In February, Russia's oil revenues and gas revenues are expected to have halved y/y.
Calculations showed that the Russian state's?oil?and?gas revenue in February 2025 will be almost half as much at 410 billion roubles (5.35 billion dollars) due to a stronger currency and lower oil price. The Kremlin's main source of revenue is oil and gas revenues, which account for more than a quarter of the federal budget. However, this amount has been drained since Russia started its military campaign against Ukraine in February 2022.
Texas Pacific Land's core quarterly profit exceeds estimates due to stronger water sales
Texas Pacific Land exceeded Wall Street expectations for the fourth-quarter core profits on Wednesday as higher water sales and production offset lower oil prices. The company generates revenue from fixed fees, such as those for construction materials, water treatment or sourcing services, and oil and natural gas royalty interests. Last year, Texas Pacific entered into an agreement with Bolt Data & Energy…
Inpex, a Japanese oil and gas company, sees a shortage of LNG in Asia by 2035
Inpex, Japan’s largest oil and 'gas producer, anticipates that global demand for LNG will grow by 75%, to 700 million metric tons annually, in 2035. This could lead to a shortage of LNG along the Pacific coast, including Asia. Inpex, who runs the Ichthys LNG Project in Australia and develops Abadi LNG in Indonesia, said that it expects global LNG consumption to rise from its current 400 million tons annually, driven by Asia-Oceania?region needs, in its results presentation released on Thursday.
Inpex, a Japanese oil and gas company, sees a shortage of LNG in Asia by 2035
Inpex, Japan’s largest oil and 'gas producer, anticipates that global demand for liquefied?natural gas will grow by 75%, to a total of?700 millions metric tons per year in 2035. This could lead to a shortage in supply in the Pacific coast region, which includes Asia. Inpex, who runs the Ichthys LNG Project?in Australia, and develops Abadi LNG Facility?in Indonesia among other assets, expects that global LNG demand will increase from its current level of 400 millions tonnes per year…
Norway's Vaar Energi raises production goal, beats profit expectations
Vaar Energi is majority owned by Italy's Eni. On?Tuesday, it raised its production target and reported a higher than expected operating?profit in the fourth quarter. However, Vaar Energi said that they would be cautious with their dividend guidance because of lower oil and gas prices. Oslo-listed Vaar’s earnings before interest, tax and other expenses for October through December dropped 5.8% year-on-year to $947 millions on lower oil prices.
ConocoPhillips aims to cut costs by $1 billion in 2026. Profits miss on lower oil prices
ConocoPhillips announced on Thursday that it plans to reduce capital and operating costs by $1 billion by 2026. This comes after the U.S. energy producer missed Wall Street's?estimates? for its fourth-quarter profits due to lower crude prices. Falling oil prices have put pressure on the industry to reduce spending, drill less and cut staff. ConocoPhillips' average price was $42.46 for a barrel of oil-equivalent (boe)…
Shell misses profit expectations, but keeps buyback pace
Shell's fourth-quarter profits missed expectations on Thursday, with an 11% decline to the lowest levels since early 2021 due to lower oil prices. However, it kept its massive share buyback program. Oil majors are used to large buybacks. However, lower gas and oil prices, ahead of a crude and liquefied gas glut, have led some to speculate that they may be reduced. This is especially true for European companies. Shell bought back a quarter or $60 billion of its shares in the past four years.
Beach Energy's profit falls on account of higher costs and lower oil prices
Beach Energy, Australia, reported a 8% drop in its first-half profits?on Friday, due to higher costs of sales and lower oil and liquids price. This sent the company's shares down?more?than?5%. The benchmark ASX200 index edged down 0.2%, as shares of the oil-and-gas producer fell as much as 5.18 percent to A$1.190. This was their biggest intraday decline since January 7th. The Adelaide-headquartered company attributed the profit drop ?to higher cost of sales…
Equinor announces a sharp fall in capital spending next year and cuts back on buybacks by 70 percent
The company said that it would cut back on share buybacks to 70%, and reduce investment in renewables and low emissions energy. This was announced as the company reported a 22% decline in its fourth-quarter profits, due to lower oil and gas prices. Analysts say that share buybacks and dividends are unsustainable due to low oil prices. Equinor CEO Anders Opedal said to reporters that the company was taking steps to improve its free cash flow.
Imperial Oil shares drop on lower profits; CEO says Venezuelan situation has little impact.
Imperial Oil, a Canadian oil company, saw its share price fall Friday due to a 'lower' fourth-quarter profit. However, the CEO of the company expressed confidence that the company would be able to withstand any changes in crude flow that might occur as a result of the current situation in Venezuela. Imperial shares fell 4.5% by midday, as the market responded to the company’s decline in earnings from the previous year.
