Gazprom's Q3 losses are due to a one-time tax, but the company's 9-month earnings have risen.
Gazprom, Russia’s largest gas producer reported a loss in the third quarter 2024 of 53 billion Russian roubles (US$492,5 million), due to a 20% increase in profit tax rates expected in 2025. In the same period in 2023, the company earned a profit worth 529 million dollars. Gazprom reported that its net income for the nine months of 2023 was 990 billion Russian roubles, up from 353 billion in 2023. This is due to an increase in oil prices and supply as well as "successful", Sakhalin Energy businesses. In March, Shell sold a 27.5% share in the Russian LNG producer Sakhalin Energy.
Partners Bring AI to Energy
Baker Hughes, C3.ai, and Microsoft Corp. announced an alliance to bring enterprise artificial intelligence (AI) solutions to the energy industry on the Microsoft Azure cloud computing platform.This alliance will enable customers to streamline the adoption of scalable AI solutions for the energy industry that help promote safety, reliability, and sustainability. It leverages the energy technology expertise of Baker Hughes, C3.ai’s AI platform and applications, and the Microsoft Azure cloud computing platform.
BP Names New Head of Wind Power Business
The head of BP's wind energy business Laura Folse will retire at the end of month, three years after taking the role, a company spokesman said on Monday.Folse, who joined BP in 1982, will be replaced by Al Vickers, currently vice president of technical functions in the operations of BP's upstream, or oil and gas, business. He will be Houston based.BP's wind division includes 11 onshore wind farms in the United States and is one the biggest renewable energy businesses among the world's top oil and gas producers.
Record Year for US Wind Energy
American utilities signed contracts for 4,304 megawatts (MW) of wind power in 2018 that, when combined with non-utility purchases, reached the highest level on record for overall Power Purchase Agreements (PPA) activity with 8,507 MW in 2018.In total, the industry commissioned 7,588 MW of wind power capacity in 2018. There are now 96,488 MW of cumulative installed wind capacity in the United States, with more than 56,800 wind turbines operating across 41 states.According to a new report released today by the American Wind Energy Association (AWEA)…
RWE Submits E.on-Innogy Acquisistion Deal for EC Clearance
German energy group RWE AG announced that it has filed with the European Commission (EC) its planned acquisition of the renewable energy business of both E.on SE (ETR:EOAN) and Innogy SE.The landmark deal between German utilities Eon and RWE was signed in March 2018, RWE agreed to sell its majority interest in Innogy to E.on, while keeping Innogy’s renewables business and merging it with the green assets of E.on.The filing is the first step of a diverse merger control procedure, which is necessary due to the substantial asset swap between RWE and E.ON.
Schottel Merges Tidal Units to Sustainable Marine Energy
Schottel, the manufacturer of propulsion and steering systems for ships and offshore applications, has made a strategic decision to merge its tidal energy businesses into Sustainable Marine Energy (SME), including UK subsidiary TidalStream Ltd and Canadian subsidiary Black Rock Tidal Power Inc (BRTP)."Following the successful collaboration between SME, Schottel Hydro and Black Rock Tidal Power to develop and demonstrate the PLAT-I floating tidal energy system, with deployments in Scotland and in Canada…
Storm Shuts Nearly 40% of US GoM Oil Output
Nearly 40 percent of daily crude oil production was lost from offshore U.S. Gulf of Mexico wells on Tuesday due to platform evacuations and shut-ins ahead of Hurricane Michael.Since Monday, oil producers, including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp , have evacuated personnel from 75 platforms as the storm made its way through the central Gulf on the way to landfall on Wednesday on the Florida Panhandle.Companies turned off daily production of about 670,800 barrels of oil and 726 million cubic feet of natural gas by midday on Tuesday…
U.S. Crude Rises as One-fifth of Oil Production Lost Ahead of hurricane
U.S. crude prices were modestly higher on Tuesday as nearly one-fifth of daily oil production was lost from offshore Gulf of Mexico wells due to Hurricane Michael.Oil producers including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp have evacuated personnel from 13 platforms as the storm made its way through the central Gulf on the way to landfall Wednesday on the Florida Panhandle.Companies turned off about 324,200 barrels of oil and 284 million cubic feet of natural gas by midday on Monday.
Maersk Likely to Shelve Plans to List Drilling Division
Shipping group A.P. Moller-Maersk is likely to shelve plans to list its struggling offshore drilling division because of weak market conditions, according to five finance sources familiar with the matter.The Danish company is now expected to focus on a trade sale of Maersk Drilling, and extend the timeline to divest the unit beyond its initial target of the end of 2018, said the sources who declined to be named as the discussions are private.Maersk group has not publicly put a price tag on the division…
Shell in Buying Spree for Clean Energy
Shell spends $400 mln in recent weeks on renewables, power. Royal Dutch Shell has spent over $400 million on a range of acquisitions in recent weeks, from solar power to electric car charging points, cranking up its drive to expand beyond its oil and gas business and reduce its carbon footprint. The scale of the buying spree pales in comparison to the Anglo-Dutch company's $25 billion annual spending budget. But its first forays into the solar and retail power sectors for many years shows a growing urgency to develop cleaner energy businesses.
