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ConocoPhillips Beats First-Quarter Profit Target, Announces CFO Retirement

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

May 8 (Reuters) – ConocoPhillips (COP.N) beat Wall Street estimates for first-quarter profit on Thursday and said Chief Financial Officer Bill Bullock will retire after nearly four decades with the oil and gas producer. The company’s $22.5 billion acquisition of Marathon Oil in November has boosted ConocoPhillips’ presence in the Permian, Eagle Ford and Bakken …

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Oil Refiners’ Robust Profits Defy Souring Outlook

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

By Ron Bousso Global refining profit margins above 2024 levels Traders refilling depleted diesel inventories after cold winter Gasoline demand set to rise ahead of summer LONDON, May 8 (Reuters) – Global oil refineries’ strong profit margins signal healthy oil consumption today, a stark contrast with the grim long-term demand outlook. Sentiment in the oil …

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How Tariffs and OPEC+, Oddly Enough, Are Driving Down the Price of Oil

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

By Julian Lee and Alex Longley When US President Donald Trump was inaugurated to his second term as president on Jan. 20, oil prices were close to the highs of the summer before. By early May, they had plunged by nearly a quarter. That’s for two big reasons: Trump’s trade war is driving down economic …

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BP-Shell Megadeal Would Create European Rival to Exxon Mobil

CDN and International News, Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Mergers and Acquisitions, Natural Gas, Oil / By

If Shell acquires BP, it would create a European oil major that could challenge industry leaders Exxon Mobil Corp. and Chevron Corp., with upstream oil and gas production of nearly 5 million barrels of oil equivalent a day. Summary by Bloomberg AI The deal would give Shell dominance in LNG sales, with combined sales jumping …

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Ukrainian Parliament Ratifies Natural Resources Deal With US

Critical Minerals, Energy Topics & Technology, Latest, Minerals, US News / By

Ukraine’s parliament ratified a deal with the US over access to the country’s natural resources, lending its full support to attempts by President Volodymyr Zelenskiy to improve ties with Donald Trump. Ukraine and the US reached the accord a week ago after long negotiations that led Washington to drop its insistence on getting back billions of dollars in aid delivered …

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KKR-Backed Crescent Energy Weighs Asset Sales to Focus on Eagle Ford, Uinta Basins

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

Photographer: Anthony Prieto/Bloomberg Crescent Energy Co. is looking to sell its drilling portfolio in areas including the Denver-Julesburg Basin in Colorado to focus on its core acreage in the Eagle Ford and Uinta basins. Summary by Bloomberg AI The divestment could fetch more than $1 billion, but no final decision has been made and Crescent …

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US Crude Inventories Decline, Jet Fuel Demand Jumps, EIA Says

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

(Reuters) – U.S. crude stocks and distillate inventories fell last week, while jet fuel demand rose to a five-year high, the Energy Information Administration (EIA) said on Wednesday. Gasoline inventories rose, stoking concerns among analysts of weak demand ahead of a major driving holiday in the U.S. later this month. Crude inventories fell by 2 …

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Oil Market ‘Smile’ Suggests Saudi Arabia’s Output Shift Was Well Timed

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

(Reuters) – The oil market appears to be telling Saudi Arabia that its shift to pumping more oil after five years of cutting output was well timed. The kingdom has in recent weeks pushed fellow OPEC+ members to produce more oil despite fears about an economic slowdown, a marked change in policy that helped oil …

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Putin and XI to Talk Energy, Discuss Power of Siberia 2 Gas Pipeline

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, LNG, Natural Gas, Pipelines / By

(Reuters) – Russia’s Vladimir Putin and China’s Xi Jinping will discuss the “most sensitive” issues, including energy cooperation and a proposed Power of Siberia 2 gas pipeline to China, Kremlin aide Yuri Ushakov said on Tuesday. Xi will start an official four-day visit to Moscow on Wednesday and will be among a number of the …

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Warren Buffett to Remain Berkshire Chairman but Shares Fall after Greg Abel Named CEO

Conventional Energy, Energy Topics & Technology, Finance, Latest, Oil / By

Chairman after vice chairman Greg Abel takes over as CEO. Summary • Buffett’s decision to give up CEO job ‘a shocker’ • Buffett could serve as mentor, help in acquisitions • Stock price falls 5% though Abel’s ascension was expected (Reuters) – Warren Buffett will stay on as chairman of Berkshire Hathaway after Vice Chairman …

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