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(Reuters) – The Middle East conflict has delivered BP a much-needed windfall through higher oil and gas prices, strengthening CEO Meg O’Neill’s hand as she works to steady the ship. But the Iran war has also made the future of the energy business less predictable, complicating BP’s efforts to chart a long-term course. BP today …
Mideast War Helps and Harms BP CEO’s Turnaround Ambitions: Bousso Read More »
By Anna Edwards, Lizzy Burden, and Mitchell Ferman BP CEO Meg O’Neill BP Plc’s Meg O’Neill said the company has received approaches for its North Sea business just days after announcing it’s up for sale, and any changes in UK policy won’t sway her into keeping the assets. Several potential buyers have expressed interest in …
BP CEO Says Interest in Its North Sea Business Is Strong Read More »
By David Rovella A group of US states is suing over Donald Trump’s latest attempt to use a shifting set of federal statutes as a legal basis for his global trade war, adding to similar lawsuits by groups of small businesses that contend the levies — like many previously tried by the Republican president — …
By Pranav Mathur Aug 4 (Reuters) – Utility Duke Energy (DUK.N) beat Wall Street estimates for second-quarter profit on Tuesday, as higher electricity demand and recovery of rate-based infrastructure investments offset rising expenses. The Charlotte, North Carolina-based company posted an adjusted profit of $1.43 per share for the three months ended June 30, compared with …
Duke Energy’s Profit Beats as Higher Power Demand Offsets Rising Expenses Read More »
By Dharna Bafna Aug 4 (Reuters) – Power producer NRG Energy (NRG.N) missed Wall Street estimates for second-quarter profit on Tuesday, weighed down by higher interest expense and costs related to assets acquired from LS Power, sending its shares down 10% in morning trading. Higher-for-longer interest rates have put pressure on power companies by raising …
NRG Energy Misses Quarterly Profit Estimates as Interest Costs Rise Read More »
Iran wants control over inbound shipping through the Strait of Hormuz and visibility over outbound traffic, with the ability to intervene if necessary, under a temporary plan being discussed with Oman to reopen the strategic waterway, a senior Iranian source told Reuters on Tuesday. The source, who is involved in the talks, said this …
Iran Demands Inbound Control of Hormuz and Outbound Oversight, Source Says Read More »
(Reuters) – Marathon Petroleum’s quarterly profit beat Wall Street’s estimate on Tuesday, as fuel supply disruption from the U.S.-Israeli war on Iran pushed refining margins to multi-year highs. Shares of the refiner rose around 2% in premarket trade. Refining margins for gasoline, diesel and jet fuel soared after the effective closure of the Strait of Hormuz …
Marathon Petroleum Beats Quarterly Profit Estimates on Refining Margin Boom Read More »
Summary Share of crude exports to Asia shrinks to 40% in July from 52% in June US refinery utilization averages about 96.3%, highest since 2018, EIA data shows August, September export volumes should top 4 million barrels per day, analyst says HOUSTON, Aug 3 (Reuters) – U.S. oil exports in July fell to 3.66 million …
US Oil Exports in July Fall to Lowest Level in Eight Months, Data Shows Read More »
Takeaways by Bloomberg AI Williams Cos. reached a deal to buy Momentum Midstream LLC from EnCap Flatrock Midstream through a deal valued up to $5.5 billion, expanding its natural gas network along the US Gulf Coast. Williams will pay $3.5 billion in cash and debt consideration and about $2 billion in stock for the company, adding …
M&A: Williams Agrees to Buy Momentum Midstream for $5.5 Billion Read More »
Reuters Bumper oil refining profits triggered by the Iran war are turbocharging Big Oil’s earnings, breathing new life into a business many investors had largely written off. The sector looks poised to produce unusually strong returns for several years, but long-term structural changes in oil consumption mean refining’s star will likely fade quickly. Despite …