The Energy Patch: where rights offerings are "sexy" again
Energy businesses that are trying to exit bankruptcy are finding a saviour in some of their own creditors, which have been scooping up newly issued stock from the companies at hefty discounts. More than a dozen so-called rights offerings have raised billions of dollars over the past 18 months, according to data compiled by Reuters, to help revitalize these energy companies in return for large fees and juicy investment returns. But those benefits have not been equally shared among all the creditors providing the cash.
GE's Profit Rises 6.7 pct
General Electric Co reported a 6.7 percent rise in quarterly profit, helped by strength in its power and renewable energy businesses. Net income from continuing operations attributable to shareholders rose to $2.10 billion in the third quarter ended Sept. 30 from $1.97 billion, a year earlier. Earnings per share from continuing operations rose to 23 cents from 19 cents. Total revenue rose 4.4 percent to $29.27 billion, the company said on Friday. (http://invent.ge/2epFCqf) Reporting by Rachit Vats
KEPCO buys Colorado solar power plant from Carlyle Group
Korea Electric Power Corp (KEPCO) signed a contract on Aug. 26 to buy a solar power plant from the U.S.-based Carlyle Group's Cogentrix Solar Holdings, KEPCO said in a statement released on Sunday. The purchase is KEPCO's first entry in to the U.S. energy market though the company has operated overseas since 1995, starting in the Philippines, and is now active in 22 countries. The solar power plant, located in Alamosa County, Colorado, is able to produce 30 megawatts of solar power and KEPCO is expected to be operating the site by this October, it said. The financial terms of the purchase were not disclosed.
Philippines' Offshore Oil Still in Doubt
The Philippines, eager to resume development of vital oil and gas reserves off its coast, will likely need to reach an accord with a Chinese government infuriated by last week's ruling that granted Manila a big victory in the South China Sea. The Philippines relies overwhelmingly on imports to fuel its fast-growing economy. That reliance will grow further in a few years when the main source of domestic natural gas runs out, so the clock is ticking for it to develop offshore fields that China shows no sign of loosening its grip on.
UK Carbon Emission Goals in Jeopardy if Hinkley Delayed
Britain's carbon emission targets could be at risk if the Hinkley C nuclear power project is cancelled or delayed beyond its planned 2025 start date, the country's energy and climate minister said on Tuesday. The 18 billion-pound ($25.5 billion) project was announced in October 2013 but developer Electricite de France has stalled on making a final investment decision while the firm secures partners and financing. "Any such delay could put at risk our decarbonisation targets - one of the key reasons the Government is supporting Hinkley in the first place…
Private Equity Emerges as Last Resort Energy Lender
U.S. energy companies facing a likely cut in their bank loans are seeking a costly alternative - borrowing from private equity firms at hefty interest rates to stay alive for longer. In a sign of the times, U.S. oil and gas producer Clayton Williams Energy Inc said this month it was borrowing $350 million from private equity firm Ares Management LP to replace an equivalent loan from a group of banks. The loan from Ares is the first publicly-known deal of its kind, and does not come cheap.
Semple, Utt Join Teekay Board of Directors
Teekay Corporation announced today that Alan Semple and Bill Utt have each accepted an invitation to join Teekay's Board of Directors, effective immediately. Semple and Utt will replace William B Berry and Dr. Ian Blackburne who have announced their retirement from the Teekay Board after serving as Directors since 2011 and 2000, respectively. Semple brings over 29 years of finance and energy industry experience to the Teekay Board. He was formerly Director and Chief Financial Officer at John Wood Group PLC (Wood Group)…
NRG Energy CEO Steps Down after Stock Slide
NRG Energy Inc on Thursday said its chief executive of 12 years, David Crane, would step down immediately after investors grew impatient with his costly, long-term plan to transform the power plant owner into a renewable energy pioneer. Mauricio Gutierrez, NRG's chief operating officer, will replace Crane as president and CEO. Crane's departure comes as NRG's stock has been pushed down this year to levels not seen since 2004. During Crane's tenure, NRG expanded aggressively into new, renewable energy businesses like wind farms…
Alstom Expects to Close GE Deal by Year-end
French power and transport group Alstom said in a statement that it aimed to close the sale of its energy business to General Electric as early as possible in the fourth quarter of 2015. Earlier on Tuesday, GE won European Union antitrust clearance to buy Alstom's power business after agreeing to sell some of its assets to Italian competitor Ansaldo Energia. "While the energy businesses will secure a future in General Electric and in the joint ventures to be formed, this transaction will enable Alstom, focused on its transport business, to pursue an ambitious growth strategy," the company said.
Triunfo to Shed Energy Stakes to CTG
Brazil's Triunfo Participacoes e Investimentos SA announced on Tuesday it was selling controlling stakes in three different energy businesses to the local subsidiary of China Three Gorges Corp for up to 1.9 billion reais ($538 million). The Brazilian infrastructure company said in a statement it will sell all the shares it owns at Rio Verde Energia, Rio Canoas Energia, and Triunfo Negocios de Energia for about 970 million reais plus 770 million reais in debt. An additional 148.5 million reais may be paid pending further examination, the company said.
