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.
Cenovus' quarterly profit drops due to weak oil prices
Cenovus, a Canadian oil and natural gas company, reported a decline in profit for the fourth quarter on Thursday. Lower commodity prices and lower refining margins were offset by higher production. In mid-morning trade, the company's stock was down by 4.5%. The average Brent crude futures fell 3% in 2024 as the economy of the major consumer, China, remained weak. The OPEC+ producer's group also postponed…
Stock prices of US natgas producers soar as gas futures soar
Gas futures prices have risen by 27% in the last seven days, reaching a two-year high. The extreme cold of recent days has pushed U.S. Gas Futures up to $4.42 per million British Thermal Units (mmBtu) at midday on Wednesday. This puts the front-month just a few cents away from the closing high of $2.258, which was reached on January 16 of this year. The increase in gas futures has helped Devon Energy's stock…
Lightsource bp has secured 10 power purchases totaling 1.3 GW in the last 12 months
The firm reported on Wednesday that Lightsource bp - a renewable energy developer and a subsidiary of British oil giant BP - secured 10 power purchase agreement (PPA) in the last year, totaling 1.3 gigawatts of renewable energy capacity worldwide. Lightsource bp stated that the PPAs have been contracted in Europe, Americas and Asia Pacific for solar power. Microsoft, Google and LyondellBasell, a chemicals company, are among the customers of Lightsource bp. The average contract lasts 12 years.
Constellation skips first earnings call since spinoff
Constellation Energy, the U.S.'s largest nuclear power company, missed its quarterly investor call for the first since it went public three years ago. Constellation didn't immediately respond to an inquiry for comment. Analysts were surprised by the lack of a phone call. Constellation, based in Maryland, held a conference call with its management last month. It announced that it was planning to acquire private natural gas and geothermal provider Calpine for $16.4 billion.
Venture Global rises after brokerages begin coverage with bullish rating
Venture Global shares reached a weekly peak on February 18th, after several brokerages began coverage of the company with bullish ratings despite its dull market debut in January. Venture Global shares rose 5.8% to $16.87. On January 24, the liquefied gas (LNG), provider started trading at New York Stock Exchange for $24.05 per stock, valuing the company as the largest gas exporter. Its market capitalization is $58.2 Billion.
Brazil adheres to OPEC+ Cooperation letter; No output caps
The Brazilian energy ministry announced on Tuesday that the country has decided to adhere the OPEC+ declaration of cooperation. This formalizes a decision it first made in 2023. Brazil is the biggest oil producer in South America. According to the country's oil regulator, its output will reach 4.32 million barrels equivalent per day by 2024. The group will include nations like Saudi Arabia and Russia, but it is not expected to participate in the coordinated output cap.
Japan has a plan to make green steel work.
The energy transition is a major challenge, and one of them is decarbonising steel production. This is especially true when consumers around the world are unwilling to pay more money for greener steel products. In order to achieve this, government policies and regulations will likely be used to set prices in a sector that is responsible for 8% of the global carbon emissions. It is a debate about which policies will produce the fastest and best results.
Japan has a plan to make green steel work.
The energy transition is a major challenge, and one of them is decarbonising steel production. This is especially true when consumers around the world are unwilling to pay a premium for greener steel products. In order to achieve this, government policies and regulations will likely be used to set prices in a sector that is responsible for 8% of the global carbon emissions. It is a debate about which policies will produce the fastest and best results.
Trump creates Energy Council to promote US oil and gas
The administration of President Donald Trump announced on Friday that it had granted a licence to Commonwealth LNG for the export of liquefied gas in Louisiana. This is the first time since former president Joe Biden stopped exports at the beginning of last year. Exports to Asia and Europe are approved. Trump signed an executive directive in the Oval Office Friday, creating a new Energy Council to be headed by Interior Secretary Doug Burgum. The council will work to increase U.S.
Peru Copper Production to Decline in 2024 from 2.74 Million Tons
The Peruvian mining ministry announced on Friday that copper production in 2024 will be 2,736,150 tons, a 0.7% decrease from 2023. This was the first time the copper giant had declined after four years of steady recovery following the pandemic. According to industry sources, Peru's output of copper would be stable in 2024 and 2025 at around 2.8 millions tonnes due to declining ore grade and the lack of new projects.
