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Cnooc's Nexen is latest Canadian oil producer to warn of supply shortfalls

May 12, 2016 6:43 PM ETCNOOC Limited (CEO) StockCEO, BP, SU, PSX, EQNRBy: Carl Surran, SA News Editor5 Comments
  • Even as Canada's oil sands producers begin to get facilities back online after massive wildfires, Cnooc's Nexen (NYSE:CEO) is the latest company to warn customers that it may not be able to fulfill supply contracts.
  • Reuters reports that Nexen has issued a force majeure for all of its May production of Canadian heavy crude, the latest of four major oil companies to do so.
  • Last week, BP, Phillips 66 (NYSE:PSX) and Statoil (STO) warned customers some grades of Canadian crude would not be available, while Suncor Energy (NYSE:SU) alerted clients that some supplies from the region would be disrupted.
  • Nexen's Long Lake oil sands facility, located south of Fort McMurray, sustained minor damage from the fire.
  • Nearly 1M bbl/day of production were shut down during the fire, about half the oil sands' usual daily output, but no oil sands sites are currently under threat from the fire.

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