ConocoPhillips (NYSE: COP) today reported second-quarter 2019 earnings of $1.6 billion, or $1.40 per share, compared with second-quarter 2018 earnings of $1.6 billion, or $1.39 per share. Excluding special items, second-quarter 2019 adjusted earnings were $1.1 billion, or $1.01 per share, compared with second-quarter 2018 adjusted earnings of $1.3 billion, or $1.09 per share. Special items for the current quarter were primarily driven by a financial tax benefit related to the previously [Read more]
Headlines
Texas shale pioneers struggle to appease investors, compete with majors
Seven years ago, Diamondback Energy Inc went public with a modest parcel of drillable land in the Permian Basin of West Texas. Like dozens of other Permian startups, the firm then pursued a classic wildcatter's strategy - borrowing to buy up acreage, acquire competitors and quickly boost output in the booming shale field. Today, Diamondback is the 7th largest producer in the top U.S. oil region, according to researcher Wood Mackenzie. But Diamondback differs from most of its peers in a [Read more]
Exxon Mobil’s Q2 results expected to sag, spotlighting need for asset sales
Exxon Mobil Corp's plan to accelerate asset sales, a way of delivering needed cash to finance shareholder returns and major projects, is getting off to a slow start as oil companies pull back on big deals. On Friday, the largest U.S. oil company is expected to report a 79-cents-a-share profit, down from 92 cents a year earlier, according to data provider Refinitiv. With little cash from asset sales and a third straight quarter of weaker year-over-year earnings, Exxon cannot resume share [Read more]
Oil edges up on prospect of U.S. interest rate cut
Oil prices rose on Monday as the prospect of an expected interest rate cut by the U.S. Federal Reserve overshadowed pessimism over U.S.-China trade talks and worries about slower global economic growth. Brent crude LCOc1 gained 25 cents to settle at $63.71 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 67 cents to settle at $56.87 a barrel. “Prices appear to be treading water ahead of this week’s events,” said John Kilduff, partner at Again Capital [Read more]
Point Loma Resources Announces the Spudding of Rex Oil Farmout Well
Point Loma Resources Ltd. (TSX VENTURE: PLX) (the “Corporation” or “Point Loma”) is pleased to announce the spudding of the first farmout well of the Corporation’s recently announced two well farmout program with partner Salt Bush Energy Ltd. (“Salt Bush”). Highlights Rex oil horizontal was spudded July 27, 2019. Once drilled, the well is expected to be completed and evaluated prior to the end of August 2019. Salt Bush Energy is paying 100% of the costs to drill, complete and equip to [Read more]
U.S. natgas futures slip to fresh 3-year low on rising production
U.S. natural gas futures fell to a fresh three-year low on Monday with spot prices at their lowest in years, production rising close to record highs and forecasts for less demand this week than previously expected. Analysts noted the front-month has traded around multi-year lows since late May despite power demand and liquefied natural gas (LNG) exports close to all-time highs, as near-record production and mild spring weather allowed utilities to inject huge amounts of gas into [Read more]
Appeal of NEB pipeline jurisdiction decision ‘highly probable’: B.C. activist
CALGARY - B.C. environmental activist Mike Sawyer says it's "highly probable" he will appeal a National Energy Board ruling that a pipeline designed to deliver natural gas to the $40-billion LNG Canada project falls under provincial, not federal, jurisdiction. The NEB ruled Friday against Sawyer's application which contended the $6.2-billion Coastal GasLink project proposed by TC Energy Corp. falls under federal jurisdiction because it will connect with the Nova Gas Transmission Ltd. [Read more]
Vermilion Energy Inc. Announces Results for the Three and Six Months Ended June 30, 2019
CALGARY, July 29, 2019 /PRNewswire/ - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) is pleased to report operating and condensed financial results for the three and six months ended June 30, 2019. The unaudited financial statements and management discussion and analysis for the three and six months ended June 30, 2019, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR at [Read more]
Shield Industries announces new manufacturing facility in Hythe
CALGARY – July 29, 2019 – Shield Industries Ltd (“Shield”) is pleased to announce the commissioning of its new manufacturing facility in Hythe, AB. The new location will be focused on oilfield equipment fabrication such as storage tanks, low pressure vessels, pressure piping and structural steel. This strategically located new facility complements the original Taber location and enhances Shield’s ability to service local Montney and Duvernay focused producers, as well as midstream and service [Read more]
Canada Rig Count up 9 from last week, down 96 from one year ago
Canada's fleet of active drilling rigs increased to 127 from the previous week's count of 118 according to Baker Hughes. Oil drilling totaled 85 rigs, while natural gas drilling totaled 42. Alberta was the only province with an uptick in activity, increasing its total from 63 to 73. Drilling activity has remained very depressed in western Canada as producers continue to face challenges related to continued Alberta production curtailments, record low natural gas prices and generally poor [Read more]