Business

Canadian Oil Companies Raise Production

Published

4 years ago

November 2, 2020

Canadian oil producers have plans to start ramping up production after the Alberta government said it would remove oil production limits at the end of the year.

“We’re going to see a significant amount of that come back over the next few months,” Alex Pourbaix, Cenovus CEO, told Reuters in an interview.

The removal of the curtailment measures was welcomed by an embattled industry that had not yet recovered from the last crisis before this one hit. Yet now heavy oil demand is rising while supply remains tight because of U.S. sanctions on Venezuela and Iran. This will benefit Canadian producers who have been booking major losses so far this year.

The mandated production limits were set in place by the previous government of Alberta after takeaway capacity constraints in late 2018 led to plummeting prices of Canada’s oil. At one point, Western Canadian Select was trading at $14 per barrel, at a discount of some $50 to West Texas Intermediate.

Since then, prices have recovered, in part thanks to the curtailment, which cut 325,000 bpd from total production in Canada’s oil province beginning in January last year. This year, oil companies were forced to cut a lot deeper to weather the price collapse: in the spring, according to Reuters, they reduced their combined output by some 972,000 bpd. To date, most of this has been recovered, with production about 270,000 bpd below pre-crisis levels.

“The indication is that the government does not plan to resume production limits and this is a very positive signal for us and we’re really looking forward to this being a fully unencumbered market,” said the chief executive of Suncor, Mark Little, as quoted by Global News.

By Irina Slav for Oilprice.com

Source: Oilprice.com:

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Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

4 hours ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

4 hours ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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Thomson Reuters reports Q3 profit down from year ago as revenue rises

Published

4 hours ago

November 5, 2024

Anne Joseph

TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

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