Phillips 66, the refiner, reports a Q3 profit increase on the strength of midstream and chemicals
Phillips 66 surpassed quarterly profit expectations on Tuesday, as its chemical and midstream segments were able to more than compensate for a decline in refinery margins due to a lackluster fuel demand. This year, the company has increased its market share for natural gas liquids by expanding its pipelines. It owns more than 72,000 miles in U.S. The super-chilled fuel volumes that passed through the pipelines in the first nine month of 2024 increased to 2,79 million barrels a day, up from 2.70 million bpd.
UK energy services company Hunting reduces profit forecast due to lower oil prices
Hunting Plc, a British energy services company, slashed Tuesday its profit forecast for the entire year. This was partly due to the prospect of lower client activity in the remainder of the calendar year as a result of lowered oil prices and a renewed drop in U.S. Natural Gas pricing. The CEO Jim Johnson stated that "While the outlook for international and offshore sectors of the industry remains firm, the slower-than-anticipated improvement within the U.S.
Data shows that the battery capacity of Germany's power grid will increase by almost a third between 2024 and 2028.
Official data released on Thursday showed that the capacity of Germany's grid batteries used to stabilize electricity networks had increased by almost a third this year. This is a result of efforts to accommodate more renewable energy. Berlin's government is aiming for wind and solar energy to make up 80% of all electricity by 2030. In the first half 2024, renewables accounted for 60% of power production. Storage…
Santos' new CFO shines spotlight on succession in top jobs
The Australian energy giant Santos announced on Thursday that Sherry Duhe, a former Woodside and Newcrest executive, has been appointed as its chief financial officer. This announcement comes amid heightened market speculation regarding a possible change in the top position. Duhe will replace Anthea McKinnell as chief financial officers. McKinnell leaves Santos after more than half a century. Kevin Gallagher, CEO of Santos in 2021…
UK's Hunting maintains annual forecast despite H1 profit increase
Hunting Plc, a British energy services company, posted a 23% increase in its first-half profits on Thursday. The firm attributed the jump to a robust order book for its oil and subsea businesses. However, it maintained its earnings forecast. The shares of the company fell up to 7.7% during morning trading, but pared some of their losses by 739 GMT. They were now only down 2.3% at 419 pence each. Jim Johnson, CEO of the company…
UK energy prices rise 10% due to extreme weather and geopolitics
The British energy regulator Ofgem raised the price cap for household energy bills on Friday by 10%, from October 1, to a level of 2,250.64 pounds per year. This increase was blamed on extreme weather conditions and conflicts like the war in Ukraine. Brearley stated that the increase in price cap will be difficult for many families. The 10% increase for a dual-fuel household on Friday was slightly higher than analysts' expectations.
Orlen, a Polish oil company, signs a one-year contract with BP for 6 mln tonnes of oil
According to a Monday announcement, the Polish refiner Orlen has agreed to receive 6 metric tonnes of oil per year from British energy giant BP. Orlen, a Polish refiner, said that the deliveries of North Sea crude oil will cover approximately 15% of Orlen’s needs and that both companies are willing to work together on future joint projects. In a press release, BP Polska's CEO Bogdan Kucharski stated that "we count on Orlen for future projects aimed to accelerate energy transformation".
BP Spurs $10 Bln Divestment Target
BP will take charges of $2 to $3 billion in the third quarter, the British energy firm said on Friday, as it looks to reach divestments worth $10 billion by the end of 2019, a year ahead of schedule.In a statement, London-based BP said it expects to agree asset sales of $10 billion by end-year after its $5.6 billion sale of its Alaskan business to Hilcorp and divestments in U.S. shale gas.BP shares were down 1.1% by 0948 GMT compared with a 1.3% gain in the broader European energy index.The non-cash…
Vitol, Novatek Sign LNG Deal for Arctic 2 Plant
Novatek Gas & Power Asia, a trading unit of Russia’s largest independent natural gas producer and LNG operator, Novatek, signed a heads of agreement with British energy and commodity trading company Vitol for the supply of LNG from the Arctic LNG 2 project.The Agreement envisages concluding a 15-year contract with annual supply of one million tons of LNG from the Arctic LNG 2 project as well as other Novatek’s projects.The…
One Select Ceases to Trade
A small British energy supplier, One Select, has ceased to trade, regulator Ofgem said on Monday, promising to find a new supplier soon for its 36,000 customers.This is the third small energy supplier to have ceased trading in as many weeks and Ofgem said last month it would introduce financial and customer service tests for new entrants to beef up their robustness."We have seen a number of supplier failures this year and our safety net procedures are working as they should to protect customers," Ofgem said in a st
How BP Found Shale Profits With 'Crystal Ball' Oilfield Technology
In the pine forests of eastern Texas, oilfield workers equipped with virtual-reality goggles are helping BP's shale business turn a profit for the first time.Thousands of automated wells feed data on their performance into the firm's supercomputers each evening. If they show a need for maintenance, an Uber-style system summons a subcontracted repair firm to keep the shale wells flowing at optimal output and minimal…
BP Midstream Partners Seekup to $893 mln in IPO
BP Midtsream Partners, a unit of British energy company BP Plc, said on Monday it expects to raise up to $893 million from its initial public offering. BP Midtsream expects to sell 42.5 million shares, excluding underwriters' option, at a suggested price range of $19 to $21 each, the company said in a filing with the U.S. Securities and Exchange Commission. BP Midstream Partners, a master limited partnership (MLP) formed by BP's U.S.
