Sinopec's net profit for 2024 plunges 16.8% because of falling oil prices
China Petroleum & Chemical Corp, also known as Sinopec reported a 16.8% drop in net profit for 2024 on Sunday. The company cited lower crude oil prices, and the accelerated growth of the new energy vehicles (NEV) sector. This decline in net income is comparable to a drop of 9.9%, which also occurred in 2023 due to falling oil prices. Diesel sales dropped 4.8% and gasoline fell 0.7%. Aviation fuel sales rose 7.3%.
Palm oil is a weaker competitor to other oils
The price of Malaysian palm oils futures dropped for the second session in a row on Tuesday. This was due to weaker edible oils from rival producers and concerns over U.S. tariff policies. By midday, the benchmark contract for palm oil delivery in May on the Bursa Derivatives exchange fell 59 ringgit or 1.31% to 4,440 Ringgit ($1,002.71) per metric ton. David Ng, a proprietary trading at Kuala Lumpur's Iceberg X Sdn.
Palm oil falls on Dalian crude oil, weakening it
Malaysian palm futures dropped on Thursday, ending a five session rally. Pressured by lower Dalian oil and lower crude oil prices, sparked by the talks to end Ukraine-Russia's war, they were pushed down by weaker Dalian oil. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for April delivery fell 63 ringgit or 1.36% to 4,558 Ringgit ($1,023.35) per metric ton.
Palm oil drops for the third consecutive day due to weaker competitors and selling pressure
Malaysian palm futures ended lower on Thursday for the third session in a row, due to weakness in the prices of vegetable oils listed in Dalian and pressure from sellers in crude palm (CPO). The benchmark Bursa Derivatives Exchange palm oil contract closed down 23 ringgit or 0.46% at $4,964 Ringgit ($1,108.53). Paramalingam Supramaniam is the director of brokerage Pelindung Bestari in Selangor. He said that the CPO market was suffering from the constant selling pressure.
Cenovus Energy reports 56% drop in quarterly profits on lower production
Cenovus Energy, a Canadian oil and natural gas producer, reported a 56% drop in its third-quarter profits on Thursday. This was due to lower commodity prices and a decrease in production volumes and throughput. Global Brent crude averaged $78,3 per barrel during the quarter reported, a drop of nearly 9% from a year ago, while Canadian gas prices plummeted to their lowest levels in over two years.
Malaysia's natural gas and crude oil production will decline by 2025
KUALA LUMPUR - Malaysia's government announced on Friday that it expects a lower crude oil and natural gas output in 2025 as a result of planned maintenance shutdowns and a softer demand for some export markets. In a report that was released along with its budget for 2025, the government stated that natural gas production would decline in 2025 as a result of the planned closures in the state of Sarawak due to maintenance.
Palm oil gains for the third consecutive session and logs a weekly gain
The price of palm oil in Malaysia rose for the third consecutive session on Friday, and also logged a gain over the week, thanks to the strength of rival Dalian contracts. However, lower crude oil prices and concerns about demand capped this rise. The benchmark palm-oil contract for December delivery at the Bursa Derivatives Exchange in Malaysia closed 72 ringgit or 1.86% higher, closing at 3,948 Ringgit ($940.00) per metric ton.
Baker Hughes: U.S. Oil Drillers Cut Rigs Again
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row after drilling slowed for nine straight months as independent producers cut spending by about 10% this year.Drillers cut four oil rigs in the week to Sept. 6, bringing the total count down to 738, the lowest since November 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.
Chevron Profit Falls 27%
Chevron Corp's first-quarter profit fell 27 percent from a year earlier due to lower crude oil prices and weaker margins in its refining and chemicals businesses, but topped forecasts and signaled it is committed to buying smaller rival Anadarko Petroleum Corp.The No. 2 U.S. oil and natural gas producer this week found itself in a takeover duel for Anadarko, a smaller oil and gas producer…
Exxon CEO Tillerson to Hand over Reins to President Woods
Oil major Exxon Mobil Corp said on Wednesday that President Darren Woods would become chief executive and chairman in January after the retirement of Rex Tillerson, who is U.S. President-elect Donald Trump's pick for secretary of state. Exxon said Tillerson, 64, will retire at the end of the year and Woods, 51, would take over as chairman and CEO, effective Jan. Woods joined Exxon in 1992, and in January he was elected to the company's board and appointed president.
