Kazakhstan's energy ministry said on Saturday that a complete stoppage of the Caspian Pipeline Consortium's operations was not being considered and that the current situation was under control. The CEO of Chevron said on Friday that the pipeline is currently flowing and ships are loading this week, after CPC said it had suspended oil loadings on Thursday following a drone attack on a tanker. Chevron owns 50% of Tengizchevroil - the operator of the giant Tengiz oilfield and the major exporter [Read more]
Exxon, Chevron warn of continued high fuel prices from Iran war
Top U.S. oil producers ExxonMobil and Chevron warn that global supplies of diesel and other refined products will likely remain tight and lead to persistently high prices in the second half of the year as the Iran war continues to cause major energy disruptions. Both companies reported large jumps in second-quarter refining profits on Friday as declining fuel stockpiles combined with curtailed exports from China and refinery outages inRussia led to higher margins. "We're going to see some [Read more]
Chevron records highest quarterly profit in six years, beating analyst estimates
Chevron surpassed analyst estimates for second-quarter earnings on Friday, reporting its highest quarterly profit in at least six years as the U.S.-Israeli war with Iran disrupts world energy markets, boosting profits for the biggest oil companies. Adjusted earnings of $12 billion, or $6.06 per share, beat the average analyst estimate of $5.56 per share according to data compiled by LSEG. Chevron shares were up about 2% in premarket trading. The results mirrored those of European oil majors [Read more]
US energy firms add rigs for sixth time in seven weeks, says Baker Hughes
U.S. energy firms this week added rigs for a sixth time in seven weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, rose by one to 588 in the week to July 31. Baker Hughes said this week's increase puts the total rig count up 48 rigs, or 9% above this time last year. Baker Hughes said oil rigs rose by one to 451 this week, their highest since mid-July, while gas rigs held at 127 [Read more]
Canada’s Enbridge to postpone plans for second phase of Mainline oil pipeline expansion
Canadian pipeline operator Enbridge said on Friday it was postponing the 250,000-barrel-per-day second phase of its Mainline crude pipeline network, partly due to Canadian oil producers not committing to significant output increases. The project would have increased exports of Canadian crude to U.S. refineries. But Enbridge CEO Greg Ebel said the company will focus first on its 100,000 bpd Flanagan South Expansion and its 50,000 bpd Southern Access Extension, which will add capacity to two [Read more]
US crude oil output fell in May, while exports hit record, EIA says
U.S. crude oil output fell about 2% in May from a record in April, while exports hit a record high for the second-consecutive month, according to data published by the U.S. Energy Information Administration on Friday. Crude oil production in May averaged 13.71 million barrels per day, whereas exports rose to 5.73 million bpd from the prior record of 5.59 million bpd, the data showed. U.S. oil companies have ramped up exports sharply since the beginning of the Iran war, taking advantage of a [Read more]
Oil price rises after Iran says it stops ships in Hormuz
Oil prices rose on Friday after Iran said it had stopped two vessels seeking to exit the Strait of Hormuz, underscoring concerns over global energy supplies following a drone attack on ships in a Mediterranean Egyptian port this week. Iran said four other tankers turned back after its forces intervened, although the Iranian reports could not be independently confirmed. Two large tankers carrying oil loaded from the Gulf were recorded passing through the strait, a narrow waterway between [Read more]
ExxonMobil says LNG projects diversify portfolio, won’t ‘shy away’ from Middle East
ExxonMobil said on Friday its pipeline of liquefied natural gas (LNG) projects would diversify its production away from the Middle East, but the company said it remains committed to pursuing opportunities in the region because of its long-term importance to global energy markets. "We won't shy away from the region," CEO Darren Woods said on the company's post-earnings conference call, adding that the region would remain an important source of natural gas. The company hopes to make a final [Read more]
Brookfield Infrastructure explores $5 billion sale of Canadian pipeline operator NorthRiver, sources say
Brookfield Infrastructure Corp is exploring a potential sale of NorthRiver Midstream in a deal which could value the Canadian natural gas-focused pipeline operator at around C$7 billion ($5 billion), people familiar with the matter said. The investment firm has been working with bankers in recent weeks to solicit potential buyer interest in NorthRiver, said the sources, who spoke on condition of anonymity to discuss private deliberations. Rising demand for energy infrastructure assets from [Read more]
ExxonMobil misses second quarter profit estimates despite hitting four-year high
ExxonMobil missed Wall Street estimates for second-quarter profit on Friday, even as high oil prices and improved refining margins brought by the Iran war led to its biggest quarterly profit in four years. Adjusted earnings for the largest U.S. oil major by market capitalization rose 67% from the first quarter to $14.7 billion, or $3.52 per share, but were below the consensus analyst estimates compiled by LSEG of $3.60 per share. Still, the quarterly profit more than doubled compared with last [Read more]
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