Imperial Oil reports $1.24B third-quarter profit, down from $1.60B a year ago

Exxon Mobil’s third-quarter profit beat analysts’ expectations, as the oil and gas giant was helped by contributions from Pioneer Natural Resources, a recent acquisition.

Exxon earned $8.6 billion, or $1.92 per share, for the three months ended Sept. 30. A year earlier the Spring, Texas-based company earned $9.07 billion, or $2.25 per share.

The performance topped Wall Street’s expectations, though Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research were calling for earnings of $1.91 per share.

Shares rose nearly 2% before the market open on Friday.

Revenue totaled $90.02 billion, falling short of Wall Street’s estimate of $93.51 billion.

Exxon’s net production reached 4.6 million oil-equivalent barrels per day during the third quarter, an increase of 5% compared with the previous quarter.

Oil prices have been falling recently after a retaliatory strike by Israel on Iran targeted military sites rather than the oilfields of the world’s seventh largest producer of crude. The long-term expectation is for oil prices to move lower, not higher. That’s because the balance between supply and demand has tilted toward supply, a dynamic that typically deflates oil prices.

Exxon announced in July 2023 that it would pay $4.9 billion for Denbury Resources, an oil and gas producer that has entered the business of capturing and storing carbon and stands to benefit from changes in U.S. climate policy.

Three months later it said it would spend $60 billion on shale operator Pioneer Natural Resources. That deal received clearance from the Federal Trade Commission in May.

Exxon raised its quarterly dividend by 4%.

Also on Friday, Chevron Corp. reported an adjusted profit of $2.51 per share on revenue of $50.67 billion. Wall Street was looking for a profit of $2.47 per share on revenue of $49.88 billion. Similar to Exxon, Chevron does not adjust its reported results based on one-time events such as asset sales.

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A convict who became Canada ‘s youngest designated dangerous offender after sexually assaulting a three-month-old baby is seeking escorted leave from prison to attend Indigenous cultural ceremonies in Vancouver.

Tara Desousa, now 43, has applied to Federal Court to overturn a decision by B.C.’s Fraser Valley Institution to deny her “escorted temporary absences” from the federal women’s prison.

Desousa, then named Adam Laboucan, was 15 years old in 1997 when she sexually assaulted an infant she was babysitting in Quesnel, B.C. The baby required surgery to repair the injuries.

Desousa, who underwent gender-affirming operations while serving an indefinite sentence, also admitted to drowning a three-year-old boy when she was 11 years old, which the judge in the sexual assault case said was below the age of criminal responsibility.

B.C. Supreme Court Judge Victor Curtis imposed an indefinite sentence and a dangerous-offender designation in 1999 because there was no foreseeable “time span in which Adam Laboucan may be cured.”

“In doing so, I do not intend that Mr. Laboucan be kept in prison for many years with no hope for release,” the judge wrote of the then-17-year-old.

“What is intended, and what must happen is that Mr. Laboucan be kept only so long as it is necessitated by the risk he poses.”

The B.C. Court of Appeal upheld the dangerous offender designation in 2002.

Desousa’s application filed in Federal Court in Vancouver in October says she first applied for escorted leave to attend ceremonies at the Anderson Lodge “healing centre for women” in August 2023.

The lodge is run by the Circle of Eagles Lodge Society, an Indigenous-led organization headed by CEO Merv Thomas.

Thomas said in an interview that he couldn’t comment on individual offenders, but a lot of people “coming into our facilities are dealing with a lot of historical trauma.”

He said the society takes a “holistic” approach to helping people heal through ceremonies held at the lodge, and “those that are involved in culture and ceremony have a greater chance at reintegrating positively into the community.”

“We leave the final judgments to the creator,” he said. “We don’t judge anybody that comes to us.”

He said there are “strict” conditions and protocols for offenders that come to the society’s facilities, and “community safety” is paramount.

In his decades working with the organization, Thomas said even he has trouble reading the files of the “brothers and sisters” who seek help from the society, reading about some of the “horrific things” they’ve done.

“But I also started reading and started to understand where they came from and some of the atrocities and the damage that was done to them,” he said.

“I understand and I see both sides and it’s very difficult a lot of times to put our judgments aside. But at the same time, we work with them and we believe that everybody has an opportunity for change.”

Desousa’s Vancouver-based lawyer Caroline North declined to comment on the Federal Court application.

Desousa has had several attempts for parole denied, most recently in June 2024.

The Parole Board of Canada decision said the assault victim and their “family have suffered pain, anxiety and anguish and long-term emotional impacts resulting from your offending.”

“Each time you come up for parole, they are haunted by your offending and the damage you inflicted on their defenceless son/grandson,” the decision said.

The board decision said Desousa was the victim of “extreme” abuse as a child, bullied at school, diagnosed with “several disorders,” and exhibited “violent and sexual behaviour” around other children.

It said Desousa’s case management team believed that escorted temporary absences were “the next logical step in reintegration and gradual release.”

