Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro, sources say
Four sources familiar with the matter said that Venezuela's oil ministry suspended 19 contracts signed with private companies under the?administration? of President Nicolas Maduro. Sources say that the suspension of the contracts has not affected the oil and gas production in the country. The sources added that the state oil giant PDVSA sells the crude produced by the contracts even though they are suspended. Sources said that Washington and Caracas would review contracts and could recommend "revocating" some of them. Sources say that the Venezuelan and U.S. governments are reviewing credentials of companies who signed the contracts.
Steve Cohen's Point72 has hired a Castleton veteran trader to help with commodities, according to sources
Three sources told us that Steve Cohen's hedge fund Point72 Asset Management hired Ryan Sheffler to be its natural gas portfolio manager in order to expand the commodities trading desk. Point72 is one of the few large hedge funds that has not yet built a commodities business. It has been pushing into this space in recent weeks. Citadel, Millennium and other investment firms have made huge profits due to the extreme volatility of commodity prices. This has been caused by geopolitical turmoil since Russia invaded Ukraine in 2022. Three industry…
Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro government, sources say
Four sources with knowledge of the?move? said that Venezuela's Oil Ministry has suspended a total of?19 oil-production-sharing contracts signed by?private companies under President Nicolas Maduro. Sources say that the suspension of the contracts has not affected the oil and gas production in the country. The sources added that the state oil giant PDVSA continues to sell crude oil produced under these contracts even though they are suspended. Sources said that Caracas and Washington would review contracts and could recommend revoking certain of them. Sources say that the Venezuelan and U.S. government are reviewing the credentials for the companies who signed the contracts.
Coterra misses its quarterly profit forecasts, pointing to winter storm as a factor in Q1 output
Coterra Energy missed Wall Street's expectations for the fourth quarter profit on lower crude prices and warned that its first-quarter production would be affected by the U.S. winter storm. Venezuela is expected to increase its barrel production, putting pressure on global crude prices. The average oil price was $58.16 a barrel, down from $68.57 per barrel a quarter earlier. It produced 813.100 barrels of equivalent oil per day, up from the 681.500 boepd it produced a year ago. The company forecasts that the total production in 2026 will be between 750,000 and 810,00 boepd. This includes the impact of winter storms during the first quarter.
Eni CEO: Eni can receive Venezuelan oil as payment for gas
Eni CEO, Eni, said that Venezuela is now able to pay for the gas it receives from Eni with oil, thanks to recent U.S. sanctions being eased. This has 'unlocked' a situation where the Latin American nation had a large debt towards the Italian company. "That is a huge upside. We were stuck in a rut for nearly a year. This led to a significant increase in our outstanding," said Chief Executive?Claudio Descalzi during a call following the results. Descalzi confirmed that Venezuela owes?around $3 billion to the Italian group. He was referring natural gas from Perla offshore, the only offshore?gas field in Venezuela which is operated jointly by Eni and Spain’s Repsol.
Eni CEO: Eni can receive Venezuelan oil as payment for gas
Eni CEO, Eni, said that Venezuela is now able to pay for the gas it receives from the Italian company with oil, thanks to recent easing of U.S. sanctions. This has helped to resolve a situation where the Latin American nation was left with a huge debt to Eni. "That was a huge upside. Before, we were stuck for nearly a year. This led to a 'build-up in our outstanding', Claudio Descalzi said during a call following the results. Descalzi confirmed that Venezuela owes a debt of around $3 billion to the Italian group. He was referring primarily to the natural gas produced by the Perla offshore field, the sole active offshore gas project operating in Venezuela.
Shell inspects subsea gear at the curtailed Ormen Lange Gas Field
Shell has been troubleshooting a subsea system at its Ormen Lange offshore gas field in the Norwegian Sea, where output has been reduced since February 16. Shell Norway mobilised a ship with a remotely controlled vehicle (ROV) which arrived at the site to inspect underwater parts, according to a spokesperson of the field operator. Ormen Lange is located 120 km (75 miles), off the Norwegian coast. Its subsea installations are at a depth of 800-1,100 meters (0.5-0.7miles). Since February 16, output?has been reduced by approximately 11.9 million cubic meters (mcms) of gas each day, from a maximum capacity of 26 mcms per day. This was initially due to a compressor failure.
