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…
Oil Prices Rise as US Shutdown Talks Advance, Oversupply Concerns Remain
Oil prices edged higher on Monday as investors assessed moves aimed at ending the U.S. government shutdown while concerns around oversupply in the crude market persisted.Brent crude futures rose 43 cents, or around 0.7%, to $64.06 a barrel by 1409 GMT. U.S. West Texas Intermediate crude was at $60.18 a barrel…
Chevron Investor Day puts the spotlight on post Hess strategy
Portfolio managers will be interested to hear what CEO Mike Wirth has planned to reap the rewards of the Hess purchase and start a new growth phase when Chevron executives, top shareholders and the oil producer gather in New York City for its investor day on Wednesday. Wirth will…
Lukoil Diverts Oil From Azerbaijan to Russia to Combat Sanctions
Russia's second-largest oil producer, Lukoil, has started diverting Caspian oil flows from the Azeri capital of Baku to the Russian port of Makhachkala to tackle Western sanctions, two industry sources said on Thursday.One of the sources said the tanker, Lady Leila, under the Russian flag is due to arrive later on Thursday to Makhachkala with
Gas prices in Britain are down due to warmer temperatures and more wind
The British wholesale gas price dropped on Thursday, as the warmer temperatures and increased wind power are expected to arrive on Friday. Meanwhile, the Dutch equivalent fell. LSEG data show that the British gas front-month price fell 5% or 3.95 pence to 74.50 p/per therm by 0852 GMT.
Lukoil, a Russian oil company, says it will sell its international assets in response to Western sanctions
Lukoil - Russia's second largest oil producer - announced on Monday that it will sell its international assets in response to sanctions imposed by the United States last week over Ukraine. The sale of assets will be the biggest action taken by a Russian firm in response to Western…
North Dakota oil production likely to increase in September, but will continue on a downward trend for the long term, says regulator
North Dakota's oil production will likely have increased slightly in September, but it is still on course to decline in the long term due to natural decline of the wells. North Dakota has the Bakken oilfield. This massive shale oil field helped the U.S. become the largest oil producer in the world.
Woodside Energy reaches two-week peak after increasing 2025 production forecast
Woodside Energy shares rose to their highest level in two weeks on Wednesday, despite a 9.4% drop in revenue for the third quarter due to lower average realized prices. The largest independent energy company in the country expects its fiscal 2025 production will be between 192 and 197 millions barrels of oil-equivalent…
Palm oil ends the week lower due to weak crude oil.
Malaysian palm futures closed lower on Friday after a two-week rally. Weaker crude oil prices pushed the market. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery fell 6 ringgit or 0.13% to 4,514 Ringgit ($1,068.66). The contract dropped 0.68% in the past week.
Palm oil follows weak crude oil down, and is set to fall weekly
Malaysian palm futures fell on Friday as crude oil prices dropped, causing the market to fall. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for January delivery had fallen 8 ringgit or 0.18% to 4,512 Ringgit ($1,068.43). David Ng said that…
UK Targets Lukoil, Rosneft, Shadow Fleet with Sanctions
Britain targeted Russia's two largest oil companies, Lukoil and Rosneft, and 51 shadow fleet tankers on Wednesday in what it described as a new bid to tighten energy sanctions and choke off Kremlin revenues.Lukoil and Rosneft were designated under the Britain’s Russia sanctions…
As US onshore oil growth slows, will improved drilling boost Gulf of Mexico offshore oil production?
Analysts and consultants predict that offshore investment will continue to grow as new technology and more friendly regulations encourage investment. In recent years, the offshore oil and natural gas sector has been overshadowed by shale because it requires more upfront investment and years of construction.
Imperial Oil Canada plans to reduce its workforce by 20% by the end of 2027
Imperial Oil Canada announced on Monday that it will reduce its workforce by 20% by the year 2027. This is part of a major reorganization designed to cut costs through centralizing and consolidating operations in specific locations. Imperial Oil, which is owned by the top U.S.
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…
Occidental reduces debt by selling Berkshire's chemicals unit for $9.7 billion
Occidental Petroleum announced on Thursday that it will sell OxyChem, its chemicals division, to Warren Buffett’s Berkshire Hathaway, for $9.7 Billion. This is the largest divestment to date to reduce debt following years of expensive acquisitions. The deal would be Berkshire's…
Kuwait announces its third offshore discovery as it seeks a boost in output
Kuwait Oil Company announced on Monday that it had made its third offshore find with a production capacity of over 29 million cubic feet of natural gas per day. This is a major boost for the desert nation, which has been struggling to increase output. KOC released a statement…
China builds oil reserves in response to a stockpiling campaign
China has been building oil reserves at an accelerated pace as part of its campaign to increase crude stocks. This urgency increased after Russia's invasion of Ukraine disrupted global energy flows. It also accelerated in this year according to traders, industry experts and public data.
Chevron hires TotalEnergies to shake up its exploration team
Chevron named a new global exploration head on Tuesday as CEO Mike Wirth strives to improve the track record of the company in discovering new oil and gas sources. Kevin McLachlan, vice president of exploration, will succeed Liz Schwarze in November, after she retires from Chevron in February, following 36 years.
Minister says Indonesia is on track to reach B50 biodiesel by 2026, reducing gasoil imports.
Indonesia will make B50 biodiesel, which is 50% palm oil based biofuel (B50), mandatory by 2026 to reduce gasoil imports. This was announced by the country's energy minister. Indonesia, the world's largest palm oil producer, has set a biofuel content requirement of 40%. It is…
Indonesia targets B50 biodiesel by the second half of 2026
The mining minister announced on Thursday that Indonesia would implement its B50 Biodiesel Programme in the second half 2026. He added that the plan may eliminate the need for the country to import diesel in the next few years. The largest palm oil producer in the world has launched a biofuel program that blends palm oils with diesel.