Cenovus Reports Rise in Q3 Profit
Cenovus Energy reported a rise in third-quarter profit on Friday, driven by record oil sands production and near-full refinery utilization that helped offset weaker crude prices.The Calgary, Canada-based oil and gas producer pursues a major expansion through its planned acquisition of MEG Energy for about $6 billion.A MEG shareholder vote on the deal was postponed this week to allow for additional regulatory disclosures.The regulatory inquiry is related to a complaint raised by a former employee of MEG who holds approximately 4…
Exxon lifts force majeure on LNG project in Mozambique
Exxon Mobil may lift force majeure for a $30 billion liquefied gas project in Mozambique, according to CEO Darren Woods. Woods made the announcement during a Friday earnings call. Woods, who is referring to a French energy company that is developing an adjacent, but related, project, said: "Total has lifted their force majeure. Reports earlier this week stated that Exxon could not make a final decision on the project called Rovuma until TotalEnergies resumes its work following a force majeure lifted by it four years ago, which was caused by an insurgent attack linked to Islamists.
US Energy Secretary: There are many opportunities for mutually beneficial energy trade with China
Chris Wright, the U.S. Energy secretary, said that there are many opportunities for a "win/win" energy trade between China & the United States. Donald Trump, the U.S. president and Xi Jinping, the Chinese president, reached a fragile truce on trade in South Korea Thursday. The agreements were on China's purchases of soybeans and exports of rare earths. There is room for a great deal of energy trade between China & the United States. China is the world's largest natural gas importer. The United States is the world's largest natural gas exporter.
Cenovus profits jump on record production and refinery strength
Cenovus Energy reported a higher third-quarter profit Friday. This was due to record oil sands output and a near-full utilization of the refinery, which helped offset lower crude prices. The U.S. listed shares of Canadian oil and Gas Producer rose 1.5% during premarket trading. The Calgary-based company's results are coming as it plans a major expansion with its planned acquisition of MEG Energy for about $6 billion. The MEG shareholders' vote on the transaction was postponed to this week in order to provide additional regulatory disclosures.
PetroChina's net profit for the third quarter is down 3.9% on an annual basis
PetroChina Co Ltd, Asia's biggest oil and gas producer, reported on Thursday that its third quarter net profit fell 3.9% from the previous year due to lower crude oil prices. However, it continued to maintain steady crude production while expanding natural gas output. In a filing to the stock exchange, the company reported that its net profit had fallen to 42.29 billion Yuan ($5.94billion), while revenues rose by 2.3% to reach 719.16 milliards yuan. CNOOC Ltd, a domestic offshore oil and natural gas producer, reported a 12% drop in earnings for the quarter on Thursday. Meanwhile, Sinopec Corp.
Expand Energy, a Natgas producer, posts a quarterly profit as production surges
Expand Energy, the U.S. natural-gas producer, reported a profit on Tuesday for the third quarter, compared to a loss a year ago, due to increased production and higher commodity prices. The average U.S. Natural Gas prices increased by more than 26 percent year-on-year in the third quarter. This was due to strong LNG exports, and a growing demand driven by AI-focused data centres. Expand Energy was created after Chesapeake Energy acquired Southwestern Energy in 2013, creating the largest independent natural gas producer of the U.S.
The European Court of Human Rights rejects the climate case against Norway Oil
The European Court of Human Rights ruled on Tuesday in favor of the Norwegian Government in a case brought by young activists for climate change who claimed that the country's Arctic oil exploration policy had put their future in danger. Norway, the largest oil and natural gas producer in western Europe, produces four million barrels equivalent of oil per day. It plans to continue producing hydrocarbons into the future, while supporting efforts worldwide to reduce carbon dioxide emission. The 2022 lawsuit, filed…
Energean, a UK-based company, signs a 15-year contract for the transmission of Israeli gas
Energean, a British gas producer, announced on Friday that it had signed 15-year contracts for the planned Nitzana gas pipeline from Israel to Egypt. The agreement was part of a $4 billion contract with Israel. Energean reported that the deal with Israel Natural Gas Lines, a state-owned pipeline operator, covers a transmission of up 1 billion cubic meters of natural gas each year. There are options to extend and terminate early. Energean stated that the Nitzana Pipeline will run from Ramat Hovav, in southern Israel, to the Egyptian border, near Nitzana.
Woodside rallies to cap losses; miners and tech drag Australian shares down
Australian shares dropped for the second session in a row on Thursday. Mining and tech stocks were to blame, but losses were mitigated by Woodside Energy's surge following new investment in Louisiana LNG. S&P/ASX 200 Index fell 0.4% at 8,993.5 by 0002 GMT. The benchmark closed Wednesday 0.7% lower. After three sessions of gains, technology stocks dropped by 1.2%. U.S. stocks closed lower overnight after a wave mixed earnings reports from corporates dampened sentiment. Block Australia shares dropped 2.3% while WiseTech, a software services provider, fell 1.3%.
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.
Santos reduces 2025 production forecast on technical issue at Barossa Project
Santos Australia has lowered its output forecasts for the second time in this year after a technical problem delayed ramp-up at its Barossa project. Inclement weather also hampered recovery of the Cooper Basin project. No. 2 independent oil and gas producer in the country now expects to produce 89-91 million barrels of oil equivalent (mmboe) during fiscal 2025, compared with 90-95 mmboe previously forecast. The country's no. Visible Alpha's consensus forecast of 91.4 million barrels of oil equivalent (mmboe) was not met by the mid-point of this forecast.
