Imperial oil said that its Q3 profit soared 70 %, helped by higher oil and natural-gas prices and improved refining margins. Randy Ollenberger, analyst at BMO Capital Markets in Calgary, said: On a year-over-year basis, they benefited from much higher prices. Where they did particularly well was refining, because of higher margins. For full story, [...]
Read the full article: "Imperial Oil Profit soars 70%"
Friday, October 31, 2008
Falling prices, a global financial crunch and political risk worries may leave Venezuela struggling to attract investor interest in a bid process for t3 heavy oil blocks that opened on Thursday. Jorge Pinon, Sn Research Associate, Center for Hemispheric Policy at University of Miami, said: I don’t see anyone jumping on the bandwagon to get into Venezuela. In this [...]
Read the full article: "Venezuela heavy oil bid attracts low interest"
Thursday, October 30, 2008
A slowdown in expenditure on multibillion-dollar projects to develop Canada’s oil sands, should help cure one ailment the industry has so far been unable to shake: runaway inflation. FirstEnergy Capital analyst William Lacey said: The big guys have all suddenly drawn a line in the sand that wasn’t there. Personally, I think this is a positive development. [...]
Read the full article: "Canada oil sands slowdown likely to stop..."
Thursday, October 30, 2008
Murphy Oil Corp. said Wednesday that the company’s profits more than doubled in Q3 results. It gave reasons like record-high prices and big output gains on on overseas fields for the robust rearnings. Murphy President and CEO Claiborne Deming said: Although the lower oil prices seen in recent weeks have curtailed exploration and production earnings, the decline has [...]
Read the full article: "Murphy’s profit up on stronger prices,..."
Wednesday, October 29, 2008
The growing financial crisis and plunging energy prices have forced oil companies to scale back spending and delay projects, with projects in the Canadian oil sands hardest hit. For full story, click here
Read the full article: "Financial Turmoil hits global investment"
Wednesday, October 29, 2008
After posting an 83% increase in profit for Q3, BP PLC said it’s looking at a broad range of acquisitions including Canada’s oil sands. Byron Grote, Chief financial officer, BP Plc said: The world is volatile as it is today may open up a whole range of things, commercial arrangements that may not have been possible in [...]
Read the full article: "BP Plc eyes more buyouts in oil sands"
Monday, October 27, 2008
The economies of heavy oil-producing countries are the ones that are least affected by the effects of the financial turmoil. For full story, click here
Read the full article: "Financial turmoil: Heavy oil-producing..."
Monday, October 27, 2008
Hyundai Engineering said that it plans to build a $581.7 mn heavy oil upgrading unit for sister company Hyundai Oilbank. For full story, click here For company’s website, click here
Read the full article: "Hyundai Engineering to build $582 mn oil..."
Friday, October 24, 2008
Halliburton’s better-than-expected quarterly earnings and upbeat outlook for the industry, despite what it called “unprecedented volatility” in commodity markets, helped lift oil services stocks. Brian Youngberg, industry analyst with Edward Jones, said: I think investors are realizing that the sky is not falling for oil field services like Halliburton. Yes, 2009 is going to be a little bit tougher, [...]
Read the full article: "Oil field services scrips up on Halliburton,..."
Friday, October 24, 2008
The company plans to cut its exploration budget and is considering asset sales to repay the debt it took on with the $13 bn buyout of Fording Canadian Coal Trust. Don Lindsay, CEO, Teck, Cominco, said: We intend to pay down a substantial portion in the next year from our operating cash flow, a cash tax refund of [...]
Read the full article: "Teck Cominco plans to reduce exploration,..."
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Friday, October 31, 2008