Chevron surpassed analyst estimates for second-quarter earnings on Friday, reporting its highest quarterly profit in at least six years as the U.S.-Israeli war with Iran disrupts world energy markets, boosting profits for the biggest oil companies. Adjusted earnings of $12 billion, or $6.06 per share, beat the average analyst estimate of $5.56 per share according to data compiled by LSEG. Chevron shares were up about 2% in premarket trading. The results mirrored those of European oil majors [Read more]
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US energy firms add rigs for sixth time in seven weeks, says Baker Hughes
U.S. energy firms this week added rigs for a sixth time in seven weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, rose by one to 588 in the week to July 31. Baker Hughes said this week's increase puts the total rig count up 48 rigs, or 9% above this time last year. Baker Hughes said oil rigs rose by one to 451 this week, their highest since mid-July, while gas rigs held at 127 [Read more]
Canada’s Enbridge to postpone plans for second phase of Mainline oil pipeline expansion
Canadian pipeline operator Enbridge said on Friday it was postponing the 250,000-barrel-per-day second phase of its Mainline crude pipeline network, partly due to Canadian oil producers not committing to significant output increases. The project would have increased exports of Canadian crude to U.S. refineries. But Enbridge CEO Greg Ebel said the company will focus first on its 100,000 bpd Flanagan South Expansion and its 50,000 bpd Southern Access Extension, which will add capacity to two [Read more]
US crude oil output fell in May, while exports hit record, EIA says
U.S. crude oil output fell about 2% in May from a record in April, while exports hit a record high for the second-consecutive month, according to data published by the U.S. Energy Information Administration on Friday. Crude oil production in May averaged 13.71 million barrels per day, whereas exports rose to 5.73 million bpd from the prior record of 5.59 million bpd, the data showed. U.S. oil companies have ramped up exports sharply since the beginning of the Iran war, taking advantage of a [Read more]
Cavvy Energy Announces 2027 Forward Sulphur Price Agreement
Fixed Price Contract Leverages 2026 Sulphur Price Run-up and Enhances Sulphur Revenue Certainty in 2027 CALGARY, Alberta, July 31, 2026 (GLOBE NEWSWIRE) -- Cavvy Energy Ltd. (“Cavvy” or the “Company”) (TSX:CVVY) is pleased to announce that it has agreed to terms on a new one-year fixed-price sulphur forward sales agreement (the “Sulphur Price Agreement”) with its sulphur marketer (the “Marketer”) beginning January 1, 2027. The Sulphur Price Agreement fixes the price of 200,000 mt of sulphur [Read more]
Pembina Pipeline reports $512M second-quarter profit, rising from $417M last year
CALGARY - Pembina Pipeline Corp. says it earned $512 million in the second quarter, rising from $417 million during the same period last year. The Calgary-based natural gas processor and shipper says its revenue during the quarter reached $2.15 billion, up year-over-year from $1.79 billion. On a diluted per-share basis, the company's earnings amounted to 82 cents for the period ended June 30, compared with 65 cents during last year's second quarter. During the quarter, Pembina entered [Read more]
Oil price rises after Iran says it stops ships in Hormuz
Oil prices rose on Friday after Iran said it had stopped two vessels seeking to exit the Strait of Hormuz, underscoring concerns over global energy supplies following a drone attack on ships in a Mediterranean Egyptian port this week. Iran said four other tankers turned back after its forces intervened, although the Iranian reports could not be independently confirmed. Two large tankers carrying oil loaded from the Gulf were recorded passing through the strait, a narrow waterway between [Read more]
ExxonMobil says LNG projects diversify portfolio, won’t ‘shy away’ from Middle East
ExxonMobil said on Friday its pipeline of liquefied natural gas (LNG) projects would diversify its production away from the Middle East, but the company said it remains committed to pursuing opportunities in the region because of its long-term importance to global energy markets. "We won't shy away from the region," CEO Darren Woods said on the company's post-earnings conference call, adding that the region would remain an important source of natural gas. The company hopes to make a final [Read more]
Brookfield Infrastructure explores $5 billion sale of Canadian pipeline operator NorthRiver, sources say
Brookfield Infrastructure Corp is exploring a potential sale of NorthRiver Midstream in a deal which could value the Canadian natural gas-focused pipeline operator at around C$7 billion ($5 billion), people familiar with the matter said. The investment firm has been working with bankers in recent weeks to solicit potential buyer interest in NorthRiver, said the sources, who spoke on condition of anonymity to discuss private deliberations. Rising demand for energy infrastructure assets from [Read more]
Imperial declares third quarter 2026 dividend
CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) today declared a quarterly dividend of 87 cents per share on the outstanding common shares of the company, payable on October 1, 2026, to shareholders of record at the close of business on September 4, 2026. This third quarter 2026 dividend compares with the second quarter 2026 dividend of 87 cents per share. Imperial has a long and successful history of growth and financial stability in Canada [Read more]