Sherry Duhe, Santos' Finance Chief, resigns after one year in the role
Santos announced on Tuesday the resignation of CFO Sherry duhe, only one year after she assumed the position. The Australian gas producer is navigating a period of transition ahead of the start-up of its Barossa, and Pikka, projects. Duhe was appointed as Santos' new CEO in September of last year, amid speculation about a possible leadership change. Lachlan Harris, the current Deputy CFO of the company, has been appointed acting Finance Chief. Harris has experience in a variety of finance roles within the company.
Algeria signs oil and gas deal worth $5.4 billion with Saudi firm Midad Energy
Sonatrach, the state-owned energy firm of Algeria, announced on Monday that it had signed a $5.4 billion contract with Midad Energy from Saudi Arabia for exploration and development of oil and gas in Algeria's Illizi Basin. The contract for production sharing is 30 years long with the option of an extra 10 years. It also includes a 7-year exploration phase. Midad Energy North Africa is fully funding the investment, which includes $288 million for exploration. Illizi South is located about 100 km south of In Amenas in Algeria, close to the Libyan border. Ennahar TV was the first to announce this deal.
Algeria signs oil and gas deal worth $5.4 billion with Saudi firm Midad Energy
Sonatrach, the state-owned energy firm of Algeria, announced on Monday that it had signed a $5.4 billion contract with Midad Energy from Saudi Arabia for oil and natural gas exploration and production in Algeria's Illizi Basin. The contract for production sharing is 30 years long with the option of an extra 10 years. It also includes a 7-year exploration phase. Midad Energy North Africa is fully funding the investment, which includes $288 million for exploration. Illizi South is located about 100 km south of In Amenas in Algeria, close to the Libyan border. Ennahar TV was the first to announce this deal.
WSJ reports that Berkshire is in negotiations to purchase OxyChem from Occidental for around $10 billion.
The Wall Street Journal, citing sources familiar with the situation, reported Tuesday that Berkshire Hathaway was in discussions to purchase Occidental Petroleum’s petrochemical division for around $10 billion. The sale of OxyChem, which provides products for sectors like medical care, food safety and construction, will add to the series of divestitures that the U.S. Oil and Gas producer has made in recent years. Occidental, where Berkshire already holds the majority stake, is struggling with a heavy amount of debt. This debt was incurred as a result of its $55 Billion acquisition of Anadarko Petroleum, which it completed in 2019.
Bloomberg News reports that Exxon Mobil will cut 2,000 jobs as part of a restructuring.
Bloomberg News reported that Exxon Mobil, a U.S. energy giant, will lay off 2,000 employees globally as part a long-term reorganization plan. This is the latest in a series of job losses this year within the oil and gas sector. The report cited a memo sent by CEO Darren Woods, which stated that the reductions represented between 3% and 4% of global staff. After purchasing Pioneer Natural Resources for $60 billion in 2024, the shale gas producer has been streamlining operations. The company announced in November of last year that it would be cutting nearly 400 jobs in Texas.
How Canada's Haisla become the first Indigenous LNG owner in the world
Maureen Nyce wore a hardhat and a safety vest during an August visit to Cedar LNG's pipeline site, not as a dignitary visiting or cultural emissary, but as the owner. Haisla, who have lived on Canada's Northwest Coast for over 9,000 years, own 50.1% of the $4 billion Cedar LNG export project in Kitimat. The remainder is owned by Calgary-based Pembina Pipeline. The world's first majority-Indigenous-owned LNG project, expected to be operational in 2028, could drastically change the future of Nyce's people and serves as a test case for Canada…
Santos stock slides as $18.7 billion ADNOC-led deal collapses
Santos, the Australian gas producer, saw its shares fall as much as 13.6 percent on Thursday. A consortium led by Abu Dhabi-based ADNOC canceled their $18,7 billion offer for the company after commercial terms were not agreed. Santos announced in a press release issued early Thursday morning that it had told the XRG group on Monday that it would be willing to close a deal for $5.626 per share. Santos recently paid a dividend, so the original offer was $5.76 per share. That's $8.89 today. Santos shares fell to A$6.61 at the opening of trading on Thursday, their lowest price since June 10th.
Santos said it was prepared to approve an ADNOC bid of $18,7 billion before the deal collapsed
Santos, the Australian gas producer, said that it would be willing to accept the ADNOC consortium's bid of $18,7 billion for the company if the international group did not withdraw the offer because commercial terms could no longer be agreed. Santos, in a Thursday morning statement, said that it had told the XRG group on Monday that it would be willing to close a deal for $5.626 per share. Original offer made in June at $5.76 per share, but adjusted to reflect Santos’s recent dividend payment. FactSet data shows that, after subtracting the net debt, Santos would have a value of A$36,4 billion ($24,2 billion).
ADNOC consortium withdraws bid of $18.7 Billion for Australia's Santos
After months of disagreements over valuation, Abu Dhabi National Oil Company has pulled its $18,7 billion bid to purchase Australian gas producer Santos. ADNOC may be slowing down its aggressive expansion overseas as it looks to invest the booming oil revenue in the country. This also shows the challenges foreign companies face when trying buy assets in Australia. ADNOC's overseas division XRG, Abu Dhabi sovereign fund ADQ, and private equity firm Carlyle's bid for Santos was the third unsuccessful bid to purchase Santos.