Finance - News
Suncor Energy Inc. (NYSE: SU), Canada’s second-largest energy producer, said on Dec. 14 it expects average upstream production to rise 10% in 2019, even after implementing Alberta’s mandated output cuts.
Pioneer Natural Resources CEO Timothy Dove said the buyback plan was consistent with the priorities of the Permian Basin-focused company's 10-year plan.
San Antonio-based newcomer is focusing on projects in the Permian Basin.
Canada’s Cenovus Energy Inc. (NYSE: CVE) said on Dec. 11 it would reduce its capital spending for 2019 by 4% amidst a broader turnaround plan following its highly criticized deal with ConocoPhillips (NYSE: COP).
A new multibillion dollar syndicated loan is expected to finance the acquisition, two sources said.
OPEC talks on oil production cuts reached deadlock on Dec. 7 as the group's leader Saudi Arabia refused to grant sanctions-hit Iran exemptions from planned reductions, OPEC sources said.
Benchmark Brent oil edged up on Dec. 7 after indications Russia would contribute a bigger output cut than previously suggested to an OPEC and non-OPEC deal, although prospects for an overall agreement still hung in the balance.
Canadian Natural Resources Ltd. (NYSE: CNQ) on Dec. 5 forecast 2019 capital budget about CA$1 billion (US$753 million) lower than last year, blaming a lack of market access for its oil and “dysfunctional” government processes.
Brazilian state-controlled oil company Petrobras said it could raise $26.9 billion through asset sales and partnerships by 2023 as part of a new strategic business plan.
Depressed Canadian oil prices are forcing energy companies to use their shares as a currency to fund acquisitions, but investors have been hard to win over to the strategy.
Oil prices steadied on Nov. 27, depressed by record Saudi production but supported by expectations that oil exporters would agree to cut output at an OPEC meeting next week.
Flat Creek Resources plans to use its $400 million initial commitment from EnCap Investments to build an attractive asset in the Permian Basin in West Texas and New Mexico.