FT reports that Shell CEO prefers to buy back shares over a bid for BP
The Financial Times reported that Shell's CEO, John Watson, said on Friday he preferred to buy back shares of his own company than make a bid for rival oil giant BP. "We'll always be looking at these things but you also look to see what the alternatives are." Wael Sawan, a Financial Times reporter, said that buying Shell back for us is the best alternative at the moment. The report stated that Shell was persistently linked with a bid to acquire its smaller rival BP, as this company lost over 30% of its value during the last 12 months. Shell announced strong results for the first quarter, surpassing expectations. They also launched a $3.5 Billion share buyback.
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.
Greece approves the tender for hydrocarbons in four offshore blocks
The energy ministry announced on Thursday that Greece had approved an international bid for hydrocarbon exploration of four blocks in Mediterranean Sea following expressions of interest from Chevron Energy and Helleniq Energy. The energy ministry announced that Greece issued a ministerial order this week to launch a tender international after accepting Chevron’s interest in two blocks south-west of Crete, and one block near the Peloponnese Peninsula. After winning the licence to search for gas in two more blocks of Crete, an ExxonMobil consortium is evaluating seismic data.
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.
The price of gas in Europe is rising due to cooler weather and competition from Asia
Dutch and British wholesale prices for gas rose early on Friday, amid forecasts that demand would increase as temperatures cool and to stay competitive with Asian buyers of LNG. According to LSEG, the benchmark Dutch front-month contracts was up 0.70 euros at 32.80 Euro per Megawatt Hour (MWh), which is $10.88/mmBtu by 0811 GMT. The British day-ahead contract increased by 3.85 pence, to 79.50 cents per therm. Analysts at Engie EnergyScan reported that the Dutch prices posted small gains Friday morning. They likely saw some support from Asian LNG prices. The recent fall in European LNG prices has already seen LNG cargoes diverted to Asia.
Shell Q1 profit drops 28%, but beats expectations
Shell reported Friday a 28% decline in its first-quarter profit, to $5.58billion, exceeding analyst expectations. It also kept pace with its share buyback program despite falling oil prices and lower refinery margins than the previous year. It announced that it would purchase $3.5 billion in shares over the next three-month period, marking the 14th consecutive quarter with a minimum $3 billion buyback program. This is in contrast to rival BP which, this year, has drastically reduced its buybacks to strengthen its balance sheet. Shell's gearing (debt-to-equity) ratio of 18.7% is lower than BP's 25,7%.
Venture Global raises $3 Billion for CP2 Louisiana LNG Plant
Venture Global announced on Thursday that it had raised $3 billion to finance the construction of the CP2 LNG Plant in Louisiana. This would be the biggest liquefied gas plant in America. Venture Global, the U.S. second largest LNG exporter, has played an important role in making this country the largest exporter worldwide of super-cooled gas. Venture Global stated that the money raised would be used to pay for construction of the CP2 LNG facility. This facility will have a capacity of 28 million tonnes per year. Venture Global CEO Mike Sabel said that the new capital will allow the company to continue fabrication, manufacturing, and procurement in a faster pace.
EOG Resources exceeds profit expectations, reduces capital expenditure plan due to tariff uncertainty
EOG Resources posted a first-quarter profit that was higher than expected on Thursday. The company enjoyed higher natural gas production and prices, but cut its capital spending plan due to tariff uncertainty. The company reported that the benchmark price of natural gas for the third quarter increased by 63.4% over the previous year to $3.66/Mcf, while the total quarterly production increased 4.8% to reach 98.1 million barrels equivalent oil (MMBoe). The average natural gas price has been rising over the last few quarters. On March 10, it reached a record high, supported by record flows of LNG export facilities.
Trump administration sues Hawaii and Michigan to block planned lawsuits on climate change
The Trump administration sued Hawaii and Michigan in an attempt to prevent them from suing major oil companies for their role in climate changes. They accused the Democratic-led state of overreach, and threatening domestic energy production. A lawsuit has not been filed by either state. Hawaii Governor Josh Green said to a local television station that Hawaii plans to sue fossil-fuel companies by Thursday. Last year, Michigan Attorney General Dana Nessel retained law firms in order to represent the state in climate-change litigation. In a lawsuit filed late Wednesday night in Hawaii and Michigan, the U.S.
The Trump administration sueded Michigan to stop a planned climate change lawsuit
The Trump administration sued Michigan to stop it from suing oil companies for their role in climate change. They claimed that the Democratic-led Michigan was blocking domestic energy production. In a late-night lawsuit filed in Michigan, the U.S. Department of Justice said that the state's intention to sue would have an "extraordinary extraterritorial scope" and undermine federal regulations on greenhouse gas emissions as well as the administration's goals for foreign policy. The state hasn't filed the lawsuit yet. Michigan Attorney General Dana Nessel is a Democrat.
DTE Energy's quarterly profit increases on the strength of its gas and energy trading
DTE Energy, a U.S. utility company, reported an increase in profit for the first quarter on Thursday. This was largely due to its strength in gas and energy trading. The cold weather in the first quarter of the year boosted demand for gas to fuel heating appliances. DTE, based in Detroit, Michigan provides natural gas to more than 1.3 million Michigan customers. Gas segment posted a profit in the first quarter of $206 millions, up from $160 millions during the same period last year. Energy trading, which includes energy marketing and trading, saw a profit jump of $67 million from $1 million in the previous year during the quarter ended March 31.
