Edition:
United Kingdom

Shradha Singh

Pipeline company Enbridge posts quarterly loss, sees drop in Mainline oil volumes

07 May 2020

Canadian pipeline operator Enbridge Inc on Thursday reported a loss for the first quarter compared with a profit a year earlier, hit by nearly C$4 billion in charges related to its investment in DCP Midstream and derivative losses.

Baker Hughes posts $10 billion loss as oil sector demand tanks

22 Apr 2020

Oilfield firm Baker Hughes Co on Wednesday reported a $10 billion (8.09 billion pounds) first-quarter loss and revenue fell more than expected as an 80% plunge in oil prices crushed demand for services and equipment.

Shell drops out of major U.S. LNG project, Energy Transfer delays decision

31 Mar 2020

Royal Dutch Shell Plc pulled out of a major U.S. liquefied natural gas (LNG) export plant under development following the recent crash in energy prices, quickly followed by its partner, Energy Transfer LP , delaying its final decision on whether to go ahead with the project to next year.

Occidental tries to head off investor Icahn as he amasses shares

13 Mar 2020

Occidental Petroleum said on Friday it will move to stop investors from amassing more than a 15% stake in a move aimed at activist investor Carl Icahn, who has been buying up shares and stepping up criticism of the oil producer's $38 billion purchase of Anadarko Petroleum last year.

UPDATE 5-Husky Energy blames long Canada regulatory process for canceled Teck oil project

27 Feb 2020

Feb 27 Canada's excessively long regulatory process led to cancellation of Teck Resources' Frontier oil sands project, the chief executive of rival Husky Energy said on Thursday.

Refiner Phillips 66 misses profit estimates on higher shutdowns

31 Jan 2020

U.S. refiner Phillips 66 missed analysts' estimates for quarterly profit on Friday, hit by lower margins and higher turnaround activity at its refineries.

Valero Energy tops profit estimates on higher Gulf Coast margins

30 Jan 2020

Independent U.S. refiner Valero Energy Corp topped Wall Street estimates for quarterly profit on Thursday, as it earned more from refining low-cost Canadian heavy crude.

Marathon profit plunges on $1.2 billion pipeline unit writedown

29 Jan 2020

Marathon Petroleum Corp's quarterly profit halved as the U.S. refiner was forced to write down $1.2 billion goodwill in its pipeline and transportation business that has failed to perform since Marathon acquired it two years ago.

Auto parts maker Magna expects lower 2020 sales, scraps Lyft partnership

16 Jan 2020

Canadian auto parts maker Magna International Inc on Thursday forecast lower 2020 sales and scrapped its partnership with Lyft to co-develop self-driving technology as it said it would instead focus on developing assisted driving technology.

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