Oil and gas profits forecast to dive 78%

Article Abstract:

Oil and gas profits in Canada are projected to drop 78%, affecting the country's 106 largest oil and gas companies. Calgary, Alberta-based FirstEnergy Capital Corp. forecasted profits to drop to C$500 million in 1998 from C$2.25 billion in 1997. FirstEnergy attributes the drop in profits to low crude oil prices. Meanwhile, natural gas will be in a favorable situation, and companies with large gas reserves will stay in good shape. FirstEnergy estimates the conventional oil and liquids production among the companies in its survey will drop by 120,000 barrels a day, or approximately 7%, to 1.63 million barrels a day in 1998.

Comment:

Alberta: Oil and gas profits in Canada are projected to drop 78%, affecting the country's 106 largest oil and gas companies

Crude Petroleum and Natural Gas Extraction, Crude Petroleum & Natural Gas, Alberta, Petroleum industry, Natural gas, Gas industry, Article

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Husky's oil upgrader squeezed by narrowing price gap

Article Abstract:

Alberta, Calgary-based Husky Oil Ltd's oil upgrader at Lloydminster, Saskatchewan, has been sufferring from losses as a result of the narrowing gap between the prices of light and heavy oil. The price gap has narrowed down to C$2.10 in early Feb 1999 from as high as C$8.55 in early 1998. The average operating cost at the plant has been estimated to be C$5 per barrel, which is higher than the price gap.

Canada, Petroleum, Husky Oil Ltd.

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CanJet blames rivals for its demise

Article Abstract:

Downsizing and declining revenues of CanJet Airlines due to competition from Air Canada and Westjet airlines is discussed. Increase in fuel prices is also one of the reasons for CanJet's falling revenues.

Commodity & service prices, Personnel administration, Fuels, Analysis, Competition (Economics), Prices and rates, Company sales and earnings, Company earnings/profit, Domestic airlines, Fuel, CanJet Airlines, Company pricing policy, Downsizing

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