Targa Resources announces higher Q1 core profits on strength of North Dakota assets
Targa Resources, a pipeline operator, reported on Thursday a higher adjusted core profit for the first quarter. This was due to its Badlands operations located in North Dakota as well as the fact that higher NGL prices were offset by service fees and higher NGL volumes. Targa distributes natural gas and NGLs to key markets via its network of gathering assets and processing assets located across the U.S. These assets can be found in the Permian basin, Bakken Shale and Barnett Shale as well as Eagle Ford Shale. Badlands operations consist of approximately 500 miles crude oil gathering pipelines and 300 miles natural gas gathering pipes.
Maguire: US LNG exports reach new heights due to strong European demand
The U.S. has exported more than 20% of its LNG this year compared to the same period last year, mainly due to purchases from European nations. These countries accounted for three-quarters of all U.S. orders. According to Kpler (a trade intelligence firm), the total U.S. LNG shipments from January to April reached 34.6 million tons. This was by far, the highest volume ever recorded for this period. The United States exported 26.5 million tonnes or 77% of its total volume to European countries. The European purchases were up by 49% compared to the first four months in 2024. This suggests that European gas traders and users were trying at least partially to appease U.S.
Japanese trading houses cautious on profit forecasts despite US tariffs
Japanese trading houses Mitsui & Co., Sumitomo Corp. and Sojitz issued cautious profit predictions for the current fiscal period as U.S. Tariffs threaten global supply chain and increase economic insecurity. Ryosei Acazawa, Japan's chief trade negotiator, is currently in the United States to try and negotiate a tariff agreement with President Donald Trump. The Bank of Japan cut its forecast of economic growth for the year that ends March 2026 from 1.1% to just 0.5% and maintained interest rates at their current levels. This was due to tariffs weighing on exports.
Operator data shows that Ukraine increased its gas imports on Thursday by 40%.
The operator of the national gas transmission system announced that Ukraine would increase its gas imports on Thursday by almost 40%, to 13,3 million cubic meters. This is due to an increased import from Hungary. After Russian missiles damaged the production facilities to the east of Ukraine, Ukraine was forced to increase gas imports and withdraw more gas from storage this winter and in the spring. According to data from the operator, Ukraine will import 9,8 mcm (million cubic meters) of gas from Hungary on Thursday and 3.5 million cubic metres from Poland. Kyiv imported gas from Hungary on Wednesday and Poland on Thursday.
Maguire: US LNG exports reach new heights due to strong European demand
The U.S. has exported more than 20% of its LNG this year compared to the same period last year, primarily due to purchases from European nations. These countries accounted for three-quarters of all U.S. orders. According to Kpler (a trade intelligence firm), the total U.S. LNG shipments from January through April was 34.6 million tons. This is by far, the highest volume ever recorded for this period. The United States exported 26.5 million tonnes or 77% of its total volume to European countries. The European purchases were up by 49% compared to the first four months in 2024. This suggests that European gas traders and users were trying at least partially to appease U.S.
As the election approaches, Australia's richest woman says she wants Trump like reforms
Gina Rinehart, a mining magnate in Australia, is calling on the country to adopt a Donald Trump-style of leadership and cut government spending while increasing defence expenditures and energy security. The country will be voting this weekend. Rinehart, a vocal Trump supporter, attended the inauguration party of President Trump in Mar-a-Lago, Florida, in January. She said that Australia would benefit more from adopting a similar strategy to "whine and complain" about Trump's policies. Rinehart, in an exclusive statement sent to, said that Australia must cut its costs and reduce government waste…
Indonesia is planning to build 10 GW of nuclear power as part of a major push for renewable energy, a presidential adviser says
In an interview, a senior adviser to President Prabowo said that Indonesia is planning a major expansion of renewable energy in Indonesia by 2040. This will include the introduction of nuclear power of 10 GW. Contracts are expected in the next five year, the aide added. Hashim Djojohadikusumo is Prabowo’s brother, and the President’s Special Envoy for Energy and Climate. He said that this would double the current capacity, as Indonesia, the largest emitter of greenhouse gases in the world, aims to achieve carbon neutrality by 2050. Hashim, a New Yorker, said that "many contracts will be... in the next five year... He said that Indonesia wants to add 103 GW of power by 2040.
EIA reports that US oil production rose in February, as New Mexico set a record.
The U.S. Energy Information Administration reported on Wednesday that the total crude oil production in the United States increased slightly in February, as Texas and New Mexico, two of its top producers reversed recent declines by pumping more barrels. The data revealed that the oil output of the world's largest producer, Saudi Arabia, rose by about 29,000 barrels a day in February. The data revealed that Texas, the top oil producing state, increased its output by 41,000 barrels per day (bpd) in February, bringing it to 5.62 millions bpd. This was the first increase since October.
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. Oil Country Tubular Goods have increased since tariffs by Trump's administration were extended to steel products imported…
