Saipem announces 31% increase in core profit for the first quarter, and confirms its guidance
Saipem, an Italian energy contractor, said that its core earnings for the first quarter of 2013 increased 31% compared to last year due to the group's offshore engineering & construction activities. The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), came in at $398.00 million, beating the analyst consensus of 339 millions euros compiled by LSEG.
Sources say Vitol will post a net profit of $8 to $8.5 billion in 2024.
Two industry sources said that Vitol was the world's largest energy trader in 2024. This is a significant drop from its record-breaking profits of 2022 and 203, but it still outperformed rivals by an enormous margin, despite lower volatility. The energy traders made record profits between 2022 and 2023, as the market recovered from the pandemic.
Canadian oil and Gas CEOs avoid rash decisions during the price crash
On Tuesday, CEOs of Canadian producers of oil and gas said they were trying to avoid taking sudden decisions as the global oil price hovers around four-year lows. Doug Bartole said that his Calgary-based company, InPlay Oil, does not expect to reduce production or capital expenditures in the near future, despite recent oil price drops due to tariffs. Don't take any rash decision.
Canadian oil and Gas CEOs avoid rash decisions during the price crash
Two Canadian oil and natural gas producers have said that they want to avoid taking rash decisions as the global oil price hovers around a four-year low and fears of a recession grow. Doug Bartole said that his Calgary-based company, InPlay Oil, does not anticipate reducing its production or capital expenditures in the near future, despite recent oil price drops due to tariffs.
Can Trump's drive for critical minerals pass the test of copper? Andy Home
The executive order issued by U.S. president Donald Trump on increasing domestic mineral production is designed to cut through the mine permit maze in the United States. According to S&P Global, it takes on average nearly 29 years to bring a new mine from discovery to production. This is the second longest lead time in the entire world, after Zambia. The U.S.
Copenhagen Infrastructure Partners closes third offshore wind project with Taiwan
Copenhagen Infrastructure Partners, a clean energy fund manager, announced on Wednesday that it had reached financial closure on its 495 Megawatt (MW), Fengmiao I Wind Project, located off the coast Taichung in Taiwan. CIP announced that Fengmiao 1, its third offshore wind farm in Taiwan, would be built by local and international suppliers with proven track records.
Glencore approached Li-Cycle battery recycler for possible deal
As part of its proposal to address operational and financial problems, Glencore (listed on the London Stock Exchange) has offered to buy Canadian lithium battery recycling firm Li-Cycle. In a March 14 letter to the board chair, Glencore stated that it wanted to begin discussions as soon as possible with Li-Cycle and the other shareholders of the company regarding the potential deal.
Report: Solar power will account for 84% of the new US electricity added in 2024.
A report released on Tuesday stated that solar energy contributed 84% of the new electricity generation capacity to the U.S. grid in the past year. However, the industry will face challenges with the new energy policies adopted by the U.S. government. In a report, Wood Mackenzie and the Solar Energy Industries Association (SEIA)…
Whitecap Resources and Veren combine to create a C$15 billion Canadian Energy giant
The companies announced on Monday that Canada's Whitecap Resources, an oil and gas company, will merge with Veren through a merger of equals including debt in order to create a C$15 Billion ($10.43 Billion) company. The combined company is the largest landholders in Alberta Montney & Duvernay, regions which have attracted…
GE Vernova signs deal to support Amazon's data center expansion
The renewable energy company GE Vernova announced on Tuesday that it had signed an agreement with Amazon’s cloud services to support its data center expansion plans. GE Vernova stated that the agreement with Amazon Web Services would help address global energy demand and improve grid security, reliability, and carbon emissions.
US Senate confirms Trump's trade chief Greer before Canada and Mexico tariffs
The U.S. Senate voted overwhelmingly on Wednesday to confirm Jamieson Grer as U.S. trade representative, giving the veteran of Donald Trump's first term of trade wars the full authority of his new position just days before the March 4 deadline that will punish imports from Canada or Mexico with 25% tariffs. Greer's nomination was confirmed by a majority of senators…
EDPR reports unexpected loss due to heavy impairments in US and Colombia
EDP ???? ?Renovaveis ? ??????????????????????? The world's fourth largest wind power producer posted a net loss of unexpected 556 million euro ($584million) in 2024 due to heavy impairments for projects in the United States, Colombia and other countries, despite revenue increases. EDPR surveyed analysts who expected a profit average of 272 millions euros.
TE Connectivity to Acquire Richards Manufacturing
TE Connectivity entered into a definitive agreement to acquire Richards Manufacturing Co. from funds managed by Oaktree Capital Management, L.P. and members of the Bier family, long-standing owners and leaders of the business. The transaction will strengthen TE's position in serving electrical utilities in North America…
ChampionX executive: New U.S. tariffs on metals will increase oilfield equipment prices.
A company official told reporters on Tuesday that ChampionX anticipates the new U.S. tariffs on imports of steel and aluminum will increase equipment costs for oilfield services firms. U.S. president Donald Trump increased tariffs on imports of steel and aluminum on Monday, to a flat rate of 25% "without any exceptions or exclusions".
Macquarie, Australia's Macquarie Bank, has'very little exposure' in Trump's war on green energy
Macquarie Group, the top Australian investment bank, downplayed on Tuesday its exposure to U.S. green power sector that has been disrupted by executive orders issued by President Donald Trump. It posted a flat profit for the third quarter. The bank that makes a third its profit in Americas said it has reviewed its U.S.
Engie continues to see a strong US demand for renewables
Edouard Neviaski, executive vice president of French power company Engie, said that the U.S. is still a major market for the company in terms of renewable energy projects. The U.S. president Donald Trump ordered a stop to spending on the Inflation Reduction Act and Infrastructure Investment and Jobs Act. These climate and…
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 8 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first eight-week period. The number of oil and gas drilling rigs, a good indicator of future production, increased by six in the week ending January 31. Baker Hughes reported that despite this week's increase in rigs the total count is still 37 rigs or 6% lower than this time last year.
Baker Hughes exceeds its quarterly profit expectations on natgas demand
Baker Hughes, a U.S. oilfield equipment company, beat Wall Street's fourth-quarter profit estimates on Thursday as strong demand for natural gas products and services offset the weak sales of its drill gear in North America. Oilfield services companies are struggling with lower demand, as extraction technology becomes more…
Mersen exceeds growth forecast and 'no impact' of US tariffs
Mersen, a French supplier of advanced materials, reported on Wednesday that its annual consolidated sales were higher than expected at 1.24 billion euro ($1.29 billion), representing organic growth of 2.6%. Thomas Baumgartner, Mersen’s Chief Financial officer, told a conference call that the company had exceeded its initial organic growth projection of 1%-2%.
Trump's policies and European demand will tighten the global LNG market by 2025.
The global market for liquefied gas could be tighter this year, as the rising demand in Europe intensifies competition between Asia and North America and offsets new North American supplies at a moment when President Donald Trump’s energy policies and tariffs are also being closely watched. Energy Aspects, a consultancy…
