Canadian Natural Resources anticipates higher production and lower expenditure in 2026
Canadian Natural Resources forecast on Friday a modest increase in production by 2026, while reducing total capital expenditures from the levels of this year. This signals a continued focus and disciplined growth. Canada's oil producers have fared better than their global counterparts during the oil slump, thanks to years of investment.
Enbridge Canada misses its third-quarter profit forecast due to higher capital costs
Enbridge missed its third-quarter profit estimate on Friday due to higher financing costs resulting from capital investments, including U.S. Gas Utility acquisitions. This sent the company's shares down by nearly 2% during premarket trading. Last year, the Calgary-based pipeline company acquired three Dominion Energy utilities -- East Ohio Gas (formerly Questar Gas), Public Service Co.
LNG Canada announces that it has begun production at its second unit.
The company announced that LNG Canada had begun producing liquefied gas in the second of two processing units. This unit is known as Train 2. A spokesperson said that both trains of the Shell-led Kitimat project, each with a 6.5 million ton capacity per year, are now operational. LNG Canada, Canada's first major LNG export…
TC Energy misses its profit forecast due to weakness in US operations and power business
Canada's TC energy missed its third-quarter profit estimates on Thursday due to weakness in the company's U.S. operations, power and energy solutions businesses and pipeline operations. Natural gas consumption is increasing due to AI-driven power demands, industrial applications, and LNG exports. However, price pressures and the competition from coal are still a major market challenge. U.S.
Canadian Natural Resources barely beats estimates for quarterly profits on record production
Canadian Natural Resources posted earnings for the quarter that were just a hair above analysts' expectations. Record oil and gas production offset the decline in crude price. Canadian Natural Resources and other oil sands producers in Canada have shown resilience in the face of the downturn in the global oil industry.
Engie's quarterly earnings fall short of expectations due to lower gas and power sales
PARIS, November 6 - French utility Engie’s third-quarter results fell 18% short of analyst expectations. This was due to lower hydropower production, gas prices, and increased gas sales volumes, despite colder weather than usual. Thursday's results for the third quarter showed earnings before tax, interest and other expenses (EBIT), but excluding nuclear. This was 1.2 billion euro ($1.40 billion).
Canada's Imperial Oil surpasses profit expectations on record production and strong refining
Canada's Imperial Oil announced a higher-than-expected profit for the third quarter on Friday. Record production and refinery output offset lower crude oil prices. Canadian oil sands companies such as Imperial Oil, have been resilient in the face of a global oil downturn. They have done so because they have invested for years and are now among North America's low-cost producers.
China CNOOC's net income for the third quarter of 2014 is down 12% due to lower oil prices
CNOOC Ltd, the Chinese offshore oil-and-gas major, reported on Thursday that its third quarter net income had declined 12.2% from a similar period a year ago as lower oil prices globally offset a strong growth in production. CNOOC reported that its net profit for the period July-September was 32.44 billion Yuan ($4.55billion), in a filing to the Hong Kong Stock Exchange.
Tokyo Gas CEO: US is priority market for overseas expansion, Tokyo Gas.
Tokyo Gas will prioritize the U.S. for its overseas expansion because of its high growth potential, CEO Shinichi SASAYAMA said on Wednesday. Japan's biggest city gas provider is looking at a possible offtake of gas from Alaska. Tokyo Gas, Japan's largest buyer of liquefied gas, and JERA (Japan's second-largest LNG buyer)…
Oilfield giants shift focus to AI infrastructure after drilling demand declines
SLB, Halliburton, and Baker Hughes, oilfield services giants in North America, are focusing on data centers and artificial intelligence infrastructure to fuel their next phase of expansion as they deal with a slowing drilling market and idle rigs. U.S. producers of oil have reduced exploration budgets, as the price of a barrel hovers in the low 60s…
China drives global underground gas storage growth, International Gas Union says
In a report published on Monday, the International Gas Union said that China would lead global underground storage expansion by 2025. It will add 6 billion cubic meters (bcm), or working gas volume, to increase its total capacity to 19,8 bcm. The world's underground gas storage capacity has increased by 10 billion cubic meters since 2022.
Baker Hughes exceeds profit expectations on the strength of industrial and energy technology demand
Baker Hughes, a provider of oilfield services, beat Wall Street expectations for its third-quarter profits on Thursday. This was due to the strength in their industrial and energy technologies (IET) division. Oilfield services firms are navigating a volatile oilfield market. Resilient areas such as LNG infrastructure, upgrades to the power grid…
Halliburton's profits beat expectations on the back of steady drilling demand in North America
Halliburton's third-quarter profits surpassed Wall Street expectations on Tuesday thanks to the steady demand for oilfield equipment and service in North America. The North America segment's quarterly revenue was $2.4 billion. This is the same as a year ago, but it's above analysts’ average estimates of $2.17billion. Halliburton…
Palm extends gains due to good export prospects, soyoil
The price of palm oil in Malaysia rose Tuesday, as traders benefited from the positive outlook for exports and the stronger soyoil market at Dalian and Chicago. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery had gained 43 ringgit or 0.95% to 4,556 Ringgit ($1,078.60). The futures opened higher on Monday…
SLB beats profit estimates on North America demand, ChampionX deal boost
SLB surpassed Wall Street expectations for the third-quarter profits on Friday as steady demand in North America, and contributions from its ChampionX acquisition, helped offset weakening activity in oilfields in other regions. After months of reduced expenditure, the U.S. Oilfield Market appears to have stabilized, but SLB's main profit generator, international demand, is still tepid.
North American LNG Exporters Look to Double Capacity by 2029
Liquefied natural gas exporters in the U.S. have announced plans to more than double U.S. liquefaction capacity, adding an estimated 13.9 billion cubic feet per day (Bcf/d) by 2029, the U.S. Energy Information Administration said on Thursday.The EIA cited its Liquefaction Capacity File and trade press reports for the forecast, and added that the U.S.
Ares Management purchases stake in EDPR assets for $2.9 billion
Ares Management announced on Monday that a unit of its Infrastructure Opportunities division had acquired a 49 percent stake in a diversified U.S. Renewable Energy Platform from EDP Renovaveis, valuing it at approximately $2.9 billion. Since September 2024, Ares Infrastructure Opportunities funds have owned 5.7 gigawatts of capacity in 11 states and 5 U.S. markets.
Enverus, an analytics firm, says that US shale costs will rise to $95/bbl in the mid-2030s.
Energy analytics firm Enverus stated on Tuesday that the marginal cost of producing U.S. shales oil could rise as much as 15 dollars a barrelle to $95 per barrel within 10 years as stagnant production forces companies to drill at locations with less proven resources. Enverus reported that the average cost of producing a barrel in the United States is $70.
US Antimony Corp. wins Pentagon contract worth $245 Million to build Defense Stockpile
United States Antimony Corporation announced on Tuesday that it had secured a five-year contract with the U.S. Defense Logistics Agency for antimony metal ingots to be used as part of the stockpile. The contract is worth up to $245,000,000. The new contract is part of a larger effort by the Trump administration to strengthen U.S.
Brazil's WEG invests $77 Million to increase US plant capacity because of AI demand
The Brazilian motor manufacturer WEG announced on Tuesday that it would invest $77m in a U.S. facility for the production of specialty transformers. It aims to increase the plant’s capacity by 50%, as artificial intelligence is driving demand in the U.S. WEG says that the investment in Washington, Missouri's plant is aimed at the production of transformers…