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Big Oil’s Spending Caution Speaks Louder than its Profits: Bousso

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

(Reuters) – Big Oil is reaping near record cash windfalls from the eight-month-old Iran war, but Western energy producers’ reluctance to ramp up spending reveals persistent doubts about the industry’s long-term outlook. BP, Chevron, Exxon Mobil, Shell and TotalEnergies reported combined net profits of $56 billion in the third quarter, driven by surging oil and …

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US Crude Output Rose in August While Petroleum Demand Declined, EIA Says

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

(Reuters) – US crude oil output rose in August, while demand for crude oil and petroleum products declined, the US Energy Information Administration (EIA) said in its Petroleum Supply Monthly report on Friday. US crude oil production rose 19,000 barrels per day in August to 13.965 million bpd, compared with the EIA’s revised July figure …

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Trump Touted a Record Venezuela Oil Deal. Now Reality is Setting In

Conventional Energy, Latest, Oil, US News / By

By Marianna Parraga, Mircely Guanipa and Mariela Nava Little-known oil firm NABEP pledges to quadruple output to more than 1 million barrels per day Oil expert says only about 10 billion barrels are realistically developable within 25 years NABEP faces challenges in staffing up and repairing dilapidated infrastructure HOUSTON/MARACAIBO, Venezuela, Oct 30 (Reuters) – President …

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Canadian Oil Discount Exceeds US$30 Amid Gulf Coast Pressures

CDN and International News, Conventional Energy, Energy Topics & Technology, Finance, Latest, Oil / By

Canadian governments have prioritized diversifying oil trade away from the U.S. amid a wider trade dispute By Robert Tuttle A collection of five of 10 of the pumpjacks on a Canamax Energy Ltd. well site work together on a piece of property northeast of Grimwhaw, Alta. Photo by RANDY VANDERVEEN Heavy crude oil in Alberta …

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U.S. Rig Count Holds at 603 as Oil Drilling Gains Offset Natural Gas Decline

Conventional Energy, Latest, Natural Gas, Oil, US News / By

U.S. drilling activity held steady this week as producers added oil rigs while reducing natural gas drilling, leaving the national fleet above 600 for a fourth consecutive week. The U.S. rig count remained unchanged at 603 for the week ended October 30, according to the latest Baker Hughes North America Rig Count Report. That leaves …

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UK Energy Poised for More Deals Amid High Taxes and Oil Prices

CDN and International News, Conventional Energy, Energy Topics & Technology, Finance, Latest, Oil / By

By Muvija M BP’s planned N.Sea asset sale could deliver over $2 bln, estimates say UK upstream tax rate reaches 78% under Energy Profits Levy introduced in 2022 Analysts cite ageing fields and high costs as drivers of more consolidation LONDON, Oct 30 (Reuters) – Tax advantages and high energy prices will drive further consolidation …

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Brent 2026 View Tops $90 for First Time Since May as MidEast Stability Remains Elusive

CDN and International News, Conventional Energy, Latest, Oil / By

By Anjana Anil Brent projected to average $92.88 per barrel in 2026 WTI projected to average $86.60 per barrel in 2026 Oct 30 (Reuters) – Analysts have raised their 2026 oil price view, pushing the Brent forecast above $90 a barrel for the first time since May as disruptions to ​Middle East energy flows persist, …

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BP Beats Forecasts with Record Profit, Targets Early Settling of Deepwater Horizon Bill

CDN and International News, Conventional Energy, Latest, Oil / By

  Summary Underlying replacement cost profit $8.46 billion, tops forecast Surplus cash will settle remaining Deepwater Horizon liabilities Net debt falls to $13.9 billion, meeting target a year early Shell and Total use excess cash for buyback hike Oct 30 (Reuters) – BP posted a record quarterly net profit on Friday, beating expectations as the …

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Chevron Says Downtime Could Hit Q4 Output by 225,000 Boepd

Latest, Oil / By

Oct 30 (Reuters) – US oil major ​Chevron said on ‌Friday turnaround and downtime ​were expected ​to reduce its upstream ⁠production ​by 175,000 to ​225,000 barrels of oil equivalent per ​day (boepd) ​in the fourth quarter. The ‌company ⁠also said disruptions during the fourth ​quarter ​were ⁠expected to weigh ​on downstream ​earnings ⁠by $400 million …

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Shell and Total Post Highest Quarterly Profit Since 2022

CDN and International News, Conventional Energy, Energy Topics & Technology, Exploration & Production, Finance, Latest, Natural Gas, Oil / By

(Reuters) – Shell and TotalEnergies reported on Thursday sharply higher third-quarter profits and raised share buybacks, as war-driven energy prices and record refining margins helped both beat expectations. Shell raised its quarterly buyback to $5 billion from $3 billion, the second-largest buyback on record, while Total reiterated plans to buy back $2.5 billion of shares …

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