Gas prices in Europe rise on cold weather forecast
Dutch and British wholesales prices increased on Friday morning. They reached their highest level in over a week due to the expected cooler and less windy conditions in Europe. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub gained 0.85 euro to 42.45 Euro per Megawatt Hour (MWh), which is $13.41/mmbtu by 0949 GMT. This is the highest level of the contract since October 29. The TTF day-ahead contracts rose further by 1,35 euros, to 42.40 Euros/MWh.
Sources say ConocoPhillips is exploring the sale of Permian Shale assets worth more than $1 billion.
ConocoPhillips has been looking at selling some of its Permian basin shale assets worth more than $1billion, after two unsuccessful years of trying to sell the same assets. Houston-based oil producer, Texas, is preparing to complete its $22.5 billion acquisition of Marathon Oil before the end of the year. As part of the deal it will assume approximately $5.4 billion in debt from Marathon Oil and plans to raise an additional $2 billion by selling assets.
Infinity Natural, a company that produces oil and natgas, files for an IPO in the US
Infinity Natural Resources, an oil and natural gas developer, is planning to launch its initial public offering (IPO) in the United States. This comes after the company nearly doubled its revenue during the first half year. Infinity, backed by investment firms Pearl Energy Investments (PEI) and NGP Capital (NGP Capital), will seek to list at the NYSE. The filing was made just days after the shares of BKV, a natural gas producer, began trading.
Energy prices are falling, putting pressure on big oil's huge payouts
Analysts said that major energy companies will borrow billions of dollars to maintain payouts to shareholders or reduce the rate of share purchases in response to a decline in oil prices following more than two years' bumper profits. Since decades, the majors have attracted investors with their promises of steady payouts. However, the shift to low-carbon energy has cast doubt on the long-term prospects of the industry.
Exxon Secures Lead in top US Oilfield with $60B Buy of Shale Rival Pioneer
Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production.The deal, valued at $253 a share, combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the U.S. into the world's largest…
Soaring Gas Prices Power Equinor Q2 Profits
Equinor said it will return an additional $3 billion to shareholders after reporting better-than-expected second-quarter profit on the back of soaring gas prices fuelled by the war in Ukraine. The company boosted gas supplies to Europe by 18% in the April-June period compared to a year ago, making Norway the continent's largest supplier of piped natural gas as Russia cut deliveries amid a standoff with the…
ConocoPhillips Posts Smaller-than-expected Loss
Oil producer ConocoPhillips, which is buying Concho Resources Inc for $8.3 billion, posted a smaller-than-expected quarterly loss on Thursday as it benefited from a recovery in crude oil prices from pandemic-driven lows.Oil prices began recovering in the third quarter after a number of countries started easing their months-long cornonavirus-led lockdowns, which has slammed fuel demand and forced some oil companies to merge for survival.ConocoPhillips reported a loss of $450 million…
Oil Prices Extend Gains on Demand Hopes as Lockdowns ease
Oil prices jumped again on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures.West Texas Intermediate (WTI) crude futures were 7.75%, or $1.58, higher at $21.97 per barrel by 0820 GMT. The U.S. benchmark has closed higher for the last four sessions.Brent crude futures were up 5.5%, or $1.49, at $28.69.Italy, Spain, Nigeria, and India, together with Ohio and other U.S.
