CALGARY - Imperial Oil Ltd. raised its dividend nearly 16 per cent as it reported that its first-quarter profit fell compared with a year ago. The Calgary-based energy company says it will now pay a quarterly dividend of 22 cents per share, up from 19 cents. The increased payment to shareholders came as Imperial reported a profit of $293 million or 38 cents per diluted share for its first quarter. That compared with a profit of $516 million or 62 cents per share in the [Read more]
Husky Energy reports $328M first-quarter profit, up from $249M a year ago
CALGARY - Husky Energy Inc. says it earned $328 million in its latest quarter, up from $248 million a year ago. The company says the profit amounted to 32 cents per share for the three months ended March 31 compared with a profit of 24 cents per share a year earlier. Production in the quarter averaged 285,200 barrels of oil equivalent per day, down from 300,400 in the same quarter last year. Husky says the decline came due to the mandated Alberta government production [Read more]
Precision Drilling relies on U.S. growth as Canadian revenue percentage falls
CALGARY - Strong growth in U.S. oilfield activity made up for declines on the Canadian side of the border as Precision Drilling Corp. beat analyst expectations with first-quarter results posted Thursday. The Calgary-based driller reported a 23 per cent increase in activity in the U.S. compared with the same period of 2018, while its Canadian operations declined by 33 per cent, a trend that it said is continuing in the current quarter. "Of note in the quarter, only 36 per cent of our [Read more]
No guarantee of federal decision on Trans Mountain pipeline before election: Sohi
CALGARY - The federal government can't guarantee it will have a decision on the proposed Trans Mountain pipeline expansion prior to the next election, Natural Resources Minister Amarjeet Sohi said. The deadline was pushed back to June 18 from May 22 on the recommendation of Indigenous communities and former Supreme Court justice Frank Iacobucci, who is advising the government on the consultation process. The proposal to twin the existing Trans Mountain pipeline between Edmonton and [Read more]
Cenovus says Alberta production curtailments are working, reports Q1 profit
CALGARY - Cenovus Energy Inc. reported a profit of $110 million in its first quarter compared with a loss a year ago as it benefited from improved prices for western Canadian oil. The company says the improvement in prices for western Canadian oil due to the Alberta government's curtailment program more than offset the impact of reduced production and increased operating costs during the first quarter. Cenovus says its profit amounted to nine cents per share for the three months [Read more]
CP Rail first-quarter profit rises 25 per cent on higher crude revenues
CALGARY - The head of Canadian Pacific Railway Ltd. says heavy snowfall and frigid temperatures cooled the company's quarterly results, resulting in lower tonnage numbers despite a boost in profits. “What happened to us in February, especially in the first two weeks of March, was extraordinary,” said chief executive Keith Creel. “Momentum was interrupted. As a result, revenue growth was muted and...expenses increased,” he told investors on a conference call Tuesday. Creel stressed “one [Read more]
Acquisitions, insolvencies cited as drilling company count tumbles by 40%
CALGARY - A research report by AltaCorp Capital shows the number of companies actively drilling in Canada has declined by 40 per cent since the oil price crash of late 2014. The analysis cites industry data which shows only 26 drilling contractors have been working so far in 2019, 17 fewer than observed in 2014. It says consolidation is the biggest reason companies have disappeared, with seven companies holding about 17 per cent of market share being purchased over the period, including [Read more]
CNOOC Petroleum North America fined $450,000 for blast that killed two workers
FORT MCMURRAY, Alta. - The company formerly known as Nexen Energy has been fined $450,000 after pleading guilty to charges in the deaths of two oilsands workers in northern Alberta. The two men died from an explosion at the Long Lake facility near Anzac on Jan. 15, 2016. Drew Foster, 52, of Niagara Falls, Ont., was pronounced dead at the scene and David Williams, 30, of Scotchtown, N.S., later died in hospital. Nexen Energy was charged in 2017 with workplace offences [Read more]
Jason Kenney, Rachel Notley begin formal transfer of power in Alberta
EDMONTON - Premier Rachel Notley and incoming premier Jason Kenney began the formal transfer of power in Alberta on Thursday, with Notley saying Kenney is already getting real-life lessons on the difference between political grandstanding and governing. The NDP's Notley said that since the United Conservative leader won Tuesday's Alberta election, Quebec has rebuffed his public pitch to accept new pipelines and the B.C. government officially endorsed this week a federal bill to formalize [Read more]
Lower price discounts to boost Q1 oil profits but uncertainty hangs over sector
CALGARY - Lower discounts on western Canadian oil prices have swollen producer coffers in the first three months of the year, but analysts say they don't expect to see increases in drilling budgets as oil and gas companies report results over the coming weeks. Cenovus Energy Inc. reports its first-quarter results on Wednesday, followed by fellow oilsands producers Husky Energy Inc. and Imperial Oil Ltd. at the end of next week. U.S. benchmark West Texas Intermediate spot prices [Read more]
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