Devon trims output forecast on Canada drop
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Independent oil and gas producer Devon Energy Corp.  on Friday trimmed its forecast for fourth quarter production by 1 million to 2 million barrels of oil equivalent, hurt by reduced Canadian gas output.
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OPEC oil producers said on Thursday that  Friday's ministerial meeting would focus on cutting back  oversupply to support falling prices and that producers would  have to reduce output quotas early next year.
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Crude oil futures fell after Hurricane Frances missed US offshore production facilities in the Gulf of Mexico, easing concern that supplies would be disrupted.
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Independent oil and gas producer Devon Energy Corp.  said on Friday it expects fourth-quarter production to rise 7 percent from the year-ago level to about 57 million barrels of oil equivalent (boe).
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Power company Progress Energy Inc. lowered its 2004 earnings outlook Friday because damage from Hurricanes Charley, Frances and Ivan limits the amount of tax credits the company can claim for its synthetic fuel production.
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OPEC might make deeper cuts in production if prices continue to slide, Gulf oil ministers said Saturday, a day after crude prices tumbled to their lowest levels in five months when producers decided to limit supply by 1 million barrels a day.
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Crude oil futures prices fell yesterday as concerns about reduced output in the North Sea were offset by expectations that an upcoming US government report would show rising inventories of heating oil.
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Chip maker PMC-Sierra Inc. cut its third-quarter revenue outlook on Monday, citing reduced deployment of digital subscriber line equipment by Asian service providers in the second half of 2004.
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Saudi Arabia has begun to reduce oil output ahead of this week&#39;s Opec meeting, industry officials said yesterday. The reduction, expected to continue over the coming months
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Molson Inc. warned that its summer-quarter earnings would be lower than expected due to slow sales in Canada and problems with profitability in Brazil.
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Tyson Foods Inc. (TSN.N: Quote, Profile, Research) on Monday cut its fiscal 2004 earnings forecast because of weaker-than-expected demand for chicken and beef and unexpectedly steep raw material costs.
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SAN FRANCISCO (CBS.MW) -- Futures for crude oil dropped almost 7 percent Monday, sending the benchmark contract to its lowest level in nearly four months amid growing domestic inventories and expectations for milder winter weather in the United States.
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Royal Bank of Canada, the country&#39;s largest bank, said fourth-quarter profit fell 37 percent after the bank took aC$255 million ($215 million) charge to write down its US mortgage unit and to cut 1,660 jobs.
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A sharp plunge in energy prices  pulled U.S. producer prices down 0.7 percent last month, a  sharper-than-expected drop and the biggest in more than 1-1/2  years, a government report showed on Friday.
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It sounds worse than it is. RBC Financial Group has downgraded Manitoba&#39;s GDP prospects for 2004 to 3.1% from 4.1%, blaming weaker than expected employment growth and a bad summer for farmers.
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Oil prices eased yesterday as top world exporter Saudi Arabia slashed prices for its westbound crude sales in an effort to shift the large volumes it is offering to cool world markets.
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The cartel moves to cut production, which could end recent declines in petroleum prices.