Dominion Energy beats Q3 profit estimates on lower costs and steady demand
Dominion Energy beat Wall Street estimates for third-quarter profit on Friday, as the electric utilities company benefited from lower costs and steady electricity demand during hot weather. Utilities are set to gain from growing electricity demand, driven primarily by AI technology and data centers, alongside increased power usage in homes and businesses amid record temperatures. […]
Exxon, Chevron beat estimates on higher Permian oil production
Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) beat analysts’ estimates as rising oil production from the Permian Basin helped offset weaker crude prices. Exxon’s third-quarter adjusted profit exceeded expectations by a nickel on Friday, while Chevron surpassed estimates by 11 cents. That followed mixed results from European rivals Shell Plc, TotalEnergies SE and BP […]
Pump prices tumble 20% in key swing states ahead of election
Days before a neck-and-neck presidential race, pump prices — one of the most salient data points consumers use to gauge inflation — are tumbling in key swing states. In Michigan, Wisconsin, Nevada and Arizona, retail fuel prices have fallen at least 20% since the 2022 midterm election, according to the four-week averages of data from […]
Oil falls 5% on reduced risk of wider Middle East war
HOUSTON, Oct 28 (Reuters) – Oil prices tumbled by around $4 a barrel on Monday after Israel’s retaliatory strike against Iran’s military on Saturday bypassed oil and nuclear facilities, not disrupting energy supplies. Brent futures were down $4.20, or 5.52%, at $71.83 a barrel at 11:37 a.m. CDT (1637 GMT), while WTI U.S. crude futures lost $4.08, […]
Aramco Cancels Saudi Chemical Project as It Focuses on Asia
(Bloomberg) — Saudi Aramco has canceled plans to build a refinery and chemicals project in the kingdom and is reviewing three others as it evaluates spending plans with a focus on expanding in Asia. Aramco and its unit Sabic will not go ahead with the planned 400,000 barrel-a-day facility at Ras Al Khair on Saudi […]
Cost of Trans Mountain pipeline expansion soars 70 per cent to $21.4 billion
CALGARY — The projected cost of the Trans Mountain pipeline expansion has soared 70 per cent to $21.4 billion, while its completion is delayed. The Crown corporation behind the massive project says the total cost has increased from its earlier estimate of $12.6 billion. Trans Mountain Corp. partially blames the cost increases on the COVID-19 […]
Canadian pipeline operator Enbridge reports higher profit as oil volumes rise
By Arunima Kumar and Rod Nickel (Reuters) -Enbridge Inc reported a nearly 4% jump in fourth-quarter profit on Friday, as a recovery in fuel demand boosted the Canadian pipeline operator’s oil transportation volumes, but it missed earnings expectations. Pipeline operators have benefited from a pick-up in volumes with crude prices trading at multi-year highs. Oil […]
Oilpatch optimism high in Sask. amid surging prices at the pump
Saskatchewan made nearly $15M selling Crown oil and gas rights in 2021-22 While Saskatchewan’s oil and gas sector stands to benefit from a recent surge in global oil prices, drivers are feeling the pain at the pump. Patrick De Haan, head of petroleum analysis at GasBuddy, said Canadian fuel prices are currently at or near record-highs as […]
Gasoline prices breaking records as crude oil tops US$90 a barrel
CALGARY — Gasoline prices across Canada shattered an all-time record high on Friday, as crude prices soared above US$90 per barrel and North American refineries worked full throttle to keep up with demand. The national average retail fuel price sat at 151.6 cents per litre as of 1.p.m. ET Friday, according to fuel price tracking […]
Trans Mountain expansion is running over budget by billions of dollars and months behind schedule
Work to expand the oil pipeline is now forecast to cost more than $17 billion and likely won’t be done until sometime in 2023, sources say Chris Varcoe CALGARY — After facing interruptions caused by volatile weather and the pandemic, the Trans Mountain expansion is expected to run over budget by several billion dollars — […]