Too much oil: Cutting production isn’t as simple as flipping a switch [Toronto Globe and Mail (Ontario, Canada)]
ConocoPhillips (COP)
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Source: Toronto Globe and Mail
Too much oil: Cutting production isn’t as simple as flipping a switch Oilfield pumpjacks, belonging to Vesta Energy, produce crude on wells in the Duvernay oil formation north of Red Deer, Alta., on Aug. 14, 2019. Larry MacDougal/The Canadian Press Oilfield pumpjacks, belonging to Vesta Energy, produce crude on wells in the Duvernay oil formation north of Red Deer, Alta., on Aug. 14, 2019. Canadian oil doesn’t stay put for long – at least, not in normal times. Four out of every five barrels produced in Canada are exported, most of them to the United States. But the pandemic has shifted global oil markets about as far away from normal as they’ve ever been, and the towering storage tanks that rise in clusters out of the Canadian Prairies are perilously close to full. With global oil demand down by 30 per cent, owing to an estimated 60-per-cent decrease in driving and air passenger travel at just 5 per cent of prepandemic levels, the U.S. market is swimming in crude nobody needs or wa
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COP
Earnings
- 2/5/26 - Miss
COP
Sec Filings
- 3/6/26 - Form 144
- 3/5/26 - Form 4
- 2/18/26 - Form 4
- COP's page on the SEC website