Geoffrey Cann For the first time in your life, the relationships you have with your energy suppliers are contestable. But why are fossil fuel companies not in the contest? For the first time in your life, the relationships you have with your energy suppliers are contestable. But why are fossil fuel companies not in the … Read more
Oil headed for a third straight monthly loss as traders awaited clues on China’s economic recovery, the latest guidance from cautious OPEC+ producers and Wednesday’s monetary policy decision from the Federal Reserve. West Texas Intermediate slid below $77 a barrel on Tuesday to the lowest in almost three weeks, after losing more than 2% the … Read more
Jan 30 (Reuters) – U.S. solar energy contract prices have soared by a third over the past year as project developers have struggled to get imported panels, according to a report published late on Monday. But wind energy prices fell a little in recent months, thanks to major new federal subsidies. Fourth-quarter prices on solar … Read more
Jan 31 (Reuters) – Marathon Petroleum Corp (MPC.N) on Tuesday beat Wall Street expectations for quarterly profit as refining margins soared amid tight supplies and higher demand for refined products. Profits last year from turning oil into gasoline, diesel and jet fuel hit multi-decade highs as refineries ran at full throttle to meet rising demand amid … Read more
The Russian government on Monday banned domestic oil exporters and customs bodies from adhering to Western-imposed price caps on Russian crude. The measure was issued to help enforce President Vladimir Putin’s decree of Dec. 27 that prohibited the supply of crude oil and oil products from Feb. 1, for five months, to nations that abide … Read more
Jan 31 (Reuters) – Phillips 66 (PSX.N) on Tuesday became the latest refiner to post bumper quarterly profit, as higher fuel demand boosted margins. The Houston, Texas-based refiner’s earnings stood at $1.9 billion, or $3.97 per share, for the three months ended Dec. 31, compared with $1.3 billion, or $2.88 per share, a year earlier.
HOUSTON, Jan 31 (Reuters) – Exxon Mobil Corp (XOM.N) posted $59 billion in adjusted profit for 2022, the company said on Tuesday, taking home more than $6.7 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual … Read more
A general view of Equinor’s Johan Sverdrup oilfield platforms in the North Sea, Norway, December 3, 2019. REUTERS/Ints Kalnins/File Photo LONDON, Jan 30 (Reuters) – Portfolio investors have piled into petroleum futures and options at the fastest rate since the first successful coronavirus vaccines were announced in late 2020. China’s exit from a zero-COVID strategy, … Read more
LONDON, Jan 30 (Reuters Breakingviews) – Sanctions on Russia are back under discussion. Eleven months after President Vladimir Putin’s invasion of Ukraine triggered a barrage of economic reprisals from the United States and its allies, some are pushing for further restrictions on oil and gas exports. But doing so would carry big economic risks – … Read more
Jan 30 (Reuters) – Saudi Arabia will invest up to one trillion riyals ($266.40 billion) to generate “cleaner energy”, Saudi state TV reported on Monday, citing the kingdom’s energy minister. Prince Abdulaziz bin Salman added that the investments aim also to “add transport lines and distribution networks in order to eventually export the energy to … Read more
Russia’s President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman talked about OPEC+ by phone ahead of the alliance’s committee meeting on Wednesday. The two leaders discussed “cooperation within OPEC+ to provide the stability of global oil market,” according to a Kremlin statement on Monday. They also discussed bilateral cooperation in the political, trade, … Read more
U.S. natural gas storage is expected to end the November-March withdrawal season at 1.744 trillion cubic feet (tcf) on March 31, 2023, the most since 2021, according to analysts consensus forecasts. That compares with 1.401 tcf at the end of the winter withdrawal season in 2022 and a five-year (2018-2022) average of 1.561 tcf. There … Read more
Shell Plc’s new chief moved to overhaul the energy major’s core business units just a month after taking the helm. Shell will combine its integrated gas and upstream divisions, and merge its downstream and renewables units, it said Monday. It’s the second significant announcement in a week after Chief Executive Officer Wael Sawan launched a … Read more
Oil edged lower, along with broader commodities markets, as China’s return from Lunar New Year holidays failed to deliver hoped-for gains. West Texas Intermediate slid toward $79 a barrel after topping $81 last week. Risk-off sentiment permeated markets ahead of a Federal Reserve meeting Wednesday that’s expected to result in another rate increase. Oil has had a bumpy ride … Read more
New solutions expand on Baker Hughes’ digital ecosystem, providing new levels of efficiency, performance and emissions reduction for oilfield, gas and industrial segments Leucipa™ automated field production solution will enable proactive oil and gas production management Cordant™ will offer an integrated suite of asset performance management and process optimization solutions for energy and industrial customers Investment and … Read more
