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OPEC+ Unlikely to Change Output Policy When Panel Meets on Monday, Sources Say

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(Reuters) – OPEC+ is unlikely to alter existing plans to raise output gradually when it meets on Monday, delegates from the producer group told Reuters, despite U.S. President Donald Trump urging OPEC and its de facto leader Saudi Arabia to bring down prices. The meeting of top ministers from the Organization of the Petroleum Exporting …

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Phillips 66 Reports Fourth-Quarter Results and Announces Next Phase of Strategic Initiatives

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Fourth Quarter Reported fourth-quarter earnings of $8 million or $0.01 per share; adjusted loss of $61 million or $0.15 per share Earnings impacted by $230 million pre-tax of accelerated depreciation related to Los Angeles Refinery Returned $1.1 billion to shareholders through dividends and share repurchases Record NGL fractionation and LPG export volumes in Midstream Record …

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Canada’s Imperial Oil Quarterly Profit Falls on Weak Crude Prices

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Canadian oil producer Imperial Oil posted a fall in fourth-quarter profit on Friday, as lower crude prices offset higher production and stronger refinery-capacity utilization.Benchmark crude prices fell 3% in 2024. The company still raised its quarterly dividend by 20% to between 60 and 72 Canadian cents per share. Imperial’s upstream production for the October-December quarter was …

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Oil Producer Chevron Uses Term ‘Gulf of America’ After Trump Renaming Order

Conventional Energy, Energy Topics & Technology, Latest, Offshore, Oil / By

HOUSTON, Jan 31 – U.S. oil producer Chevron used the term “Gulf of America” instead of Gulf of Mexico in its fourth-quarter press release on Friday, a sign of corporate America beginning to implement U.S. President Donald Trump’s order to rename the ocean basin. The name change was part of a flurry of executive orders Trump issued …

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Ovintiv Announces Closing of Montney Asset Acquisition

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DENVER, Jan. 31, 2025 /PRNewswire/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (“Ovintiv” or the “Company”) today closed the previously announced acquisition of certain Montney assets from Paramount Resources Ltd. The acquisition adds approximately 70 thousand barrels of oil equivalent per day (“MBOE/d”) of production, 900 net 10,000 foot equivalent well locations, and approximately 109,000 net acres of land, …

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Ovintiv Announces Closing of Montney Asset Acquisition

Latest, Press Releases / By

DENVER, Jan. 31, 2025 /PRNewswire/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (“Ovintiv” or the “Company”) today closed the previously announced acquisition of certain Montney assets from Paramount Resources Ltd. The acquisition adds approximately 70 thousand barrels of oil equivalent per day (“MBOE/d”) of production, 900 net 10,000 foot equivalent well locations, and approximately 109,000 net acres of land, …

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2025 Oil Prices to See Little Upside as Weak Demand, Supply Glut Concerns Persist

Conventional Energy, Latest, Oil, US News / By

Summary • Global oil demand seen growing by 700,000 to 1.3 mln bpd in 2025 • First upward revision in 2025 Brent price forecast since April (Reuters) – Sluggish demand from China and oversupply worries will keep oil prices anchored below $80 a barrel this year, a Reuters poll showed on Friday, although tougher U.S. …

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Exclusive: Japan Weighs Alaska LNG Pipeline Pledge to Win Trump’s Favour

Conventional Energy, Latest, LNG, US News / By

Summary • Japan considers support for Alaska gas project to forestall trade tensions with US, sources say • Japan doubts pipeline viability but may explore deal if asked by Trump, sources say • Trump and Japan PM Ishiba expected to meet as soon as next week, sources say (Reuters) – Japan is considering offering support …

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Chevron Misses Earnings Estimate as Refining Posts First Loss in Four Years

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, US News / By

(Reuters) – Chevron Corp reported fourth-quarter earnings below Wall Street estimates on Friday as weak margins pushed its refining business into a loss for the first time since 2020, sending its shares down more than 2%. Chevron CEO Mike Wirth told Reuters the downtrend in refining margins is set to continue this year. The second-largest …

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Northvolt Threatens to Sue Creditors Over Seized Funds

Batteries, CDN and International News, Electric Vehicles, Energy Topics & Technology, Latest / By

The battery maker’s bankruptcy lawyer argued in a letter to creditors that Chapter 11 processes cover all countries Bloomberg News The steps to recover claims “violate United States federal law and an order from the U.S. Bankruptcy court,” Christopher T. Greco, a lawyer for Kirkland & Ellis LLP, wrote in the letter seen by newspaper …

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