Texas Pacific misses quarterly core profit estimates on lower oil prices
Texas Pacific Land's adjusted core profit for the third quarter was below Wall Street expectations on Wednesday as lower oil prices offset gains from increased production. Brent crude prices averaged $68 per barrel in the third-quarter, a decline of over 13% year-over-year, as OPEC+ increased production and signs of a slowing of global demand continued downward pressure on price. Texas Pacific reported that its realized oil price during the quarter was down 10.3% from last year at $34.10 per barrel.
Suncor Energy's strong production and refining margins helped it beat its quarterly profit goal
Suncor Energy, a Canadian integrated oil and natural gas company, beat its third-quarter profit expectations on Tuesday. Higher production and high refining margins offset lower prices. Refiners' demand and margins are improving after last year's slump. Profits were down from the highs of post-pandemic levels and there was disruption in supply due to Russia's invasion. The refining segment of the company reported adjusted operating earnings of C$894 ($637.48) million, up approximately 85% over a year ago.
Coterra Energy misses quarterly profit, raises 2025 production forecast
Coterra Energy, an oil and gas company, missed Wall Street's expectations for the third quarter profit on Monday as lower oil prices offset an increase in production. However, it raised its production forecast. In after-market trading, shares of the company fell 3% to $23.66. U.S. president Donald Trump's policies on trade fueled uncertainty in the energy sector, as trade tensions escalating threatened to slow down global economic growth and weaken demand for energy.
Qatar sells $4 Billion in a two-part bond issue
Qatar, one of the top LNG exporters in the world, has tapped the global debt markets to raise $4 billion through a two tranche issue. This drew a large order book and allowed Qatar to get favourable prices than originally expected. Qatar sold a $1bn, three-year, bond at 15 basis over U.S. Treasuries, and a $3bn Islamic bond or sukuk with a tenor of 10 years at 20 basis over the same benchmark. Fixed income news service IFR reported that orders for the issue had reached $13.5 billion before launch.
Qatar will tap the markets to sell two tranches of debt on Monday
Qatar, one the world's largest exporters of natural gas liquefied, will tap into global debt markets on Monday for a conventional and Islamic bond issue in two tranches, according to an official document. The Gulf State released early price indicators for a 3-year issue, at 45 basis point over U.S. Treasuries, and at 55 basis point over Treasuries, for a sale of 10-year Islamic bonds, or sukuk. Both will be of a benchmark size, which is typically $500 million.
Exxon exceeds Q3 profit expectations on higher Guyana and Permian production
Exxon Mobil surpassed Wall Street expectations for the third quarter earnings on Friday. This was due to higher oil and natural gas production in Guyana, and the Permian basin, which helped offset lower oil prices. LSEG data shows that adjusted earnings for the quarter July-September were $8.1 billion or $1.88 a share. This was higher than analysts' expectations of $1.82 a share. Brent crude prices were $68.17 on average in the third quarter of this year, down 13% over the same period a year ago.
Exxon exceeds Q3 profit expectations on higher Guyana and Permian production
Exxon Mobil surpassed Wall Street expectations for the third quarter earnings on Friday. This was due to higher oil and natural gas production in Guyana, and the Permian basin which helped offset lower oil prices. LSEG data shows that adjusted earnings for the quarter July-September were $8.1 billion or $1.88 a share. This was higher than the consensus analyst estimate of $1.82 a share. Brent crude prices were $68.17 on average in the third quarter of this year…
Fugro's profits beat estimates, but the company is still cautious about Q4
Dutch geological data specialist Fugro reported stronger-than-expected core earnings on Friday, but cautioned that worsening conditions in the offshore wind sector and tighter spending by energy firms could weigh on its performance in the final quarter. The third-quarter adjusted earnings (EBITDA), which includes interest, taxes, amortization, and depreciation, fell by 22% on an annual basis to 108.6 millions euros ($126.7) but was still higher than the consensus estimate of 89 million dollars.
China CNOOC's net income for the third quarter of 2014 is down 12% due to lower oil prices
CNOOC Ltd, the Chinese offshore oil-and-gas major, reported on Thursday that its third quarter net income had declined 12.2% from a similar period a year ago as lower oil prices globally offset a strong growth in production. CNOOC reported that its net profit for the period July-September was 32.44 billion Yuan ($4.55billion), in a filing to the Hong Kong Stock Exchange. Sinopec Corp, a domestic rival, reported a flat third-quarter net profit.
Shell profits above expectations, TotalEnergies at par with expectations despite lower prices
Shell and TotalEnergies reported quarterly profits that fell by 10% and 2% respectively on Thursday. The declines were largely due to lower oil prices. Shell, however, beat expectations thanks to better trading results at its vast gas division. TotalEnergies, which is the largest trader of liquefied gas in the world, said that it would reduce its buybacks to $3.5 billion by the end of the fourth quarter. This was due to pressure from the company's creditors.
