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BP suspends share buybacks to reduce debt, sending shares down 7%
On Tuesday, BP suspended its share buybacks. It also took charges of about $4 billion on its renewables assets and biogas assets. This sent its shares down by 7% during afternoon trading. The oil major said that it will shift money from its buybacks into shrinking debt and refocusing investment in oil and natural gas projects…
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Gas prices in Europe are expected to fall due to mild weather.
The Dutch and British wholesale gas prices fell on Wednesday morning as the milder weather and forecasts of windy conditions reduced demand and eased fears over storage depletion. The benchmark Dutch 'front-month contract' at the TTF hub fell?0.74 euro?to 29.70 euros per Megawatt Hour (MWh), which is $10.30/mmBtu by 0901 GMT.
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Glencore returns $2 billion to its shareholders despite earnings decline
Glencore, the commodity trader and miner, announced its results for '2025 on Wednesday. This was just weeks after Rio Tinto, a larger rival, failed to make a takeover offer. The talks to create a global mining giant worth $240 billion were halted earlier this month due to valuation and ownership disagreements.
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Caturus to purchase some South Texas assets from SM Energy for $950 Million
SM Energy, a U.S. oil and gas company, announced?on Wednesday that it would sell selected assets in South Texas for $950 millions?in order to reduce its debt and bolster its capital structure. SM Energy shares increased 4.8% during afternoon trading on the back of a rise in crude oil prices.
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Indonesia and US firms sign trade, investment agreements worth $7 billion
The U.S. ASEAN Business Council reported that Indonesian & U.S. firms signed 'trade and investment agreements worth more than $7 bn? on Wednesday, a day before Indonesian President Prabowo?Subianto meets with U.S. president Donald Trump for a meeting to sign a final deal. According to a U.S.
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Rio Tinto misses its annual profit forecast on iron ore challenges
Rio Tinto missed its expectations for the annual underlying profit on Thursday as lower iron ore prices, amidst rising global supply…
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Indonesia and US firms sign trade, investment agreements worth $7 billion
The U.S. ASEAN Business Council reported that Indonesian & U.S. firms signed 'trade and investment agreements worth more than $7 bn?
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Italy's Tenaris beats estimates for fourth-quarter sales on North America demand
Tenaris, an Italian steel pipe manufacturer, reported a 5% increase in net sales for the fourth quarter late on Wednesday…
Latest news
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Occidental Petroleum tops quarterly profit estimates on midstream support
Occidental Petroleum surpassed Wall Street's expectations for the fourth-quarter profit on Wednesday as its?midstream?unit…
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Occidental Petroleum tops quarterly profit estimates on midstream support
Occidental Petroleum surpassed Wall Street's expectations for the fourth-quarter profit on Wednesday as its?midstream?unit…
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Occidental Petroleum tops quarterly profit estimates on midstream support
Occidental Petroleum surpassed Wall Street's expectations for the fourth-quarter profit on Wednesday as its?midstream?unit…
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Occidental Petroleum tops quarterly profit estimates on midstream support
Occidental Petroleum surpassed Wall Street's expectations for the fourth-quarter profit on Wednesday as its?midstream?unit…
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Texas Pacific Land's core quarterly profit exceeds estimates due to stronger water sales
Texas Pacific Land exceeded Wall Street expectations for the fourth-quarter core profits on Wednesday as higher water sales…
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Junior minister: Austria looks to renewables and African gas to reduce US LNG dependency
PARIS, February 18 - Austria wants to increase renewable energy and import more?gas from Africa in order to avoid becoming too dependent on U.S.
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Nigeria redirects all oil and gas revenues to the Federation account as part of sweeping reform
The presidency announced on Wednesday that President Bola Tinubu signed an order directing all oil and gas revenues due to…
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Nigeria redirects all oil and gas revenues to the Federation account as part of sweeping reform
The presidency announced on Wednesday that President Bola Tinubu signed an order directing all oil and gas revenues due to…
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Europe's STOXX 600 closes on record high due to earnings boost. ECB shifts focus
Investors assessed corporate earnings and reports about a possible leadership change at the European Central Bank. All major…
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Spain's Naturgy wants to talk with Yamal about the impact of EU's Russian Gas Ban
A senior official at Naturgy said that the company will be holding talks with Russia's Yamal Gas in order to declare force…
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Spain's Naturgy wants to talk with Yamal about the impact of EU's Russian Gas Ban
A senior official at Naturgy said that the company will be holding talks with Russia's Yamal Gas in order to declare force…
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Exxon’s Uaru project and Whiptail project in Guyana is moving ahead of schedule according to an executive.
Exxon Mobil’s President of Guyana Operations said that the company's fifth- and sixth-projects in Guyana, Uaru and Whiptail…
Exploration
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Minister Trinidad is confident that gas projects with Venezuela can proceed.
The energy minister for the twin island nation, Trinidad and Tobago, said that the government was confident two major 'offshore…
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Oil minister: Suriname and Guyana will form team to explore joint projects for gas exploration
Suriname’s oil minister said that Suriname and Guyana will 'create' a technical team to investigate the development of natural…
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Ovintiv sells Anadarko assets to Ovintiv for $3 billion
Ovintiv announced?on Tuesday that it had agreed to sell Anadarko?assets?in Oklahoma to an unnamed buyer for $3 Billion, as?the?company…
Drilling
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Reports from FT say that Eni, the Italian oil and gas company, is considering a return to trading.
Italian energy major Eni ?is weighing re-entering oil ?and ?gas trading ?as it seeks the outsized returns enjoyed by BP, Shell and TotalEnergies…
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US permits oil majors to resume Venezuelan operations and broadly approves new energy investment
The U.S. eased its sanctions against Venezuela's energy industry on?Friday. It issued two general licenses allowing global energy companies?
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Sources say that Venezuela's Orinoco Belt is loosening, which helps to boost oil production to 1 million barrels per day.
Sources close to the operations reported that Venezuela's state-owned?oil firm PDVSA reversed the majority of output cuts…
Production
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Aker BP raises dividend despite 2026 output dip
Aker BP, a Norwegian oil firm, announced on Wednesday that it will increase its quarterly dividend by 5% in '2026 despite…
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Energean International CEO: Egypt has told international oil companies to double their output by 2030
Energean International CEO, Nikolas Katcharov, said on Tuesday that Egypt had directed international oil firms to 'double production by 2030.
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Norway's Vaar Energi raises production goal, beats profit expectations
Vaar Energi is majority owned by Italy's Eni. On?Tuesday, it raised its production target and reported a higher than expected…