Shares in Petro-Canada dropped 12 percent, a one-day record for the firm, and Shell Canada fell nearly 2.5 percent. This dragged the Toronto Stock Exchange's oil and gas group down more than 4 percent after months of sharp gains.
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Canadian Oil Companies Shock Investors
Shell Canada and Petro-Canada, two of the country's biggest...
Shell Canada and Petro-Canada, two of the country's biggest oil companies, revealed fourth-quarter results on Thursday that fell far short of expectations. This sparked a major selloff in their stocks.
With high oil prices and demand, investors were shocked by weak profits and operational issues, including a lower than expected production forecast from Petro-Canada. Adding insult to injury Shell made its third, big reserve cut at Shell Canada's East Coast natural gas project.
Shares in Petro-Canada dropped 12 percent, a one-day record for the firm, and Shell Canada fell nearly 2.5 percent. This dragged the Toronto Stock Exchange's oil and gas group down more than 4 percent after months of sharp gains.
Shares in Petro-Canada dropped 12 percent, a one-day record for the firm, and Shell Canada fell nearly 2.5 percent. This dragged the Toronto Stock Exchange's oil and gas group down more than 4 percent after months of sharp gains.
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