Three Industrial Projects for Le Havre Announced
The French government has selected winning proposals for a hydrogen import terminal, a renewable fuels facility and a lithium production factory to be built at the state-run port of Le Havre as part of an effort to attract industrial investment, the finance ministry said on Thursday.The land…
US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time
Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.The outlook for stronger energy prices has not changed the focus on investor returns from the U.S. industry, according to the report's authors, Ernst & Young LLP. U.S.
Exxon Banks Record $56B Profit in '22
Exxon Mobil Corp posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and soaring demand…
Exxon Q4 Earnings Poised to Exceed Pre-pandemic Level
Exxon Mobil Corp's fourth quarter profit should top Wall Street's consensus and surpass its pre-pandemic levels, lifted by better-than-expected earnings from oil and gas, analysts said.Credit Suisse, Scotiabank and JPMorgan have raised their fourth quarter earnings estimates following Exxon's flagging of sharply higher oil and gas operating profit last week.
HMP Buys Two 'Eco-friendly' VLCCs
The Arab Petroleum Investments Corporation (APICORP), an energy-focused multilateral development financial institution, and the National Bank of Fujairah (NBF) signed a five-year $108 million debt finance facility with Hartree Maritime Partners, LLC (HMP), the shipping affiliate of Hartree Partners…
ConocoPhillips Swings to 3Q Profit
ConocoPhillips reported a third-quarter profit on Tuesday, compared with a year-ago loss, thanks to a rebound in crude prices to pre-pandemic levels.Oil prices have climbed nearly 63% since the beginning of the year, driven by a rise in global demand and on supply bottlenecks, pushing Brent above $86 to its highest in nearly three years.
Petrobras Post Strong Results as Crude Rises, Gas Strengthen
Brazil's Petrobras beat second quarter profit estimates on Wednesday, as higher Brent prices, strong natural gas sales and relatively controlled expenses boosted the company's bottom line.In an evening securities filing, Petroleo Brasileiro SA , as the company is formally known, reported a quarterly net income of 42.855 billion reais ($8.29 billion)…
ADNOC Raises $1.6 Billion
Abu Dhabi National Oil Company (ADNOC) said it raised $1.64 billion by issuing exchangeable bonds and additional shares to investors in its listed retail unit ADNOC Distribution on Wednesday.It issued about $1.2 billion in senior unsecured bonds due in 2024, with a 0.7% annual coupon, exchangeable into existing common shares of ADNOC Distribution.Alongside t
Who Will Pay for the Energy Transition?
The transition from a fossil-fuel dominated energy system to one with zero emissions would require trillions of dollars of investment in new production, distribution and consumption equipment worldwide.New investments could support millions of new jobs in construction and manufacturing, but…
Surge of Coronavirus in India Dents Bullish Crude Case
The problem for crude oil market bulls is that every time they think they have built up steam, something comes along to knock the momentum off track.The coronavirus surge in India and the imposition of states of emergency in populated parts of Japan, including Tokyo and Osaka, to deal with…
Inside the Red-Hot Offshore Wind Energy Market
As the traditional offshore oil and gas markets continue to struggle, the renewable offshore wind market is hot and getting hotter.As the cumulative maritime, offshore, port and logistics marketplace gears up for offshore wind energy on a huge scale, World Energy Reports (WER), in its report “2021 The Year When Offshore Wind Takes Off in the United States…
MARKETS: Hedge Funds Sell Oil
Hedge funds have reduced their position in petroleum futures and options for the first time in 16 weeks, the first weekly net sales since the first successful coronavirus vaccine trials were announced in early November.Hedge funds and other money managers sold the equivalent of 9 million…
Mercuria Teams Up with Envysion for Project Investment
Trading house Mercuria and Singapore-based asset manager Envysion Wealth Management have agreed to co-invest in mining and energy projects, as default-hit banks tighten their purse strings and leave commodities firms seeking other funding.The deal, signed on Wednesday, will see Mercuria present potential projects for investment to Envysion…
US Energy Execs See Capital Spending Rising in 2021
About half of U.S. energy company executives polled by the Federal Reserve Bank of Dallas expect their firms to increase capital spending in 2021, and another quarter of respondents see those expenditures remaining flat next year, according to a survey released on Wednesday.The coronavirus…
Total Keeps Dividend But Cuts Investment Target
Total trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil and gas producer maintained its dividend.The company cut its investment target to $13 billion from $14 billion and said it was keeping a lid on operating costs too, even…
Chevron Posts Q3 Profit
Chevron on Friday reported an adjusted third-quarter profit as oil prices recovered from spring lows and spending cuts benefited operating results.Chevron and its peers have slashed spending budgets this year on plummeting demand and crude oil prices that remain about 40% below where they began the year.
Total Books $8 Bln Asset Impairments
French energy group Total will book an exceptional impairment charge of $8 billion mainly on its Canadian oil sands and liquefied natural gas projects, it said on Wednesday."Overall, the exceptional asset impairments that will therefore be taken into account in the second quarter of 2020 amount to $8.1 billion, including $7 billon on Canadian oil sands asset
Oil Search Q2 Revenue Falls About 30%
Australia-listed Oil Search Ltd on Tuesday reported a near 30% drop in second-quarter revenue, hurt by a sharp decline in oil and gas prices as demand plunged due to the coronavirus pandemic.The Papua New Guinea-focused oil and gas explorer recorded a revenue of $266.2 million for the three months ended June, down from $378.9 million a year earlier.UBS analy
Santos Flags $560 Mln Impairment Charge on Virus-led Oil Slump
Australia's Santos said on Tuesday it will book non-cash impairments of up to $560 million after tax, joining a number of global energy majors forced to write down assets after a coronavirus-induced slump in oil prices.The country's second-largest independent gas producer expects to record…
Wave of N. American Oil and Gas Bankruptcies to Continue at $40 Oil
A wave of oil and gas bankruptcies in North America is likely to continue this year as oil prices remain depressed and a new surge of COVID-19 cases threaten to stall any recovery in fuel demand, law firm Haynes and Boone said in a report released this week.Bankruptcies surged in the second quarter…
