Today’s energy and equity market action:
- Light oil benchmarks move higher on Tuesday, and end April up 6%.
- Cdn heavy gains 1.4% in April, as discount widens by US$3/bbl.
- Gasoline gains 2% for the day, and 10% for the month.
- TSX energy falls 1% for the day, but rises 5% for the month.
- SPX energy unchanged for the day, and unchanged for the month.
Today’s oil and gas supply news:
- Saudis in no hurry to boost output, and may extend quotas to Dec.
- OPEC output touches 4-year low, falling to 30.2M bbl/day in April.
- US oil output dips in Feb, thanks to GoM, Oklahoma & North Dakota.
- US natgas output hits record high in Feb, thanks to Texas & Pennsylvania.
Today’s other notable energy news:
- Birkshire Hathaway backs Occidental Petroleum in bid for Anadarko.
- EQM Midstream pushes Mountain Valley Pipeline start-up to 2020.
- McDermott scores EPC contract with Eni for work offshore Mexico.
Today’s notable first quarter earnings results:
- Encana posts $245M loss, despite 13% increase in output.
- Secure Energy Services posts $1.3M profit, and boosts credit facility.
- ConocoPhillips posts US$1.8B profit, while output rises 5% to 1.32M boe/day.
- Phillips 66 posts US$198M loss in refining segment, and blames Canada.
- Devon Energy posts US$317M loss, but boosts 2019 US output forecast.
- Baker Hughes posts US$273M profit, as revenues rise 4% to US$5.6B.
- CNX Resources posts US$87M loss, as output rises to 1.478 Bcfe/day.
- Profits at BP fall 8% to US$2.4B, as output rises 2% to 3.8M boe/day.
