Energy Financial

Seven Generation Energy achieves record production in 2016

Seven Generation Energy achieves record production in 2016

Planned capital spending between $1.5 and $1.6 billion Seven Generations Energy Ltd.’s  first quarter production averaged 153,100 boe/d, up 73 per cent and setting a quarterly record, according to a press release. With record quarterly production and stronger commodity prices, funds from operations set a record at $272.3 million or 75 cents per share, an increase […]

Oil prices dip as investors weigh OPEC cuts against US production increase

Oil prices dip as investors weigh OPEC cuts against US production increase

Oil prices down, gasoline stocks up Despite early gains, oil prices fell on Tuesday as investors concerned about slowing demand and increasing US production questioned OPEC’s ability to rebalance the market. Brent crude futures were down 55 cents to $48.79/barrel by 12:43 p.m. EDT, down from an intraday high of $49.72.  US WTI futures were down 53 cents to […]

Oil prices slip despite OPEC hints at extending cuts into Q1 2018

Oil prices slip despite OPEC hints at extending cuts into Q1 2018

Oil prices down slightly in Monday trading Oil prices fell by pennies in trading on Monday despite assurances from Saudi Arabia’s oil minister that oil producers will “do whatever it takes” to rebalance the crude market. Most OPEC nations along with non-cartel members including Russia have agreed to cut their production by 1.8 million b/d during the […]

Oil prices recover as OPEC, non-OPEC states close to supply cut extension

Oil prices recover as OPEC, non-OPEC states close to supply cut extension

Oil prices fell to five-month lows on Friday In trading on Friday, oil prices rebounded from a five per cent loss in the previous session after Saudi Arabia said Russia is ready to agree to an extension of the OPEC supply cut pact which could help reduce the global oil supply glut. Reuters reports that traders said the […]

Shell Q1 profit more than doubles as oil prices recover

Shell Q1 profit more than doubles as oil prices recover

Shell Q1 profit beat analysts’ expectations Royal Dutch Shell Q1 profit more than doubled as oil prices rebounded and refining margins lifted revenue after a nearly three-year downturn. The 55 per cent jump in oil prices helped Shell cover expenses and dividend payouts as well as reducing debt following its $54 billion purchase of BG […]

Anadarko posts larger-than-expected Q1 loss on rising costs

Anadarko posts larger-than-expected Q1 loss on rising costs

Anadarko Petroleum expenses up 53 per cent On Tuesday, Anadarko Petroleum reported a larger-than-expected loss in the first quarter of 2017 due to an increase in expenses of about 53 per cent. Expenses for The Woodlands, Texas-based company rose to $3.88 billion in Q1, up from $2.54 billion in the first quarter of last year. […]

Pemex Q1: Company posts first quarterly profit in five years

Pemex Q1: Company posts first quarterly profit in five years

Pemex revenue up 55 per cent On Wednesday, Pemex posted a first quarter net profit of 87.9 billion pesos ($4.7 billion), which is the first quarterly profit reported by Mexico’s state-run company since 2012. Petroleos Mexicanos says higher crude prices and increased sales were factors in the profit, despite decreasing output. Revenue at Pemex was up 55 per cent to […]

Oil prices dip on small US crude stock drop

Oil prices dip on small US crude stock drop

Oil prices down, gasoline inventory rises Oil prices fell slightly in trading on Wednesday after the Energy Information Administration reported a smaller-than-expected drop in US crude inventories and weak demand for gasoline. US WTI was down 18 cents to $47.48/barrel by 11:33 a.m. EST.  Brent crude was down by 8 cents to $50.38/barrel. In its […]

ConocoPhillips Q1 results: Surprise loss on higher-than-expected costs

ConocoPhillips Q1 results: Surprise loss on higher-than-expected costs

ConocoPhillips shares down as much as 2.4 per cent in early trading ConocoPhillips reported a surprising first quarter loss on Tuesday due to higher-than-expected operating costs. Analysts say Q1 results from the largest US independent oil producer reflect slow but steady improvement seen across the industry. The Houston-based company says its total realized price was $36.18/barrel of […]

Oil prices dip on increased US, Libya production gains

Oil prices dip on increased US, Libya production gains

Oil prices down 2.1 per cent Oil prices fell in trading on Tuesday as increased crude production in the United States, Canada and Libya overshadowed production cuts by OPEC and non-cartel members as well as an expected decline in US crude stocks.   Brent futures settled down $1.06 to $50.46/barrel and trading at its lowest day since November 29, US […]