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Oil futures prices dipped more than $2/bbl on both London and New York markets on May 25 after the energy ministers of Saudi Arabia and Russia reportedly discussed easing production-cut targets during a meeting in St. Petersburg.

Craig Bryksa has been named interim president and chief executive officer of Crescent Point Energy Corp., Calgary, replacing Scott Saxberg, a company founder.

Kinder Morgan Canada Ltd. has reached an agreement with the Canadian government to sell the Trans Mountain Expansion Project (TMEP). Canada will purchase the crude transportation project and the pipeline and terminal assets constituting the existing Trans Mountain pipeline for $4.5 billion in a transaction expected to close in August and intended to ensure TMEP’s timely completion.

Oil and gas producers’ financial results have steadily improved in recent quarters alongside higher commodity prices. A sample of 62 US-based oil and gas producers and refiners posted combined net earnings of $15.9 billion for this year’s first quarter compared with first-quarter 2017 net earnings of $5.3 billion.

Light, sweet crude oil prices for July and August dropped more than $1/bbl on the New York market May 29. The decline marked a fifth straight session of losses—the longest streak since February—as markets reopened after being closed May 28 for the Memorial Day holiday in the US.


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