Mercuria profits fall as the company expands into metals and LNG
Mercuria's?chief finance officer? told a reporter on Friday that the trading house had posted a 6% drop in profit for 2025, despite expanding its metals and physical LNG businesses, as well as its shipping business, from Latin America into Central Asia. Trading?houses' profits fell from the record highs in 2022-2023 when energy prices rose due to Russia’s invasion of Ukraine. Merchants reinvested profits in business expansion, equity and dividends while paying record amounts. Guillaume Vermersch, the CFO of Mercuria, said that Mercuria's Net Income fell from $1.52 Billion in 2024 to $1.43 Billion in 2025. This is a drop from $1.52 Billion in 2024.
Baker Hughes reports that US oil and gas drillers have cut back on rigs in the US for the first time in six-weeks.
Baker Hughes, an energy services company, said that the U.S. cut back on the number of natural gas and oil rigs for the first time since six weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending February 27. This is the lowest level since late January. Baker Hughes reported that the total number of rigs is down 43 or 7% from this time last week. Baker Hughes reported that?oil?rigs dropped by two this week to 407, their lowest level since December. Gas?rigs increased by one, to 134, the highest level since July 2023.
Sources: EDF continues to sell Edison shares despite Italian energy decree
Three sources familiar with the matter said that France's EDF was moving forward with a possible listing or a sale of a?stake?in Italian company Edison despite the regulatory uncertainty brought on by Italy's new?energy sector decree. Sources, who asked not to be identified because the discussions are private, said that the French nuclear group had dispelled any doubts about the Italian decree intended to reduce energy bills forcing EDF's plans. Edison CEO Nicola Monti had said that the?decree might jeopardize EDF's plans to build the unit. Monti said, "Unfortunately... A few hours later, the government announced details of its so-called "decreto Bollette".
CEO YPF says that YPF expects EBITDA to range between $5.8 and $6.2 billion by 2026.
Chief executive Horacio Marina said that the Argentinean state-run 'oil company YPF YPFDm.BA is expecting an 'EBITDA between $5.8 bn and $6 bn in 2026. This compares to $5 bn reported in 2025. Marin stated that his company, which is the leader in Vaca Muerta (one of the largest shale formations in the world), will invest between $5.5 and $5.8 Billion in 2026. Of this, 70% of it will go to unconventional production. Marin told investors in a conference call about the company's results for the fourth quarter that his personal goal was to not produce any conventional oil by the end of the year.
Russia exports 238 million tonnes of oil by 2025, says Deputy Prime Minister
Alexander Novak, Deputy Prime Minister of Russia, said that the country's oil exports will reach 238 million tons by 2025. Around 80% of these volumes are sent to China and India. The Russian exports of 480 million barrels a day or 240?million tonnes are roughly comparable. After the beginning of the war in Ukraine, Russia was forced to divert its oil exports away from Europe. This used to be their main?market of commodity supplies. Novak stated that Russian oil exports into Europe in 2013 were only 25 million tonnes, down from the 175 million tonnes Russia exported before the Western sanctions against Ukraine.
Panoro Energy looks for new assets in Equatorial after purchasing Kosmos stake
Panoro Energy, a company based in Africa, will participate in Equatorial Guinea’s oil and gas auction in April to search for new assets. It has increased its stake in Block G offshore in the country. Panoro acquired this week an additional 40.3% of Block G from Kosmos Energy. This makes it the largest shareholder in Block G, which is operated and owned by Trident Energy. Block G includes?the Ceiba complex and the Okume field, both connected to a floating production storage unit?and offloading for export. In a phone interview, Julien Balkany said: "We'll definitely take a look at some of the blocks that are up for auction.
Wartsila CEO sees boost from Trump Datacenter Push
The CEO of the Finnish energy company said that a push to have U.S. datacentres use their own power would boost the demand for Wartsila’s environmentally friendly products and?help support a "double digit" increase in the hiring of service staff over the next 2 years. The White House announced on Wednesday that it will meet with technology companies such as Microsoft and Amazon on March 4, to discuss a plan for protecting consumers from rising energy costs linked to the surge in demand?for AI-focused, datacenters. This issue has become a hot topic in the United States ahead of mid-term elections this year.
