Oil & Gas Daily Updates Oct 25

Today’s energy and equity market action:

  • Oil and gas prices post fourth consecutive day of gains.
  • Brent moves up 0.8%, while WTI and Cdn Light add 0.5%.
  • WCS gains 0.7%, as heavy oil discount holds steady at US$17.
  • TSX/SPX energy stocks posts first loss of the week.

Today’s Alberta government update:

  • Alberta cuts corporate taxes, but banks on higher bitumen royalties.
  • Province remains committed to petrochemicals diversification …
    … but nixes partial upgrading and refining programs.

Today’s notable third quarter earnings results:

  • Husky Energy posts 14% drop in revenues, amid lower oil prices and weaker US crack spreads.
  • Net losses at Precision Drilling narrow, despite 25% cut in Cdn rig counts.
  • Valero Energy posts 29% drop in profits, as crude differentials narrow.
  • Equinor posts a US$1.1B loss, as upstream production falls 8%.
  • CNOOC boosts upstream production 10%, to 1.4M boe/day in Q3.

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