Woodside posts smaller-than-expected annual profit; CEO update imminent
Australian oil and gas ?producer Woodside Energy posted a ?smaller-than-expected fall in annual profit on ?Tuesday, ?as robust production offset weaker realised prices, and said it expects to name a new CEO in the first quarter of 2026. The company stated at its results presentation that "the appointment of the CEO is an important activity ...(the Board) intends to make a announcement in the first…
Russell: Copper is the driving force behind BHP and Rio but if you want more, it's up to you.
Copper's role as a major profit driver is highlighted in the latest results of BHP Group and Rio Tinto. However, they also highlight how difficult it will likely be to gain more exposure for this industrial metal. BHP, the world's largest ?listed miner, reported last week a stronger-than-expected half-year underlying attributable profit of $6.2 billion, up 22% from the same period a year earlier. The results were notable because for the first time, the miner's operating profits came from copper.
US producer Continental claims that the shale resource in Argentina could be "another Permian".
Continental Resources CEO Doug Lawler stated on Tuesday that Argentina's shale resource might be similar to the size of the Permian Basin in the United States. Lawler, a U.S. oil company, said that the oil production potential in Argentina could be as high as 1.5 to 2 million barrels a day within the next few years. Continental increased its stake in Argentina's Vaca Muerta shale basin last month by purchasing a non-operating share in four blocks.
Congo replaces Gecamines as leader amid mineral talks with US
The government announced on Monday that the president of the Democratic Republic of Congo has replaced Gecamines' chief executive and?board?chair. This is a major shakeup at a time of negotiations with Washington regarding a mineral deal. According to a statement read out on state television, Deogratias Ngele Masudi will be the new chairperson and Baraka Kabemba the chief executive. The statement stated…
Transneft Cuts Crude Oil Intake After Ukrainian Drone Attack
Russia's oil pipeline monopoly Transneft has cut crude intake into its system by some 250,000 barrels per day after a Ukrainian drone attack on its Kaleykino pumping station on Monday, two sources familiar with the situation said on Tuesday.The cuts mostly affected shipments from Tatarstan producer Tatneft, one of the sources said.Ukrainian drones hit the major Kaleykino station, which serves the Druzhba pipeline carrying Moscow's crude to Eastern Europe and to Russia's main western ports…
Petromidia Refinery to Shut Down for Scheduled Revision in March
Romania's Black Sea crude oil refinery Petromidia, the largest in the country, will shut down for a scheduled revision in March, its owner said on Tuesday, potentially squeezing fuel supply and putting upward pressure on prices.The refinery is owned by Rompetrol Rafinare, which is majority-controlled by KMG International (KMGI), part of Kazakh state oil firm KazMunayGaz. The Romanian state holds a 45% stake.The refinery sources crude oil from Kazakhstan.
Romgaz CEO: If acquisition proceeds, Romgaz will need more funding to complete gas project.
If the acquisition of a ailing fertilizer producer by Romgaz this year goes through, it may have to use additional funding to pay for its portion of offshore project Neptun Deep. Romgaz and OMV Petrom have teamed up to develop Neptun Deep, one of Europe's largest natural gas reserves. Both companies will share the estimated cost of 4 billion?euros ($4.72billion) for this project. Romgaz issuing euro…
EDF, France's EDF, aims to boost electricity demand while low prices hurt profit
EDF, the French state-owned utility, expects its profit to fall again this year due to low electricity prices. This will put pressure on EDF ahead of major investments in its nuclear reactor fleet. EDF, France's largest power producer, operates in a market that is significantly oversupplied. Benchmark power prices have recently reached their lowest level since the COVID-19 epidemic began in 2020. As more renewable energy is brought online, prices are dropping.
Cenovus, a Canadian company, beats its fourth-quarter profit expectations and begins redevelopment at the former MEG site
Cenovus Energy announced on Thursday that it has begun drilling new oil wells at its Christina Lake Oil Sands site in 'northern Alberta,' formerly owned MEG Energy. The plan will increase the company’s production this year as well as by 2027. The Canadian oil sands company, which exceeded market expectations for adjusted profits in the fourth quarter on Thursday, bought smaller MEG Energy after a bitter battle with Strathcona Resource.
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. In the early 2000s, the then-President?Hugo Chavez took assets from foreign oil companies to strengthen the control of the state-owned PDVSA over the oilfields in Venezuela. The United States, after capturing Nicolas Maduro as President in January, eased sanctions against Venezuela's oil sector this month.
