SLB beats quarterly profit estimates on steady oilfield services demand
SLB, a leading oilfield services company, narrowly beat Wall Street's expectations for the second quarter profit on Friday as resilient demand from parts of its global business offset the drilling slowdowns in North America and Mexico. SLB was the first among the Big Three U.S. oilfield service providers to announce quarterly results.
The Swiss zero-rate squeeze on banks could lead to a bumpy ride for the borrowers
Analysts say that banks in Switzerland may look for ways to increase the cost of banking services or credit as they are affected by the introduction of zero interest rates. After the Swiss National Bank cut its benchmark interest rate to zero in June, the country's borrowing cost was at the lowest among major economies. It was even lower than the European Central Bank deposit rate of 2.0%.
Canada exports first LNG cargo from Pacific Coast
A spokesperson for Shell-led LNG Canada confirmed on Monday that Canada's first LNG export cargo was shipped from its Pacific Coast to Asia. The cargo was loaded on the tanker Gaslog Glasgow at LNG Canada's Kitimat site, British Columbia. This happened just over a weeks after the facility had confirmed its first production. It became the first large commercial LNG operation of the country.
Orlen Will No Longer Purchase Russian Oil Starting July
Polish refiner Orlen will not buy Russian oil for its Czech refinery after June 30, Chief Executive Ireneusz Fafara said on Monday.The contract with Rosneft for Russian oil to be supplied to the Litvinov refinery in the Czech Republic was the last one linking Orlen to Russian oil, it said in a statement."We freed Central Europe from Russian oil today," Fafara told a news conference.The Czech Repub
Sources: Canadian funds pull out of $6 billion deal with renewables company Cubico
Three people with knowledge of the situation said that LONDON/NEWYORK on June 26th, two Canadian pension funds halted an auction they were running for renewable energy developer Cubico Sustainable Investments, which was valued at over $6 billion including debt. Nearly two years ago, the Montreal-based Public Sector Pension…
The fragile Middle East truce has knocked down the prices of crops that are tied to oil.
The price of crops around the globe has been impacted by a shaky truce between Iran and Israel, especially those that can be converted into biofuels. Prices are affected by the price for crude oil. The price of crude oil dropped sharply after President Trump announced a ceasefire. This hit futures contracts and stocks for vegetable oils like Malaysian palm, European rapeseed and Chicago soyoil.
Canada Produces First LNG For Export
The Shell-led Canada facility has produced its first liquefied natural gas for export in Kitimat, British Columbia, a spokesperson for the project confirmed on Sunday.The new production, which will go mainly to Asia, comes amid concerns over disruptions to the 20% of global gas supply coming from Qatar, due to the Israel-Iran conflict and the possibility of Tehran closing the Strait of Hormuz…
LNG Canada produces first liquefied natural gas for export
A Shell-led LNG Canada facility in Kitimat has produced the first liquefied gas for export, confirmed a project spokesperson on Sunday. This milestone is in anticipation of LNG Canada loading its first LNG cargo at the facility, which it said will be done by the middle this year. It is also the first major LNG plant in North America to have direct access to the Pacific Coast…
Strathcona backs MEG's alternative strategic process after C$6 billion rejected bid
Strathcona, a Canadian oil and natural gas producer, said it supported MEG Energy’s decision on Friday to explore strategic alternatives and initiate a strategic alternative process after MEG Energy urged its shareholders to reject Strathcona’s hostile takeover offer of C$6 billion (US$4.38 billion). MEG Energy told shareholders on Monday to reject the proposal…
Canada Could Produce First LNG by This Weekend
Canada could produce its first ever liquefied natural gas this weekend, from the LNG Canada export facility in Kitimat, British Columbia, two people familiar with the startup of the plant told Reuters on Wednesday.The facility, the first of a handful of Canadian LNG projects to begin production, will be the first LNG facility in North America with direct access to the Pacific coast…
Sources say Canada could produce its first LNG this weekend
Two people who are familiar with the launch of the plant said on Wednesday that Canada could produce the first liquefied gas ever this weekend. This facility will be the only LNG plant in North America that has direct access to the Pacific Coast, reducing the sailing time to Asian markets. According to the company, when fully operational…
FuelCell Energy cuts 22% of its staff as part of a restructuring plan
FuelCell Energy, a renewable energy company, announced on Friday that it had laid off 22 percent of its staff as part of an overall restructuring plan designed to reduce operating costs by 30 percent compared to a year ago. Following the announcement, shares of the Danbury-based company in Connecticut rose 5.6% during premarket trading.
Abu Dhabi's XRG aims to reach a gas and LNG capacity of between 20-25 million tonnes per year by 2035
XRG is the international investment arm for Abu Dhabi National Oil Company. The company stated in a Tuesday statement that it aims to have a business of gas and LNG with a production capacity between 20 and 25 million metric tonnes per year by 2035. XRG, a company that invests in lower-carbon energy sources, gases and chemicals with assets exceeding $80 billion, was established last year.
XRG Aims For Gas and LNG Capacity of 20-25 Million Tons a Year by 2035
XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.XRG was set up last year as an investment company focused on lower-carbon energy…
Viper Energy increases Permian Basin Presence with $4.1 Billion Sitio Deal
Viper Energy has acquired Sitio Royalties, valued at $4.1 billion including debt. The companies announced this on Tuesday. This will increase the inventory and scale of Diamondback Energy's Permian basin unit. Sitio shares rose 11.9% premarket to $19.38 following the announcement. Dealmaking in the U.S. Despite the low oil prices and uncertainty in the market…
Palm oil climbs due to short covering and the stronger Dalian oils
The price of Malaysian palm oils futures rose on Wednesday, for the fourth consecutive session. This was due to traders covering short positions and Dalian oil prices rising. The benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange gained 31 ringgit or 0.8% to 3,899 Ringgit ($923.93) per metric ton.
Palm oil rises due to short covering and Dalian oils that are stronger
The price of Malaysian palm oils futures increased on Wednesday, for the fourth consecutive session. This was due to traders covering short positions and Dalian oil's strength providing additional support. At midday, the benchmark contract for palm oil delivery in August on the Bursa Derivatives Exchange rose 25 ringgit (0.65%) to 3,893 Ringgit ($917.73).
Malaysia's Petronas targets China and Vietnam while looking for long-term LNG supplies
A Malaysian company, Petroliam Nasional or Petronas aims to increase its liquefied gas sales in markets like China and Vietnam, while also seeking to secure a more long-term supply of North America and emerging market markets. These regions offer significant opportunities because of their rapid economic growth and growing energy needs.
US oil M&A declines from highs of 2023 as buyers focus on volume over value
Dealmaking has slowed in the U.S. Oil Patch in 2025. The activity is expected to remain muted throughout the remainder of the year as some prolific buyers concentrate on extracting value from their previous acquisitions while others reduce their appetite for takeovers because of weak oil prices and uncertainty in trade. In the last three month, oil companies spent $17 billion in acquisitions.
Vallourec Q1 core profits drop, but rebound expected in second half 2025
French steel tubes manufacturer Vallourec announced a 3% decline in its core profit for the first quarter on Thursday as lower steel tube costs in North America continue to impact its business. The company's operating profit before interest, tax, depreciation, and amortization (EBITDA), which was 235 million euros a year ago…
