HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced a 50 percent increase in its planned 2018 share repurchase program, from $2 billion to $3 billion. The company expects to fully fund this year’s $3 billion program, as well as its dividend and capital expenditures, with cash from operations. The 2018 expansion to $3 billion, combined with the $3 billion of shares repurchased during 2016 and 2017, will fully utilize the board of directors’ existing share repurchase [Read more]
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World’s oil cushion could be stretched to the limit, IEA warns
LONDON (Reuters) - The world’s oil supply cushion could be stretched to the limit due to prolonged outages, supporting prices and threatening demand growth, the International Energy Agency said on Thursday. The expected drop in Iranian crude exports this year due to renewed U.S. sanctions, coupled with a decline in Venezuela’s production and outages in Libya, Canada and the North Sea have driven oil prices to their highest since 2014 in recent weeks. OPEC and other key producers including [Read more]
US soon to leapfrog Saudis, Russia as top oil producer
The U.S. is on pace to leapfrog both Saudi Arabia and Russia and reclaim the title of the world's biggest oil producer for the first time since the 1970s. The latest forecast from the U.S. Energy Information Administration predicts that U.S. output will grow next year to 11.8 million barrels a day. "If the forecast holds, that would make the U.S. the world's leading producer of crude," says Linda Capuano, who heads the agency, a part of the Energy Department. Saudi Arabia and Russia [Read more]
Stampede spirit boosts attendance but Calgary economy still in recovery mode
Calgary's economy is looking good as Stampede spirit grips Canada's oil and gas headquarters city — but not quite as good as it was a few years ago. The annual outdoor event set an attendance record for its parade day last Friday and cumulative attendance through Tuesday is second only to the overall record set in 2012 when the Stampede celebrated its 100th anniversary. Similarly, sponsorship rights to the 36 chuckwagons invited to race at the Stampede raised $3.2 million last March in an [Read more]
Painted Pony announces significant liquids-rich well results on South Townsend block
July 11, 2018, CALGARY /CNW/ - Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) is pleased to announce results from two recent Lower Montney wells drilled on the northern edge of the South Townsend block. Preliminary results indicate production levels higher than Painted Pony management's Townsend type curve and include higher liquid yields compared to previous wells in the Townsend block. Painted Pony is encouraged by the results to-date and anticipates re-directing a [Read more]
Canadian oil executives downplay transportation bottlenecks
CALGARY (Reuters) - Executives at Canada’s largest integrated oil and gas producers on Tuesday downplayed the severity of transportation bottlenecks to move oil in the near term, citing existing pipeline commitments and refining capabilities. Canadian producers have faced steep discounts for western Canadian heavy crude this year due to bottlenecks, while new pipeline projects have dealt with delays and protests from environmental groups. Still, executives at Husky Energy Inc and Suncor [Read more]
Sale of Newfoundland refinery falls through as owners clash over price
(Reuters) - The sale of a remote Canadian refinery has been scuttled as two former oil traders running the company locked horns over the value of the plant, according to three people familiar with the discussions. The partners, former traders Neal Shear and Kaushik Amin, sought to sell the 130,000 barrel-per-day refinery in Come By Chance, Newfoundland last year to privately held Canadian refiner Irving Oil, which was seen as the leading bidder. The deal fell apart in recent months and is [Read more]
OPEC to Canada: Build pipelines or watch investment flow south
CALGARY, Alberta (Reuters) - The president of OPEC urged Canada on Tuesday to invest in infrastructure to move oil and gas, or risk watching investment flow away to the United States. The Canadian government agreed in May to buy the Trans Mountain oil pipeline and a related expansion project from Kinder Morgan Canada (KML.TO) for $4.5 billion, highlighting the lengths deemed necessary to overcome stiff opposition to such projects. Insufficient space in the country’s oil pipelines has [Read more]
U.S. oil output to edge above 12 million bpd late 2019: EIA
NEW YORK (Reuters) - U.S. crude oil production is expected to average more than 12 million barrels per day late next year for the first time ever, the U.S. Energy Information Administration said in a monthly report on Tuesday. U.S. oil production has soared, boosted by improved technology for tapping shale formations. Output rose 5.6 percent last year and is expected to grow 15.4 percent this year. If the forecasts are realized, that will make the United States the world’s largest crude [Read more]
Canada’s Husky Energy has excess oil pipeline capacity to U.S. – CEO
CALGARY (Reuters) - Husky Energy Inc has excess oil pipeline capacity to the United States from Canada and has enough capacity locked in to ship crude until about 2021, Chief Executive Rob Peabody said on Tuesday. The company has about 75,000 bpd committed on the existing Keystone pipeline and also has space on Enbridge Inc’s Mainline crude pipeline system, Peabody said on the sidelines of the TD Securities Calgary Energy Conference. Western Canadian oil producers have struggled to move [Read more]