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Refiner Valero Beats Profit Estimates on Resilient Demand, Tight supplies

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

(Reuters) – Refiner Valero Energy beat first-quarter profit estimates on Thursday, benefiting from sustained demand as crude supplies remained tight due to disruptions in Russia and maintenance work at U.S. refineries. Crude supplies came under pressure as Ukrainian drone attacks had shut about 14% of Russia’s refining capacity, as of the end of the March quarter. …

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Precision Drilling announces 2024 first quarter unaudited financial results

Energy Topics & Technology, Latest, OFS-Oilfield Services, Press Releases / By

CALGARY, Alberta, April 25, 2024 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This …

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U.S. Refiners’ Profits to Fall From Last Year But Margins Remain Strong

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

Summary Analysts see upside for top refiners Geopolitical risks keep oil prices elevated War-related supply disruptions to keep margins strong NEW YORK, April 24 (Reuters) – U.S refiners’ first quarter profits are expected to fall from recent records, when earnings soared following Russia’s invasion of Ukraine in 2022, but overall will continue to draw support …

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EQT Cuts Sales Guidance, Plans to Curtail Production Through May

Energy Topics & Technology, Exploration & Production, Latest / By

EQT Corp., the largest US producer of natural gas, is now taking output cuts through May as prices hover near four-year lows because of weak demand. The company also reduced its sales guidance for 2024. The move underscores that this year’s low natural gas prices aren’t sustainable for the industry. US gas futures have touched …

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Baker Hughes Company Announces First-Quarter 2024 Results

Energy Topics & Technology, Latest, OFS-Oilfield Services, Press Releases / By

First-quarter highlights Orders of $6.5 billion, including $2.9 billion of IET orders. Revenue of $6.4 billion, up 12% year-over-year. Net income attributable to the Company of $455 million. GAAP diluted EPS of $0.45 and adjusted diluted EPS* of $0.43. Adjusted EBITDA* of $943 million, up 21% year-over-year. Cash flows from operating activities were $784 million and free cash flow* was $502 million. Returns to shareholders of $368 million, including $158 million of share repurchases. HOUSTON …

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Weatherford Announces First Quarter 2024 Results and Raises Full Year Margin Guidance

Energy Topics & Technology, Latest, OFS-Oilfield Services, Press Releases / By

  First quarter revenue of $1,358 million increased 15% year-over-year, led by international growth of 21% First quarter operating income of $233 million increased 26% year-over-year First quarter net income of $112 million, an 8.2% margin, increased 56% year-over-year First quarter adjusted EBITDA* of $336 million, a 24.7% margin and the highest in over 15 …

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Enphase Energy Reports Financial Results for the First Quarter of 2024

Energy Topics & Technology, Exploration & Production, Latest, Press Releases / By

FREMONT, Calif., April 23, 2024 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the first quarter of 2024, which included the summary below from its President and CEO, Badri Kothandaraman. We reported quarterly revenue of $263.3 million …

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Range Announces First Quarter 2024 Results

Energy Topics & Technology, Exploration & Production, Latest, Press Releases / By

FORT WORTH, Texas, April 23, 2024 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its first quarter 2024 financial results. First Quarter 2024 Highlights – Cash flow from operating activities of $332 million Cash flow from operations, before working capital changes, of $308 million Capital spending was $170 million, approximately 26% of the 2024 budget Pre-hedge …

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Tesla to Accelerate Launch of Cheaper Cars After Sales Miss

Electric Vehicles, Energy Topics & Technology, Latest, US News / By

Bloomberg News Tesla Inc. is accelerating the launch of more affordable models in a bid to arrest a deterioration in its profit margins and sales. The electric-vehicle maker plans to start production on the cheaper cars before the second half of 2025, when it had previously pledged to begin making them. The Elon Musk-led company has been coping …

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AI Boom to Fuel Natural Gas Demand in Coming Years, Report Says

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

A spike in power usage from artificial intelligence (AI) data centers could significantly boost natural gas demand in the second half of the decade, analysts at investment banker Tudor Pickering Holt & Co said in a report on Tuesday. As much as 8.5 billion cubic feet per day of natural gas could be required additionally …

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