Lawsuit Drags BP's Oil Trading Division into the Red
BP's oil trading business, one of the biggest in the sector, reported a rare loss in the fourth quarter after it lost a $70 million lawsuit over an oil cargo delivered to a Moroccan refinery. BP's Chief Financial Officer Brian Gilvary said due to flat trading positions ahead of a crucial OPEC meeting at the end of November, and the lawsuit, the company's oil trading division made a "small loss" in the fourth quarter.
BP Loses $68 mln Court Ruling Over Morocco Oil Cargo
BP must pay more than $68 million to the National Bank of Abu Dhabi (NBAD), a UK court has ruled, in a case stemming from the surprise closure of Morocco's Samir refinery in 2015. The British energy company sold a cargo of Russian Urals crude to Samir in August 2014 which was not paid for and NBAD took on 95 percent of that debt. The London High Court ruled that BP did not have the right to pass on the debt. It said…
UK Lawmakers Seek Assurances for Hinkley C Nuclear Plant
A British parliamentary committee has asked the country's energy minister to outline any contingency plans and potential costs if the Hinkley Point C nuclear project collapses. The 18 billion pound ($25.5 billion) project was announced in October 2013 and the plant is seen as vital to securing British electricity supply, but a final investment decision has been delayed while developer EDF seeks partners and financing.
Britain's Wholesale Gas Will Remain Cheap
UK gas prices to fall further into summer; Gas to oust coal as leading power plant fuel. British utilities are set to benefit from low wholesale gas prices this summer and beyond even if power companies opt to do a lot more switching from coal to gas to fuel their plants. British wholesale gas prices have fallen over 40 percent in the past year, as mild winter temperatures softened demand amid a sell-off in crude oil markets to which seasonal gas contracts are indirectly linked…
Total CEO: Price Hit Won't cost Jobs
French energy company Total expects a drop in 2015 results but does not plan to cut jobs as peer BP has done to weather currently low oil prices, its chief executive said in a radio interview on Tuesday. Patrick Pouyanne told Europe 1 that the group had the financial capacity to weather low oil prices. Pouyanne said Total like its peers was being hit by the fall in crude prices and that the company expected its results to drop by 20 percent.
UK May End Renewable Supports
Government launches consultation on feed-in-tariffs. The British government on Thursday proposed ending feed-in tariffs for new small-scale renewables installations next year, or cutting the remaining budget available, if a support scheme is found to be unaffordable following a consultation. Britain's Conservative government has been reining in spending on renewable power subsidies since it took power in May. It will…
UK Onshore Wind Turbines Threatened by Subsidy Cut
More than 2,500 new wind turbines, amounting to 7.1 gigawatts (GW) of electricity production capacity, are now unlikely to be built in Britain because of a fast-tracked subsidy cut outlined by the new government. British energy minister Amber Rudd said an earlier than planned reduction in onshore wind subsidies was necessary to avoid spending more than required to meet Britain's legally binding green energy targets.
Private Equity Eying UK North Sea Assets
Private equity funds in talks to buy North Sea assets; rebound in oil prices accelerates process. High-profile oil and gas executives are teaming up with private equity funds seeking to invest billions in British North Sea assets and maximize profits by cutting costs, offering the ageing basin a badly needed lifeline. With an estimated $10 billion in their war chests, large funds including Riverstone Energy, Carlyle…
