By Bhaswati Mukhopadhyay and Jeffrey Jones
(Reuters) – First-quarter profit at Talisman Energy Inc (TLM.TO: Quote, Profile, Research, Stock Buzz) fell short of estimates as natural gas prices slumped to decade lows, which prompted the Canadian oil and gas producer to cut its full-year budget by 10 percent as it pulls more cash out of dry gas operations.
Talisman also wrote down the value of its troublesome Yme project in Norway by $248 million and removed it from its production forecasts as problems in readying the platform for the North Sea operation persisted.
April 30 (Reuters) – Royal Dutch Shell Plc and
Iogen Corp have scrapped plans for a commercial-scale biofuel
plant in Manitoba, spelling the loss of 150 jobs and raising
questions about widespread and near-term use of fuel made from
agricultural waste in Canada.
The Iogen Energy joint venture had been studying building a
plant to make ethanol from straw and other plant waste, rather
than from food crops such as corn and sugar. One location
discussed was Portage la Prairie, west of Winnipeg, Manitoba.
CALGARY, Alberta, April 27 (Reuters) – TransCanada Corp
reported a 14 percent drop in quarterly profit on
Friday as the natural gas-transport segment of the country’s
biggest pipeline company was hurt by the depressed state of
North America’s gas industry.
Chief Executive Russ Girling said the company is looking at
several regulatory and operational measures to deal with
pressures on its Canadian gas mainline after an unusually warm
winter slashed demand for the fuel, cutting volume on the system
to less than half its roughly 6 billion cubic foot a day
CALGARY, Alberta, April 26 (Reuters) – Imperial Oil Ltd’s
refining profit hit a record high in the first quarter
as the company took advantage of a ballooning gap between
bargain-basement discounts for Canadian crude oil and strong
prices for gasoline and other refined products.
Husky Energy Inc also reaped rewards from the drop
in prices for Canadian barrels compared with the price for
international crudes, the result of burgeoning supplies in the
U.S. Midwest and Midcontinent region, the major market for
Dear corporate #PR professionals: Media lines are bad idea. All reporters hate them. That is all.
April 25 (Reuters) – Three large Canadian oil companies
pumped out first-quarter earnings o n W ednesday that mostly
missed expectations, but investors were cheered by promises of
higher output and other maneuvers to deal with depressed natural
gas markets and heavy oil prices that lag international crude by
a wide margin.
Profits at Nexen Inc, which is working to iron out
operational bugs after a disappointing 2011, were lower than
expected. But production is meeting forecasts as major projects
such as the Long Lake oil sands venture in Alberta and Buzzard
oil field in the North Sea run more reliably.