SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today reported earnings of $2.0 billion ($1.03 per share – diluted) for third quarter 2017, compared with $1.3 billion ($0.68 per share – diluted) in the third quarter of 2016. Included in the quarter was a gain on an asset sale of $675 million and an asset write-off of $220 million. Foreign currency effects decreased earnings in the 2017 third quarter by $112 million, compared with an increase of $72 million a year [Read more]
Headlines
Imperial announces third quarter 2017 financial and operating results
18 percent increase in upstream production from the second quarter of 2017 Petroleum product sales of 500,000 barrels per day remain at near record levels Returned $386 million to shareholders in the form of dividends and share purchases CALGARY, Oct. 27, 2017 /CNW/ - Third quarter Nine months millions of Canadian dollars, unless noted 2017 2016 % 2017 2016 % Net income (U.S. [Read more]
Alberta oilpatch needs to develop innovative alternative modes of oilsands’ crude transport
Canadian pipeline projects for transporting oil sands crude are either getting cancelled or getting embroiled in litigation: Energy East Pipeline project met its demise recently; TransMountain Pipeline project is facing court cases. Thus, Alberta oil’s access to refinery in the East Coast (that imports foreign oil) and access to tide water for export to Asia and other countries have potentially got jeopardized. With approval of Enbridge Line 67, some additional capacity, in the meantime, has [Read more]
Kinder Morgan Canada appeals to regulator after permit failure
Kinder Morgan Canada Ltd said Thursday that it has been unable to gain permits from the coastal city of Burnaby, British Columbia, for its Trans Mountain pipeline expansion and is appealing to the national regulator for construction approval. Burnaby has long opposed the expansion over environmental concerns, and the lack of permits from the city adds to the hurdles facing the C$7.4 billion ($5.9 billion) expansion, as North American energy projects face increasing opposition from activists. [Read more]
Surge Energy Inc. Announces $37.2 Million Sparky Core Area Acquisition; $40 Million Convertible Debenture Financing; Upward Revision to 2017 Exit Guidance; 2018 Preliminary Guidance
CALGARY, ALBERTA--(Marketwired - Oct. 26, 2017) - Surge Energy Inc. ("Surge" or the "Company") (TSX:SGY) is pleased to announce the acquisition (the "Acquisition") of a low decline, high netback, waterflooded, crude oil producing asset (the "Assets") in its core Sparky area of Central Alberta for a purchase price of $37.2 million, which closed on September 8, 2017. Surge has identified up to 38 net Sparky development drilling locations on the Assets. The Assets have current core production of [Read more]
Petrolia Energy Announces Intent to Acquire Bow Energy
HOUSTON, TX--(Marketwired - October 26, 2017) - Petrolia Energy Corporation (OTCQB: BBLS) ("Petrolia" or the "Company") is pleased to announce the signing of a Letter of Intent ("LOI") to acquire 100% of Bow Energy Ltd. ("Bow") (TSX VENTURE: ONG). This LOI is non-binding and subject to various conditions, of which both parties have completed their accounting, technical, and legal due diligence, amongst others and have the approval of their respective Board of Directors. The parties have now [Read more]
Canada’s energy regulator says demand for fossil fuels will max out in two years
OTTAWA - The National Energy Board says Canada's addiction to fossil fuels will peak in two years, but the change won't affect economic growth. For the first time, the board's annual energy futures report says that with climate change policies and growth in clean energy, Canada's consumption of fossil fuels to run cars and heat homes will max out in 2019, start to decline slightly and then flatline over the next two decades. "If you look at our forecasts for the last 10 years, [Read more]
Husky Energy Reports Third Quarter 2017 Results
CALGARY, Alberta, Oct. 26, 2017 (GLOBE NEWSWIRE) -- Husky (TSX:HSE) recorded funds from operations of $891 million in the third quarter, leading to free cash flow of $380 million. “The steps we have taken to transform the Company’s asset base continue to reduce our cost structure and increase funds from operations. Combined with strong Downstream performance, this is unlocking significant value and providing for ongoing investment in low cost production growth,” said CEO Rob Peabody. “Funds [Read more]
Husky Energy profit beats estimates on higher output, prices
Canadian oil and gas producer Husky Energy Inc on Thursday reported a better-than-expected quarterly profit, helped by higher production and realized prices, and cut its capital budget for the year. The company said it expects to spend C$2.2 billion to C$2.3 billion ($1.7 billion to $1.80 billion) this year, less than its previous estimate of C$2.5 billion to C$2.6 billion. Husky, like other Canadian oil sands companies, has been trying to cut costs to offset weak demand for its heavy crude [Read more]
ConocoPhillips Reports Third-Quarter 2017 Results; Lowers Capital Guidance and Delivers on Strategic and Operational Targets; Strong Momentum Going into November Analyst and Investor Meeting
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today reported third-quarter 2017 earnings of $0.4 billion, or $0.34 per share, compared with a third-quarter 2016 loss of $1.0 billion, or ($0.84) per share. Excluding special items, third-quarter 2017 adjusted earnings were $0.2 billion, or $0.16 per share, compared with a third-quarter 2016 adjusted loss of $0.8 billion, or ($0.66) per share. Special items for the current quarter were primarily driven by a net gain from previously announced [Read more]