Sempra lifts capital spending plan, beats quarterly profit estimates
Sempra, a company that provides energy infrastructure, raised its capital plan for the next five years by 16%. It also beat Wall Street's estimates of?fourth quarter adjusted profit. This was due to higher demand for power and investments made in grid modernization. In premarket trading, shares of a?company increased by?1.8%. U.S. utilities have increased their capital expenditure budgets in order to keep up with the increase in demand for power. The company's?projected?capital expenditure from 2026- 2030 will be $65 billion. This is compared to the previous?plan?of $56 billion for 2025-2029. Its focus was on regulated utility investment in Texas and California.
Cheniere increases buyback plan above $10 billion due to strong LNG demand
Cheniere Energy reported that its fourth-quarter profits more than doubled due to a?strong demand for liquefied gas (LNG). The company also raised its share repurchase goal from $10 billion until?2030. The largest LNG producer in the United States, the shares of this company are up 1.2% at $223. In premarket trading, shares of the largest?LNG producer in the?U.S. were up about 1.2% to $223. According to the U.S. Energy Information Administration, the U.S. was the largest LNG exporter in the world last year. It shipped 15 billion cubic foot per day (bcfpd), an increase of 26% from 2024.
Shell is reportedly looking to sell some of its Shell Ventures portfolio.
Shell is examining the possibility of selling investments in some companies that are part of its Shell Ventures portfolio. One source said that the British oil giant will retain a large portion of its Ventures investment. The corporate venture fund has interests in early-stage companies and start-ups, focusing on sectors such as power, emissions control and mobility. Shell's CEO Wael Sawan aims to reduce the company’s low-carbon projects to concentrate on liquefied gas trading and upstream. Shell Ventures was established in 1996 and has an initial investment range of $2 to $5 million.
Indonesia imprisons two former officials and the former head of Pertamina in a major corruption case
A court in Indonesia found guilty a former chief executive, two ex-officials and a subsidiary of the state energy company Pertamina on Thursday of a major case of corruption involving its subsidiaries. Prosecutors claim that this corruption caused state losses of $17 billion. The case, involving alleged illegal leasing and importing of crude oil among other offenses, is the largest launched by the administration of President Prabowo, who has pledged to eradicate corruption. Nine defendants are involved, and six others have yet to be sentenced. Riva Siahaan, the former Pertamina Patra Niaga Chief Executive, was sentenced in a livestreamed decision to nine years' imprisonment.
Technip's chief claims that the floating wind market is'much smaller than expected'
Technip Energies CEO Arnaud Pietten said that the demand for floating wind turbines was much lower than it had been only three to five years ago. This reflects a broader concern across the wind industry. Ekwil is Technip and SBM Offshore's joint venture that focuses on "floating wind energy solutions". It will be there when projects are made. Pieton, in a call with reporters following the earnings announcement, said that there were very few projects at present. Pieton noted that the technology was expensive and only a few environments were suitable for its use. Global headwinds have been affecting the offshore wind industry.
Eni, the Italian oil and gas company, beats its profit forecast thanks to strong upstream operations
Eni, the Italian energy group, beat expectations on Thursday by posting a 35% increase in adjusted fourth-quarter earnings compared to last year. This was due to a strong performance from its exploration and production division as well as improved refinery results. The adjusted net profit was 1.2 billion euros (1.4 billion dollars) between October-December, up from the 885 million euros in the same time period last year. This beat the analysts' consensus estimate of 960 million euros that the company had compiled. The hydrocarbon production increased to 1.839 millions barrels of oil-equivalent per day, an increase of 7% on the previous year and above analysts' expectations.
