US Drillers Cut Oil and Gas Rigs for First Time in Three Weeks
Baker Hughes said oil rigs fell by four to 479 this week, while gas rigs rose by two to 101.
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Midwest Fuel Rule Change Set to Boost Butane Supply
Refineries will recover more butane while making gasoline thus raising available inventory by 3.5%, an analyst says.
Norway’s Equinor Offloads Stake in Brazilian Oil Field for $3.5 Billion
By Kanupriya Kapoor and Kari Lundgren Equinor ASA agreed to sell its 60% stake in the Peregrino oil and gas project off the Brazilian coast to PRIO SA for $3.5 billion, as the Norwegian energy explorer seeks to streamline international operations. Rio de Janeiro-based PRIO gained. Brazilian firm Prio Tigris Ltda., a subsidiary of PRIO …
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OPEC+ Moves Forward its Meeting to Saturday, Sources Say
(Reuters) – A meeting of eight OPEC+ countries to decide on their plan for oil production policy in June will now take place on Saturday instead of Monday as originally planned, three sources with knowledge of the matter told Reuters on Friday. It was not immediately clear why the meeting was brought forward. The eight …
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How Warning Signs Hinted at Spain’s Unprecedented Power Outage
By David Latona, Emma Pinedo and Pietro Lombardi Power industry had sounded warnings Renewable energy boom makes grids vulnerable Nuclear plant closures add to challenges MADRID, May 2 (Reuters) – Spain suffered several power glitches and industry officials sounded repeated warnings about the instability of its power grid in the build up to its catastrophic …
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Shell Profit Beats Expectations, Buybacks Kept Steady
By Shadia Nasralla Q1 adjusted earnings $5.58 billion above forecast $4.96 billion Will buy back shares worth $3.5 billion in next three months Contrasts with BP that cut buybacks this year CEO says would rather buy back more shares than bid for BP LONDON, May 2 (Reuters) – Shell (SHEL.L) exceeded analyst expectations on Friday, …
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Exxon Beats Wall Street Profit Estimate, Boosted by Guyana and Permian Production
Summary Exxon on track to meet annual share repurchase target Lower-cost production in Permian, Guyana helps boost earnings Oil and gas production up from a year ago Shares rise about 1% in pre-market trade HOUSTON, May 2 (Reuters) – Exxon Mobil on Friday beat Wall Street’s estimate for first-quarter profit as higher oil and gas production …
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Chevron Meets Wall Street Profit Estimates But Buts Buybacks in Q2
Summary Chevron maintains dividend and share buyback strategy despite lower crude prices Production flat year-over-year, impacted by asset sales Chevron’s Q1 oil and gas earnings drop from previous year HOUSTON, May 2 (Reuters) – Chevron on Friday reported first-quarter earnings that met Wall Street estimates, but said it would spend less on share repurchases in …
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Venture Global Raises $3 Billion Towards Building CP2 Louisiana LNG Plant
Venture Global has raised $3 billion in debt finance towards the construction of its CP2 LNG plant in Louisiana, which would be the largest single liquefied natural gas plant in the U.S., the company said on Thursday. Venture Global is the U.S.’ second-largest LNG exporter and has played a key role in making the country …
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EOG Resources Bolts-On 30,000 Acres in Eagle Ford for $275MM
EOG Resources said it bolted on undeveloped core Eagle Ford Shale acreage in Atascosa County, Texas, and made a discovery offshore Trinidad.