EIA: US oil drilling will slow down as prices fall, Venezuela's growth could increase pressure
Lower oil prices will likely reduce?U.S. The Energy Information Administration reported on Tuesday that drilling activity will reduce production by 1% in the top producing country this year, and a possible increase of supply from Venezuela may 'add pressure. The Department of Energy’s statistical arm echoes concerns from some U.S. producers regarding President Donald Trump’s…
EIA: US oil drilling will slow down as prices fall, Venezuela's growth could increase pressure
Energy Information Administration reported on Tuesday that lower oil prices will reduce U.S. drilling activity and reduce production by 1% in the United States this year, while a possible increase in Venezuelan output could add to the pressure. The Department of Energy's statistics arm's comments add to the concerns expressed by some U.S. producers regarding President Donald…
Diamondback Energy reports lower oil prices in the fourth quarter
Diamondback Energy, the U.S. producer of shale oil, announced on Monday that its oil prices were lower in 'the fourth quarter' compared with 'the previous three months. The price of oil fell 9.2% in the three-month period ending December 31 as fears about tariffs and oversupply outweighed geopolitical risk. The average realized price, or 'price received' for the total production of oil…
Venezuela's distressed debt of billions: Who will collect?
The fall of Nicolas Maduro brought Venezuela's debt crisis, one of the largest unresolved defaults in the world, to the forefront. Venezuela defaulted on its international bonds in late 2017 due to the economic crisis that lasted for years and the U.S. sanctioning the country, which cut it off from the international capital market. The government and the state oil company Petroleos de Venezuela (known as PDVSA) issued the international bonds.
Venezuela's distressed debt of billions: Who will collect?
The fall of Nicolas Maduro brought Venezuela's debt crisis, one of the largest unresolved defaults in the world, to the forefront. Venezuela defaulted on its international bonds in late 2017, after years of economic turmoil and U.S. Sanctions that cut the country off from international capital markets. The government and the state oil company Petroleos de Venezuela (PDVSA) had failed to make payments.
Goldman projects oil prices to decline and sees gold at $4900 by December 2026. Copper remains the preferred industrial metal.
Goldman Sachs believes that gold prices will rise 14% by December 2026 to $4,900 an ounce in its base scenario. However, the firm warned of upside risks due to potential diversification with private investors. Goldman Sachs stated that it expected cyclical support and structurally high demand from central banks to boost the price of gold in a note where they discussed their views on commodities. Goldman Sachs continues to advise long exposure in yellow metal.
The central bank of Russia says that the discount on Russian Urals oil prices has increased to 23% by November.
The Russian central bank announced on Thursday that the discount between Brent and Urals, which is Brent's global benchmark oil, has increased by six percentage points to 23% this month. These discounts are less severe than the first wave of Western sanctions that began in 2022 but they still reflect increasing pressure on Russian oil revenue, which is a vital lifeline for Moscow’s budget.
Occidental Petroleum exceeds profit forecasts for the quarter on higher production
Occidental Petroleum surpassed Wall Street's expectations for the third quarter profit on Monday as higher production helped U.S. shale oil producer to counter lower oil prices. The U.S. produced more oil and gas in August than ever before, despite Brent crude falling by over 13% during the period reported due to OPEC+'s increased supply and a slowing of global demand. Occidental reported a quarterly average of global production of 1…
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.
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…
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.
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.
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.
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.
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.
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.
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…