The differential on Canadian heavy crude widened on Friday, remaining in its recent trading range as government-ordered curtailments continued to underpin the market. * Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $13.15 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Thursday, WCS for September delivery settled at $12.35 a barrel below WTI crude futures. * The differential is unlikely to widen [Read more]
Headlines
U.S. oil drillers cut rigs for fifth week in a row -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling. Drillers cut six oil rigs in the week to Aug. 2, bringing the total count down to 770, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That is the most weekly declines in a row since March [Read more]
Enbridge helped by demand for pipeline capacity; Q2 adjusted earnings rise
CALGARY - Enbridge Inc. says a number of unusual factors boosted its second-quarter profit to $1.74 billion, while operations also performed well amid strong demand for transporting crude oil through its pipeline systems. Net income attributable to common shares of the Calgary-based company was 86 cents per share. That was up from $1.07 billion or 63 cents per share in last year's second-quarter, which also included unusual items. Enbridge's adjusted earnings and revenue [Read more]
Imperial announces second quarter 2019 financial and operating results
CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSX:IMO): Net income of $1,212 million, including a $662 million benefit from the Alberta corporate tax rate change Highest second quarter production in over 25 years, including record second quarter production at Kearl Cash generated from operations of $1 billion; $2 billion in the first six months, the highest since 2014 Returned $515 million to shareholders; renewed share purchase program for another [Read more]
Enbridge to solicit bids for Mainline
Canadian pipeline company Enbridge Inc said on Friday it would invite bids for contracted space on its Mainline system, in the face of opposition from some oil shippers who worry the changes could disadvantage small producers.The Mainline ships 2.85 million barrels per day of crude from Alberta in Canada to the United States, making it Canada's biggest network of export pipelines. Currently, shippers nominate barrels on a monthly basis, but Enbridge is proposing to switch to a system in [Read more]
ExxonMobil Earns $3.1 Billion in Second Quarter 2019
Upstream liquids production grows by 8 percent from a year earlier, driven by the Permian Basin Guyana resource estimate increases to over 6 billion oil-equivalent barrels; Liza Phase 1 nears startup U.S. Gulf Coast steam cracker exceeds design capacity by 10 percent, less than a year after startup August 02, 2019 07:30 AM Eastern Daylight Time IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation [Read more]
Oil prices rebound after Trump trade tariffs trigger plunge
Oil prices rose more than 2% on Friday, rebounding from their biggest falls in years after U.S. President Donald Trump imposed more tariffs on Chinese imports, intensifying the trade war between the world's two biggest economies and crude consumers. Brent crude futures slumped more than 7% on Thursday, their steepest drop in more than three years. U.S. West Texas Intermediate (WTI) crude futures fell nearly 8%, posting its worst day in more than four years, The collapse ended a fragile [Read more]
Advantage Announces Second Quarter 2019 Operating & Financial Results
CALGARY, Aug. 1, 2019 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce solid operating and financial results for the second quarter of 2019 with liquids production growth of 142%, strong market diversification gains of $16 million and continued low costs. The Corporation's second quarter operational highlights were substantially reported in our press release dated July 8, 2019 and included successful liquids-rich well results, commissioning of a [Read more]
Crew Energy Inc. Announces Second Quarter 2019 Financial and Operating Results Highlighted by 36% Increase in Condensate Volumes Year-Over-Year
CALGARY, Aug. 1, 2019 /CNW/ - Crew Energy Inc. (TSX: CR) ("Crew" or the "Company") is pleased to announce our operating and financial results for the three and six month periods ended June 30, 2019. Crew's Financial Statements and Notes, as well as Management's Discussion and Analysis ("MD&A") for the three and six month periods ended June 30, 2019 are available on Crew's website and filed on SEDAR at www.sedar.com. Q2 2019 HIGHLIGHTS Ultra Condensate-Rich ("UCR") Montney [Read more]
Bonavista Energy Corporation Announces 2019 Second Quarter Results
CALGARY, Aug. 1, 2019 /CNW/ - Bonavista Energy Corporation ("Bonavista") is pleased to report to shareholders its financial and operating results for the three and six months ended June 30, 2019. In the second quarter of 2019, we generated adjusted funds flow of $40.5 million, allocating $35.3 million to our exploration and development program. The financial statements and notes, as well as management's discussion and analysis, are available on the System for Electronic Document Analysis and [Read more]