Exporters Focus on Supply but China's Needs Unknown
Major oil exporters clearly would like higher crude prices and may even be getting closer to some sort of coordinated action, but they should be careful what they wish for as they may choke off demand growth in top importer China. On the surface, China's appetite for imported crude has seen robust gains this year, rising 13.5 percent in the first eight months to 250.45 million tonnes, equivalent to about 7.49 million barrels per day (bpd).
Sasol's Earnings Plunge on Low Oil Price
Company earnings down 17 percent, in line with guidance; $680 mln write-down on Canadian shale assets. South African energy and chemicals group Sasol reported a 17 percent fall in full-year earnings on Monday due to lower crude oil prices and said the economic environment it operates in remained "volatile and uncertain". Sasol's earnings were also hit by a writedown of 9.9 billion rand ($680 million) on its Canadian shale gas project…
Cairn India's 1Q Net Profit Drops 28%
Oil explorer Cairn India Ltd , controlled by billionaire Anil Agarwal, said on Thursday consolidated net profit in the first quarter of its business year fell 28 percent from the same period a year ago due to lower crude oil prices. The crude oil and gas producer, with assets in Rajasthan state's Barmer basin, Andhra Pradesh's Ravva basin and Gujarat's Cambay basin, reported April-June profit of 3.6 billion rupees ($53.61 million).
U.S. Crude Oil Inventories Keep Rising
Following the path started in 2015, U.S. commercial crude oil inventories have continued to build in early 2016 and are nearing record highs. Stocks in the Gulf Coast reached 256 million barrels for the week ending February 19, while stocks at Cushing, Oklahoma, reached their highest recorded level of 65 million barrels for the week ending February 19 (Figure 1). U.S. commercial crude oil inventory builds at this time of year are not unusual…
Brent, U.S. Crude Battle for Premium in Weak Market
U.S. crude flipped into Brent premium before Christmas; Brent gains ground post-Christmas. International Brent and U.S. crude oil futures battled for a premium on Monday but both benchmarks fell in a market in which there is no end in sight for oversupply that has brought down prices by two-thirds since the downturn began in mid-2014. The international crude oil futures benchmark Brent was trading at $37.58 a barrel at 0739 GMT, down 31 cents from its last settlement.
Rosneft 9M Profit Up
Commenting the results for 9M 2015, I.I. Sechin, Chairman of Rosneft Management Board, said, “Despite of challenging economic environment, the Company keeps improving its efficiency. This is demonstrated by keeping operating costs in rouble terms at sustainable level in conditions of 12.0% increase in industry prices. Preserving the cost base and efficient risk management contributed to an increase in profits for 9M 2015 compared to 9M 2014 despite oil price drop.
Exxon Raises its Quarterly Dividend 6%
Exxon Mobil Corp on Wednesday raised its quarterly payout 6 percent, a move that underscores the world's largest publicly traded oil company's commitment to raising dividends, although at a slower pace in a time of lower crude oil prices. The Irving, Texas based oil company said its board had approved a second-quarter dividend of 73 cents per share, up from the first-quarter payout of 69 cents a share. Exxon's annual payout grew nearly 10 percent in 2014.
Anadarko Petroleum Cuts '15 CapEx By a Third
Anadarko Petroleum Corp said on Tuesday it will reduce spending by about 33 percent this year, as the exploration and production company responds to lower crude oil prices. Oil prices have fallen by more than half since June as supplies from sources including North American shale fields grow in a time of waning demand. To conserve cash, exploration and production companies like Anadarko are slashing budgets and cutting rig counts.
Western Refining Beats Street on Refining Margins
Western Refining Inc reported a better-than-expected adjusted quarterly profit on Thursday as lower crude oil prices helped improve refining margins. Growing output from the Permian Basin in Texas and New Mexico, where Western's refineries are located, has combined with inadequate pipeline infrastructure to create a glut and suppress crude prices in the region, boosting the company's refining margins.
CA Gasoline Sales Push Oil Demand
Motorists in California purchased more gasoline in October 2014 than any corresponding month since 2007, according to state tax records, confirming the renewed growth in U.S. fuel demand. State gasoline consumption was 2.3 percent higher than in the same month in 2013 and 4.1 percent higher than in 2012, according to the California Board of Equalization, which collects motor vehicle fuel tax in the state.
