Nebraska regulators weighing the fate of TransCanada Corp's proposed Keystone XL pipeline have ruled that opponents of the project cannot use one of their best arguments against it in final hearings next week: that America does not need the oil. The state's five-member Public Service Commission is scheduled to hold court-like hearings on Aug. 7 to 11 before deciding whether to approve the project's route, marking the final hurdle for the long-delayed project after President Donald Trump gave [Read more]
Pipeline operator Kinder Morgan Canada launches share offering
Pipeline operator Kinder Morgan Canada Ltd on Thursday announced a C$200 million ($159 million) share offering for the completion of certain projects and to reduce debt. The company said it would offer 8 million shares at C$25 per share, which represents a 37.7 percent premium to the stock's Wednesday close. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Martina D'Couto) [Read more]
Canada’s Enbridge posts lower-than-expected profit
Enbridge Inc , North America's largest pipeline operator, on Thursday reported a lower-than-expected profit, hurt by outages and production disruptions at its liquids pipeline business. The company said it expects the performance of its liquids pipelines business to strengthen over the rest of the year as production and throughput ramps back up on its mainline system. Quarterly profit more than tripled, helped partly by the company's $28 billion purchase of natural gas pipeline [Read more]
Enbridge second-quarter profit more than triples
Enbridge Inc , North America's largest pipeline operator, on Thursday reported a quarterly profit that more than tripled, helped partly by its purchase of natural gas pipeline company Spectra Energy Corp. Earnings attributable to shareholders rose to C$919 million ($729.77 million), or 56 Canadian cents per share, in the second quarter ended June 30, from C$301 million, or 33 Canadian cents per share, a year earlier. Enbridge bought Spectra for $28 billion in a deal that closed on [Read more]
Canadian Natural Resources profit tops estimates; cuts capex
Canadian Natural Resources Ltd posted a higher quarterly profit that topped Street estimates and said it would cut capital expenditure for the year by about C$180 million, becoming the latest oil and gas company to do so. Bigger rivals like Anadarko Petroleum and Hess Corp said last month they would cut capital budgets to adapt to a dip in oil prices, a trend which was not expected when 2017 budgets were crafted. In March, Canadian Natural had budgeted for about C$3.9 billion in [Read more]
Canadian Natural Resources posts Q2 profit from year-ago loss
Canadian Natural Resources Ltd reported a quarterly profit on Thursday compared with a year-ago loss, as the oil and natural gas producer benefited from higher oil prices and production rise. The company earned C$1.07 billion ($849.3 million), or 93 Canadian cents per share, in the second quarter ended June 30, compared with a loss of C$339 million, or 31 Canadian cents per share, a year earlier. Oil and natural gas production rose 16.5 percent to 913,171 barrels of oil equivalent per [Read more]
Oil falls 2 percent, weighed by ample OPEC supply
NEW YORK (Reuters) - Oil dropped about 2 percent from a two-month high on Tuesday as major world oil producers kept pumping out supply, causing investors to worry that several weeks of steady gains had pushed the rally too far, too fast. Selling picked up in the late morning as oil broke below Monday's lows, with more than 925,000 U.S. futures contracts traded, making it the busiest day in the market in nearly three weeks. OPEC production rose in July, a Reuters survey found Monday, despite a [Read more]
Oil slips from two-month high as ample supply weighs
LONDON (Reuters) - Oil slipped from a two-month high near $53 a barrel on Tuesday as ample global supplies countered strong demand and forecasts of another drop in U.S. crude inventories. U.S. inventory reports due on Tuesday and Wednesday are expected to show crude stocks fell by 2.9 million barrels last week, the fifth straight week of declines. [EIA/S] But OPEC production rose in July, a Reuters survey found, despite a deal to cut output. Brent crude LCOc1, the international benchmark, was [Read more]
Oil markets escape Venezuela sanctions for now
NEW YORK (Reuters) - U.S. oil markets had a muted reaction on Monday after Washington slapped sanctions on Venezuelan President Nicolas Maduro but experts say broader oil-sector and financial sanctions may be the only way to make the Venezuelan government feel economic pain. The move came after Sunday's vote creating a new legislative superbody with the power to dissolve state institutions such as the opposition-run Congress. Countries around the world denounced the vote while Washington called [Read more]
Oil at two-month high, ends above $50 a barrel
NEW YORK (Reuters) - Oil prices rose to two-month highs on Monday, ending the strongest month of the year for crude futures, boosted in part by expectations of U.S. sanctions against Venezuela's oil sector and as supply concerns have waned in recent weeks. During the trading day, chatter centered around potential U.S. Treasury sanctions targeting the country's oil sector in response to Venezuela's Sunday election which Washington denounced as a "sham." That helped boost prices prior to [Read more]
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