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Summary Shell cuts quarterly buybacks to $3 billion from $3.5 billion Middle East war cuts output by 4% Shares fall in early trade along with oil prices, peers LONDON, May 7 (Reuters) – Shell’s first-quarter profit beat estimates and hit its highest in two years at $6.9 billion on Thursday, boosted by gains linked to the Middle …
Shell’s Profit Beats Expectations at $6.9 billion, Raises Dividend by 5% Read More »
(Reuters) – Cheniere Energy swung to a loss in the first quarter from year-ago profit on Thursday, hurt by billions of dollars in losses tied to LNG-linked derivative contracts as geopolitical tensions and volatile global gas prices rattled energy markets. The company said results were mainly hurt by a $4.8 billion unfavorable change in the …
Cheniere Swings to Quarterly Loss as Iran War Hits LNG Derivative Contracts Read More »
Wednesday, May 6 (Reuters) – U.S. President Donald Trump told reporters on Wednesday that he met with top officials at Chevron (CVX.N) and ExxonMobil (XOM.N) a day earlier to discuss Venezuela. Reporting By Jacob Bogage and Jarrett Renshaw; Editing by Jasper Wad
By Kate Abnett May 6 (Reuters) – The European Commission has drafted plans to let oil and gas companies avoid penalties for breaching the EU’s methane emissions law, a draft document seen by Reuters showed, after pressure from industry and the United States government. The move follows calls from oil and gas industry groups to …
EU Considers Suspending Penalties for Oil and Gas Firms that Breach Methane Law Read More »
(Reuters) – Oil supplies are set to tighten further in coming weeks even if the U.S. and Iran agree on a peace deal to end their war because it will take weeks for oil shipments to resume from the Middle East Gulf and reach refiners worldwide – so oil companies will continue to deplete storage …
Oil Supply Shock to Worsen as Inventories Fall Further Even if Conflict Ends Read More »
(Reuters) – U.S. shale producer Occidental Petroleum will not add more oil hedges this year after volatility in crude prices following the Iran war led to lower realized prices. Speaking on a post-earnings conference call on Wednesday, Chief Financial Officer Sunil Mathew said derivative-related losses had a partial impact on Occidental’s first-quarter profit, which still …
Occidental Scraps New Oil Hedges as Iran War Fuels Price Volatility Read More »
(Reuters) – Cenovus Energy on Wednesday posted an 83% jump in first-quarter profit, driven by higher crude prices, strong refining margins and increased production following its acquisition of MEG Energy. The Canadian oil and gas producer also said it would raise its quarterly base dividend by 10% to 22 Canadian cents per share starting in the …
Canada’s Cenovus Profit Soars 83% as MEG Deal Boosts Output, Raises Dividend Read More »
Summary Strait of Hormuz disruptions, refinery issues dent fuel supply Analysts warn prices could rise further if war persists Morgan Stanley: US gasoline inventories falling faster than usual despite high prices (Reuters) – The U.S. national average retail price of gasoline surpassed $4.50 a gallon on Tuesday for the first time since July 2022, data …
US Gasoline Prices Top $4.50 a Gallon as Summer Driving Season Nears Read More »
May 6 (Reuters) – Power producer NRG Energy on Wednesday missed Wall Street estimates for first-quarter adjusted profit, hurt by milder weather in Texas and increased costs. The company’s interest expenses in the quarter rose to $285 million from $163 million a year ago, impacted by costs related to the completed acquisition of power generation assets from …
NRG Energy Misses Quarterly Profit Estimates on Mild Texas Weather, Higher Costs Read More »
‘We are at risk of letting this opportunity pass Canada by,’ said the Oil Sands Alliance, which represents five of Canada’s largest oilsands companies By Naimul Karim Capital investment in Canada’s oilsands has nearly halved over the past decade compared to the previous one, an industry group said Monday, warning the country is not moving …
