Revenues for the fiscal year that ended March 31 were down more than anticipated due mainly to lower oil revenue and a reduced take in corporate and personal income taxes.
North American producers assumed that Saudi Arabia would reduce output to support prices. Instead, the world’s largest producer and exporter of oil elected to accept lower prices.
The July benchmark contract for West Texas Intermediate crude closed 67 cents higher to US$50.36 a barrel, marking the first time oil has settled above the US$50 mark since July 21, 2015.
Shell Canada said Tuesday that it had resumed production at its Albian Sands mining operations about 95 kilometres north of Fort McMurray after a seven−day closure.
It's considered to be the largest fire evacuation in Alberta history. The entire city of Fort McMurray, in the heart of the province's oil sands region, was evacuated due to a raging wildfire.
In first−quarter results last week, both Cenovus Energy Inc. and MEG Energy Corp. complained their losses were magnified by the high cost of condensate.