Today’s energy and equity market action:
- Big build in US crude inventories sends Brent and WTI lower.
- Cdn Light and WCS move higher as discounts to WTI narrow.
- Energy stocks tumble 2.1% on TSX, and 2.8% on SPX.
Today’s notable energy news:
- US crude stockpiles rise 10M bbls, while output hits new record high.
- CNRL warns SCO output below guidance in Q2 due to Scotford fire.
- Chevron closes on purchase of Pasadena Refinery in Texas.
Today’s notable first quarter earnings:
- ARC Resources posts $55M loss, despite record quarterly production.
- Whitecap Resources posts $53M loss, but raises dividend 5.6%.
- Pason Systems posts $19M profit, as revenues rise 11% to $82M.
- Marathon Oil posts US$256M profit, as revenues fall 31% to US$1.2B.
- Apache posts US$47M loss, as revenues declined 6% to US$1.6B.
- Whiting Petroleum posts US$14M loss, while output rises 1%.
- Magellan Midstream posts US$208M profit, as DCF hits record US$318M.
- Williams Co posts US$194M profit, as operating cash flow rises to US$775M.
