U.S. energy firms cut oil rigs for a seventh week in a row as major producers slam the brakes on shale oil production at a time when crude prices and fuel demand have plunged due to global lockdowns to fight the coronavirus pandemic. Drillers cut 53 oil rigs in the week to May 1, bringing the total count down to 325, the lowest since June 2016, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil rig count, an early indicator of future output, is down [Read more]
Headlines
Heavy discount narrows to at least 11-year low on oil curtailments
Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) on Friday to the smallest level in 11 years of records. With hundreds of thousands of Western Canadian barrels shut in due to low oil prices, some refineries are running short of heavy oil, a Calgary-based trader said. Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, traded at $5.70 per barrel below WTI, according to NE2 Canada Inc, narrower than Thursday's [Read more]
Oil rises again as output cuts kick in, inventories grow less than expected
Oil prices rose on Friday, extending the previous session's gains, as major producers began output cuts to offset a slump in fuel demand triggered by the coronavirus pandemic while data showed U.S. crude inventories grew less than expected. Still, prices gave up some of their earlier gains as the month of May began with more of the volatility that made last month one of the most turbulent in the history of oil trading, when U.S. futures briefly crashed into negative territory. U.S. crude [Read more]
Wet’suwet’en agree to deal with government over rights and title
SMITHERS, B.C. - Hereditary chiefs who oppose a natural gas pipeline in northern British Columbia say they will sign an agreement with the federal and provincial governments that affirms their title and rights. At the centre of the dispute is Wet'suwet'en opposition to the construction of the Coastal GasLink pipeline through their territory, which set off demonstrations and blockades that shut down large parts of the national economy in February. A joint statement from the governments and [Read more]
Imperial Oil reports $188M first-quarter loss as price of oil plunges
CALGARY - Imperial Oil Ltd. reported a loss of $188 million in its first quarter as oil prices plunged in March due to the COVID-19 pandemic. The company says the loss amounted to 25 cents per diluted share compared with a profit of $293 million or 38 cents per share in the same quarter last year. The loss for the quarter included $301 million in non-cash charges driven by the drop in oil prices, including $281 million due to a revaluation of inventory and $20 million associated with [Read more]
TC Energy reports $1.15B first-quarter profit, up from $1.0B a year ago
CALGARY - TC Energy Corp. reported a first-quarter profit of $1.15 billion, up from $1.0 billion a year ago. The company formerly known as TransCanada says the profit amounted to $1.22 per diluted share for the quarter ended March 31 compared with $1.09 per diluted share in the first quarter of 2019. Revenue for the three months totalled nearly $3.42 billion, down from nearly $3.49 billion in the same quarter last year. TC Energy says its comparable earnings for first quarter 2020 were [Read more]
Imperial announces first quarter 2020 financial and operating results
CALGARY, Alberta - Imperial Oil Limited (TSX:IMO): Focused on worker health and safety while maintaining energy supply for Canadians during pandemic Financial results impacted by COVID-19 and depressed March crude prices Proactively adjusted business and capital plans in response to market environment Record first quarter production at Kearl and refinery throughput at Strathcona Net loss of $188 million including non-cash charges of $301 million, driven by low quarter-end [Read more]
Chevron announces first quarter 2020 results
First quarter earnings of $3.6 billion Cash flow from operations of $4.7 billion Taking actions to protect the dividend, sustain long-term value and preserve cash Further reducing 2020 capital expenditure guidance to as low as $14 billion Completed asset sales in the Philippines and Azerbaijan SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today reported earnings of $3.6 billion ($1.93 per share - diluted) for first quarter 2020, compared with earnings of $2.6 [Read more]
TC Energy reports strong first quarter financial results
Continues to reliably deliver essential energy services across North America CALGARY, Alberta - TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced net income attributable to common shares for first quarter 2020 of $1.15 billion or $1.22 per share compared to net income of $1.0 billion or $1.09 per share for the same period in 2019. Comparable earnings for first quarter 2020 were $1.1 billion or $1.18 per common share compared to $1.0 billion or $1.07 per common [Read more]
PSAC Forecast Update: Lowest Activity Levels In Decades
CALGARY, AB, April 30, 2020 – In its second update to the 2020 Canadian Oilfield Services Activity Forecast, released today, the Petroleum Services Association of Canada (PSAC) has revised the number of wells drilled (rig released) across Canada for 2020 to 3,100 wells. This represents a decrease of 1,400 wells, or 31 percent, from PSAC’s original 2020 Forecast released in October 2019. PSAC is basing its updated 2020 Forecast on average natural gas prices of $1.95 CDN/mcf (AECO), crude oil [Read more]