Exxon exceeds Wall Street profit estimates, thanks to Guyana and Permian oil production
Exxon Mobil beat Wall Street's first-quarter profit estimate on Friday as higher oil and natural gas production in Guyana and Permian Basin helped boost earnings. According to data compiled and analyzed by LSEG, the profit for the quarter January-March was $7.71billion or $1.76 a share. This beat analyst expectations of $1.73 a share. Exxon and the energy sector as a whole have had a turbulent start to the new year, after U.S. president Donald Trump's announcements of global tariffs stoked fears of recession. These concerns led to a drop in oil prices, as a weaker economy requires less energy.
Tenaris posts dip in quarterly net sales
Tenaris, an Italian steel pipe manufacturer, announced on Wednesday a 15% drop in its first-quarter sales to $2.92 Billion. The company reported that the sales were boosted by higher seasonal volumes in Canada, and increased onshore sales in United States. However, their average selling prices declined. The Luxembourg-based firm reported a 29% drop in earnings before interest taxes, depreciation, and amortization (EBITDA), to $696 millions, for the first quarter of 2025. The company said that the reference prices of U.S.
China's solar sector remains red as the trade war causes problems
China's solar producers reported losses in the last week, as President Donald Trump's Trade War put additional pressure on demand. This was an industry that already faced low prices and tariffs for exports to America. Longi Green Energy, JinkoSolar and other top producers reported a combined net loss of 1.4 bn yuan (193 million dollars) in the first quarter. Losses for competitors JA Solar, Trina Solar, and others totaled 1.6 bn yuan, 1.3 mn yuan, and 1.6 mn yuan respectively. Longi, who also reported a loss of 8.6 billion Yuan in 2024…
Technip Energies raises revenue guidance for project delivery in 2025
Technip Energies, a French energy infrastructure firm, upgraded its annual revenue expectations on Wednesday for its project-delivery segment, but increased its annual revenue guidance at its technology, product and services division. The company cited macroeconomic uncertainty as the reason. Due to better visibility, the group, which specializes in energy technology, has raised its 2025 revenue guidance for its project delivery segment from 5.0 to 5.4 billion euro to between 5.2 and 5.6 billion ($6.37 billion). This is an increase of up to 5 billion to 5.5 billion euros.
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. ASM International, a manufacturer of computer chip equipment, announced that it would launch a 150 million euro share buyback. Casino, a French retailer, reported a 1.2% decline in first-quarter revenue at 2,00 billion euros. Credit Agricole, a French bank, announced that it would propose Jerome Grivet as its sole deputy CEO. UMG, the world's largest music label, reported a first-quarter adjusted EBITDA of 661 million euro and streaming revenues up 2.9% from year-over-year.
PetroChina's profit for the first quarter increased by 2.3% due to natural gas sales
PetroChina, China's largest energy producer, posted a 2.3% increase in its first-quarter profits on Tuesday. The company cited higher natural gas production, even though poor margins affected the refined products business. A filing at the Hong Kong Stock Exchange revealed that the profit attributable by the owners of the company increased to 46.81 billion Yuan ($6.44billion) from 45.77billion a year ago. Revenue dropped 7.3% to 753.1 billion Yuan. Comparatively, local competitors reported lower profits, due to lower oil prices.
Sources say that former Shell oil traders have set up a trading house focusing on Africa.
Two sources familiar with this development say that several former Shell traders have established the trading house Atmin, which is backed by Afreximbank and focuses on African oil trade. This move comes as Western banks and oil majors retreat from Africa. The continent faces a decline in production of oil and gas due to underinvestment and also spends $30 billion per year on fuel imports. As global producers race to extract as much oil and gas as possible before demand for fossil fuels is reduced by the energy transition, millions of barrels in Africa could be left stranded.
Elliott, an activist investor, calls for a change in BP's strategy chief and organizational structure
A source familiar with this situation on Friday said that activist investor Elliott Investment Management is pushing oil major BP's strategy chief to be replaced and its structure changed to separate its upstream and downstream divisions to improve accountability. Elliott has a small stake in BP of a little over 5%. The strategy, sustainability, and ventures division of BP is headed by Giulia Chiarchia. She was a key architect behind the company's ill fated focus on renewables during the tenure of previous CEO Bernard Looney. Chierchia, who joined BP in 2020 from McKinsey & Company consultancy, rose quickly to the position of strategy chief.
Indonesia wants fair and square trade in US tariff discussions
Indonesia's senior economic minister, and its top negotiator, said that it is prioritizing its national interests in ongoing negotiations about U.S. Tariffs. It wants to have a "fair-and-square" trade relationship. Airlangga hartarto, head of the delegation, and Sri Mulyani indrawati, finance minister, have been in the United States for the last week, negotiating proposed tariffs of 32% that the U.S. would like to impose upon Indonesia. The tariffs were put on hold for 90-days. He said that Indonesia prioritizes national interests in the negotiation process while encouraging the strengthening bilateral relations with the U.S.
Finance Minister: Indonesia's growth in 2025 will be around 5%, despite trade tensions
Indonesia's growth will probably remain around 5% this year despite the trade tensions. The finance minister stated that a government delegation was still negotiating with Washington in order to avoid high tariffs. Minister's forecast is about the same as last year's growth rate of 5.03%. The government has set a target of 5.2% growth for this year, and President Prabowo Sulbianto has promised to raise the rate to 8% in 2029. The IMF's latest World Economic Outlook has downgraded Indonesian economic growth estimates for 2025 from 5.1% to 4.7%.
