Analysts are looking at 2026 as a timeframe for predicting the growth of oil earnings.
Big Oil's third-quarter results may be boosted by marginally higher oil and refining prices, as well as stronger results in the refinery sector. However, some analysts are more concerned with how the global oil majors will set the stage for the year 2026 when they report their results next week. According to LSEG's analyst estimates, Shell, the British oil giant, and TotalEnergies, the French major, will begin their earnings season on Friday. Both companies are expected to announce 18% and 11 % increases in adjusted net profit, respectively, compared to the second quarter.
Analysts are looking at 2026 as a timeframe for a rise in Big Oil earnings
Big Oil's third-quarter results may be boosted by marginally higher oil and refining prices, as well as stronger results in the refinery sector. However, some analysts are more concerned with how the global oil majors will set the stage for the year 2026 when they report their results next week. According to LSEG's analyst estimates, Shell, the British oil giant, and TotalEnergies, the French major, will begin earnings season on a Thursday. Both companies are expected to announce 18% and 11 % increases in their adjusted net income compared to last quarter…
Singapore allocates more land to green energy and data centre park
Singapore has allocated more land to its manufacturing hub Jurong Island for renewable energy and data centres, according to a statement released by the Singapore Economic Development Board (SEDB) and JTC Corporation on Monday. The agencies have announced that about 300 hectares (741.32 acre) of land, or roughly 10% of Jurong Island, will be reserved for renewable energy projects and low carbon fuel production. Two of Singapore's three refineries, operated by Exxon Mobil Chevron, and PetroChina, are located on the 3,000-hectare Jurong Island.
Singapore allocates more land to green energy and data centre park
Singapore has allocated more land to its manufacturing hub Jurong Island for renewable energy and data centres, according to a statement released by the Singapore Economic Development Board (SEDB) and JTC Corporation on Monday. The agencies have announced that about 300 hectares (741.32 acre) of land, or roughly 10% of Jurong Island, will be reserved for renewable energy projects and low carbon fuel production. Two of Singapore's three refineries, operated by Exxon Mobil Chevron, and PetroChina, are located on the 3,000-hectare Jurong Island.
SNB divests from extractive industries with new divestment.
Swiss National Bank sold its stake in Anglo Australian miner Rio Tinto, adding to a recent series of divestments by companies in the extractive industries. LSEG data show. Unsere (Our) SNB is a group of 200 SNB shareholders that includes environmental groups. They claim the Rio Tinto divestment represents the entire stake in the SNB and values it at $227 millions. The SNB sold the 3.8 millions shares between June 2 to July 21. Rio Tinto and SNB declined comment. According to an analysis of LSEG company filings based on data…
Chandra Asri buys Exxon Singapore's retail fuel stations
Chandra Asri Pacific announced on Friday that it would acquire Exxon Mobil’s retail petrol stations with the Esso brand in Singapore, as the U.S. giant streamlines its downstream operation. In a press release, the Indonesian conglomerate stated that the deal should be finalized by the end this year. The value of this deal, which includes almost 60 stations and related supply agreements, has not been disclosed. Chandra Asri, the Indonesian company, said that it will continue to use Esso as its brand name…
ConocoPhillips will lay off Canada employees by November, a company memo shows
According to three sources, and according to a memo from the company, ConocoPhillips will be laying off workers at its Canadian operations as part of its plan to reduce its global workforce to up to one quarter by next year. The memo didn't specify how many layoffs were to take place, but it said that they would start at the Canadian operations of the company in the first week November. The memo stated that employees in Calgary would be notified in a virtual manner on November 5, and those at the company's Surmont Oil Sands operation in northern Alberta…
US upstream oil and natural gas dealmaking falls for the third consecutive quarter amid low prices
Enverus, an analytics firm, said that the persistently low oil price kept buyers away from the sector during the third quarter. According to Enverus's latest report, merger and acquisition activity is down for the third consecutive quarter. This marks a dramatic departure from the blockbuster deals of recent years, such as Exxon Mobil's $60 billion deal with Pioneer Natural Resources, which will close in 2023, and Chevron’s $53 billion purchase by rival Hess this year. Enverus reports that the total value of deals in 2023 was a record-breaking $192 billion.
Energy Minister: Orenburg plant in Russia restarts gas imports from Kazakhstan field
Kazakhstan's Energy Minister said that the Russian Orenburg gas plant was damaged by a drone strike on Sunday. It has since resumed receiving natural gases from Kazakhstan's Karachaganak gas field. As part of Kyiv’s campaign to destroy Russian energy infrastructure, the strike on Orenburg, located approximately 1,700 km (1.056 miles east of Ukraine), marked the first disruption known for Western oil majors that operate in Russia. The Orenburg incident highlighted the vulnerability of energy assets across the border to the growing conflict.
