Energy Financial

TransCanada enjoys profitable 2015 despite oil downturn, Keystone XL delay

Energy Financial

TransCanada is enjoying a banner year, boosting 2015 revenue to $2.94 billion, up from $2.45 billion in 2014 TransCanada Corp. says its third-quarter profit was down from the same time last year as it received lower contributions from its Bruce Power and Western Power electricity generation operations and a small charge related to corporate restructuring. The North […]

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Exxon Mobil beats analyst expectations, boosting production in Permian Basin

Energy Financial

Exxon Mobil increasing crude processing capacity at Beaumont, Texas refinery by 20,000 b/d, secures more Permian Basin acreage Exxon Mobil Corp. (XOM) on Friday reported third-quarter earnings of $4.24 billion. The Irving, Texas-based company said it had profit of $1.01 per share. The results exceeded Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as

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Canadian oil and gas sector: Cuts continue as companies struggle to reduce costs

Energy Financial

Job, cost cuts in Canadian oil and gas sector starting to show results CALGARY – Companies in the Canadian oil and gas sector continue to move aggressively to cut costs and they say the efforts are starting to show results. Cenovus Energy said Thursday that it had increased to 700 the number of people laid off in the second

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Suncor says it can improve Syncrude performance with Canadian Oil Sands takeover

Energy Financial

Suncor oilsands cash operating costs down to $27/barrel CALGARY – Suncor Energy Inc. (TSX:SU) says if it’s able to increase its stake in the Syncrude oilsands mine, operations at the sprawling development north of Fort McMurray, Canada, will run more smoothly. “We believe that we can drive real improvements in Syncrude’s performance with a larger ownership interest,”

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Suncor CEO says Canadian Oil Sands takeover deal is sweet enough

Energy Financial

Suncor says it wants to help streamline operations at Syncrude CALGARY – The CEO of Suncor Energy is throwing cold water on speculation that its hostile takeover offer for Canadian Oil Sands will be sweetened. Steve Williams said Thursday the $4.3-billion bid should be good enough for shareholders given the gloomy outlook for oil prices, operational woes

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Shell reports $7.4B Q3 loss, continues to re-organize, cancel projects

Energy Financial

Shell announced cancellation of Alaskan offshore, Canadian oilsands project LONDON – Royal Dutch Shell reported a third quarter loss of $7.4 billion Thursday as it re-organized and cancelled projects, including drilling in Alaska, to cope with the plunge in oil prices. The net loss compares with a profit of $4.5 billion in the same period last year.

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Occidental Petroleum announces Q3 2015 financial results

Energy Financial

Permian Basin represents over 50% of total oil/gas spending for Occidental Petroleum HOUSTON – Occidental Petroleum Corporation announced core income for the third quarter of 2015 of $24 million or $0.03 per diluted share. Reported income was a loss of $3.42 per diluted share for the quarter, including $2.6 billion after tax charges, which reflect the sharp decline

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