The discount on Western Canada Select to North American benchmark West Texas Intermediate futures widened on Thursday. WCS for December delivery in Hardisty, Alberta, settled at $11.45 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared to Tuesday's close of $11.25. * The differential is higher than this time last month but remains tight by historical standards. * WCS pricing continues to be supported by the Trans Mountain pipeline expansion, which has [Read more]
U.S. shale producer EOG Resources beats third-quarter profit estimates
EOG Resources beat analysts' estimates for third-quarter profit on Thursday, as a rise in output helped the U.S. oil and gas producer offset a drop in crude prices. The company received a production boost from its $5.6 billion deal for Encino Acquisition Partners, which helped expand EOG's presence in the Utica and Marcellus region, one of the most prolific natural gas basins in the world. Meanwhile, oil and gas production in the U.S. rose to record highs in August, data from the Energy [Read more]
LNG Canada begins production at second unit, company says
LNG Canada has started production of liquefied natural gas at the second of its two processing units, known as Train 2, the company said. Both trains at the Shell-led project in Kitimat, British Columbia - each with a capacity of 6.5 million metric tons per annum - are now operational, a spokesperson told Reuters. LNG Canada is the first major LNG export facility in Canada and the first on the west coast of North America that provides direct access to Asia, the world's largest market for the [Read more]
Canadian Natural Resources narrowly beats quarterly profit estimates on record production
Canadian Natural Resources on Thursday posted quarterly earnings that narrowly beat analysts' estimates, as record oil and gas production helped offset a decline in crude prices. The country's oil sands producers, including Canadian Natural Resources, have shown resilience during the global oil industry downturn, buoyed by years of investment that have made them among the lowest-cost operators in North America. Quarterly production jumped about 19% from a year earlier to a record 1.62 [Read more]
Events in the battle to buy Canada’s MEG Energy
A vote scheduled for Thursday by shareholders of MEG Energy could bring the drawn-out battle to acquire the Canadian oil sands producer to an end. The following is a timeline of events this year. May 15 - Canadian oil and gas producer Strathcona Resources says it will initiate a hostile takeover bid for MEG in a deal that values the company at C$5.93 billion ($4.25 billion). June 16 - MEG's board urges the company's shareholders to reject Strathcona's bid, calling it inadequate. The [Read more]
US LNG producers ink near record contract volumes, even as fees climb
U.S. liquefied natural gas developers are on track this year to ink the second-highest annual number of binding sales contracts, despite industry concerns about increasing capacity and rising costs. In the first 10 months of 2025, U.S. LNG producers signed sales and purchase agreements (SPAs) for 29.5 million metric tonnes of LNG per year, more than four times the 7 mtpa signed in all of 2024, data from consulting firm Rapidan Energy Group shows. The SPAs are used by project developers to [Read more]
Energy Transfer will not greenlight Lake Charles LNG project before 80% sold to equity partners
U.S. pipeline operator Energy Transfer will not give its Lake Charles liquefied natural gas export facility in Louisiana a financial go ahead until 80% of the project has been sold to equity partners, company executives said on Wednesday on a post-earnings call. Energy Transfer has been developing the 16.5 million metric tonnes per annum LNG export facility in Louisiana, and has sold most of the expected production to long-term customers, but has faced rising project costs and wants to share [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select to North American benchmark West Texas Intermediate futures widened on Wednesday. WCS for December delivery in Hardisty, Alberta, settled at $11.25 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared to Tuesday's close of $11.05. * The differential is slightly higher than this time last month but very healthy by seasonal standards, said Rory Johnston, founder of the Commodity Context newsletter. "The big test will be how [Read more]
Oil producers need to step up drilling to sustain output, EIA says
Oil and gas producers will need to step up drilling to sustain or increase output due to rapid declines in production from existing wells, the U.S. Energy Information Administration said on Tuesday. WHY IT MATTERS The U.S. is the world's largest producer, with oil production touching a record 13.8 million barrels per day in August. However, weak oil prices and rising costs have pushed energy companies to cut billions in spending and moderate drilling, slowing production [Read more]
TotalEnergies sees oil demand rising through 2040 as energy transition slows
*CEO says Paris Agreement climate goals out of reach *Oil demand expected at 98 million barrels per day in 2050 *Demand forecast has risen versus last year's report *CEO cites concern over energy security, prices (Adds demand forecasts for oil under three scenarios, ceo quote on peak oil in paragraphs 5-9) By America Hernandez PARIS, Nov 4 - French oil major TotalEnergies expects global oil demand to continue rising through 2040 before gradually declining, as political [Read more]
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