ConocoPhillips will sell its Anadarko Basin assets for $1.3 billion, the energy producer said on Thursday, after beating Wall Street estimates for second-quarter profit. Shares of the company rose nearly 2% in premarket trade. The asset sale, expected to close at the beginning of the fourth quarter, pushes ConocoPhillips past its $2 billion non-core asset disposition target ahead of schedule. In April, Reuters reported ConocoPhillips was exploring the sale of its Oklahoma oil-and-gas [Read more]
US energy exporters face likely letdown in any US-India trade deal: Maguire
The fresh 25% tariffs slapped on Indian goods by U.S. President Donald Trump this week are being viewed by many as a negotiating tactic designed to force India to buy more U.S. energy products and other goods going forward. But even though India's fast-growing economy is the fifth largest globally, India's energy importers may have far less room to maneuver than they might appear. Tight corporate operating margins, cost-sensitive consumer markets, binding long-term import contracts and [Read more]
Why the oil market is tight despite big OPEC+ output hikes
OPEC+ oil producers have used high summer demand to launch their first output increases in three years, but those targets have proved difficult to hit, leaving the market surprisingly tight. On paper, the world's largest group of oil-producing countries should be pumping an extra 2.5 million barrels of oil a day in September versus March, but the data shows that is not likely to happen. The reason is twofold, with some countries finding it hard to pump more, while others are being [Read more]
Trump says he could impose more tariffs on China, similar to India duties, over Russian oil
U.S. President Donald Trump on Wednesday said he could announce further tariffs on China similar to the 25% duties announced earlier on India over its purchases of Russian oil, depending on what happens. "Could happen," Trump told reporters, after saying he expected to announce more secondary sanctions aimed at pressuring Russia to end its war in Ukraine. He gave no further details. "It may happen... I can't tell you yet," Trump said. "We did it with India. We're doing it probably with [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select to the North American benchmark West Texas Intermediate futures widened on Wednesday. WCS for September delivery in Hardisty, Alberta, settled at $11.85 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared with $11.75 a barrel on Tuesday. * The differential between Canadian heavy crude and the U.S. benchmark is the widest it has been since March. This is due to the return of more normal market conditions, analysts say, after [Read more]
APA beats second-quarter profit estimates on stronger natgas output, prices
APA Corp beat Wall Street estimates for quarterly profit on Wednesday, as stronger natural gas production in Egypt and higher prices helped blunt the impact of weaker oil prices and lower total output. Shares of the company climbed 2% in extended trade. Natural gas prices rebounded from last year's lows, driven by hotter weather, stronger demand for power generation and lower U.S. storage injections. APA's average realized gas prices rose nearly 29% in the second quarter to $2.28 per [Read more]
Occidental Petroleum beats quarterly profit, discloses additional divestments
Occidental Petroleum beat Wall Street estimates for second-quarter profit on Wednesday, as higher production countered lower crude oil prices. The company's quarterly average global production was at 1.4 million barrels of oil equivalent per day (MMboepd), up about 11% from a year earlier. Last week, oil majors Exxon Mobil and Chevron reported a quarterly profit beat as higher production helped them offset lower crude prices. Occidental also disclosed $950 million of additional [Read more]
US refiners expected to run over 90% in Q3
U.S. refiners are expected to continue operating above 90% of their combined production capacity of 18.2 million barrels per day (bpd) in the third quarter, said analysts contacted by Reuters. High refining margins are driving the continuing high levels of production from the second quarter into the third, but tropical storms could drive down production along the nation's refinery row on the coast of the Gulf of Mexico. "Barring any significant unplanned outages due to hurricane activity or [Read more]
India-US spat over trade and oil threatens wider fallout
U.S. President Donald Trump's tirade against India over trade and Russian oil purchases threatens to undo two decades of diplomatic progress, analysts and officials say, and could derail other areas of cooperation as domestic political pressures drive both sides to harden their stances. India's opposition parties and the general public have urged Prime Minister Narendra Modi to stand up to what they call bullying by Trump, who on Wednesday signed an executive order subjecting Indian imports to [Read more]
Saudi Arabia raises oil prices to Asia for second month
Saudi Arabia, the world's biggest oil exporter, on Wednesday hiked its September crude oil prices for Asian buyers, the second monthly rise in a row, on tight supply and robust demand. Saudi Arabia raised the official selling price (OSP) for the flagship Arab light crude it sells to Asia in September to plus $3.20 a barrel above the Oman/Dubai average, state oil company Aramco said in a statement, up $1 from the August premium. The increase is within expectations. Refining sources in a [Read more]
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