Canadian heavy crude's differential to West Texas Intermediate (WTI) widened further on Friday, trading at levels last seen in April 2020: Western Canada Select heavy blend crude for December delivery in Hardisty, Alberta, last traded at $20.00 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from a settlement of $19.65 per barrel below the benchmark on Thursday. Industry sources said a combination of factors including strong Canadian oil sands production and weak [Read more]
‘Would that I had the magic wand’- U.S. energy chief on oil output
U.S. Energy Secretary Jennifer Granholm on Friday suggested that the Biden administration has little power to push the country's oil producers to boost output in an effort to lower rising fuel costs. "Would that I had the magic wand on this," Granholm told Bloomberg TV, laughing in a response to a question on what her plan was to raise U.S. oil output. "That is hilarious," she added. U.S. oil output is expected to fall 260,000 barrels per day (bpd) to about 11 million bpd in 2021 as [Read more]
Pembina Pipeline Corp reports results for the quarter ended in September – Earnings Summary
Pembina Pipeline Corp reported quarterly adjusted earnings of C$1.01 per share for the quarter ended in September. The mean expectation of six analysts for the quarter was for earnings of 68 cents per share. Revenue rose 37% to C$2.15 billion from a year ago; analysts expected C$1.70 billion. Pembina Pipeline Corp's reported EPS for the quarter was C$1.01. The mean earnings estimate of analysts had risen by about 8.6% in the last three months. In the last 30 days one analyst negatively [Read more]
Resource-rich Canada grapples with key commodity shortage: workers
Canada's economic recovery from the pandemic is being hampered by labor shortages across industries ranging from energy to aviation to agriculture, forcing companies to consider multiple salary hikes and offer other perks. Statistics Canada data on Friday showed the national unemployment rate hit a 20-month low in October. The shortage of skilled and unskilled workers threatens to hurt economic growth and fuel inflation, which is already at an 18-year high. "Talent is an issue in every [Read more]
U.S. drillers add oil and gas rigs for second week in a row
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as oil prices held near seven-year highs, prompting some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose six to 550 in the week to Nov. 5, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count was up 250 rigs, or 83%, over this time last year. U.S. oil rigs rose six to [Read more]
ARC Resources Ltd reports results for the quarter ended in September – Earnings Summary
ARC Resources Ltd reported quarterly adjusted earnings of 7 cents per share for the quarter ended in September. The mean expectation of three analysts for the quarter was for earnings of 41 cents per share. Revenue rose 445.7% to C$1.58 billion from a year ago. ARC Resources Ltd's reported EPS for the quarter was 7 cents. The mean earnings estimate of analysts had risen by about 6.3% in the last three months. In the last 30 days there have been no negative revisions of earnings [Read more]
U.S. natgas futures ease on near record output, rising stockpiles
U.S. natural gas futures eased on Friday on near record output and expectations U.S. utilities will keep stockpiling gas for a couple more weeks. That small price decline came despite forecasts for seasonally colder weather expected to boost heating demand in mid November. In October, global gas prices soared to record highs as utilities around the world scrambled for liquefied natural gas (LNG) cargoes to refill low stockpiles in Europe and meet rising demand in Asia, where energy [Read more]
Enbridge Inc reports results for the quarter ended in September – Earnings Summary
Enbridge Inc reported quarterly adjusted earnings of 59 cents per share for the quarter ended in September. The mean expectation of sixteen analysts for the quarter was for earnings of 57 cents per share. Revenue rose 25.9% to C$11.47 billion from a year ago; analysts expected C$9.99 billion. Enbridge Inc's reported EPS for the quarter was 34 cents. The mean earnings estimate of analysts had fallen by about 1.1% in the last three months. In the last 30 days two analysts negatively revised [Read more]
TC Energy Corp reports results for the quarter ended in September – Earnings Summary
TC Energy Corp reported quarterly adjusted earnings of 99 cents per share for the quarter ended in September. The mean expectation of fourteen analysts for the quarter was for earnings of 99 cents per share. Revenue rose 1.4% to C$3.24 billion from a year ago; analysts expected C$3.46 billion. TC Energy Corp's reported EPS for the quarter was 80 cents. The mean earnings estimate of analysts had fallen by about 1.2% in the last three months. In the last 30 days two analysts negatively [Read more]
Enerplus Corp reports results for the quarter ended in September – Earnings Summary
Enerplus Corp reported quarterly adjusted earnings of 43 cents per share for the quarter ended in September. The mean expectation of three analysts for the quarter was for earnings of 47 cents per share. Revenue rose 176.8% to C$531.22 million from a year ago. The mean earnings estimate of analysts had fallen by about 1.6% in the last three months. In the last 30 days one analyst negatively revised an earnings estimate. Enerplus Corp shares had risen by 18.5% this quarter and gained 202.9% [Read more]
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