US Natural Gas Hits High Amidst Cooler Outlook
U.S. natural gas futures hit a two-week high on Tuesday, underpinned by sharply colder 1–2 week forecasts that are lifting heating demand expectations, a month-to-date dip in output and strong LNG feedgas demand.Front-month gas futures for November delivery on the New York Mercantile Exchange rose 4.7 cents, or 1.4%, to $3.44 per million British thermal units (mmBtu) as of 10:09 a.m. ET, its highest level since October 8.Prices rose as much as 13% in the previous session."Further revisions to the 11-15 day outlooks…
Urals Crude Differentials Steady; Russia Ships Oil to New Georgia Refinery
Urals crude differentials were steady again on Tuesday, while Russia has supplied a first oil cargo to the newly built Kulevi oil refinery in Georgia this month, according to LSEG ship-tracking data and industry sources.According to LSEG and a trader, the tanker Kayseri delivered 105,340 metric tons of Siberian Light oil grade from the Russian Black Sea port of Novorossiisk to the Kulevi Oil Terminal on October 6.Hungarian oil and gas company MOL was gradually restarting units at its Danube refinery following a late Monday fire at one of the plant's crude units.PLATTS WINDOWNo bids or offers were r
Karachaganak, a Kazakh gas producer, reduces output after a drone strikes a Russian gas plant
The operator of Kazakhstan's Karachaganak Oil and Gas Condensate Field said in an email on Tuesday that production levels have been reduced following "an accident" at Russia's Orenburg Plant. Two industry sources said that on Monday, a Ukrainian drone strike against the Orenburg Gas Processing Plant, one of the largest in the world, forced Kazakhstan to reduce its production at the Karachaganak Field by 25 to 30 percent. Ukraine has intensified its strikes against Russia's energy infrastructure in recent months.
Venture Global's commissioning extension of Plaquemines LNG Plant has been approved by federal regulators
A regulatory filing revealed that federal regulators approved Venture Global's request for additional time to commission its Plaquemines LNG facility in Louisiana before declaring full commercial operations. Venture Global can sell the liquefied gas at higher prices on the spot market by extending the commissioning phase. This is because long-term contracts are only applicable during full operation. Federal Energy Regulatory Commission said that although Venture Global's two long-term customers - Orlen and Chevron - had asked for input, neither objected to the request.
As US onshore oil growth slows, will improved drilling boost Gulf of Mexico offshore oil production?
Analysts and consultants predict that offshore investment will continue to grow as new technology and more friendly regulations encourage investment. In recent years, the offshore oil and natural gas sector has been overshadowed by shale because it requires more upfront investment and years of construction. The entry costs for shale were lower and the returns faster, so the rapid expansion of shale led to the U.S. becoming the top oil producer in the world. The U.S. president Donald Trump has introduced regulations that are friendly to the industry.
Venture Global requests that Chevron have a say on the Plaquemines LNG startup extension
Chevron asked federal regulators on Tuesday to allow it to give an opinion about Venture Global's request for additional time to commission the Plaquemines LNG facility in Louisiana. The U.S. petroleum major has a long term sales and purchase contract with the plant that could be affected if there is a delay. The filing by Chevron comes just days after an arbitral tribunal found that Venture Global had breached a contract with BP regarding the timely declaration of commercial operations at Calcasieu Pass, also located in Louisiana. Investors are worried about ongoing arbitration obligations.
Minister: Greece wants to complete the Chevron gas exploration agreement this year
The Greek energy minister announced on Friday that the country is working to complete a contract by the end the year with U.S. major oil company Chevron, and its Greek partner Helleniq Energy. This agreement will cover energy exploration off the coast of Greece. Chevron, Greece's largest oil refiner Helleniq and other companies submitted a joint offer in an annual Greek tender to search for gas in deep sea blocks near the Peloponnese Peninsula and Crete. Stavros papastavrou, Energy Minister at Greek Television Action24 said: "We are working with the U.S.
Chevron expands India Hub to boost AI and digital capabilities
Chevron India opened a 312,000 square foot facility for its Engineering and Innovation Excellence Center in Bengaluru on Thursday, a year and a half after launching this unit. The unit was launched to consolidate its technical work and enhance its digital and AI capabilities. India is playing a growing role in energy transition, as technology plays a central role in cost reduction and competition. The U.S. oil giant also targets cost savings of up to $3 billion by 2026, and streamlines its global operations. Akshay Sahni is the country head of Chevron India.
Bloomberg News reports that Exxon is planning to return to Iraq in order to explore the Majnoon oilfield.
Bloomberg News, citing sources familiar with the situation, reported that Exxon Mobil may re-enter Iraq after nearly two years by signing agreements to lay the foundation for exploring the Majnoon oil field. Majnoon Oil Field is located 60 km from Basra, in southern Iraq. It has an estimated 38 billion barleys of oil. The report stated that Exxon intends to sign a heads-of-agreement with Basra Oil, Iraq's State Oil Company, and SOMO in the next few days. In an email to Bloomberg News, the company said: "Exxon Mobil has been in talks with the Iraqi Oil Ministry.
Peru Minister touts Saudi mining interests and Chevron offshore Potential
A top minister announced on Tuesday that Peru is seeking major investments from Saudi Arabia, as well as the U.S. oil company Chevron, to develop its energy and mining resources. This is part of a broader strategy to revitalize this sector. Peru, the third largest copper producer in the world, is pushing to jumpstart investments, which have slowed down over recent years due to political unrest and social conflict. In an interview with the, Energy and Mines minister Jorge Luis Montero…
Chevron hires TotalEnergies to shake up its exploration team
Chevron named a new global exploration head on Tuesday as CEO Mike Wirth strives to improve the track record of the company in discovering new oil and gas sources. Kevin McLachlan, vice president of exploration, will succeed Liz Schwarze in November, after she retires from Chevron in February, following 36 years. McLachlan's experience includes senior vice presidents of exploration for several oil companies, including TotalEnergies. He has also held positions at Murphy Oil and Nexen. Wirth is disappointed with the recent exploration results. Chevron has oil and gas reserves.