Energy Financial

Oil prices rise, but still on track for weekly drop

Oil prices rise, but still on track for weekly drop

Oil prices rise Friday after five straight days of losses Oil prices rose on Friday after five straight days of losses on expectations that OPEC will extend its agreement to reduce output as well as the shutdown of the Keystone pipeline after a leak was reported on Thursday. By 1:31 p.m. EST, Brent crude had […]

By November 17, 2017 0 Comments Read More →
Suncor to increase production in 2018 while capital spending drops $750 million

Suncor to increase production in 2018 while capital spending drops $750 million

Oil sands cash costs per barrel are $23-26 dollars Suncor released its 2018 corporate guidance today which includes a capital program of between $4.5 and $5.0 billion and average upstream production of 740,000 to 780,000 boe/d, according to a press release. The midpoints of these ranges represent a year over year production increase of more […]

By November 17, 2017 0 Comments Read More →
Oil prices dip for fifth straight day on rising US production, inventories

Oil prices dip for fifth straight day on rising US production, inventories

Oil prices could drop more if OPEC deal not extended Oil prices dipped Thursday on rising US production and crude stocks, dampening the recent rally spurred by tightening global supply due to OPEC’s supply cut pact. As of 1:36 p.m. EST, benchmark Brent was down 32 cents to $61.55 and US WTI fell by 4 […]

By November 16, 2017 0 Comments Read More →
CNRL to boost Alberta oil sands production 50% in 2018

CNRL to boost Alberta oil sands production 50% in 2018

2018 production targeted between 1,090,000 BOE/d and 1,170,000 BOE/d Canadian Natural Resources Ltd. announced its 2018 budget, with a capital investment of $4.3 billion, $500 million less than 2017, and a 50 per cent increase in oil sands production, according to a press release. “Canadian Natural’s transition to a long life low decline asset base is […]

By November 16, 2017 0 Comments Read More →
France’s Total becomes 2nd largest global LNG company with $1.49 billion acquisition

France’s Total becomes 2nd largest global LNG company with $1.49 billion acquisition

Total expects LNG market to grow 5% to 6% annually Total has signed an agreement with Engie to acquire its portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.49 billion, according to a press release. This portfolio includes participating interests in liquefaction plants, notably the interest in the Cameron […]

By November 15, 2017 0 Comments Read More →
Oil prices slide on higher US production, lower demand outlook

Oil prices slide on higher US production, lower demand outlook

Oil prices down over 2 per cent Oil prices fell over 2 per cent on Tuesday on concerns of rising US crude output and a report from the International Energy Agency showing a less optimistic outlook for global crude growth. As well, oil prices were caught up in a global commodities sell off, led by […]

By November 14, 2017 0 Comments Read More →
Cenovus pays off $940 million debt with Weyburn enhanced oil recovery sale

Cenovus pays off $940 million debt with Weyburn enhanced oil recovery sale

Acquisition includes a 62.1% interest in Weyburn(14,600 boe/d) and 200 boe/d of production from other assets Cenovus Energy Inc. agreed to sell its majority interest in the Weyburn carbon-dioxide enhanced oil recovery operation in Saskatchewan for cash proceeds of $940 million to Whitecap Resources, according to a press release. “We’re pleased with the progress we’ve […]

By November 14, 2017 0 Comments Read More →
Pengrowth transforms into thermal oil, Montney gas focused company

Pengrowth transforms into thermal oil, Montney gas focused company

Pengrowth expects total thermal oil production to exceed 50,000 bbl per day Pengrowth Energy Corporation announced its third quarter 2017 financial and operating results and the completion of its strategic objective of focusing its asset base to its two growth assets, Lindbergh and Groundbirch, according to a press release. Pengrowth’s long-term development plan is centered on […]

By November 14, 2017 0 Comments Read More →
Oil prices mixed as Middle East tensions support market

Oil prices mixed as Middle East tensions support market

Oil prices underpinned by OPEC cuts Oil prices were mixed in trading on Monday as rising tensions in the Middle East underpinned values but concerns about increasing US production impacted gains. By 1:27 p.m. EST, benchmark Brent had fallen 35 cents to $63.17/barrel, but remained close to two-year highs after rising about 14 per cent […]

By November 13, 2017 0 Comments Read More →
Suncor Energy promotes Mark Little to Chief Operating Officer

Suncor Energy promotes Mark Little to Chief Operating Officer

Mark Little led integration of Suncor and Petro-Canada corporate cultures following merger Steve Williams, chief executive officer of Suncor, announced the appointment of Mark Little, currently president, Upstream, as chief operating officer (COO), according to a press release. As Suncor’s COO, Little will be responsible for all of the operations and many of the corporate […]

By November 13, 2017 0 Comments Read More →