U.S. securities regulators on Wednesday filed civil accounting fraud charges against Canada-based oil and gas company Penn West Petroleum Ltd and several of its former top finance executives. The U.S. Securities and Exchange Commission alleged that Penn West Petroleum, which changed its name earlier this week to Obsidian Energy, had moved hundreds of millions of dollars from operating expense accounts to capital expenditure accounts. That maneuver, the SEC said, artificially reduced the [Read more]
U.S. charges Penn West Petroleum with accounting fraud
U.S. financial regulators on Wednesday said they have charged Canada-based oil and gas company Penn West Petroleum Ltd and some of its top finance executives with accounting fraud. The U.S. Securities and Exchange Commission in a statement alleged that Penn West Petroleum, which changed its name earlier this week to Obsidian Energy, had moved hundreds of millions of dollars from operating expense accounts to capital expenditure accounts. The complaint was filed in federal court in Manhattan. [Read more]
CPPIB says committed up to $1 bln to buy U.S. oil and gas assets
Canada Pension Plan Investment Board (CPPIB) said it is investing up to $1 billion in a partnership with Encino Energy LLC to buy oil and gas assets in the United States. The fund said the partnership, Encino Acquisition Partners, would focus on acquiring assets in mature basins. Encino has committed $25 million to the partnership. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty) [Read more]
Oil prices weighed down as U.S. inventory gains revive glut worries
Oil markets were steady to lower on Wednesday after a report of rising U.S. fuel and crude inventories underscored concerns that a three-year supply glut is far from over. Brent crude futures were at $46.59 per barrel at 0650 GMT, down 6 cents, or 0.1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 15 cents, or 0.3 percent, at $44.09 per barrel. Oil had recovered some ground over the past week after falling nearly 20 percent since mid-May, but [Read more]
Oil prices drop as rising U.S. fuel stocks revive glut concerns
Oil prices fell early on Wednesday after a report of rising U.S. fuel inventories underscored concerns that a three-year old crude glut is far from over. Brent crude futures were at $46.32 per barrel at 0012 GMT, down 33 cents, or 0.7 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 38 cents, or 0.9 percent, at $43.86 per barrel. Oil had recovered some ground over the past week after falling nearly 20 percent since mid-May, but a report by the [Read more]
Oil prices up on weaker dollar, but supply glut caps gain
Oil prices rose for a fourth consecutive session on Tuesday boosted by a weaker dollar but worries over persistent oversupply capped gains. Brent crude futures LCOc1, the international benchmark for oil prices, gained 64 cents to $46.47 per barrel by 1152 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 56 cents at $43.94 per barrel. The gains mean the market is up slightly so far this week, after spending much of the last month in negative territory. U.S. crude [Read more]
British Columbia’s NDP introduces motion to topple provincial government
British Columbia's New Democrats introduced a non-confidence motion in the Western Canadian province's government on Monday, setting the stage for the ruling Liberals to be toppled on Thursday after 16 years in power. In a response to the June 22 Throne Speech, the government's agenda for the legislative session, John Horgan, the leader of the left-leaning New Democrats (NDP) said the provincial government no longer had the confidence of the house. Provincial lawmakers are expected to vote [Read more]
Oil climbs on weaker dollar, but rise in U.S. drilling drags
Oil prices rose early on Monday on a weaker dollar, but increased U.S. drilling activity stoked worries that a global supply glut would persist despite efforts by some producers to curb output. Brent crude futures were up 24 cents, or 0.53 percent, at $45.78 per barrel at 0047 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 21 cents, or 0.49 percent, at $43.22 per barrel. The U.S. dollar index stayed low on Monday against a basket of currencies amid fading expectations for [Read more]
U.S. drillers add oil rigs for record 23rd week in a row -Baker Hughes
U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months despite this week's decline to a 10-month low. Drillers added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2015, energy services firm Baker Hughes Inc said in its closely followed report on Friday. That is more than double the same week a year ago [Read more]
Oil edges up, but still set for worst H1 performance in 20 yrs
Oil edged up on Friday, recovering some of its steep falls earlier in the week, but crude is still set for its worst first-half decline in two decades despite ongoing production cuts. Brent crude futures were at $45.33 per barrel at 0647 GMT, up 11 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.2 percent, at $42.83 per barrel. Oil prices have fallen about 20 percent this year despite an effort led by the Organization [Read more]