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Marathon Petroleum’s Second-Quarter Profit Hit by Lower Refining Margins

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries, US News / By

Marathon Petroleum’s second-quarter profit hit by lower refining margins (Reuters) – Top U.S. refiner Marathon Petroleum   posted lower second-quarter profit on Tuesday, hurt by lower refining margins. The company posted net income of $1.5 billion, or $4.33 per share, for the three months ended June 30, compared to the $2.23 billion, or $5.32 per share, …

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Brent likely to Hold $75/Bbl Floor Despite Macro Fears, Goldman Says

CDN and International News, Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil / By

Brent crude prices are likely to stay above $75 per barrel as the oil market will withstand macro recessionary fears and find support in the coming weeks, Goldman Sachs said on Monday. Limited recession risk, strong demand in the West and from India, and very low speculative positioning having room to recover will support oil …

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Trump Says Venezuela is Being Run by a Dictator

Energy Commentary, Energy Topics & Technology, EnergyNow News and Press Releases, Latest, US News / By

Venezuela is being run by a dictator, U.S. Republican presidential candidate Donald Trump said on Monday, without mentioning Venezuelan leader Nicolas Maduro by name. “I know it very well, and Venezuela is right now being run by a dictator,” Trump said in an interview on the Kick livestreaming platform. Following a July 28 election, Venezuela’s …

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Chevron Removes Non-Essential Personnel from Gulf of Mexico Sites as Debby Approaches

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, US News / By

 Chevron Corp said on Sunday that non-essential personnel from its Blind Faith and Petronius facilities in Gulf of Mexico have been removed as Tropical Storm Debby approaches.“There has been no effect to production at our Chevron-operated assets due to the tropical weather,” the company added. Tropical Storm Debby is expected to strengthen rapidly into a …

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Quantum Capital to Buy Cogentrix for $3 Bln in Bets on Rising U.S. Power Demand

Electricity Grid, Energy Topics & Technology, Latest, Tri-Pinned, US News / By

By Reuters   Private equity firm Quantum Capital Group will buy U.S. independent power producer Cogentrix Energy for about $3 billion from funds managed by the Carlyle Group, the companies said on Monday. Utilities are attracting increased investor interest as technological innovations, including artificial intelligence and data centers, bolster power demand. In May, investment firms …

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Hawaiian Electric Agrees to Pay About Half of $4 Billion Maui Wildfire Settlement

Electricity Grid, Energy Topics & Technology, Latest, Tri-Pinned, US News / By

(Reuters) – Hawaiian’s largest utility said on Friday it had agreed to pay roughly half of a more than $4 billion legal settlement that will compensate victims of last year’s deadly Maui wildfires. Blazes tore through Maui on Aug. 8 2023, killing over 100 people, destroying the historic coastal town of Lahaina and causing damage …

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Chevron Earnings Slide, Hess Merger Arbitration Drags On

Energy Topics & Technology, Latest, Mergers and Acquisitions, US News / By

By Sabrina Valle and Mrinalika Roy Aug 2 (Reuters) – Chevron Corp (CVX.N) on Friday posted sharply weaker second-quarter earnings and the oil major’s CEO discounted the chance to close a $53 billion acquisition of Hess Corp (HES.N) before mid-2025, sending shares down 3%. Shares were off 9% since Wednesday following company statements saying a …

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COMMENTARY: Energy Sound Bites on Fossil Fuels – Alex Epstein

Energy Commentary, Energy Topics & Technology, Latest, US News / By

Easy-to-remember points on the benefits of fossil fuels Today, I’ll share Energy Sound Bites to support the second core truth: Only by using fossil fuels can 8 billion people have the energy they need to survive and flourish. As a reminder, the goal of Energy Sound Bites is to distill key facts and insights about energy, …

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Williams to Resume Louisiana Natgas Pipeline Project, Ending Feud with Energy Transfer

Conventional Energy, Energy Topics & Technology, Latest, Natural Gas, Pipelines, US News / By

Williams Cos got the green light to continue building its Louisiana Energy Gateway project (LEG) on Wednesday, a natural gas pipeline, after a court threw out rival company, Energy Transfer’s last bid to halt its construction. The two companies have been in dispute over Williams’ LEG project, under construction in Texas and Louisiana, after Energy …

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Exxon Delivers $9.2 Billion Second-Quarter Profit, Raises Output Target

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, US News / By

Summary Exxon raises 2024 oil and gas output goal to 4.3 million bpd Raises capital spending guidance to $28 billion for 2024 Aims to cut cumulative $5 billion in costs through 2027 Aug 2 (Reuters) – Exxon Mobil (XOM.N) on Friday posted a better-than-expected $9.2 billion second-quarter profit based on rising output from its purchase this year …

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