Halliburton cuts workforce as oil activity declines, sources claim
Halliburton, a U.S. oilfield service provider, has cut staff in recent months, according to sources who are familiar with the issue. This is the latest reduction of workforce in the U.S. petroleum industry, which faces increasing costs, a period when prices have dropped and there is volatility. The global benchmark Brent…
New England officials claim that the US's decision to halt a wind project is a mystery.
Business and government leaders in New England claimed that the Trump administration's decision to stop work on a nearly finished wind farm near the coast of Rhode Island is a threat to grid reliability and jobs, and it defies any explanation. Connecticut and Rhode Island state leaders demanded information from the Trump…
Officials say that the US decision to halt a wind project in New England has a negative impact on grid reliability and jobs.
Energy and labor officials warned on Monday that the Trump administration's decision to stop work on a large wind farm being built off the coasts of Rhode Island could threaten grid reliability and create jobs. ISO New England which operates the grid across six states and North America’s Building Trades Unions issued these…
Danish trader InCommodities has appointed Gunvor's Brockmeyer as its U.S. expansion manager
Rich Brockmeyer, former Gunvor executive, was appointed as the new CEO of InCommodites for North America. The group plans to increase its penetration into the U.S. gas and power market. Brockmeyer, who most recently served as the Executive Committee member of energy trader Gunvor and oversaw North American power and natural gas operations, will join InCommodities on September 2.
Enbridge Sees Demand for More Pipeline Capacity from Canada to US Gulf
Canadian pipeline operator Enbridge said on Friday its recent commercial process to gauge oil shippers' interest in an expansion of its Flanagan South pipeline was oversubscribed, indicating strong demand for additional oil transport capacity from Canada to the U.S. Gulf Coast.The success of the Flanagan South open season…
TC Energy increases its core profit forecast for the full year on natural gas and electricity demand
TC Energy, a Canadian pipeline operator, raised its core earnings forecast for the full year adjusted on Thursday due to increased demand for natural gas and electricity and its North America operations. TC Energy announced in May that it expects a surge in capital projects to be announced later this year or in the following years…
Profits at EDPR Wind Power have dropped 56% as a result of reduced asset sales.
EDP Renovaveis, a wind energy producer, reported on Wednesday that its first-half profits fell 56% from a year earlier, despite boosting power production. This was due to the fact that it sold less assets. EDPR is the fourth largest wind energy producer in the world. It reported that it had only booked 12 million euros ($13.87) in capital gains in the first six months…
Profits at wind energy company EDPR fall 56% due to lower capital gains
EDP Renovaveis said that its first-half profits fell by 56% because of lower capital gains than the previous year, despite higher sales due to a solid increase in power production. EDP's Renewables division reported a net loss of 93 million euros (107.4 millions), a slight drop from the 118 million euro median forecast by LSEG analysts.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. The engineering company reported net income of 180 millions euros and revenue 388.7million euros for the first six months of the year. This represents a 49% growth in EBITDA when compared with H1 2024. The…
Sources say Shell-led LNG Canada is facing problems when it ramps up its production.
Shell-led LNG Canada has been experiencing technical difficulties as it ramps production up at its liquefied gas plant in Kitimat. One LNG tanker was diverted away from the facility recently without superchilled fuel, according to data provided by LSEG and four sources. The facility is the first major LNG-export facility on the West Coast of North America and Canada…
Alstom, a French company, is the market leader in first-quarter sales
Alstom, a French train manufacturer, reported Wednesday slightly higher sales than expected for the first quarter of its fiscal year, due to the ramp-up in Germany of new projects and the continued execution of existing projects in France, Italy, and the U.S. Alstom, a manufacturer of trains and signalling for urban and regional railway networks…
Halliburton profits slump on weak drilling demand in North America and the Middle East
Halliburton announced a 33% drop in profits for the second quarter Tuesday due to weak demand in North America, Saudi Arabia, and Kuwait. The company warned of a negative impact on earnings in the second quarter due to President Donald Trump’s tariffs, and lower oilfield activities in North America. This was because producers analyzed drilling and completions with low oil prices.
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 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…
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.
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…
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
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.