CALGARY - The CEO of Suncor Energy is throwing cold water on speculation that its hostile takeover offer for Canadian Oil Sands will be sweetened.Steve Williams said Thursday the $4.3-billion bid should be good enough for shareholders given the gloomy outlook for oil prices, operational woes at the Syncrude oilsands mine, the absence of a competing offer and Suncor's better resilience to commodity swings than its target."We think it is a full and fair offer and compelling," he said Thursday, a [Read more]
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Cenovus Energy plans to cut $400 million in costs, lay off more workers
CALGARY - Cenovus Energy says it plans to cut $400 million in costs and has laid off more workers than originally expected as it continues to tighten its belt amid prolonged low crude prices.In announcing its third-quarter results today, the Calgary-based oil producer and refiner said it has reduced its workforce by 700 people for the second half of the year, about double what it forecast in July.That's on top of the 800 positions Cenovus eliminated in February.Cenovus says it expects to finish [Read more]
Canbriam Energy Commissions Phase 2 of its Altares Processing Facility and Provides Operational Update
CALGARY, Oct. 29, 2015 /CNW/ - Canbriam Energy Inc. ("Canbriam" or the "Company") provides an operational update on the commercial development of its over pressured, liquids-rich Altares Montney asset, located west of Fort St. John, BC, highlighted by: Commissioning of Phase 2 of the Altares Processing Facility, bringing Canbriam's total processing capacity to 210 million cubic feet per day, or approximately 40,000 barrels of oil equivalent per day including natural gas liquids [Read more]
ConocoPhillips Reports Third-Quarter 2015 Results; Accelerating Capital and Operating Cost Reductions
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE:COP) today reported a third-quarter 2015 net loss of $1.1 billion, or ($0.87) per share, compared with third-quarter 2014 earnings of $2.7 billion, or $2.17 per share. Excluding special items, third-quarter 2015 adjusted earnings were a net loss of $466 million, or ($0.38) per share, compared with third-quarter 2014 adjusted earnings of $1.6 billion, or $1.29 per share. Special items for the current quarter related primarily to the termination of a [Read more]
Cenovus Third Quarter Results; Expected 2015 cost savings increase to $400 million
Third-quarter oil sands production up 17% CALGARY, Oct. 29, 2015 /PRNewswire/ - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) continues to make significant progress in reducing its costs while delivering strong operational performance and oil sands production growth. The company is benefiting from the decisive steps taken over the past year to increase its financial resilience in the face of what is expected to be a prolonged period of lower oil prices. "We're delivering on the [Read more]
Royal Dutch Shell plc: 3rd Quarter 2015 Unaudited Results
THE HAGUE, October 29, 2015 /PRNewswire/ -- Royal Dutch Shell's (NYSE:RDS.A) (NYSE:RDS.B) third quarter 2015 earnings, on a current cost of supplies (CCS) basis (see Note [2]), were a loss of $6.1 billion compared with a gain of $5.3 billion for the same quarter a year ago. Third quarter 2015 CCS earnings included identified items of $7.9 billion. Third quarter 2015 CCS earnings excluding identified items (see page 5) were $1.8 billion compared with $5.8 billion for the third quarter of [Read more]
Shell reports net loss of $7.4 billion after Alaska drilling exit
LONDON - Royal Dutch Shell reported a third quarter loss of $7.4 billion Thursday as it re-organized and cancelled projects, including drilling in Alaska, to cope with the plunge in oil prices.The net loss compares with a profit of $4.5 billion in the same period last year. Shell reported $7.9 billion in charges, including $2.6 billion for Alaska and $2 billion related to the decision to cancel the Carmon Creek project in Alberta, Canada.Excluding one-time items and fluctuations in the value of [Read more]
Suncor says it can improve Syncrude performance with COS takeover
CALGARY - Suncor Energy Inc. (TSX:SU) says if it's able to increase its stake in the Syncrude oilsands mine, operations at the sprawling development north of Fort McMurray, Alta., will run more smoothly."We believe that we can drive real improvements in Syncrude's performance with a larger ownership interest," CEO Steve Williams said in a release announcing Suncor's third-quarter results late Wednesday.Earlier this month, the oilsands giant launched a hostile takeover bid for Canadian Oil Sands [Read more]
Suncor Energy reports third quarter 2015 results
CALGARY, ALBERTA--(Marketwired - Oct. 28, 2015) - Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards (IFRS), specifically International Accounting Standard (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production volumes are presented on a working interest basis, before royalties, unless noted otherwise. Certain [Read more]
Bad news for Canadian oilsands? U.S. pipeline-fighters celebrate downward turn
WASHINGTON - Opponents of Canada's oil industry are celebrating this week over news they see as vindication of a pipeline-fighting strategy that began in the United States with Keystone XL.Their burst of enthusiasm was prompted by news that Shell was shuttering an 80,000-barrel-a-day project — and specifically citing the lack of pipeline infrastructure as part of the reason.That announcement prompted a congratulatory message from a political activist who began organizing Nebraska ranchers [Read more]