Libyan traders bring in Western traders to counter Russian fuel flow
Three trading sources have confirmed that global oil traders and firms including Vitol Trafigura, and TotalEnergies won the tenders for supplying gasoline and diesel to Libya. The country is allowing large Western companies a broader access and reducing its imports of Russian petrol. Libya has been overhauling its oil industry for 15 years, following the fall of Muammar Gadhafi. It produces 1.4 million barrels of crude oil a day…
Maurel & Prom, a Venezuelan oil firm, says that teams are fully mobilised after the US issued key authorization.
Maurel & Prom has a team in Venezuela that is fully mobilised, and'ready for the next stages of development', said its chief executive on Thursday. This was after the U.S. - added the French oil producer?to a a list of companies authorized to increase operations in Venezuela. M&P stopped exporting oil from Venezuela in the second quarter last year, after President Donald Trump suspended its license along with?other companies.
Rio Tinto misses its annual profit forecast on iron ore challenges
Rio Tinto missed its expectations for the annual underlying profit on Thursday as lower iron ore prices, amidst rising global supply, weighed down on its core business. However, stronger copper prices and production limited the impact. The world's biggest iron ore producer recently abandoned merger discussions with Glencore. It reported underlying earnings for the year ended December 31, which was unchanged from a previous year and below the Visible Alpha consensus estimate of $11.03billion.
Indonesia and US firms sign trade, investment agreements worth $7 billion
The U.S. ASEAN Business Council reported that Indonesian & U.S. firms signed 'trade and investment agreements worth more than $7 bn? on Wednesday, a day before Indonesian President Prabowo?Subianto meets with U.S. president Donald Trump for a meeting to sign a final deal. According to a U.S. ASEAN Business Council fact sheet, the agreements were signed during a dinner hosted by U.S. Chamber of Commerce for Prabowo. They include Indonesian companies purchasing 1 million metric tonnes of U.S.
India sugar production lower than expected, reducing exports
Farmers and trade officials have said that India will likely produce less sugar than originally estimated due to a 'higher rainfall in major producing states,' which is resulting lower cane yields. This is expected to limit the exports of the world’s second largest?producer. India's export quota may not be enough to meet the needs of its traders, who said that India would struggle to fulfill even half.
Santos will cut 10% of its workforce as the growth projects reach their end. The annual profit is below expectations.
Australian oil and ?gas producer Santos Ltd reported a ?steeper-than-expected ?drop in annual profit on Wednesday, hurt by weak commodity prices, and said it would reduce its headcount by about 10% as major growth projects near completion. The shares of Australia's 2nd largest gas producer fell as much as 1.8 percent in early trading. However, they retraced the majority of these losses to trade slightly lower at 0020 GMT.
Devon's profits beat expectations for the quarter, but forecasts lower production after winter storm
Devon Energy, a U.S. shale producer, narrowly beat Wall Street expectations for the fourth-quarter profits and forecast lower production in the first-quarter after severe winter storms disrupted operations throughout?key producing regions. Analysts and traders estimate that the winter storm knocked down as much as two million barrels of oil per day in the U.S., or 15% of the national output. Volumes began to recover before the winter storm…
Expand Energy exceeds its fourth-quarter profit expectations and plans to reduce debt by $1 billion in 2026
?U.S. Expand Energy, a natural gas producer, beat Wall Street's estimates for the fourth quarter profit on Tuesday. It aims to improve its balance sheet by reducing debts of at least $1 billion in 2026. The company was able to benefit from the higher prices, as U.S. Natural Gas Futures jumped over 11% sequentially during the fourth quarter. This broke a downward trend that began in the second quarter. Natural gas prices averaged $3.37/Mcf, up from $2.91/Mcf one year earlier.
Iraq approves an 'amicable agreement' with Russia's Lukoil regarding the transfer of operations for giant fields
According to a press release, the 'Iraqi Cabinet approved a "friendly settlement" with Russia's Lukoil on Tuesday regarding the transfer of the West Qurna 2, a giant oil field in the west of Iraq to the state-run Basra Oil Company. Last month, Iraqi nationalised the oilfields after the U.S. imposed Lukoil sanctions to pressure Russia to end the war in Ukraine. West Qurna is the largest oilfield in the world, and it accounts for about 0.5% of oil production globally.
Venezuela tensions are set to ease, resulting in a rise in the oil production potential of Guyana
Geopolitical experts and oil specialists?said that the tiny oil-producing country of Guyana has an opportunity to expand its economy amid the ongoing U.S. activities in Venezuela. This is ahead of the Guyana Energy Conference. The 'growth potential' of Guyana was the focus at the four-day conference that began on Tuesday, in Georgetown. Executives and government officials met to discuss the efforts to train the local oil workforce, increase investment and build an downstream sector.