U.S. energy firms this week reduced the number of oil rigs operating for a second week in a row as independent producers cut spending as record crude production weighs on the outlook for energy prices. Drillers cut five oil rigs in the week to Nov. 1, bringing the total count down to 691, the lowest since April 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. In the same week a year ago, there were 874 active rigs. The oil rig [Read more]
Enbridge wins court backing to keep Great Lakes pipeline running
Canadian pipeline operator Enbridge Inc on Thursday won backing from a Michigan state court to permit a 66-year-old crude oil pipeline to continue to run under a state waterway, pushing back authorities' efforts to have the pipeline decommissioned. The Enbridge Line 5 pipeline runs under the Straits of Mackinac, where Lakes Huron and Michigan meet, and ships 540,000 barrels per day of light crude oil and propane. It is a critical part of the company's network that delivers the bulk of [Read more]
Alberta loses producer Encana, moves to boost rail shipping
Canada is losing the headquarters of major oil and gas producer Encana Corp to the United States, the latest blow to an industry crippled by a pipeline shortage, even as the Alberta government moved to stimulate crude shipping by rail. The Western-based oil industry has been forced to curtail production this year, as proposed pipeline expansions stalled and stranded much of Alberta's oil from the U.S. refineries that buy it and depressed prices. The slump has chased away foreign companies [Read more]
U.S. oil output soars to record 12.4 mln bpd in August
U.S. crude production soared nearly 600,000 barrels per day in August to record of 12.4 million, buoyed by a 30% increase in Gulf of Mexico output, according to government data released on Thursday. The U.S. has become the world's largest oil producer with output surging to records above 12 million bpd this year as technological advances have increased production from shale formations across Texas, North Dakota and New Mexico. All three states saw output rise in August. Additionally, oil [Read more]
Canada seen drilling fewer oilfield wells in 2020
Canada will see a 10% drop in oilfield wells drilled in 2020, as producers reduce investment, the Petroleum Services Association of Canada (PSAC) forecast on Thursday. PSAC predicted that 4,500 wells will be drilled in Canada next year, down from 5,000 in 2019. Corporate investment is declining due to pipeline constraints and uncertainty about government policy, the industry group said in a statement. [Read more]
Marketlink oil pipeline running at reduced rates after Keystone leak
TC Energy Corp's Marketlink crude oil pipeline was operating at reduced rates, three sources said on Thursday, due to supply disruptions as Keystone pipeline was shut after a leak in Walsh County, North Dakota. The Marketlink pipeline has a capacity of 750,000 barrels per day (bpd) and flows south from Cushing, Oklahoma, the delivery point for U.S. crude futures, to Nederland, Texas. Marketlink is connected to the 590,000-bpd Keystone oil pipeline system, a key transporter of Canadian [Read more]
Encana plans to move base to U.S. amid pipeline crunch in Canada
Encana Corp will shift base to the United States and become Ovintiv Inc, the Canadian oil and gas producer said on Thursday, as Canada faces pipeline capacity shortages that have led many companies to move from the country's energy sector.Rivals Royal Dutch Shell , ConocoPhillips and Suncor Energy have either been selling their Canadian assets or have scaled back investments as pipeline space crunch impacts prices.Encana meanwhile has been adding assets in the United States and [Read more]
Alberta eases oil curtailment rules for additional crude by rail
The Canadian province of Alberta said on Thursday it would allow companies to produce additional oil if they move it by rail, easing curtailment rules that were designed to reduce transport bottlenecks. The special production allowance takes effect in December, Energy Minister Sonya Savage said in a statement. "The special allowance program will protect the value of our oil by ensuring that operators are only producing what they are able to move to market," Savage said. Major producers, [Read more]
Shell down 4% after warning of slowing global economy
** Oil major Shell slumps nearly 4% to 22.4 pounds as a profit beat was dampened by co flagging global economic slowdown** Q3 profit of $4.8 bln topped estimates of $3.91 bln ** "Weak macroeconomic conditions" and "challenging outlook" create uncertainty about co's buyback time frame - CEO Ben van Beurden says** If losses hold, Shell to turn negative for the year vs. the FTSE 100's +8% YTD ** By 1110 GMT, Shell shares made up for nearly half of the FTSE [Read more]
Oil prices face pressure as global economy slows
Oil prices are likely to be pressured this year and next as low demand from a slowing global economy and a surge in U.S. shale output offset support from OPEC production cuts and Middle East supply risks, a Reuters survey shows. The poll of 51 economists and analysts forecast Brent crude would average $64.16 a barrel in 2019 and $62.38 next year. This is compared to the previous month's $65.19 projection for 2019 and $63.56 for 2020, and an average oil price so far this year of $64.23. The [Read more]
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