Exploration & Production

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Chevron Reports Q2 Earnings Miss on Weak Refining Margins

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

(Reuters) – Chevron(CVX.N) reported second-quarter earnings on Friday that missed Wall Street estimates due to industry-wide pressure from lower refining margins and natural gas prices, sending its shares down 1.5% in premarket trading. The company earlier had warned oil output this quarter would slip and refining would suffer from turnarounds at two refineries in California. Refining margins …

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Shale-Gas Driller Ovintiv Expands Full-Year Production Targets

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

Shale driller Ovintiv Inc. increased its 2024 production target, the second explorer to do so this year. The company expects to pump the equivalent of 570,000 to 580,000 barrels of crude this year, compared with the previous forecast of 545,000 to 575,000, according to a statement. At the mid ranges of those targets, the increase would …

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ConocoPhillips Beats Q2 Profit on Higher Oil Production, Prices

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

(Reuters) – U.S. oil and gas producer ConocoPhillips  posted a second-quarter profit that beat Wall Street estimates on Thursday, benefiting from higher output and oil prices. The beat comes as ConocoPhillips is pursuing a $22.5 billion takeover of Marathon Oil, one of the largest deals of the quarter that is currently under review by the Federal …

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Shell Beats Forecasts With $6.3 Billion Second Quarter Profit

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

Summary Profit down 19% quarter on quarter Weak refining margins and trading results weigh Plans a further $3.5 billion in buybacks  (Reuters) – Shell  reported second-quarter profit of $6.3 billion, a drop of 19% from the previous three months as refining margins and oil and gas trading weakened, though still beating analysts’ forecasts. The results were …

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U.S. Oil Output Falls in May for the First Time Since January, EIA Says

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

U.S. crude oil production fell in May in its first monthly decline since January, while fell natural gas output decreased to its lowest since February 2023, data from the U.S. Energy Information Administration showed on Wednesday. Crude oil production fell by 61,000 barrels per day (bpd) to 13.18 million bpd in May, as lower output …

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BP Raises Dividend as $2.8 Billion Quarterly Profit Beats Forecasts

CDN and International News, Energy Topics & Technology, Exploration & Production, Latest / By

Summary BP boosts dividend by 10%, extends share buybacks Refining profits weighed by weak fuel demand, CEO says BP to develop new Gulf of Mexico oilfield (Reuters) – BP  increased its dividend and extended its share repurchasing programme on Tuesday as it reported a forecast beating second-quarter profit of nearly $2.8 billion, with weak refining offset …

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TotalEnergies Q2 Earnings Fall 6% on Weak Refined Product and Gas Demand

CDN and International News, Conventional Energy, Exploration & Production, Latest, Oil / By

PARIS, July 25 – French oil major TotalEnergies reported a 6% fall in second-quarter earnings on Thursday, worse than analysts expected, hurt by lower refined product and gas sales and as European refining margins tumbled. Adjusted net income for the three months to June 30 was $4.7 billion, down from $4.96 billion a year earlier and $5.1 …

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Declining Mexican Crude Output Could Shatter Energy Independence Dream

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

Summary Mexico will likely need to import crude after 2030 Zama and Trion fields to lift output but others decline rapidly (Reuters) – Mexico’s incoming President Claudia Sheinbaum will likely face a new challenge fulfilling the dream of energy independence that led her predecessor to spend $17 billion on a new refinery: a shortfall in domestic crude supply. …

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Shale Boss Warns Gas Prices Would ‘Skyrocket’ Under Frack Ban

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

Comments come as Kamala Harris is a contender for White House Harris had previously endorsed fracking, offshore-drilling ban Prices for natural gas would “skyrocket” if fracking was banned. That’s according to Toby Rice, chief executive officer of shale driller EQT Corp., marking one of the first prominent voices in the fossil fuel industry to comment on …

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Canadian Wildfires Threaten Oil Output, Prompt Evacuations

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

Fires burn close to 388,000 barrels a day of oil production Jasper National Park is evacuated due to wildfire threat Wildfires in Canada’s energy-producing Alberta province are threatening almost 10% of the region’s oil production and forcing the evacuation of one of the country’s largest national parks during the peak summer tourist season. Hot weather …

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