CALGARY, AB--(Marketwired - April 30, 2015) - Canadian Oil Sands Limited ("COS") (TSX: COS) (OTCQX: COSWF) All financial figures are unaudited and in Canadian dollars unless otherwise noted. Canadian Oil Sands Limited ("COS") reported strong operating performance at Syncrude for the first quarter of 2015, with cost reduction initiatives and stable production mitigating the impact of lower oil prices. COS' cash flow from operations of $76 million ($0.16 per Share) fully funded capital [Read more]
News
Lower oil prices push Exxon Mobil’s profit down 46 per cent; weakest 1Q in 6 years
IRVING, Texas - Exxon earned $4.94 billion in the first quarter, a huge sum but only about half of what the company made last year. Lower oil prices depleted both Exxon's top and bottom lines.It was the lowest first-quarter profit for Exxon Mobil Corp. in six years, although the results still beat Wall Street expectations.When world oil prices collapsed from about $100 a barrel to less than $50 over the second half of last year, it made some drilling projects unprofitable. Exxon is beginning to [Read more]
Seven Generations completes offering of US$425 million 6.750% senior notes
CALGARY, April 30, 2015 /CNW/ - Seven Generations Energy Ltd. (7G) (TSX: VII) has completed its previously announced offering of US$425 million aggregate principal amount of 6.750% senior notes due 2023, which were offered in a private placement to eligible purchasers (the Offering). 7G intends to use the net proceeds of the Offering for continued development of the Kakwa River Project and for general corporate purposes. About the Company Seven Generations Energy Ltd. is an Alberta-based [Read more]
Focus on costs as oilsands giants Suncor, Imperial report earnings
CALGARY - Top oilsands executives say they're looking past swings in crude prices and focusing instead on what's within their control."The truth is no one knows" where prices are heading, Rich Kruger, CEO of Imperial Oil Ltd. (TSX:IMO), said Thursday at the company's annual meeting."At Imperial, we are approaching our business as if we may be in for a sustained period of lower prices," he said. And if the market improves, "all the better."During the first quarter, U.S. benchmark crude hovered [Read more]
Lower Oil Prices Boost Prospects for Global Economic Growth
HIGHLIGHTS World economy is forecast to expand by close to 3 per cent this year and 3.2 per cent in 2016. Most of the world's major economies import millions of barrels of oil per day, including the United States, Europe, Japan, China, and India, and benefit from the decline in world oil prices. The U.S. economy is set to expand at around 3 per cent over the next two years. OTTAWA, April 30, 2015 /CNW/ - Growth in the global economy is expected to pick up slightly this year, mainly due to the [Read more]
Imperial announces estimated first quarter financial and operating results
For the three months ended March 31, 2015 CALGARY, April 30, 2015 /CNW/ - First quarter (millions of dollars, unless noted) 2015 2014 % Net income (U.S. GAAP) 421 946 (55) Net income per common share - assuming dilution (dollars) 0.50 1.11 (55) Capital and exploration expenditures 1,050 1,234 (15) Rich Kruger, Chairman, [Read more]
Penn West Announces Its Financial And Operational Results For The First Quarter Ended March 31, 2015
CALGARY, April 30, 2015 /CNW/ - PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) ("Penn West", the "Company", "we", "us" or "our") is pleased to announce its financial and operational results for the first quarter ended March 31, 2015. All figures are in Canadian dollars unless otherwise stated. Three months ended March 31 2015 2014 % change Financial (millions, except per share amounts) Gross revenues [Read more]
Shell sees revenue dive due to slide in energy prices, but profits above forecasts
LONDON - Oil company Royal Dutch Shell on Thursday reported better-than-expected profits, though sales were hammered by the drop in global energy prices.It said its first-quarter profit rose 7 per cent, thanks to a good performance in the refining division as well as to the fact that year-earlier figures were weighed down by one-time charges.The current cost of supplies, a measure of profit used in the industry that strips out fluctuations in the value of oil stocks, increased to $4.76 billion [Read more]
Talisman Announces Anticipated Date for Completion of Acquisition by Repsol
CALGARY, ALBERTA--(Marketwired - April 30, 2015) - Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) announces that the completion of the acquisition of Talisman by Repsol S.A. is scheduled to occur on May 8, 2015. Regulatory approvals required under the arrangement agreement with Repsol have been obtained. The completion of the transaction remains subject to the satisfaction of customary closing deliverables. Talisman Energy Inc. is a global upstream oil and gas company, headquartered in Canada. [Read more]
Oilsands giant Suncor Energy posts $341-million net loss in first quarter
CALGARY - Suncor Energy Inc. (TSX:SU), Canada's largest oilsands producer, posted a $341 million net loss during the first three months of 2015, when crude prices hovered around a meagre US$50 a barrel.During the same period a year earlier, the Calgary-based company turned a net profit of about $1.49 billion.Without unusual items in the mix, like foreign exchange impacts, Suncor posted $175 million in operating earnings, down sharply from $1.79 billion during the first quarter of 2014.Suncor has [Read more]