However, the board ruled that Desousa presented “an undue risk to society,” if she was paroled.

A profile in Desousa’s name is listed on Canadian Inmates Connect, which connects convicts with potential pen pals.

“I’ve been incarcerated since I was 15 years old. I was abused extensively as a child and did not know that this was not normal behaviour,” says the profile, which includes photos. “I know now and I am remorseful. I have never been given a chance to have proper interaction with the world growing up.”

Thomas said inmates approved for escorted absences to attend the lodge have to go through a “rigorous” process, but those who participate in ceremonies and access other supports from elders and counsellors see the greatest chance of reform and rehabilitation.

“When people embrace their culture, that’s where we have seen the most change in people,” he said. “They have to do the work themselves because if they don’t do the work, then we can’t change them.”

This report by The Canadian Press was first published Nov. 1, 2024.

TORONTO – Canadians engrossed in the drama of the U.S. presidential election expect to gather in bars and living rooms to watch the votes roll in Tuesday, but many say the usual fanfare of watch parties will be muted by anxiety over the especially combative race.

Dustin Herberman of Vaughan, Ont., says he’ll follow the results with his parents, who lean more to the right of the political spectrum than he does. He’s steeling himself for a night of delicate chit-chat meant to avoid squabbles over polarizing candidates Kamala Harris for the Democrats and Republican candidate Donald Trump.

“Pretty much it’s just kind of agreed upon by everyone — you don’t push too many buttons during the vote,” he says of the house rules.

The 35-year-old Herberman plans to monitor CNN with occasional flips to Canadian networks but expects there will be “a little bit of a fight for control of the TV” with his dad: “It’s probably going to be flipped at least part of the time to Fox News.”

For poll watchers who prefer a bigger gathering, there are events planned across the country, many of them organized by provincial political associations, non-partisan policy organizations and expat groups.

Meanwhile, pubs, bars and eateries eyeing a chance to spur traffic on a typically slower Tuesday will turn at least some of their screens from sports to the news channels – especially in the border city of Windsor, Ont., where one city councillor hoped “the talk of the town” will drive business.

“This year is more captivating than any year that I could possibly remember since the 30 years I’ve lived in Windsor, no question about it,” Renaldo Agostino says of the U.S. race.

Agostino says several bars, eateries and a comedy club were among the businesses planning events in downtown Windsor, where U.S. news is inescapable due to the saturation of Detroit radio, TV and cross-border traffic.

Over in Toronto, VideoCabaret’s “Vox Pop ’24: The Elephant Rolls Over, An American Election Watch Party” will double as a fundraiser for the theatre’s upcoming 50th anniversary. The “evening of satire, music and scintillating banter,” promises performances, panel discussion, special videos, and a themed buffet and bar, say organizers Janet Burke and Anand Rajaram.

Most of all, it will offer a safe space to process what will likely be an inflammatory outcome, no matter the vote result, says Burke.

“You look around and folks were saying, ‘I don’t know if I’m going to watch,’ ‘I’m going to hide under my bed,’ ‘I’m going to just wake up the next day and see what happens,’” says Burke, founding member of the theatre.

“So we’ve invited people to come and wring their hands together. Let’s all just join hands and see what happens.”

And when the results come in, “we’ll slink off or we’ll jump up in great relief,” she says.

Like Agostino, political marketing expert Dave Bussiere senses “a heightened interest” and broader curiosity among Canadians than what was seen in the previous two U.S. elections.

Bussiere, an associate professor at the University of Windsor, runs a political marketing course focused on predicting the fates of Harris and Trump and says he’ll be watching the results roll in with the neutrality of “a scientist.”

But he can easily see how emotions can get the best of some observers.

“The support for each of the two parties has become more polar. So I could picture people, if they’re doing a watch party, to want to be amongst people who agree. People seem to not have as much patience, or don’t have much patience with people who support the other party.”

Bussiere says he’ll tune into TV news coverage with his wife and son, but also plans to connect virtually with his brother in Montreal, two daughters in Toronto and his students.

Canadian prime time coverage Tuesday is set to include live reports on CBC from chief correspondent Adrienne Arsenault and senior Washington correspondent Paul Hunter; a panel of experts on CTV News Channel led throughout the evening by chief political correspondent Vassy Kapelos, while “CTV National News with Omar Sachedina” will be on location in Washington, D.C.

Global News’ Dawna Friesen and correspondents are set to host a national live stream available on GlobalNews.ca, YouTube, the Global TV App, Pluto TV and Prime.

Rajaram says his event makes no pretence of leaning towards Harris and away from harsh rhetoric that has especially targeted marginalized groups.

“We’re saying in the invites, cheekily: Don’t be alone on election night. But it goes far beyond that. It’s: ‘You don’t need to be alone,’ period, says Rajaram, associate artistic director of VideoCabaret.

“There’s a community of people here who are as invested in the world and that worldview as you are, and we want to be a hub for people to feel safe and feel supported.”

This report by The Canadian Press was first published Nov. 2, 2024.