Prices for gas in Europe are mixed as traders take into account geopolitical risks, weather and outages in Norway
The European benchmark wholesale gas price was mixed on Friday. Prices in Britain were higher due to outages in Norway, while Dutch prices were lower because of mild weather. This slightly offset concerns about a possible escalation? in the Middle East. LSEG data revealed that the Dutch March contract?at the TTF hub?was down 0.57 euros at 31,35 euros per Megawatt Hour (MWh), which is $10.85/mmBtu by 0904 GMT. The contract for April dropped by 0.62 euro to 31.35 Euro/MWh. Prices rose in the British market. Prices in the British market rose. Daniel Hynes is a senior commodity strategist with ANZ Research.
Malaysia's Petronas reports a decline in profit and revenue for the third consecutive year 2025
Petroliam Nasional Bhd (or?Petronas? ) is the state-owned energy company in Malaysia. After the oil price fell, BP reported a lower profit and revenue for 2025. This is the third consecutive year of decline. Petronas has reported a profit of $45.4 billion (US$11.7 billion) after taxes in 2025. This is down from $55.1 billion in 2024. * Revenues fell from 320 billion to 266.1 billion ringgit by 2024. * Chief Executive Officer Tengku Muhammad Taufik Tengku Aziz stated that the company's performance?was in line with peers of similar industry, and geopolitical headwinds are expected to continue moving forward.
Fugro reports year-loss due to challenges in renewables
Dutch geological data specialist Fugro reported on Friday a loss of 21 million euros ($25 million), reflecting the challenges faced by the offshore wind industry, and announced that its finance chief will step down in April. The Amsterdam-listed firm's revenue was 1.85 billion euro, which is 427 millions less than it was in 2024. Of this, 380 million euro were attributable the the slowdown on the renewables markets. Fugro, which provides geotechnical and survey services as well as subsea, geosciences, and geosciences, has been hit by a decline in offshore wind customers after President Donald Trump put the brakes on U.S. aid for renewable energy.
Sources claim that India wants to reduce coal imports for the power sector by 30% in this year.
India, which is the second largest thermal coal importer in the world, wants to reduce its imports by at least 30 percent. It has asked the industry to experiment with blending more domestic 'coal' with imported coal. India's power stations will import nearly 50 million tonnes of coal from countries such as Indonesia, South Africa and Russia by 2025. Two government officials and an industry source said that the government wants to reduce this number by at least 15 millions tons this year. Even though it is accelerating its transition to renewable energy at an unprecedented pace, the South Asian nation still relies on coal as a source of electricity for three-fourths.
Vallourec is expecting a lower core profit in Q1 as steel tube volume weighs on the company
French steel tubes manufacturer Vallourec announced on Friday that it expected to make a lower profit in the first three months of 2026 compared to the previous quarter, due in part to the drop in volumes. The group's?operating profits before interest, tax, depreciation, and amortisation? are expected to range between?165 and 195 million euros ($195 and $230 millions) in the first quarter of this year. It reported EBITDA at 214 million Euros?for the fourth quarter of 2025. This is in line with the company's guidance. In a statement, the company said that lower tube?volumes and a currency exchange loss of 10 million euros affected?the?quarterly results.
Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro, sources say
Four sources familiar with the matter said that Venezuela's oil ministry suspended 19 contracts signed with private companies under the?administration? of President Nicolas Maduro. Sources say that the suspension of the contracts has not affected the oil and gas production in the country. The sources added that the state oil giant PDVSA sells the crude produced by the contracts even though they are suspended. Sources said that Washington and Caracas would review contracts and could recommend "revocating" some of them. Sources say that the Venezuelan and U.S. governments are reviewing credentials of companies who signed the contracts.
