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.