Saipem announces 31% increase in core profit for the first quarter, and confirms its guidance
Saipem, an Italian energy contractor, said that its core earnings for the first quarter of 2013 increased 31% compared to last year due to the group's offshore engineering & construction activities. The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), came in at $398.00 million, beating the analyst consensus of 339 millions euros compiled by LSEG. The Milan-based company, which announced in February plans to merge its Norwegian competitor Subsea 7 with its own group, confirmed its core profit forecast of 1.6 billion euro for this year.
Treasury: US sanctions target Iranian LPG magnate, Treasury.
Treasury Department: The United States announced new sanctions against Iranian liquefied gas magnate Seyed Asadoollah Emamjomeh, and his corporate networks, on Tuesday, amid ongoing discussions with Tehran about its nuclear program. Treasury released a statement saying that Emamjomeh’s network was responsible for shipping crude oil and LPG worth hundreds of millions to foreign markets. It said that both products were a major revenue source for Iran and helped to fund its nuclear weapons program and advanced conventional weaponry. They also funded regional proxy groups such as Hezbollah and Yemen's Houthis, and the Palestinian Hamas.
Palm oil falls on firmer Ringgit, weaker soyoil and crude oil
Malaysian palm futures continued to fall on Monday, for the sixth consecutive session. The market was weighed down by a weaker ringgit, a decline in crude oil, and the weakness of soyoil. Concerns about U.S. trade tariffs also contributed to the drop. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for July delivery fell 64 ringgit or 1.61% to $3,911 ringgit (US$895.58) per metric ton. The price of crude palm oil futures fell on the back of lower soybean oil and crude oils, reflecting the global negative sentiment resulting from U.S. tariff policies.
Palm oil falls due to weaker soyoil and a firmer Ringgit
Malaysian palm futures declined on Monday for a sixth consecutive session as a result of a weaker ringgit, a decline in crude oil, and the weakness of soyoil. Concerns about U.S. trade tariffs also contributed to the drop. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for July delivery fell 46 ringgit or 1.16% to 3,929 Ringgit ($895.80), a metric tonne. The price of crude palm oil futures fell on the back of lower soybean oil and crude oils, reflecting the global negative sentiment resulting from U.S. tariff policies. David Ng is a proprietary trader with Kuala Lumpur based trading firm Iceberg X Sdn.
Palm records its lowest weekly loss in 28 weeks, a third-weekly loss.
Malaysian palm oils futures reversed gains earlier, following rival oils in Dalian, and recorded a third consecutive weekly loss on Saturday, their lowest drop in 28 weeks. The benchmark contract for palm oil delivery in July on the Bursa Derivatives exchange lost 36 ringgit (0.9%), to $3,975 ringgit (US$901.36) per metric ton, at the close. Futures fell 5.63% in value this week. Dalian's palm oil contract fell 0.12%, while the most active soyoil contract dropped 0.05%. Chicago Board of Trade Soyoil Prices rose by 0.67%.
Palm trades higher but still on course for a third weekly loss
Malaysian palm oils futures continued to rise on Friday. They ended a losing streak of four sessions, thanks to the strength of rival vegetable oil, but they remain on track for a third consecutive weekly decline. By midday, the benchmark contract for palm oil delivery in July on the Bursa Derivatives exchange gained 4 ringgit or 0.1% to 4,015 Ringgit ($911.46) per metric ton. Futures prices have fallen by 4.68% this week. Dalian's palm oil contract, which is the most active contract in Dalian, gained 0.05%. Chicago Board of Trade Soyoil Prices rose by 0.67%.
Palm production increases, causing a fourth consecutive session of declines
Malaysian palm futures dropped for the fourth session in a row on Thursday, closing at their lowest level since October 1. This was due to expectations that production would increase. However, strong competition oils prevented further losses. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was down 3 ringgit or 0.07% to 4,012 Ringgit ($910.78) per metric ton. The contract climbed as high as 1.57 percent in the first session, following rivals vegetable oils and crude petroleum before falling. Dalian's palm oil contract, which is the most active contract in Dalian, gained 1.21%.
Palm oil prices close at their lowest level since October, as weak competitors weigh
Malaysian palm oils futures continued to lose money on Wednesday due to the lacklustre performance of Dalian vegetable oil and expectations for improved production. The benchmark July palm oil contract on Bursa Derivatives Exchange fell 36 ringgit or 0.89% to 4,007 Ringgit ($912.98) per metric ton, its lowest price since October 1. A Kuala Lumpur trader stated that palm futures are tracking the spillover weakness of the external markets. He added that the expectation of seasonal output growth was also a pressure on the price. The trader also said that the strong export data from April 1-15 lent support to this contract.
Thailand will import more US LNG in the next five years.
Thailand will import more LNG from the United States in the next five-year period, said Finance Minister Pichai Chunhavajira on Wednesday. This was ahead of next week's meeting with U.S. officials to discuss tariffs. He said that there is an agreement for the import of 1 million metric tonnes of LNG valued at $500 million in 2020 as part of a plan to total 15 million tons over 15 years starting in 2026. Pichai stated that Thailand plans to sign an additional contract worth $600 million for the purchase of more than 1,000,000 tons of U.S. LNG over the next five-year period.
Sources say that US fuel exports by land to Mexico have been halted due to increased scrutiny.
Three sources with knowledge of the matter confirmed on Tuesday that the Mexican government had halted the importation of U.S. gasoline into Mexico by road as part its crackdown on illegal deals. One source involved in the delivery of such trucks said that Mexican authorities are investigating import permits and increasing cargo inspections. The sources stated that there was no timetable for the return of the trucking business, and that fuel deliveries by rail or water to Mexico via the U.S. were not affected. Sources requested anonymity because the matter was not public.
