BOE Report

Suncor: Decision on Montreal coker coming late this year or early next

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CALGARY - A project that would enable Suncor Energy Inc.'s Montreal refinery to process thick, tarry oilsands bitumen from Alberta could get the green light later this year or early in 2015, CEO Steve Williams said Tuesday. The Montreal coker project is just one way Suncor is looking to cut crude costs at the refinery, which has long relied on pricey overseas imports. "I expect to have on my desk by the end of this year the proposal for the coker project, so we'll be in a much clearer [Read more]

Oil futures edge higher as investors weigh Russia sanctions

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The price of oil crept higher on Tuesday as investors weighed sanctions by the U.S. and allies against Russia over Ukraine.Benchmark U.S. crude for June delivery rose 18 cents to US$101.02 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 24 cents to settle at $100.84 on Monday.Brent crude, an international benchmark used to price oil used by many U.S. refineries, rose 37 cents to $108.37 in London. It was rebounding after tumbling $1.46, or 1.3 per cent, the [Read more]

Oilsands giant Suncor sees profits soar on improved market access for crude

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CALGARY - Oilsands giant Suncor Energy Inc. (TSX:SU) has posted record operating earnings as it was able to get more of its crude to market by pipeline and rail.The Calgary-based company says operating earnings were more than $1.79 billion, or $1.22 per share — widely beating the average analyst expectation of 93 cents, according to estimates compiled by Thomson ReutersA year earlier, Suncor had operating earnings of $1.37 billion, or 90 cents per share.Operating revenues, net of royalties, were [Read more]

Oil rebounds as Ukraine crisis deepens and more sanctions loom

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The price of oil rebounded above US$101 per barrel Monday as mounting tensions in Ukraine raised the likelihood of further western economic sanctions against major energy producer Russia. Benchmark U.S. crude for June delivery gained 42 cents to $101.02 on the New York Mercantile Exchange. Oil had finished last week with a decline of $3.70 a barrel, or 3.5 per cent, to $100.60. Brent crude, an international benchmark for oil, rose 23 cents to $109.81 on the ICE Futures exchange in [Read more]

Drilling rigs off Newfoundland disconnect from wells due to approaching icebergs

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ST. JOHN'S, N.L. - The Canada-Newfoundland and Labrador Offshore Petroleum Board says two drilling rigs off Newfoundland's coast have disconnected their wells due to approaching icebergs. The board's Twitter account said Sunday the Henry Goodrich and West Aquarius safely disconnected from their wells as a precaution. Spokesman Sean Kelly says the move is required under the ice management plans of the operators. The Canada-Newfoundland and Labrador Offshore Petroleum Board regulates the [Read more]

Energy Dept. welcomes firm’s pledge to reveal fracking chemicals, but Halliburton won’t commit

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PITTSBURGH - The U.S. Department of Energy said Friday that it welcomes the decision by oil and gas industry supplier Baker Hughes to disclose all chemicals in hydraulic fracturing fluid. But Halliburton, a major competitor in the field, isn't committing to such disclosure.Deputy Assistant Energy Secretary Paula Gant said that Baker Hughes' move "is an important step in building public confidence" and the department "hopes others will follow their lead."The oil and gas industry has said the [Read more]

Crude oil price eases after rising to near $102 a barrel on Ukraine uncertainty

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LONDON - The price of oil declined below US$101 per barrel after disappointing earnings in the U.S. on Friday, having earlier risen on worries about the tensions in Ukraine.Benchmark U.S. crude for June delivery shed $1.07 to $100.87 on the New York Mercantile Exchange. Brent crude, an international benchmark for oil, gave up 27 cents to $110.06 on the ICE Futures exchange in London a day after gaining $1.22.Ukraine is going through its biggest political crisis since the fall of the Soviet [Read more]

Crude oil rises to near US$102 a barrel on Ukraine uncertainty

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The price of oil rose to near US$102 a barrel Thursday on worries about tensions in Ukraine. Benchmark West Texas Intermediate crude for June delivery rose 50 cents to close at US$101.94 a barrel on the New York Mercantile Exchange. Brent crude, an international benchmark, gained $1.22 to US$110.33 a barrel on the ICE Futures exchange in London. Ukraine is going through its biggest political crisis since the fall of the Soviet Union. Ukrainian forces launched an operation Thursday to drive [Read more]

Delays haven’t soured Imperial on Keystone XL pipeline, but other options open

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CALGARY - One of Canada's largest oilsands producers isn't soured on the proposed Keystone XL pipeline, despite news that the US$5.4-billion project has been delayed yet again."We think it's as important today as it was the day it was proposed. We think it's good for parties north of the border and parties south of the border," Imperial Oil Ltd. (TSX:IMO) CEO Rich Kruger said following the company's annual general meeting on Thursday.Last week, the U.S. State Department said it needed more time [Read more]