Safety is a key topic in the on-site heat treatment industry. Without impeccable safety measures, procedures, and technological advancements, service providers would not sustain, and lives would be subjected to increased risk. So, we must ask ourselves why are more companies not holding it in the highest regard? It is no secret that at Superheat … Read more
The oil and gas industry has learned two powerful lessons from the pandemic—that it can change very quickly when it needs to, and that its digital investments proved key to surviving the pandemic. Climate pressures are now pushing fossil fuel companies to decarbonize faster than ever, and capital markets no longer place any value in … Read more
By Areje Adegoke – Opportunity Development Lead (Bonga Main and Bonga North) Shell Exploration & Production Company of Nigeria Limited (SNEPCo) Project management is important for any project — from the very small personal ones like planning a family gathering, to very large capital projects like Oil and Gas development. You go through the same steps … Read more
The Digital Transformation of the Energy & Oilfield Services Sectors In 2023, there will be a push for oilfield services companies to accelerate adoption of certain technologies in order to keep pace with oil and gas and the energy sector as a whole. The acceleration of digital transformation in the industry means those who don’t … Read more
Jan 27 (Reuters) – Jet fuel prices have risen to levels never recorded in January as demand from China’s lifting of COVID-19 travel restrictions and U.S. refinery outages, with the surge likely to continue, analysts and refining executives say. Chinese flight activity has more than tripled since early December to more than an average of … Read more
US President Joe Biden is nearing a critical decision on a massive proposed oil project in northwest Alaska that could unlock 600 million barrels of crude and has drawn the ire of environmentalists who have dubbed it a “carbon bomb.” Biden’s verdict on ConocoPhillips’ $8 billion Willow venture in the National Petroleum Reserve-Alaska is being … Read more
Exxon Mobil Corp. has set the cost of its planned Canadian renewable-diesel facility at C$720 million ($540 million) and said much of the fuel will be shipped to British Columbia to support the province’s emissions-reduction plan.The facility adjacent to the Strathcona refinery near Edmonton, Alberta, is now expected to start production in 2025, later than … Read more
Jan 27 (Reuters) – U.S. energy firms this week kept oil and natural gas rigs steady, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, remains at 771 in the week to Jan. 27. Baker Hughes said that … Read more
Digital Marketing is More Important than Ever! STAND OUT From Your Competition in 2023 with EnergyNow! Access EnergyNow’s Audience of over 240,000 North American Energy Professionals As Your Digital Marketing Partner, EnergyNow will: CONSISTENTLY market your company on all EnergyNow platforms (websites, emails & social media) SHOWCASE your products and services to a large energy … Read more
WASHINGTON, Jan 27 (Reuters) – The White House on Friday launched a fresh attack against U.S. oil companies, accusing them of using profits to pay shareholders instead of boosting supply, after Chevron Corp (CVX.N) said its annual profit doubled for 2022. Chevron posted a record $36.5 billion profit for 2022 that was more than double year-earlier earnings, … Read more
Storing just 3 days of global energy would cost $590 trillion at Elon Musk’s current prices. And the panels would take up more space than all the world’s cities, towns, and villages combined. By Alex Epstein Several weeks ago, a common and destructive myth—that just a small area of solar panels can power the world—went … Read more
Tesla Inc. CEO Elon Musk met with Biden administration officials to discuss ways to advance electric vehicle production, according to the White House.John Podesta, a senior adviser to President Joe Biden on clean energy innovation and implementation, and Mitch Landrieu, a senior adviser and coordinator on infrastructure, met with Musk at the Washington office of … Read more
Chevron Corp. posted disappointing fourth-quarter results, just days after surprising investors with a mammoth $75 billion share-buyback program, as the oil giat disclosed a surprise jump in corporate costs.Profit excluding one-time items was $4.09 a share, according to a statement released Friday, 18 cents shy of the Bloomberg Consensus estimate. Chevron also incurred a $1.1 … Read more
General Motors Co. has taken a central role in pushing the Treasury Department to change how the government defines a sport utility vehicle and expand how many buyers can get electric-vehicle tax credits under President Biden’s Inflation Reduction Act.Billions of dollars in EV incentives over the next decade are at stake as the government and … Read more
(Bloomberg) Bulls approached and quickly withdrew from oil’s 100-day moving average, driving crude to its first weekly loss since the start of the year. West Texas Intermediate shed 2% this week with much of that retreat occurring on Friday. Throughout the week, oil rallied on optimism driven by China’s gathering rebound only to swing as … Read more
