Exxon Mobil Corp. sees tight global oil supplies putting upward pressure on energy prices for at least the next few years as the world continues to suffer from a lack of investment in fossil fuels. “The industry is still recovering from the impact of the pandemic, and the lower levels of capital that have been …
Exxon CEO Sees Tight Global Oil Supplies for the Next Few Years Read More »
(Reuters Breakingviews) – Exxon Mobil and Chevron are sending prodigious amounts of cash to investors, but third-quarter results show how quickly priorities can start to compete. The two companies reported somewhat similar results on Friday, with the $420 billion Exxon earning $9.1 billion, and the $279 billion Chevron making $6.5 billion. Both companies’ profit shrunk compared to the …
The U.S. monthly oil rig count rose for first time since November after drillers added rigs for a third week in a row, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose one to 625 in the week …
U.S. Monthly Oil Rig Count Rises for First Time Since November – Baker Hughes Read More »
PG&E Corp. Chief Executive Officer Patti Poppe is making a last-ditch effort to convince California to sign off on the utility’s $5.9 billion plan to put power lines underground to prevent wildfires.Poppe is scheduled to discuss the plan Friday with state regulators who have pushed back with their own proposal they say is cheaper and faster for …
PG&E CEO Set to Make Last-Ditch Pitch to Bury Power Lines Read More »
U.S. waterborne imports of crude from OPEC+ members including Saudi Arabia have dropped steadily over the last year, further tightening supplies in the U.S. while supporting other markets including Europe, according to flows data and analysts. Going forward, the level of U.S. crude imports from OPEC and other exporters and U.S. shipments to Europe will …
OPEC+ Members Send Less Oil to U.S., Adding to Tight Supply Outlook Read More »
Summary Companies Company shares fall to all-time lows, market value plummets Siemens Energy, govt confirm talks after media reports Government well disposed but wants stakeholders to chip in BERLIN, Oct 26 (Reuters) – Shares in Siemens Energy (ENR1n.DE) plunged nearly 40% on Thursday, wiping 3 billion euros ($3.16 billion) off its market value, after the company said …
(Reuters) – Crude oil prices in some of the world’s main physical markets have weakened due to a jump in freight costs and a drop in refining margins, according to traders and LSEG data, suggesting demand weakness that could filter through to the futures market. Falling prices for physical crude could presage a fall in …
Physical Oil Market Flashes First Signs of Weakness After rally Read More »
By Alex Epstein “What would be your key message for COP 28?” “My key message for COP 28 is: Withdraw from the Paris Agreement.” Last week I shared the talking points that were to be the basis of my speech at Africa Energy Week in Cape Town, South Africa. This week I want to share the speech …
My Speech and Interview at Africa Energy Week – Alex Epstein Read More »
Courtesy of Science Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE To better understand how the world can decarbonize energy systems, it’s critical understand the significant and complex role oil products play in today’s modern life. That’s no easy feat. Concisely reviewing the use of petroleum products in 500 words is like deconstructing the Large …
The Role of Petroleum in Modern Society – ENERGYminute Read More »
Key Development: On October 23rd the Corporation entered into an agreement to merge with Chevron. The transaction is expected to close in the first half of 2024 Third Quarter Financial and Operational Highlights: Net income was $504 million, or $1.64 per share, compared with net income of $515 million, or $1.67 per share, in the third quarter …
Hess reports estimated results for the third quarter of 2023 Read More »
