Activist Elliott Poised to Win Two Board Seats at Phillips 66, Sources Say
Elliott is pressing Phillips 66 to sell some assets to become a pure-play refiner, improve performance at its refining business and improve corporate governance.
Saudi Arabia Crude Exports Fall to 5.754 Million Barrels Per Day in March
Saudi Arabia’s crude exports in March fell to 5.754 million barrels per day (bpd) from 6.547 million bpd in February, official data showed on Wednesday. The world’s largest oil exporter’s crude output for March was at 8.957 million bpd, up from 8.947 million bpd in February. Saudi refineries’ crude throughput was at 2.944 million bpd …
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Energy Storage Boom Drives Battery Shift, Leaving Nickel, Cobalt Behind
Summary Cheap LFP batteries drive rapid energy storage growth Storage demand for grid transitions expanding exponentially Trend likely to accelerate pivot away from nickel and cobalt (Reuters) – When Fidra Energy acquired a 55-acre (22-hectare) patch of northern England countryside in 2023, its plan to transform it into a 1.45 gigawatt energy storage facility – …
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With Output Hikes, OPEC+ Again Targets US Shale Oil
Summary Previous OPEC+ attempts to slow shale oil failed US firms run out of easy fields, costs rise (Reuters) – Behind OPEC+’s plan to ramp up oil output and punish over-producing allies, group leaders Saudi Arabia and Russia are pushing a second objective: taking on U.S. shale production to win back market share from the United States. …
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US Utilities on Dealmaking Spree to Blockbuster 2025
(Reuters) – With electricity demand in the United States set to hit record highs over the next two years, utilities are doubling down on assets that can boost their power generation capacity while shedding others to fund their massive spending plans. The U.S. utilities sector – which includes electric, gas and water utilities – has …
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US Energy Firms’ Deals With Iraqi Kurdistan ‘Null and Void’, Baghdad Says
(Reuters) – Iraqi Kurdistan announced deals worth $110 billion over their lifetime with U.S. firms HKN Energy and WesternZagros on Tuesday, drawing swift opposition from Baghdad’s oil ministry which deemed them “null and void”. Prime Minister Masrour Barzani announced the deals in a speech in Washington, a day after they were flagged by an adviser …
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US Natgas Prices Jump 10% On Lower Output, Higher Demand and Technical Buying
(Reuters) – U.S. natural gas futures soared about 10% on Tuesday on a decline in daily output, forecasts for more demand next week, long-term forecasts for a hotter-than-normal summer and what some analysts called a technical bounce. Gas prices fell about 7% and closed below the 200-day moving average on Monday, which some analysts said …
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Stronger US Hurricane Season Could Mean More Oil Supply Outages
(Reuters) – An expected stronger hurricane season than average raises the risk of weather-related production outages in the U.S. oil industry, the U.S. Energy Information Administration said on Tuesday. WHY IT MATTERS A large portion of U.S. oil production and the bulk of the country’s refineries are in areas prone to hurricanes along the U.S. …
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Liberty Chief: Pullback in Rigs, Frac Crews Not ‘Catastrophic’
Liberty Energy CEO Ron Gusek said that volatility will lead to some reductions in activity and companies can prepare now, but 2026 is murkier: “We’ll have to be ready.”
Monumental Begins Workover Operations at Copper Moki 1 and 2
Monumental Energy Corp. has started workover operations at the Copper Moki-1 and Copper Moki-2 wells in New Zealand’s Taranaki Basin.