Canadian Pure Assets Ltd. drew on its plentiful reserves to set a slew of manufacturing data final quarter, boosting its backside line.
The Calgary-based firm churned out 1.42 million barrels of oil equal per day within the fourth quarter, up almost 10 per cent yr over yr to interrupt its all-time quarterly manufacturing document.
It additionally achieved document quarterly pure gasoline manufacturing with 2.23 million cubic toes per day, capping off document oil and gasoline volumes for the total yr.
The rise got here as demand for oil in the USA rose 3.4 per cent yr over yr in October, based on a report from the U.S. Power Info Administration. The U.S. imports extra Canadian petroleum and gasoline than all different nations mixed.
Spurring demand was a bunch of latest export terminals alongside the Gulf of Mexico, which helped drive an ongoing growth in oil and liquefied pure gasoline shipments out of the U.S.
The upper volumes noticed Canadian Pure enhance its internet earnings to $2.63 billion in its fourth quarter from $1.52 billion a yr earlier.
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The corporate additionally mentioned Thursday it’s going to elevate its quarterly dividend to $1.05 per share, up from $1 and the third time in a yr the fee to shareholders has gone up.
Like different Canadian oil producers, the agency is awaiting the startup of the Trans Mountain pipeline enlargement. It mentioned Thursday it has dedicated to transport 94,000 barrels per day on the twinned line, which can give Alberta oil producers further export capability to the West Coast.
The undertaking is about 98 per cent full and anticipated to launch into service within the second quarter, Canadian Pure mentioned.
The extra export capability can be anticipated to have a helpful affect on the Western Canada Choose differential — the worth low cost Canadian heavy oil producers sometimes have to soak up on their product partly attributable to lack of pipeline egress.
Canadian Pure reported income for the quarter ended Dec. 31 of $9.55 billion, down from $9.69 billion.
On an adjusted foundation, the corporate mentioned it earned $2.34 per diluted share from operations, up from $1.96 per diluted share a yr earlier.
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