Imperial Oil sees hike in net earnings in Q3

The company generated $875 million of cash from operations in the third quarter

Imperial Oil sees hike in net earnings in Q3Imperial Oil recorded estimated earnings of $3 million in the third quarter of 2020, an increase of $529 million from the prior quarter, it reported on Friday. In a news release, the company said second quarter 2020 results included a favourable impact of $281 million from the reversal of a non-cash inventory revaluation charge. Despite…

Husky Energy net loss $7 billion for Q3

Husky said recorded funds from operations were $148 million in the third quarter

Husky Energy net loss $7 billion for Q3Husky Energy reported Thursday it suffered a more than $7 billion net loss in the third quarter of 2020 compared with net earnings of $273 million the year before. In a news release, the company said the net loss reflected “non-cash impairments of $6.7 billion (after tax), which were related to lower long-term commodity price…

Bleak 2021 forecast for Canadian oilfield services sector

2021 Canadian Oilfield Services Activity Forecast said a total of 2,600 wells (rig releases) to be drilled in Canada in 2021

Bleak 2021 forecast for Canadian oilfield services sectorAnother bleak year is forecast for Canadian oilfield services sector as the Petroleum Services Association of Canada released a report Thursday. “On the heels of a 42 per cent plunge in activity in 2020 from 2019, PSAC forecasts a continued decline in well drilling to lows not seen in decades,” said PSAC Interim President &…

Cenovus Energy reports Q3 net loss of $194 million

Impairment charge of $450 million associated with a refinery Cenovus co-owns with the operator, Phillips 66, at Borger, Texas

Cenovus Energy reports Q3 net loss of $194 millionCenovus Energy Inc. reported on Thursday it had a net loss of $194 million in the third quarter of this year compared with net earnings of $187 million a year ago. In a news release, the company said it had a third-quarter operating loss of $452 million.  “The operating loss was due to lower cash…
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