Heavy oil producers will post the best second quarter results of all energy players in the coming weeks as unhedged natural gas players and service companies struggle. For full story, click here
HudBay Minerals Inc. announced that it has released its unaudited first quarter 2009 results. Net earnings in the first quarter were a loss of $4.0 million compared with $21.6 million of earnings in the first quarter of 2008. For full story, click here
Canadian Oil Sands Trust declared a dip in first-quarter earnings and cash flow on sharply lower crude oil prices, and announced that its focus is on maintaining a healthy balance sheet and solid liquidity position. For full story, click here
Canada’s energy sector can expect a lousy first quarter of earnings when its reporting season kicks off next week, but there could be a few pleasant surprises in one group within the sector that is heavy-oil producers. Andrew Potter, energy analyst at UBS Securities Canada Inc., stated: The latter part of Q1 showed some promise. [...]
The company posted a had a strong quarter.earnings and expects the fourth quarter to be even better and the trends entering 2009 remains positive. For full story, click here
Here are the earnings from Canadian Natural Resources, company’s progress on completion of its Horizon Project & the budget for next year. Allan P markin, chairman of the company, said: Canadian Natural’s third quarter results and our 2009 budget reflect our continued drive towards developing our low risk, exploitation and exploration based assets, while creating value for our shareholders. [...]
By Duncan Sutherland – Exclusive to Heavy Oil Investing News Market news The short to medium term outlook for oil sands and heavy oil projects remains negative. As the barrel price for light sweet crude remains (relatively) low, new investments in oil sands projects are unlikely to be forthcoming. The combination of low prices and [...]
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, [...]
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