Shell's third-quarter profits beat expectations
Shell exceeded third-quarter profits forecasts Thursday thanks to strong results in its gas division. It also said that it would continue its $3.5 billion share buyback program over the next 3 months. Oil major BP said that adjusted earnings, which is its definition of net profits, dropped 10% on an annual basis to $5.4 billion from July to September, due to lower oil prices. The company's polled analysts estimated a $5.09 billion average, but the adjusted earnings were higher.
TotalEnergies' Q3 earnings are down slightly as lower oil prices weigh
PARIS, 30 October - French oil giant TotalEnergies announced a 2.4% decline in earnings for the third quarter on Thursday. This was expected, as an increase in upstream production, and improved crude refining margins, partially offset lower oil price. LSEG's analysts consensus showed that adjusted net income fell to $4.0 billion, down from $4.1 billion in the same period of last year. The European margins for refining fuels have increased by more than 300% since the EU banned fuel imported from Russia…
Sinopec's profit for Jan-Sept is down by a third due to lower oil prices and weaker fuel sales
Sinopec, a Chinese oil company, reported a 32% drop in its net income year-on-year for the first three months of this year due to lower crude prices and weaker sales. Sinopec, the world's biggest refiner by volume, reported a net profit of 8.5 billion yuan (1.19 billion dollars) in its third quarter, which was almost flat compared to a year ago, according to Chinese accounting standards. Sinopec reported in a filing that the net income for the first 9 months was 29.98 yuan (about $4.21 billion).
In its third-quarter trading report, Total highlights higher sales and rising refining profit margins.
TotalEnergies, a French oil company, expects to see an increase in its third-quarter earnings as increased upstream production and improved crude refining margins will offset lower oil prices. The group announced this on Wednesday. In a trading update, it stated that despite a $10 drop in the price of oil per barrel year-on-year the results and cash flows from the business segments would increase in the range…
Ghana's crude output drops 25.9% during the first half of 2025
The Public Interest and Accountability Committee (PIAC) of Ghana said that the crude oil production in Ghana fell by 25.9% on an annual basis during the first half of 2025. This was the lowest level for a half-year since 2016. Lower production at major fields is the reason, according to the committee. Ghana, Africa's largest gold producer, started producing crude oil in 2010. However, output dropped to a 5-year low by 2023, due to declines in production from existing fields.
Australia is set to earn more gold than any other resource
Australia announced on Tuesday that it expects gold to be its second-most valuable resource export this financial year after iron ore, dislodging the liquefied gas. Concerns over geopolitical instabilities fuel demand for safe-haven metal. The Department of Industry's September quarterly report stated that Australia's gold imports will increase by A$12 Billion ($7,9 Billion) to A$60 Billion in the current financial period ending June 2026 as it exports more gold for higher prices.
Diamondback CEO says US crude production growth will slow down with $60/bbl.
The CEO of Diamondback Energy - one of the top oil producers in the United States - said that the growth of U.S. crude oil production will slow down if oil prices remain near $60 per barrel. Fewer drilling sites can be profitable at this level. Kaes van't Hof, speaking at a conference on energy in Austin, said "There are only so many Tier 1 rocks" in reference to the best locations for drilling. It's hard to imagine growth at $60 oil. At $50, it's even more difficult. On Wednesday morning, U.S.
Panel of OPEC+ stresses the need to fully comply with oil production limits
OPEC released a statement saying that an OPEC+ panel at a Wednesday meeting stressed the importance of full compliance with oil production agreements, and additional output cuts some members must make to compensate for exceeding quotas earlier. Around 1230 GMT, the online meeting of the Joint Ministerial Monitoring Committee began. It included top ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia.
Sources say that OPEC+ is considering a larger increase in oil production
OPEC+ will likely consider a higher oil production increase for November of 411,000 barrels a day at its meeting on Sunday, as the rising oil prices encourages the group to attempt to regain market share. OPEC+ reversed its previous strategy of cutting output and has already increased quotas to more than 2,5 million bpd or 2.4% of global demand to increase market share. This is in response to pressure from U.S. president Donald Trump, who wants to lower oil prices.
Oil prices and US interest rate cuts have mixed the Gulf markets.
September 30 - The Gulf stock markets were mixed early on Tuesday, as lower oil prices dampened expectations for further Federal Reserve rate reductions. According to CME Group’s FedWatch tool, traders have priced in an 89% chance that the Fed will reduce rates by 25 basis points at its next meeting in October. Investors are now awaiting U.S. data about job openings, payrolls in the private sector, the ISM…