Officials in Malaysia have announced that they will take action against fraud in the export of used cooking oil.
Malaysia's deputy commodities minister said that it would crack down on fraud within the used cooking oil sector, while western governments investigated whether the shipments of biofuels from Asia contained virgin oil. According to Deputy Plantation and Commodities Ministry Chan Foong Hin, the Malaysian Palm Oil Board is revising its policies and standards governing palm industry waste (SPO), also known as used cooking oil.
Indonesia is expected to complete the full implementation of B40 Biodiesel by March
Eniya Listeiani Dewi, an official with the energy ministry, said that Indonesia is expecting its B40 Biodiesel Programme, which aims to reduce its dependence on diesel fuel imported from abroad, to be fully implemented next month, after initial delays. She stated that distribution of palm oil-based Biodiesel in this year had reached approximately 1.2 million Kilolitres by Friday. Indonesia planned to introduce the mandatory B40 blend…
Maguire: Recovering wind power may cool Europe's hot gas market
The wind-powered electricity produced in Europe in January 2024 was down by more than 7%, denying regional power producers a vital source of clean energy just as the demand for heating reached its peak. This wind shortage triggered an increase in Europe's natural gas-based electricity generation to its highest level in three years. It also supported a rally which has driven benchmark regional gas prices up by more than 15% this year.
Sources: Validus Energy will buy natural gas producer, 89 Energy III, for $850 Million.
Sources familiar with the deal said that Validus Energy, a privately owned U.S. gas and oil producer, has agreed to purchase 89 Energy III, a rival company, for $850 million including debt. According to sources, the deal will add more than 25,000 barrels equivalent to oil per day to Validus’s growing footprint in Oklahoma's Anadarko Shale Basin, making it one of the biggest private players in U.S. Mid-Continent region oil. According to its website, 89 Energy III produces 70% gas.
Origin Energy's profit exceeds expectations on the back of strong LNG earnings
Origin Energy, an Australian power company, beat analysts' expectations on Thursday. This was due to higher LNG sales and gains from LNG trading. These factors offset a sharp drop at the energy markets division. Origin Energy, along with AGL Energy and Energy Australia as one of Australia's "Big Three" retailers of electricity, will spend A$1.5 billion to A$1.7 billion between fiscal 2025 and the majority of that money will go towards building storage batteries.
Cristal Union reports that its sugar production for 2024/25 has increased to 1.5 million tonnes
The second largest sugar producer in France, Cristal Union, announced on Wednesday that it had produced 1.5 million metric tonnes of sugar in 2024/25. This is up from 1.3 millions tons in the previous season. This was primarily due to an increase in the area harvested in its cooperative members. It said that the total ethanol and alcoholic production in 2024/25 would rise to 2 million Hectolitres. This is up from more than 1.5 million Hectolitres produced in 2023/24.
Equinor will continue with the Rosebank oil and Gas Project in Britain
The UK manager of Equinor, the Norwegian oil and natural gas producer, said Wednesday at a conference on energy in New Delhi that the company will continue to develop its Rosebank oil field. Equinor, along with its partner Ithaca Energy, wants to develop the Rosebank Oil and Gas Field. However the plans to develop one of Britain's final major oil reservoirs have been a lightning-rod for climate activists who are calling for an end to fossil fuel production.
Novatek, a Russian company, says its net profit for 2024 will rise to $5.2 billion
Novatek, Russia's largest LNG producer, announced on Wednesday that its net profit for 2024 increased by 6.5% and reached 493.5 billion Rubles ($5.18 Billion) as production increased. Novatek is a major target of Western sanctions against Russia due to the conflict in Ukraine. The new Arctic LNG 2 project, tentatively started production of LNG in December 2023 on the Gydan Peninsula, which extends into the Kara Sea. However, the product has been difficult to sell.
Australia adopts tax incentives for critical minerals
Australia's Parliament has passed laws to give production tax breaks on critical minerals and renewable hydrogen, in an effort to boost energy transition plans, as the country aims for net zero emissions and reduce its dependence on China by 2050. The centre-left Labor Government said that the law passed on Tuesday will provide tax incentives of up to 10% for the processing and refining cost for 31 essential minerals for the fiscal years ending in June 2028 until 2040.
