This news release contains references to the non-GAAP financial measures “funds from operations”, “free cash flow”, “net debt”, “operating margin”, “sustaining capital”, “net debt to trailing funds from operations” and “refining and marketing margin”. Please refer to “Non-GAAP Measures” at the end of this news release. CALGARY, Alberta - Husky Energy recorded funds from operations of $18 million in the second quarter. Cash flow from operating activities, which includes changes in non-cash [Read more]
Headlines
Total writes off $9.3B in oilsands assets, cancels Canadian oil lobby membership
CALGARY - French energy giant Total says it is writing off $9.3-billion (US$7 billion) worth of oilsands assets in Alberta and cancelling its membership in the Calgary-based Canadian Association of Petroleum Producers. The Paris-based company says it now considers oil reserves with high production costs that are to be produced more than 20 years in the future to be "stranded" given its carbon reduction targets because the resource may not be produced by 2050. It says it will take [Read more]
Oil prices slip as COVID-19 case surge dents fuel demand hopes
Oil prices dipped on Thursday as a surge of coronavirus infections around the globe raised fears a rebound in fuel demand would stutter just as major oil producers are set to raise output in August. U.S. West Texas Intermediate (WTI) crude futures fell $1.13, or 2.75%, to $40.17 a barrel. Brent crude futures lost 91 cents, or 2.08%, to $42.80 a barrel. Both benchmark contracts hovered around unchanged levels after having jumped on Wednesday after the U.S. Energy Information [Read more]
Cenovus announces closing of US$1 billion offering of senior notes
CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has completed a public offering in the United States (the “Offering”) of US$1,000,000,000 in 5.375% senior unsecured notes due 2025 (the “Notes”). The Notes were issued under Cenovus’s short form base shelf prospectus dated September 19, 2019 and a prospectus supplement dated July 28, 2020 filed with securities regulatory authorities in Canada and the United States. The net proceeds of the Offering will be used to repay short-term [Read more]
Obsidian Energy announces second quarter 2020 financial and operational results
CALGARY, AB - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQB: OBEL) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce our second quarter 2020 financial and operational results. All figures are in Canadian dollars unless otherwise stated. Obsidian Energy's unaudited interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") as at and for the three and six months ended June 30, 2020 can be found on our website at www.obsidianenergy.com. The [Read more]
ConocoPhillips reports second-quarter 2020 results
HOUSTON - ConocoPhillips (NYSE: COP) today reported second-quarter 2020 earnings of $0.3 billion, or $0.24 per share, compared with second-quarter 2019 earnings of $1.6 billion, or $1.40 per share. Excluding special items, second-quarter 2020 adjusted earnings were a loss of $1.0 billion, or ($0.92) per share, compared with second-quarter 2019 adjusted earnings of $1.1 billion, or $1.01 per share. Special items for the current quarter were primarily due to a realized gain on the completion of [Read more]
Whitecap Resources Inc. announces second quarter 2020 results generating $56.8 million in free funds flow
CALGARY, AB - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and unaudited consolidated financial results for the three and six months ended June 30, 2020. Selected financial and operating information is outlined below and should be read with Whitecap's unaudited interim consolidated financial statements and related Management's Discussion and Analysis for the three and six months ended June 30, 2020 which are available at www.sedar.com [Read more]
Crescent Point announces Q2 2020 results and appointment of director
CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) and (NYSE: CPG) is pleased to announce its operating and financial results for the quarter ended June 30, 2020. The Company's Board of Directors (the "Board") is also pleased to announce the appointment of a new director. KEY HIGHLIGHTS Capital expenditures trending to lower end of guidance due to expected well cost savings of over 10 percent in 2020. Enhanced financial flexibility with [Read more]
TC Energy reports solid second quarter financial results
Financial position and utilization of critical energy infrastructure assets remain robust CALGARY, Alberta - TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced net income attributable to common shares for second quarter 2020 of $1.3 billion or $1.36 per share compared to net income of $1.1 billion or $1.21 per share for the same period in 2019. For the six months ended June 30, 2020, net income attributable to common shares was $2.4 billion or $2.59 per share [Read more]
AltaGas announces second quarter results
AltaGas continues to execute on defined strategy and delivers resilient second quarter results with guidance reaffirmed; remains focused on maintaining safe and reliable operations for its employees, customers and the communities it serves. CALGARY, AB - AltaGas Ltd. (AltaGas or the Company) (TSX: ALA) today reported second quarter 2020 financial results and provided an update on its operations and outlook, inclusive of COVID-19 considerations. "Although the second quarter included large [Read more]