Like many clean tech investors, Ion Yadigaroglu is incredibly pleased with the US climate bill passed last year. He’s also convinced that Europe, unless it marshals a similar response, is doomed.Yadigaroglu, a partner and co-founder at Capricorn Investment Group and an early backer of Elon Musk’s Tesla Inc. and SpaceX, says the Inflation Reduction Act is a … Read more
Jan 27 (Reuters) – France’s TotalEnergies (TTEF.PA) will buy an extra stake in western Canada’s Fort Hills oil sands mine from Teck Resources (TECKb.TO), the companies said on Friday, leaving partner Suncor Energy (SU.TO) with a smaller slice than planned in a project that has struggled with operational challenges. Suncor announced in October an agreement to buy Teck’s 21.3% interest in … Read more
WASHINGTON (AP) — For the second time this month, House Republicans have advanced a measure to restrict presidential use of the nation’s emergency oil stockpile — a proposal that has already drawn a White House veto threat. A GOP bill approved Friday would require the government to offset any non-emergency withdrawals from the Strategic Petroleum … Read more
SAN RAMON, Calif. – Chevron Corporation (NYSE: CVX) today reported earnings of $6.4 billion ($3.33 per share – diluted) for fourth quarter 2022, compared with $5.1 billion ($2.63 per share – diluted) in fourth quarter 2021. Included in the current quarter were $1.1 billion of international upstream write-off and impairment charges, and pension settlement costs of $17 … Read more
U.S. Treasury Secretary Janet Yellen said on Friday that the United States and European Union were in the middle of discussions on a Russian crude oil price cap. She said she was encouraged that the U.S. and EU would reach an agreement by Feb. 5. Yellen added in comments to reporters during a visit to … Read more
U.S. natural gas futures fell about 2% to a fresh 20-month low on Friday ahead of the expiration of the front-month and a growing belief that there is more than enough gas in storage for the rest of the winter. The February contract expires as the front-month on the New York Mercantile Exchange on Friday. … Read more
Oil rose along with many other commodities as optimism over Chinese demand countered concerns over a global economic slowdown.West Texas Intermediate increased as much as 1.5% on Friday, and were heading for a third straight weekly gain. Spain’s economy expanded more than expected last quarter, adding to bullish sentiments a day after similar data from the US … Read more
NEW YORK, Jan 26 (Reuters) – The U.S. Department of Energy (DOE) on Thursday will announce over $100 million in funding to expand U.S. biofuels production, as the Biden administration works to cut greenhouse gas emissions from transportation and meet climate goals, the department told Reuters. The department plans to award $118 million to 17 … Read more
Developing and executing business plans and strategies is some of the most complex, time-consuming work that any company can undertake. They are critical to understanding your competitive position in the marketplace and allowing companies to make timely decisions to time sensitive opportunities. Strategic business planning requires significant amounts of time and resources across your company … Read more
Senator Joe Manchin is pushing back against efforts to apply broad interpretations to a tax credit for electric vehicles that he largely wrote.The fight came to head Thursday when Manchin, a West Virginia Democrat, failed to win quick passage of a Senate bill that would halt the credits, worth as much as $7,500, until implementation … Read more
Image: REUTERS/David Moir Summary PJM’s interconnection reforms should accelerate wind and solar build in the long term but ambitious short-term approval rates will depend on the grid operator’s resources and new applications have fallen, industry experts told Reuters Events. January 25 – PJM’s new interconnection reforms, approved by the Federal Energy Regulatory Commission (FERC) in … Read more
President Joe Biden sharply dismissed criticism that his signature legislative accomplishments are too protectionist, even as US allies complain the policies could cut them out of valuable trade deals.“You see I’m getting criticized internationally for focusing too much on America — to hell with that,” Biden told union workers in Virginia on Thursday. “This is … Read more
Jan 26 (Reuters) – Freeport LNG, the second-biggest U.S. liquefied natural gas (LNG) exporter, got approval from federal regulators on Thursday to take early steps to restart its fire-idled LNG export plant in Texas. Freeport, however, has not yet sought permission to restart the liquefaction trains that turn natural gas into LNG for export. That … Read more
Shares of Chevron climbed Thursday after the oil company announced that it would repurchase $75 billion of its stock, one of the largest-ever stock buyback plans. The company’s board also approved an increase of about 6% in its quarterly dividend, to $1.51 per share. Chevron Corp. said the buyback is effective on April 1, and … Read more
US natural gas futures extended losses below $3 amid mild winter weather that helped spark the worst selloff among the country’s commodities. Gas for February delivery lost as much as 10% to $2.761 per million British thermal units Thursday on the New York Mercantile Exchange. Prices have been at the lowest levels since April 2021 … Read more
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