Regional News

Bloomberg America’s gasoline producers can run, but they can’t hide from a plunge in refining profit margins that sanctions against Venezuelan crude would only worsen, analysts said. The biggest US refiners are expected to report strong fourth-quarter earnings thanks to profits from diesel processing in a strong US economy, as well as a drop of about 40 percent in crude …

Bloomberg Heavy Canadian crude isn’t getting any cheaper — but that hasn’t stopped companies from splurging on costly rail shipments. Rail-car loadings hit a record 356,000 barrels a day in the week ended Jan. 11, up from a daily average of 296,000 barrels in December, according to Genscape Inc., which monitors some of the larger crude-by-rail terminals in Western Canada. …

Bloomberg Oil explorers expanded drilling in US fields for the first time this year as rising crude prices buoyed optimism. The number of rigs targeting oil in the country rose by 10 this week to 862, according to data released by oilfield-services provider Baker Hughes. The hike only partially reversed the worst setback for American exploration in almost three years. …

Bloomberg Alberta is working to encourage construction of a C$2 billion ($1.5 billion) partial-upgrading facility that would turn more of the province’s sludgy bitumen into higher-value products. The facility, designed by Calgary-based Value Creation Inc, would be located near Edmonton and process 77,500 barrels of diluted bitumen a day into products like medium synthetic crude and ultra-low sulfur diesel. The …

Bloomberg Pipeline giant Kinder Morgan Inc is weighing a sale of the largest transporter of carbon dioxide in North America, which could fetch more than $5 billion, according to people familiar with the matter. Its shares rose on the news. The Houston-based company is working with advisers to seek buyers for its CO2 business, said the people, who asked to …

Bloomberg PetroChina Co brushed off a $1.5 billion writedown from the disposal of some assets as it estimated full-year net income more than doubled last year thanks to higher crude prices. China’s biggest oil and gas producer said net income could have jumped as much as 132 percent in 2018, according to a filing to the Hong Kong stock exchange, …

Bloomberg The Brazilian unit of EDP — Energias de Portugal SA plans on boosting investments once Latin America’s largest economy starts to recover, aiming to double in size by 2020. The firm, which began operating in Brazil during the privatisation wave of the 1990s, is “completely optimistic” with the outlook for the country, Chief Executive Officer Miguel Setas said in …

Bloomberg MEG Energy Corp looks to be on its own again after Husky Energy Inc pulled its hostile bid for the Canadian oil-sands producer and no white knight emerged during the takeover battle. The data room that MEG had opened to entice other suitors during the Husky tussle is now closed, and its strategic review process has concluded, said Megan …

Bloomberg Alberta’s crude curtailment plan has caused a dramatic rise in the price of heavy Canadian oil. But for shares of energy companies, it hasn’t been as much of a help. Since the production curtailment was unveiled early last month, Western Canadian Select crude has almost doubled to about $43 a barrel, narrowing its discount to benchmark US oil to …

Bloomberg Global oil demand remains on course to be stronger this year than in 2018 as a boost from lower fuel prices counters slowing economic activity, according to the International Energy Agency (IEA). “We have seen prices fall very significantly since the peak at the beginning of October, and that is providing some relief to consumers,” Neil Atkinson, head of …