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]
Headlines
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]
Oil and gas drilling forecast revised to 49 year low as producers cut spending
CALGARY - The Petroleum Services Association of Canada has revised its 2020 Canadian drilling forecast to an almost 50-year record low of 3,100 oil and gas wells, a level not seen since 2,900 wells were drilled in 1972. PSAC interim CEO Elizabeth Aquin says more than $7 billion of capital investment in the energy sector has been cancelled to date this year thanks to demand destruction from measures to deal with the COVID-19 pandemic and a supply surplus due to an oil price war between Russia [Read more]
Whitecap Resources posts $2.1-billion loss on oil price related asset writedown
CALGARY - Oil producer Whitecap Resources Inc. is reporting a $2.1-billion net loss for the quarter ended March 31 thanks mainly to a $2.9-billion non-cash writedown in the value of its assets due to low oil prices. The Calgary-based company says it is also shutting down low profitability wells producing about 2,000 barrels of oil equivalent per day to avoid selling at current prices. It now expects to produce about 66,000 boe/d this year. Whitecap, which produces conventional oil [Read more]
Oil prices surge over 10% amid early signs of U.S. fuel demand recovery
Oil prices jumped on Thursday, extending steep gains in the previous session on signs the U.S. crude glut is not growing as quickly as expected and that gasoline demand battered by COVID-19 restrictions is starting to pick up. West Texas Intermediate (WTI) crude futures climbed to a high of $17.35 a barrel and were up 14.3%, or $2.15, at $17.21 at 0350 GMT. The U.S. benchmark surged 22% on Wednesday. Brent crude rose 10.3%, or $2.33 to $24.87 a barrel in light trading, with the June [Read more]