China CNOOC 2024's net profit increases 11% on record production
CNOOC Ltd., a state-owned energy company in China, posted an increase of 11.4% on a record production in 2024 despite lower oil prices. The firm is continuing to focus on increasing its reserves and production. In a filing on Thursday to the Hong Kong Stock Exchange, offshore oil and natural gas specialist reported net profit of 18.99 billion dollars. Sinopec Corp, a domestic rival, reported a 16.8% drop in net income to 50.3 billion yuan.
Experts say that Trump's tariffs against steel and aluminum will increase costs for US energy companies
The proposed U.S. steel and aluminum tariffs will increase costs for U.S. Oilfield Services companies that rely on this metal for their operations. Oilfield service firms like ChampionX and Patterson UTI are the backbone for the North American oil and natural gas industry. They provide essential equipment and services to drill, produce and maintain. Steel is the lifeblood of these industries - drilling platforms…
Ecopetrol will borrow up to $2 billion to finance acquisitions
Ecopetrol, Colombia's largest state-owned oil company, plans to borrow up to $2 billion this year in order to fund investment. It will also consider raising funds through banks and the capital markets. The debt will be used for inorganic investments such as new projects or assets. Camilo Barco, Corporate Vice President of Finance at Ecopetrol, said that in a conference call with investors the board of Ecopetrol had authorized $1 billion for structural debt.
Ecopetrol's profits will drop 22% by 2024
Ecopetrol, Colombia's largest state-owned oil company, reported on Tuesday that its annual net profit in 2024 will drop by nearly 22% due to a stronger U.S. Dollar and lower oil prices internationally. The Colombian government owns 88.5% of the shares in the energy company. It posted a profit of $14.9 trillion last year ($3.6 billion), which is a significant increase from 19.06 trillion in 2023. Ecopetrol's…
EOG Resources exceeds profit expectations for the fourth quarter on higher production
EOG Resources surpassed fourth-quarter profit expectations on Thursday as higher production helped offset lower oil price. The company's shares were down 3.5% in after-hours trading as the net income fell by more than half, to $1.25 Billion from $1.998 Billion the previous quarter. The overall quarterly revenue dropped 12%, to $5.59 Billion. This was due to lower oil revenues as well as losses on derivative contracts. Operating expenses rose by 3.6% compared to last year.
Alberta projects C$5.2-billion budget deficit if Trump tariffs proceed
Alberta, Canada's oil producing province, forecasted a deficit of C$5.2billion ($3.5billion) for fiscal 2025/26 if U.S. Tariffs were implemented. This would result in a decrease of government revenues as well as slowed economic growth. The outlook shows a drastic reversal in Alberta's financial health following what was expected to be a C$5,8-billion surplus for the current fiscal period. It also illustrates the widespread uncertainty Canadian policymakers face as they deal with the tariff situation.
Diamondback Energy CFO Van't Hoof to succeed Stice as CEO
Diamondback Energy announced on Thursday that CEO Travis Stice will step down after 13 years in the role during the company’s annual stockholders’ meeting 2025. He will be replaced by Kaes van't Hof, the finance director. Stice, who has led Diamondback since January 2012, joined the board of directors in November 2012 after the initial public offering. Before becoming CEO, Stice was the chief operating officer of the company from April 2011 until January 2012.
OMV Petrom operating profit falls 57% due to lower prices and regulatory pressures
The Romanian oil-and-gas group OMV Petrom announced a 57% drop in its adjusted operating profit for the fourth quarter on Tuesday. It cited lower commodity prices as well as the impact of regulations for gas and electricity. Bucharest listed company reported an operating profit adjusted of 955 millions lei ($197.61) down from 2.24 milliards lei a year ago. The clean operating result is calculated based on current costs of supply and excludes special items…
Novak claims that OPEC+ discussed Trump's call to increase oil output
Alexander Novak, Deputy Prime Minister of Russia, said that the Joint Ministerial Monitoring Committee of the OPEC+ Group of Leading Oil Producers discussed U.S. president Donald Trump's request to increase oil production. Novak said in comments to Russia’s Rossiya-24 television station that the committee had agreed that OPEC+ would begin gradually increasing its oil production on April 1 in accordance with previous plans. JMMC removed Energy Information Administration of the U.S.
Sources say that OPEC+ is likely to stick with its plan to increase oil production.
