31 July

The number of rotary drilling rigs operating in the United States stood at 251 for the second week in a row, Baker Hughes Co. reported. The number of rotary drilling rigs operating in the United States stood at 251 for the second week in a row, Baker Hughes Co. reported Friday. Baker Hughes’ latest U.S. […]

Read More
31 July

CALGARY — Shares in Imperial Oil Ltd. are trading lower after it beat analyst expectations on oil and gas production but reported a higher-than-forecast second-quarter loss. The Calgary-based company reported a net loss of $526 million on revenue of $3.7 billion in the three months ended June 30, down from a net profit of $1.2 […]

Read More
31 July

CALGARY, Alberta – Imperial Oil Limited (TSX:IMO): Net loss of $526 million primarily driven by lower Upstream realizations and Downstream margins Managed operational and financial impacts of COVID-19 Optimized turnaround activities at key assets with significant cost efficiencies Reduced year-to-date production and manufacturing expenses by over $450 million versus 2019 Year-to-date capital expenditures on track […]

Read More
31 July

Total announced they will be writing off $9.3B in Canadian oil sands assets and cutting ties with the Canadian Association of Petroleum Producers. Tim McMillan, president and CEO of that association joins BNN Bloomberg for reaction to this move and what it means for the oil and gas sector. Total writing off Canadian assets for […]

Read More
31 July

CALGARY, Alberta (AP) _ Imperial Oil Ltd. (IMO) on Friday reported a second-quarter loss of $379.5 million, after reporting a profit in the same period a year earlier. On a per-share basis, the Calgary, Alberta-based company said it had a loss of 52 cents. The results topped Wall Street expectations. The average estimate of four […]

Read More
31 July

LONDON (Reuters) – Switzerland-based Glencore ( GLEN.L ) expects a stellar performance from its oil trading arm to help the division hit the top end of its full-year target for operating income, it said on Friday. Glencore’s large marketing division makes the group more resilient than most mining companies during commodity downturns. Trading divisions of […]

Read More
31 July

CALGARY, Alberta (AP) _ Arc Resources Ltd. (AETUF) on Thursday reported a second-quarter loss of $31.4 million, after reporting a profit in the same period a year earlier. The Calgary, Alberta-based company said it had a loss of 9 cents per share. The oil and natural gas company posted revenue of $157.2 million in the […]

Read More
31 July

In the first sixth months of 2020, ConocoPhillips realized a price of $32.15 per barrel of oil or … [+] Curtailments of oil and gas production by leading U.S. producer ConocoPhillips COP -5.8% amounted to nearly 25% of the 957,000 barrels of oil or the equivalent that it produced per day in the second quarter, […]

Read More
31 July

On Thursday, some quarterly figures from the oil majors started coming in – and they are mostly negative. Royal Dutch Shell reported a staggering $18 billion quarterly loss, made worse by a $16.8 billion write-down on a range of its assets. The huge loss came after earning $3 billion in the second quarter of 2019 […]

Read More
31 July

The Enbridge logo is shown at the company’s annual meeting in Calgary on May 9, 2018. File photo by The Canadian Press/Jeff McIntosh The main export system for Western Canada’s oil production is recovering after volumes fell by less than feared amid the COVID-19 economic slowdown in the second quarter, pipeline company Enbridge Inc. reported […]

Read More