Cenovus Reports Higher Q3 Profits, Imperial Oil Has Mixed Financial Results - Beritaja

Oilsands elephantine Cenovus Energy Inc. reported a third-quarter profit $1.29 billion, up from $820 cardinal a twelvemonth ago, arsenic it saw grounds production.

The summation successful profits came contempt little reported gross of $13.20 billion, compared pinch $13.82 cardinal successful the aforesaid 4th past year.

Upstream accumulation besides accrued successful Q3 to 832,900 barrels per day, up from 642,900 a twelvemonth earlier.

Profit per stock of 72 cents was besides up from 42 cents per stock a twelvemonth earlier.

The financial business astatine Calgary-based Imperial Oil is much mixed.

While Imperial reported a jump successful upstream accumulation to an mean of 462,000 barrels per day, the highest successful complete 30 years, the company’s Q3 income plunged to $539 million, compared to $1.237 cardinal successful the aforesaid 4th of 2024.

The company’s accrued accumulation was offset by little crude costs and restructuring costs aft the institution announced successful Sept. that it plans to trim its workforce by 20 per cent by the extremity of 2027.

The restructuring plans see relocating about of its remaining Canadian jobs to its Strathcona Refinery connected the eastbound broadside of Edmonton, and outsourcing different activity to Exxon’s operations to India.

It follows Cenovus Energy Inc. confirming layoffs successful May, and Suncor Energy Inc. cutting about 1,500 unit successful a streamlining push successful 2023.

Companies person ever pushed for efficiencies, but technology is making those efforts overmuch much possible.

An EY study from 2020 predicted that by 2040, drilling and instrumentality operators arsenic good arsenic trades and technicians successful the manufacture could spot a much than 60 per cent driblet successful employment because of AI.

The study said that the much method the job, the much astatine consequence it is because of its predictability.

The study predicted galore of the jobs will beryllium phased retired done earthy attrition alternatively than nonstop cuts.

Employment successful the lipid and state manufacture has already been connected a downward trend, astatine slightest erstwhile measured compared pinch output.

The oilsands manufacture has for years been moving to self-driving trucks successful mining operations, for example, but the maturation of artificial intelligence intends a wide swath of jobs could beryllium progressively automated.

The EY study said a attraction connected maximizing returns complete large caller sources of production, on pinch automation and offshoring engineering and creation work, intends location will apt beryllium less caller jobs created going guardant moreover erstwhile accumulation does increase.

Imperial CEO John Whelan addressed the layoffs connected a Friday convention call, saying the institution must accommodate to a quickly advancing exertion situation by taking advantage of its
relationship pinch its genitor institution —Houston, Texas-based Exxon — and the maturation successful Exxon’s world operations.

On Friday Exxon besides announced Q3 profits that hit expert estimates.

The institution credited higher lipid and state accumulation successful Guyana and the Permian Basin successful the southwest United States for helping to offset little lipid prices.

Exxon’s full lipid and state accumulation successful Q3 was an balanced of 4.8 cardinal barrels of lipid per day, up from 4.6 cardinal successful the 2nd quarter.

Exxon besides recorded US$510 cardinal successful restructuring costs during the 4th aft it announced plans to trim its workforce by 20 per cent by the extremity of 2027.

The company’s Q3 net of US$1.88 per share, beating analysts’ estimates of US$1.82 per share.

Global lipid producers person knowledgeable a rocky twelvemonth arsenic the group of oil-producing nations known arsenic OPEC+ has accrued lipid output while a U.S.-led tariff warfare has clouded the outlook for world maturation and lipid demand, driving down lipid prices.

However, mean U.S. earthy state prices roseate about 38 per cent successful the quarter, compared pinch past year.

Members of OPEC+ are scheduled to meet again connected Sunday and are expected to work together to different mini hike successful lipid output successful an effort to summation their marketplace share.

Oil prices fell to a five-month debased of about US$60 per tube connected Oct. 20 connected concerns that a proviso glut was building, but person since recovered to about US$65 connected news of further sanctions connected Russia and optimism complete world waste and acquisition talks.

“Oil prices successful 2025 are being shaped by a delicate equilibrium of proviso growth, humble demand, and geopolitical uncertainty,” said Tobias Keller, an manufacture expert pinch UniCredit, an Italian multinational banking group headquartered successful Milan.

— pinch files from Reuters and BERITAJA.

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