Despite Donald Trump's pleas to lower oil prices, delegates of the producer group said that OPEC+ would likely stick to its current plan to increase output gradually starting in April. Four OPEC+ source said that the Joint Ministerial Monitoring Committee meeting, scheduled to start at 1300 GMT on Monday, is unlikely to recommend an increase in output beyond what OPEC+ has already planned. Sources declined to give their names. The meeting follows the announcement by U.S.
Two Russian sources claim that Saudi Arabia and the UAE are possible locations for a Trump-Putin meeting.
Two Russian sources familiar with the discussions said that Russia is considering Saudi Arabia and the United Arab Emirates as potential venues for a meeting between U.S. president Donald Trump and Russian president Vladimir Putin. Trump said that he would end the conflict in Ukraine as quickly as possible, and that he was ready to meet Putin. Putin congratulated Trump for his election, and said he was ready to meet Trump in order to discuss Ukraine and Energy.
Big Oil is not rushing to "drill, baby drill" this year despite Trump's agenda
Wall Street believes that U.S. energy companies will keep spending under control in 2025, and focus on shareholder returns despite President Donald Trump's calls to "drill baby, drill". This week, Big Oil will report its fourth-quarter results. The outlook for the next year should reflect Trump's agenda to maximize oil and gas production and the expectations of investors. In recent years, the industry has…
The oil price is dropping on the plan to increase US oil production, and the tariffs are being re-instated
Oil prices fell in Asian trading Tuesday, after President Donald Trump announced his plan to increase U.S. production of oil and natural gas and delayed the application of new tariffs. Brent crude futures fell 11 cents or 0.14% to $80.04 a barrel at 0156 GMT. The West Texas Intermediate crude contract for March, the most active one on the market, fell 67 cents from Friday's closing price to $76.72 per barrel. Due to a holiday, there was no settlement on the U.S. oil market for January 20.
TSX reaches 5-week highs as US trade tariffs are held back
Investors expressed relief at the news that President Donald Trump would not impose immediate U.S. tariffs on Canada. The Toronto Stock Exchange S&P/TSX Composite Index closed up 103.66, or 0.4% at 25,171.58, marking its fifth consecutive day of gains, and highest closing level since December 13. A Trump administration official confirmed that Trump would issue a general trade memo on his first day of office. The memo will not impose new tariffs but will direct federal agencies to evaluate U.S.
Diamondback Energy reports lower oil prices in the fourth quarter
Diamondback Energy, the U.S. producer of shale oil, announced on Monday that its production prices were lower in the fourth quarter compared with the previous three months. Crude oil prices dropped about 6% during the quarter of October-December, due to a patchy recovery from the pandemic, China's slow economy, and an excess supply worldwide. Prices are down nearly 12% compared to a year earlier. The company reported that the average realized price…
Dallas Fed: US oil executives will expect quicker permits under Trump
According to a Federal Reserve Bank of Dallas study released on Thursday, U.S. Energy executives expect quicker permitting times for drilling federal lands in the Trump administration. According to a survey conducted in December of 134 energy companies in Texas, Louisiana, and New Mexico, the overall outlook improved, activity levels increased, and uncertainty decreased in the fourth quarter of 2024. Trump's…
Russell: China's crude oil imports in November recover and other commodities remain strong
The Chinese economy is having a great week, as the outlook has improved amid new stimulus measures. Commodity imports have also performed well in November. The CSI300 index, which is the benchmark, rose 3.2% on the opening day, while government bonds rallied. The announcement of additional monetary stimulus in the official media boosted sentiment. However, the high imports of commodities in November also helped.
US drillers reduce oil and gas rigs in the US for the second week running - Baker Hughes
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the second week running for the first since early October. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending November 22 to 583, the lowest level since early September. This brings the total number of rigs down by 39 or 6% from this time last.
Baker Hughes: US drillers reduce oil and gas rigs in the US for the first time in 4 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of oil rigs for the first time since four weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending Nov. 15 to 584, the lowest level since early September. This is a reduction of 34 rigs, or 6% from the same time last year. Baker Hughes reported that oil rigs dropped by one this week to 478.
Ecopetrol's Colombian third-quarter profits drop by 28%
Ecopetrol, Colombia's largest state-owned oil company, reported on Wednesday a 28% decline in its third-quarter net profits to 3.65 trillion Pesos ($826.95 millions) compared with the same period in 2013. The main reason for the drop was the fall in value of the Colombian currency. Ecopetrol reported that the total sales fell 1.5%, to 34.61 trillion Pesos, in the period July-September, despite a slight increase in output.
