Marksmen Energy Inc (CVE:MAH) has released its financial results for the third quarter which ended on September 30, 2016. The financial results of the firm, which is based in Calgary, Alberta, Canada, received the board’s approval on the November 23, 2016. They were filed on SEDAR three days later.

Second best performers

This year, energy firms have been the second-best performers on the stock market. Royal Dutch Shell plc (ADR)(NYSE:RDS.A) or Exxon Mobil Corporation (NYSE:XOM), for example, have added a combined value of $490 billion to their market capitalization. This is the largest gain in 6 years and it comes hot on the heels of a 27% increase in the price of Brent crude. Last year, the two oil and gas producers lost a combined $850 billion in market value as a result of the plunge in oil prices. A year earlier, they had lost $720 billion.

The plunge in oil prices has affected producers all over the globe and has spared neither exploration minnows nor giants. Consequently, players in the sector have added their exposure to debt. They have also canceled projects worth billions of dollars as well as slashing jobs. In September, there was hope when the Organization of Petroleum Exporting Countries reversed a policy of full production and instead agreeing to implement cuts in production. There have been obstacles along the way and this week will be no different when the group meets in Vienna.

Vienna meeting

OPEC, whose members produce one-third of the globe’s crude, is expected to announce a cut in production at the Vienna meeting. In anticipation of that, oil prices have climbed upwards. This is because some of the prominent members of OPEC will continue to suffer if a production cut is not effected. Saudi Arabia, for instance, has seen its budget deficit reach 10% of its GDP, a record not seen in the last twenty years. In order to get the production cut that it needs, Saudi Arabia must patch differences with Iran. It would also help if Russia joins in the meeting, though it currently is not a member of OPEC.