Monday, December 23, 2024

Bernstein News

Gas prices in Europe are rising on a weak wind ahead of the US election

The Dutch and British wholesale prices of gas rose slightly Tuesday morning due to a weak wind and in anticipation of what should be a close U.S. Presidential election. LSEG data shows that the benchmark front…

BP Profit Triples to $2.6B in Q1 on Strong Oil, Gas Trading

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BP's profit more than tripled to $2.6 billion in the first quarter thanks to stronger oil prices and bumper revenue from natural gas trading, paving the way for the energy company to start buying back its shares.The jump in profits from a year earlier comes as

Virus Lockdowns Pummel Global Gas Demand, Force LNG Output Cuts

Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output.

Schlumberger Posts Loss on $8.5 Bln Charge as Customers Accelerate Cuts

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Schlumberger NV, the world's largest oilfield services firm, on Friday reported a first-quarter loss due to $8.5 billion in charges, as customers accelerated spending cuts amid the continuing decline in oil prices.Crude…

BP Profits Fall 40%

(Photo: BP)

BP's profits fell sharply in the third quarter, hurt by lower oil prices, but strong refining operations helped the company beat expectations even after taking a one-off $2.6 billion charge linked to asset sales.BP…

BP Profits Lifted by Production Uptick

(Photo: BP)

A strong rise in oil and gas production helped BP offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares.BP's second quarter contrasts with Total and Norway's Equinor…

Orsted Reports Positive Start to 2019

(Photo: Orsted)

Orsted on Wednesday reported higher first-quarter earnings from its offshore wind farms, in a positive sign for the Danish company's focus on renewables after selling its oil and gas business in 2017.Earnings…

Higher Output Cushions BP's Profit Fall

(Photo: BP)

BP's first quarter profits fell by nearly a third but beat forecasts as lower oil and gas prices and weaker refining margins were partly offset by higher production and stronger trading.The slump in profits marks…

$13 Bln Papua LNG Project Pushes Ahead

France's Total and its partners signed a long-awaited deal with Papua New Guinea on Tuesday that will allow initial work to start on a $13 billion plan to double the country's liquefied natural gas exports.Developing…

Oil Edges Above $67

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Oil edged further above $67 a barrel on Monday, supported by the prospect of prolonged OPEC-led oil supply curbs though concern that an economic downturn may dent fuel consumption curbed gains.OPEC and non-OPEC…

Oil Gains Despite Potential Supply Glut on the Horizon

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Oil rose on Thursday, steadying after losing nearly 7 percent over the previous three days, though concern about the prospect of an oversupplied market next year continued to weigh on prices despite OPEC's message…

Oil Falls as U.S. Crude Enters 'Bear Market'

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Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand of lower economic growth and trade disputes.Benchmark Brent crude fell below $70 a barrel for the first time since early April…

Shell's LNG Canada Seen as Tip of Megaproject Iceberg

Photo courtesy of Shell

The launch of a massive liquefied natural gas (LNG) export project in Canada has finally fired the starting gun on a wave of plan approvals around the world, needed to avoid a supply crunch after 2020.Royal Dutch…

The Culture Clash Behind GE's Exit from Baker Hughes

When General Electric Co bought oilfield services giant Baker Hughes last July, it created a global industry colossus with $22 billion in annual revenue. GE promised to digitalize oilfields worldwide, marrying its expertise in big data…

Oil Hits $80, Highest Since Nov 2014, on Iran Concerns

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Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening market.Brent…

McDermott, CB&I Shareholders Approve Merger

(File photo: CB&I)

McDermott International shareholders on Tuesday approved a merger with Chicago Bridge & Iron Co that creates a vertically integrated onshore and offshore engineering and construction company, thwarting an attempt…

UK North Sea Output Could Resume its Decline

North Sea production has recovered slightly since 2015 as new fields, more drilling helped reverse declines. The UK North Sea is set to resume a two-decade decline in oil production next year, snapping a brief period of growth since 2015…

Rio Tinto Sheds Another Coal Asset

Rio's second coal deal this week charts its future course. Rio Tinto is to sell its 75 percent stake in a Queensland project to Australia's Whitehaven Coal for $200 million, in its second deal this week to shed coal assets.

Glencore Acquires Rio Tinto's Hail Creek Coal Mine

Glencore consolidating in coal as Rio exits; Rio Tinto shares rise 0.9 pct, Glencore slips. Glencore is buying Rio Tinto's Hail Creek coal mine and the Valeria coal project in Australia for $1.7 billion, tightening…

Glencore Hails Strongest FY Results Ever

Share price rises around 4 percent. Glencore Chief Executive Ivan Glasenberg hailed the group's results as its "strongest on record" on Wednesday, bolstered by a recovery on commodity markets and said it had the…