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(Reuters Breakingviews) – Patrick Pouyanné is seriously considering a U.S. primary listing for his $170 billion oil major TotalEnergies. The French company’s chairman and CEO will report back to his board by September. It shouldn’t take that long to decide that the move is a bad idea. Pouyanné’s main reason for considering the move is that U.S.-based …
(Reuters) – TC Energy’s planned oil pipeline spin-off is a bet that it can supply more Canadian crude to U.S. Gulf of Mexico refiners, but the venture faces stiff competition and will carry high debt when it starts up. The South Bow spin-off, which TC investors will vote on June 4, will help Calgary, Alberta-based TC …
TC Energy’s Oil Pipeline Spin-Off Faces Obstacles in Bet on U.S. Gulf Read More »
A drop in crude oil prices has put the U.S. back in the market for replenishing the Strategic Petroleum Reserve after selling off a record amount of crude from the stockpile in 2022. A little more than a month ago the Department of Energy canceled the purchase of about 3 million barrels of oil for …
Lower Oil Puts U.S. in Market to Buy for Strategic Petroleum Reserve, For Now Read More »
World oil demand is expected to grow lesser this year than earlier estimates and output should grow faster than thought previously, resulting in a more balanced market, the U.S. Energy Information Administration (EIA) said on Tuesday. The agency hiked its production forecasts from regions outside the Organization of Petroleum Exporting Countries (OPEC), while also lowering …
EIA Cuts World Oil Demand Forecast for 2024, Hikes Output Expectations Read More »
Payouts from the world’s biggest international oil companies hit a record US$114 billion last year Bloomberg News BP PLC maintained the pace of its share buybacks even as first-quarter profit and cash flow fell by more than expected and net debt increased. The result marks the end of a mixed set of Big Oil earnings which saw Shell PLC, TotalEnergies SE and Chevron …
BP Ends Big Oil Earnings with Maintained Share Buybacks Read More »
Top executives at U.S. oil giants Exxon Mobil and Chevron Corp said on Monday that the U.S. needs to clarify rules on energy subsidies to drive the rapid, large-scale investments needed to fight climate change. President Joe Biden has been trying to encourage energy producers to slash emissions using technologies like carbon capture and green hydrogen that are expensive …
Exxon, Chevron CEOs Seek Clear Rules on U..S Clean Energy Subsidies Read More »
Canada’s Woodland Cree First Nation has rejected oil and gas producer Obsidian Energy’s proposal to expand drilling operations on its traditional territory, the Indigenous community said in a statement on Monday. WHY IT’S IMPORTANT The formal notice that Woodland Cree’s chief and council have rejected Obsidian’s drilling plans mark a further breakdown in relations, after …
Canadian First Nation Rejects Obsidian Energy Drilling Expansion Plans Read More »
(Reuters) – Duke Energy beat Wall Street estimates for first-quarter profit on Tuesday, as the utility benefited from higher rates and robust demand for electricity. Income from Duke’s electric utilities segment jumped 29% to $1.02 billion. “We have a clear path forward that will deliver sustainable value and 5% to 7% earnings growth over the next …
Duke Energy Beats First-Quarter Profit Estimates on Higher Rates Read More »
The U.S. has sufficient supply of oil in the Strategic Petroleum Reserve to address any supply concerns and is monitoring markets on how to use it, Amos Hochstein, President Joe Biden’s energy adviser, said on Monday. The SPR is still near 40-year lows after Biden directed the largest ever sale of 180 million barrels from …
U.S. energy major Exxon Mobil’s arbitration over Chevron’s plans to buy Hess’s Guyana oilfield stake will extend into 2025, Exxon CEO Darren Woods said to CNBC in an interview, souring expectations of a resolution this year. Exxon and CNOOC Ltd filed cases before the International Chamber of Commerce in March, seeking the right-of-first-refusal over any sale of Hess’s …
Chevron Arbitration to Go Into 2025, Exxon CEO Woods Tells CNBC Read More »