Exxon Posts First Loss in 30 Years on $3 Bln Writedown, Oil Plunge
Exxon Mobil Corp on Friday posted its first quarterly loss in three decades on plunging oil demand and collapsing prices, reporting a $610 million quarterly deficit after a nearly $3 billion inventory writedown.Global fuel demand has tumbled by a third on coronavirus-related lockdowns and business shutdowns. Oil giants largely have reported losses on weaker margins and writedowns from an oil glut that has…
Update: Brent Oil Rises above $32 on Hopes of Output Deal
Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.Brent crude futures were up 9.3%, or $2.79, at $32.73 a barrel by 1014 GMT. Brent soared as much as 47% on Thursday for its highest intraday percentage gain on record. It closed 21% up, still about half the $66 at which it was trading at the end of 2019.U.S. West Texas Intermediate (WTI) crude also moved back into positive territory…
Apache Makes Major Discovery Offshore Suriname
Apache Corp and Total SA said on Tuesday they had made a major oil discovery in a closely watched area off the coast of South America's Suriname, sending Apache's shares surging nearly 27%.The discovery, dubbed "among the most anticipated in the world" by one brokerage, is seen as central to Apache's efforts to reduce its reliance on the Alpine High venture in Texas' Permian basin, which has suffered from…
Equinor Q1 Beats Forecast
Norwegian oil and gas firm Equinor reported on Friday a small fall in quarterly operating profit, beating forecasts, and said its giant Johan Sverdrup oilfield in the North Sea remains on track to start production in November.Earnings before interest and tax (EBIT), adjusted for one-off items, fell to $4.2 billion in the first quarter from $4.4 billion during the same period of 2018, higher than a forecast of $3.9 billion in a Reuters poll of analysts.The company, which has a smaller refining business tha
Total Profits Take a Hit
French energy major Total said its net profit for the first three months of the year fell 4 percent to $2.8 billion compared with a year ago due to volatile oil prices and debt costs, despite record oil and gas output.The firm kept its investments, and cost savings target for the year unchanged, and said production growth should exceed 9 percent during the year, thanks to the ramp-up of projects started in 2018…
ExxonMobil Misses Q1 Profit Estimates
Exxon Mobil Corp on Friday reported a 49 percent fall in first-quarter profit that missed forecasts due to weakness across its major businesses that showed the turnaround at the company remains a work in progress.The largest U.S. oil producer posted its first loss in its refining business since 2009 on higher maintenance costs and reported lower profits in chemicals and oil and gas."It was a tough market environment for us this quarter…
ConocoPhillips Beats Profit Estimates
ConocoPhillips beat quarterly profit estimates on Thursday as the world's largest independent oil producer sold more oil at higher prices, sending its shares up 2 percent before the opening bell.Total production, excluding Libya, rose 94,000 barrels of oil equivalent per day (boe/d) to 1.31 million boe/d in the fourth quarter.The company also said it received $85 million from Venezuela's PDVSA in the fourth…
ConocoPhillips Tops Profit Estimates, Raises 2018 Spending
ConocoPhillips beat analysts' estimates for profit in the third quarter, as the world's largest independent oil and gas producer benefited from higher oil prices and a program of asset sales and technology-driven cost cuts.With oil prices rising steadily through the quarter, the company sold each barrel of oil equivalents at a 46 percent higher rate, helping it raise its projected capital spending in 2018 for the second time this year.Conoco also cut jobs…
Shell Sells its Danish Upstream Assets for $1.9 Bln
Royal Dutch Shell has agreed to sell its Danish upstream business to Norwegian Energy (Noreco) in a deal valuing the assets at $1.9 billion, as part of its wider divestment strategy, the company said on Wednesday.The sale brings Shell's three-year $30 billion divestment plan close to its conclusion, having begun the process in 2015 after the acquisition of BG Group. Deals so far have included large portfolios in the British North Sea…
Equinor Q2 Core Earnings Lag Forecasts
Norwegian oil and gas firm Equinor said on Thursday second-quarter adjusted operating income rose from a year ago but missed forecasts due to higher maintenance costs at its Norwegian fields.The company formerly known as Statoil also said it was too early to follow peers, such as Shell and Total , with share buyback programmes as it had investment plans to fund."We did not feel it was natural in the second quarter (to launch buybacks) because we have big projects and increased working capital.
Oil Surges to Fresh Highs on Growing Supply Worries
Brent jumps to over $75/barrel as WTI rises above $70/barrel. The continuting economic crisis in Venezuela threatens its oil exports. Oil prices rose to their highest levels since late-2014 on Monday, boosted by Venezuela's deepening economic crisis and a looming decision on whether the United States will re-impose sanctions on Iran. Brent crude oil futures were at $75.67 per barrel at 1126 GMT, up 80 cents from their last close.
Investors Back Kinder Morgan Canada's Trans Mountain Move
Kinder Morgan Canada shareholders on Tuesday backed the pipeline operator's decision to pause most work on its Trans Mountain expansion as a way to force the Canadian government to give final approval for the project.The company said on Sunday it would scrap plans to nearly triple the capacity of its existing Trans Mountain pipeline, which extends from Alberta to British Columbia's coast, unless various legal…
