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) _ 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

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
30 July

Saskatchewan operations. Image: Husky Oil production and refining volumes at Husky Energy Inc. are gradually returning to normal after deep cutbacks earlier this year but the company is braced for a “bumpy” recovery, CEO Rob Peabody said Thursday. The Calgary-based energy producer and refiner reported having curtailed about 80,000 bbls/d of mainly heavy oil output […]

Read More
30 July

See Full Stock Page » CALGARY — Two of Canada’s biggest oil sands producers are taking different approaches to restoring production that was shut down during the pandemic lockdowns as signs of an economic recovery and higher oil prices emerge. Both Cenovus Energy Inc. and Suncor Energy Inc. reported millions of dollars in losses in […]

Read More
30 July

Rail cars wait for pick up in Winnipeg, on Sunday, March 23, 2014. File photo by The Canadian Press/John Woods Canadian exports of crude oil by rail plunged by 63 per cent in May compared with April as North American fuel demand dropped due to measures taken to control the COVID-19 pandemic . The Canada […]

Read More
30 July

Alberta Premier Jason Kenney tasked Energy Minister Sonya Savage with evaluating the AER last year. Alberta is overhauling rules around oil and gas wells for the first time in decades in an effort to accelerate site cleanup and prevent a future backlog of inactive and orphan wells. Under the changes announced Thursday, petroleum producers will […]

Read More