SBM Offshore, a Dutch company, boosts its shareholder returns after revenue exceeds expectations
Dutch offshore oil services company, SBM Offshore, announced a 57% annual'surge' in shareholder returns on Thursday. The record was $470 million (397.80 millions euros). They also committed to return at least $2.1billion to investors within the next six years. Amsterdam-based floating producer?said that it would pay 2.57 dollars per share via a $200 mln dividend and a 270 mln share buyback program, after a?strong performance on the operational front and a?early sale of?its FPSO ONE GUYANA to ExxonMobil. Analysts polled for the company had expected $1.65 billion of earnings in 2025. SBM Offshore employs directional reporting.
Technip Energies, France's Technip Energys, misses its Q4 profit target and announces a buyback
The French energy infrastructure company, Technip?Energies, reported a quarterly adjusted core profit that was below the market expectations. However, it announced a higher dividend and a 150 million euro share buyback program. The company's adjusted recurring earnings (EBITDA), which is a measure of earnings before interest, tax, depreciation, and amortization, reached 159.9 millions euros ($188.8million) during the third quarter. The company's adjusted recurring earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter were 159.9 million euros ($188.8 million).
Indonesian court delivers verdicts in corruption cases linked to Pertamina, the state energy company
On Thursday, an Indonesian court will deliver its verdict on nine people who are accused of illegally importing crude oil, leasing a fuel terminal and other actions which caused the state to lose 285 trillion Rupiah (US$17 billion). The defendants include former chief executives of Pertamina Patra Niaga, Pertamina International Shipping and Pertamina International Shipping - subsidiaries of the state energy firm Pertamina - and a beneficial owner of a fuel station operator. This is one of many major prosecutions that have been launched by the administration of President Prabowo, who has pledged to eliminate corruption.
APA exceeds its quarterly profit forecasts as lower costs offset the weak price, output
Oil and 'gas company APA beat the fourth-quarter profit estimate?on Friday. This was helped by lower operational costs that offset the impact of weaker commodity prices & a decrease in?production. The global?crude oil price has been impacted by the growing fears of a glut, and the prospect that Venezuela will add more barrels to supply. WTI crude oil prices fell by about 20% between 2025 and 2026, while they dropped 8% during the quarter of October-December. The company said that the average realized oil price for the third quarter fell 15.7% to $61.03 per barrel, compared to a year ago, and the price of natural gas dropped by 4.6%, down $2.10 for a thousand cubic feet.
Aramco suspends Juaymah LPG Exports After Damage to Butane and Propane Delivery Systems
Saudi Aramco has halted exports of liquefied petroleum gas (LPG) from its Juaymah Terminal in eastern Saudi Arabia after a structurally damaged part of the delivery system that carries propane and butane. Aramco said that the incident took place on February 23. The company halted LPG deliveries as it activated their emergency response plan. The company said that the propane and butane delivery scheduled for Juaymah in the coming weeks has been cancelled. However, it is still evaluating the impact and scope of the incident. Aramco reported that no leaks had been reported, and there were no injuries. It added that the West Coast is not affected by LPG shipments.
US provides historic $26.5 billion loan to Southern Co subsidiaries
The?U.S. The Energy Department announced on Wednesday that it has provided a loan of $26.54 billion to'subsidiaries' of Southern Co in order to improve grid reliability. This is the largest loan ever offered by its loan office. According to the Energy Department, this financing will allow power customers in Georgia & Alabama to save more than $7 billion. Southern announced last year that it would freeze power bill increases for three years. Negotiations over loans made the company's decision possible, according to the?department. The Trump administration changed the name of the loan office to Energy Dominance Financing.
Shell and MET Group sign an MOU to supply US LNG to Europe
LONDON, February 25 - Switzerland's energy trader MET Group reportedly announced on Wednesday that it 'has signed a Memorandum of Understanding (MoU), with Shell, for the possible purchase of a liquefied gas (LNG), primarily from Shell’s U.S. portfolio of LNG, between 2027-2033. The companies will also 'explore cooperation on LNG and gas trade to facilitate a 'access to European markets via the so-called Vertical?Gas?Corridor. This includes sales to various European regasification plants, MET stated in a?statement. The companies also intend to 'explore cooperation in LNG and gas trading to facilitate?access to European markets through the so-called Vertical Gas?Corridor…