Chevron beats Q4 profit estimate, eyes Venezuela investment opportunities
Chevron's profits for the fourth quarter fell, but were still higher than expected. The company focused on cutting costs to make its operations more efficient in order to compete with lower oil prices through 2025. Only U.S. oil producer currently operating in Venezuela, and in the spotlight of geopolitics after the 'U.S. Chevron said that after the capture and removal of Nicolas Maduro, Venezuela's former leader this month, it is evaluating other opportunities in Venezuela.
EIA: US oil drilling will slow down as prices fall, Venezuela's growth could increase pressure
Lower oil prices will likely reduce?U.S. The Energy Information Administration reported on Tuesday that drilling activity will reduce production by 1% in the top producing country this year, and a possible increase of supply from Venezuela may 'add pressure. The Department of Energy’s statistical arm echoes concerns from some U.S. producers regarding President Donald Trump’s request that domestic oil companies enter Venezuela to help increase its production after President Nicolas Maduro was captured.
EIA: US oil drilling will slow down as prices fall, Venezuela's growth could increase pressure
Energy Information Administration reported on Tuesday that lower oil prices will reduce U.S. drilling activity and reduce production by 1% in the United States this year, while a possible increase in Venezuelan output could add to the pressure. The Department of Energy's statistics arm's comments add to the concerns expressed by some U.S. producers regarding President Donald Trump's call for domestic oil companies…
Diamondback Energy reports lower oil prices in the fourth quarter
Diamondback Energy, the U.S. producer of shale oil, announced on Monday that its oil prices were lower in 'the fourth quarter' compared with 'the previous three months. The price of oil fell 9.2% in the three-month period ending December 31 as fears about tariffs and oversupply outweighed geopolitical risk. The average realized price, or 'price received' for the total production of oil, fell to $58.00 a barrel during the fourth quarter, down from $64.60 a barrel over the previous three-month period.
Trump's "drill baby, drill" agenda in Venezuela hurts producers at the home
Trump wants $50 oil but it's below the profit level of U.S. Venezuelan oil redirected to squeeze U.S. Venezuelan oil to benefit U.S. HOUSTON, January 9 - U.S. Oil Producers already struggling with low oil prices face renewed pressure as President Donald Trump presses them to increase output in Venezuela – a move which would weaken oil markets, reduce revenues and hurt the industry at home. Trump's policies, he claims, will unleash American energy while lowering prices at the pumps.
Venezuela's distressed debt of billions: Who will collect?
The fall of Nicolas Maduro brought Venezuela's debt crisis, one of the largest unresolved defaults in the world, to the forefront. Venezuela defaulted on its international bonds in late 2017 due to the economic crisis that lasted for years and the U.S. sanctioning the country, which cut it off from the international capital market. The government and the state oil company Petroleos de Venezuela (known as PDVSA) issued the international bonds.
Venezuela's distressed debt of billions: Who will collect?
The fall of Nicolas Maduro brought Venezuela's debt crisis, one of the largest unresolved defaults in the world, to the forefront. Venezuela defaulted on its international bonds in late 2017, after years of economic turmoil and U.S. Sanctions that cut the country off from international capital markets. The government and the state oil company Petroleos de Venezuela (PDVSA) had failed to make payments. Since then…
Goldman projects oil prices to decline and sees gold at $4900 by December 2026. Copper remains the preferred industrial metal.
Goldman Sachs believes that gold prices will rise 14% by December 2026 to $4,900 an ounce in its base scenario. However, the firm warned of upside risks due to potential diversification with private investors. Goldman Sachs stated that it expected cyclical support and structurally high demand from central banks to boost the price of gold in a note where they discussed their views on commodities. Goldman Sachs continues to advise long exposure in yellow metal.
Russia's monthly oil revenue is set to reach its lowest level since August 2020
Calculations showed that the Russian state's oil and gas revenues in December are likely to drop by almost half from a year ago, reaching 410 billion Russian roubles (5.17 billion dollars), due to lower crude prices and stronger roubles. Calculations showed that oil and gas revenues are the Kremlin's main source of income. They account for a quarter the federal budget, which has been depleted by heavy defence…
The central bank of Russia says that the discount on Russian Urals oil prices has increased to 23% by November.
The Russian central bank announced on Thursday that the discount between Brent and Urals, which is Brent's global benchmark oil, has increased by six percentage points to 23% this month. These discounts are less severe than the first wave of Western sanctions that began in 2022 but they still reflect increasing pressure on Russian oil revenue, which is a vital lifeline for Moscow’s budget. Last month, the United States imposed strict restrictions on Russian oil companies Lukoil & Rosneft.