loss of $601 million, or 71 cents a year earlier. However, total oil and gas production fell to 316,000 barrels of oil equivalent per day (boe/d) from 368,300 boe/d a year [Read more]
Oil rises on weak dollar, Gulf tensions as producers set to meet
Oil prices edged higher on a weaker dollar and diplomatic tensions in the Gulf, but Brent held below the $50 per barrel level that was breached for the first time in six weeks on Thursday. Investors were also taking positions ahead of a meeting between OPEC and non-OPEC members in Russia on Monday at which they will discuss compliance with agreed production cuts and progress towards rebalancing an oversupplied market. Benchmark Brent crude futures were up 24 cents at $49.54 a barrel at [Read more]
Oil settles down after early rally lifts Brent past $50
NEW YORK (Reuters) - Oil settled lower on Thursday in choppy trading, as nagging worries about abundant global crude supplies sank prices after an early rally boosted Brent above $50 per barrel for the first time since June 7. Traders predicted prices would hold near current levels ahead of Monday's meeting between key OPEC and non-OPEC producers in St. Petersburg, Russia. The market has been watching reports that Saudi Arabia, the world's largest crude producer, is considering an additional [Read more]
Oil steady after big drop in U.S. fuel stocks, but markets remain bloated
Oil prices held steady on Thursday, hanging on to gains made the previous session when falling U.S. crude inventories lifted the market, as analysts offered mixed supply outlooks for the commodity ahead of a key OPEC meeting next week. Crude oil prices are still capped below the key $50-per-barrel mark on concerns about high production from the Organization of the Petroleum Exporting Countries (OPEC) despite its pledge to cut output along with non-OPEC producers. Brent crude futures , the [Read more]
Kinder Morgan Canada quarterly profit misses forecast
Pipeline operator Kinder Morgan Canada Ltd posted lower-than-expected quarterly profit on Wednesday and said it was on track to begin construction of a controversial Canadian pipeline expansion in September. In its first earnings report after being spun off from Houston's Kinder Morgan Inc , the company said it expects the Trans Mountain pipeline expansion to be in service by the end of 2019. Kinder Morgan Canada reported net income of C$25.1 million ($19.9 million), or 11 cents per share, [Read more]
Kinder Morgan Canada quarterly profit misses analysts’ forecasts
Pipeline operator Kinder Morgan Canada Ltd posted lower-than-expected quarterly profit on Wednesday in its first earnings report following its May spinoff from Houston-based Kinder Morgan Inc . Kinder Morgan Canada reported net income of C$25.1 million ($19.9 million), or 11 cents per share, in the second quarter ended June 30, below analysts' average estimate of 14 cents per share, according to Thomson Reuters I/B/E/S. (Reporting by Ethan Lou; Editing by Jim Finkle) [Read more]
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