Steve Cohen's Point72 has hired a Castleton veteran trader to help with commodities, according to sources
Three sources told us that Steve Cohen's hedge fund Point72 Asset Management hired Ryan Sheffler to be its natural gas portfolio manager in order to expand the commodities trading desk. Point72 is one of the few large hedge funds that has not yet built a commodities business. It has been pushing into this space in recent weeks. Citadel, Millennium and other investment firms have made huge profits due to the extreme volatility of commodity prices. This has been caused by geopolitical turmoil since Russia invaded Ukraine in 2022. Three industry…
Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro government, sources say
Four sources with knowledge of the?move? said that Venezuela's Oil Ministry has suspended a total of?19 oil-production-sharing contracts signed by?private companies under President Nicolas Maduro. Sources say that the suspension of the contracts has not affected the oil and gas production in the country. The sources added that the state oil giant PDVSA continues to sell crude oil produced under these contracts even though they are suspended. Sources said that Caracas and Washington would review contracts and could recommend revoking certain of them. Sources say that the Venezuelan and U.S. government are reviewing the credentials for the companies who signed the contracts.
Coterra misses its quarterly profit forecasts, pointing to winter storm as a factor in Q1 output
Coterra Energy missed Wall Street's expectations for the fourth quarter profit on lower crude prices and warned that its first-quarter production would be affected by the U.S. winter storm. Venezuela is expected to increase its barrel production, putting pressure on global crude prices. The average oil price was $58.16 a barrel, down from $68.57 per barrel a quarter earlier. It produced 813.100 barrels of equivalent oil per day, up from the 681.500 boepd it produced a year ago. The company forecasts that the total production in 2026 will be between 750,000 and 810,00 boepd. This includes the impact of winter storms during the first quarter.
Eni CEO: Eni can receive Venezuelan oil as payment for gas
Eni CEO, Eni, said that Venezuela is now able to pay for the gas it receives from Eni with oil, thanks to recent U.S. sanctions being eased. This has 'unlocked' a situation where the Latin American nation had a large debt towards the Italian company. "That is a huge upside. We were stuck in a rut for nearly a year. This led to a significant increase in our outstanding," said Chief Executive?Claudio Descalzi during a call following the results. Descalzi confirmed that Venezuela owes?around $3 billion to the Italian group. He was referring natural gas from Perla offshore, the only offshore?gas field in Venezuela which is operated jointly by Eni and Spain’s Repsol.
Eni CEO: Eni can receive Venezuelan oil as payment for gas
Eni CEO, Eni, said that Venezuela is now able to pay for the gas it receives from the Italian company with oil, thanks to recent easing of U.S. sanctions. This has helped to resolve a situation where the Latin American nation was left with a huge debt to Eni. "That was a huge upside. Before, we were stuck for nearly a year. This led to a 'build-up in our outstanding', Claudio Descalzi said during a call following the results. Descalzi confirmed that Venezuela owes a debt of around $3 billion to the Italian group. He was referring primarily to the natural gas produced by the Perla offshore field, the sole active offshore gas project operating in Venezuela.
Shell inspects subsea gear at the curtailed Ormen Lange Gas Field
Shell has been troubleshooting a subsea system at its Ormen Lange offshore gas field in the Norwegian Sea, where output has been reduced since February 16. Shell Norway mobilised a ship with a remotely controlled vehicle (ROV) which arrived at the site to inspect underwater parts, according to a spokesperson of the field operator. Ormen Lange is located 120 km (75 miles), off the Norwegian coast. Its subsea installations are at a depth of 800-1,100 meters (0.5-0.7miles). Since February 16, output?has been reduced by approximately 11.9 million cubic meters (mcms) of gas each day, from a maximum capacity of 26 mcms per day. This was initially due to a compressor failure.
Sempra lifts capital spending plan, beats quarterly profit estimates
Sempra, a company that provides energy infrastructure, raised its capital plan for the next five years by 16%. It also beat Wall Street's estimates of?fourth quarter adjusted profit. This was due to higher demand for power and investments made in grid modernization. In premarket trading, shares of a?company increased by?1.8%. U.S. utilities have increased their capital expenditure budgets in order to keep up with the increase in demand for power. The company's?projected?capital expenditure from 2026- 2030 will be $65 billion. This is compared to the previous?plan?of $56 billion for 2025-2029. Its focus was on regulated utility investment in Texas and California.