CALGARY - Imperial Oil Ltd. (TSX:IMO) says it earned a first-quarter net profit of $946 million, or $1.11 per share, up 19 per cent from $798 million, or 94 cents per share, in the same quarter in 2013. Revenue and other income increased to $9.22 billion compared with $8.01 billion year-over-year for Canada's largest petroleum refiner. Gross production averaged 330,000 oil-equivalent barrels per day, up 46,000 barrels versus 2013, primarily due to production from its Kearl oil sands [Read more]
Oil falls below US$100 a barrel on slow US economic growth, rising supplies
NEW YORK - The price of oil fell below US$100 a barrel for the first time in three weeks Wednesday as reports showed U.S. economic growth stalled in the first quarter and American oil supplies rose to record levels last week. Benchmark West Texas Intermediate crude for June delivery dropped $1.54 or 1.5 per cent to close at US$99.74 a barrel on the New York Mercantile Exchange. Brent crude, an international oil benchmark, fell 91 cents to US$108.07 on the ICE Futures exchange in [Read more]
Members of Congress contemplate forcing Obama’s hand on Keystone XL
WASHINGTON - Some people in Washington want to try to force U.S. President Barack Obama to make a decision on the Keystone XL pipeline, whether he likes it or not. There's talk in Congress about attaching a pipeline provision to an existing bill in an attempt to force the president's hand. The White House is refusing to say whether the president would veto such a bill. At today's media briefing, presidential spokesman Jay Carney urged Congress to stay out of the issue and refused to [Read more]
Four companies sign deal to develop LNG Canada but much work to be done:CEO
VANCOUVER - Four companies have signed on to develop LNG Canada, the entity behind a proposed liquefied natural gas project, which B.C. Premier Christy Clark says has reached an important milestone.Shell Canada, PetroChina, Korea Gas Corp. and Mitsubishi are taking part in the project located in Kitimat, B.C.LNG Canada CEO Andy Calitz says the agreement does not mean that a final decision to build the project has been made.He says such a massive undertaking comes with significant investment [Read more]
Shell Canada increases stake in LNG Canada as joint venture passes milestone
VANCOUVER - Shell Canada Energy has increased its stake in the LNG Canaada joint venture, which has been formed to build a terminal to export Canadian liquefied natural gas from Kitimat, B.C. The LNG Canada partners announced Wednesday that Shell will own 50 of the joint venture, up from 40 per cent, while Korea Gas Corp (KOGAS) and Mitsubishi Corp. have each reduced their shares by five percentage points to 15 per cent. The fourth partner, PetroChina, continues to own 20 per cent of LNG Canada. [Read more]
Bakken oil fields of North Dakota, Montana mark billionth barrel of crude oil production
BISMARCK, N.D. - Oil drillers targeting the rich Bakken shale formation in western North Dakota and eastern Montana have produced 1 billion barrels of crude, data from the two states show. Drillers first targeted the Bakken in Montana in 2000 and moved into North Dakota about five years later using advanced horizontal drilling and hydraulic fracturing techniques to recover oil trapped in a thin layer of dense rock nearly two miles beneath the surface. North Dakota has generated 852 million [Read more]
Oil above US$101 a barrel; investors weigh Russia sanctions, rising supplies
NEW YORK - The price of oil crept above US$101 a barrel Tuesday as investors assessed the latest sanctions on Russia over the country's role in the crisis in Ukraine.Benchmark West Texas Intermediate crude for June delivery gained 44 cents to close at US$101.28 a barrel on the New York Mercantile Exchange. Brent crude, an international benchmark used to price oil used by many U.S. refineries, rose 86 cents to US$108.98 in London.Investors were contemplating the impact of new sanctions by the [Read more]
B.C. chief says would-be Alberta premier Jim Prentice understands oil opposition
OTTAWA - Former federal environment minister Jim Prentice hasn't even formally announced his intention to seek Alberta's premiership yet but he's already attracted a backhanded endorsement from a tough oil and gas opponent next door. Stewart Phillip, the grand chief of the Union of British Columbia Indian Chiefs, says he's been eye-to-eye with Prentice in negotiations before and respects the former land claims negotiator's ability to hear his opponents' point of view. For Phillip, those [Read more]
Supporters of Keystone XL pipeline seek a quick Senate vote to approve the project
WASHINGTON - Supporters of the proposed Keystone XL pipeline are seeking a swift election-year Senate vote on legislation to approve the project that environmentalists oppose strongly and the Obama administration has delayed indefinitely. Pipeline advocates in the Senate, including several Democrats on the ballot next fall, hold a clear majority. They also may command more than the 60 votes needed to overcome blocking tactics by opponents, but appear to be short of the two-thirds majority [Read more]
US sanctions on Russian oil chief raise concerns for foreign companies, investors
LONDON - U.S. sanctions on the president of Russia's largest oil producer, Rosneft, have intensified concerns for foreign investors in the country, particularly BP, which has a 20 per cent stake in the company and whose CEO — an American — sits on its board. Though BP says it remains committed to Rosneft, analysts say the worry is growing that the sanctions by the U.S. were merely the prelude to a tougher one against the company as a whole. That could push BP to reconsider its investment and [Read more]
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