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by Stockwatch Business Reporter
West Texas Intermediate crude for September delivery added 33 cents to $73.95 on the New York Merc, while Brent for September added 28 cents to $76.33 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.70 to WTI, down from a discount of $14.45. Natural gas for September lost 15 cents to $3.91. The TSX energy index lost 1.12 points to close at 124.29.
The steady stream of second quarter financials continued.
Oil sands giant Imperial Oil Ltd. (IMO) lost 69 cents to $34.18 on 2.57 million shares, disappointing investors with its results. The company earned 51 cents a share on revenue of $8.0-billion. Those numbers fell well below analysts' predictions for earnings of 76 cents a share on revenue of $8.6-billion.
Imperial sprinkled the blame across its upstream (production) and downstream (refining) operations. The upstream division was affected by maintenance-related downtime, which reduced production to 401,000 barrels of oil equivalent a day in the second quarter from 432,000 in the first quarter. The downstream sector had an even worse time, dropping to a profit of $60-million from the first quarter profit of $292-million. Higher oil prices increased the price of feedstock and eroded margins.
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