Today’s energy and equity market update:
- Brent and WTI move higher, reversing Tuesday’s losses.
- Canadian benchmarks rise over 1%, on par with WTI.
- Heating oil and gasoline gain 1%, while Henry Hub rises 3%.
- SPX energy little changed while TSX energy moves up almost 2%.
- US refining stocks worst hit subsector despite higher gasoline prices.
Today’s notable energy news:
- EIA reports lower crude stockpiles and lower total output.
- China imports record 10.6M bbl/day of crude in April.
- MEG Energy receives $30M in funding for Phase 3 of eMVAPEX Pilot.
- Anadarko poised to sanction US$20B Mozambique LNG in mid-June.
- MPLX and Andeavor Logistics merge in US$9B stock-swap.
- ExxonMobil teams up with DOE to advance lower-emissions R&D.
- Phillips 66 boosts dividend 12.5%.
Today’s notable first quarter earnings:
- Pengrowth Energy posts $31M loss, and continues Strategic Review.
- Tourmaline Oil posts $88M profit, and boosts dividend 20%.
- Kelt Exploration posts $9.4M profit, on revenues of $103M.
- Perpetual Energy posts $5M loss, as output falls 20% to 10.2 kboe/day.
- Chesapeake Energy posts US$27M loss, as output falls to 484 kboe/day.
- Marathon Petroleum posts US$7M loss, as refining losses widen.
- Diamondback Energy posts US$10M profit and approves US$2B buyback.
- TC Pipelines posts US$93M profit, little changed from last year.
