Exxon Mobil, the United States' biggest oil producer, beat Wall Street estimates for second-quarter profit on Friday as higher oil and gas output and low production costs offset the impact of lower crude prices. Oil and gas production was the highest for any second quarter since the merger of Exxon and Mobil formed the company more than 25 years ago, Exxon Mobil said. Adjusted earnings during the second quarter were $7.1 billion, or $1.64 per share, surpassing consensus analyst estimates [Read more]
Chevron beats Wall Street profit estimates with record output
Chevron beat analyst estimates for second-quarter profit on Friday as record oil and gas production and lower capital expenditure helped to offset the impact of lower crude prices. The No. 2 U.S. oil major last month headed off a legal challenge from the biggest U.S. producer Exxon Mobil enabling it to close its $55 billion acquisition of Hess. The deal includes a stake in the Stabroek Block oilfield, offshore Guyana, that Exxon operates, and should provide Chevron with a source of long-term [Read more]
OPEC+ seen further raising oil production on Sunday, sources say
OPEC+ will likely approve another oil output hike on Sunday, sources familiar with the discussions said, adding that the producer group was still debating the final size of the increase for September. OPEC+, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it reversed course this year to regain market share, and as U.S. President Donald Trump demanded OPEC pump more oil to help keep a lid on gasoline prices. Three sources [Read more]
‘Tariffs – use this version, please’
A look at the day ahead in European and global markets from Stella Qiu: It is tariff deadline day and President Donald Trump delivered by slapping fresh levies on imports from dozens of countries, including those that do not have a trade deal yet. Rates were set at 35% for Canada, 25% for India, 20% for Taiwan and 19% for Thailand. Switzerland got a whopping 39% -- one of the steepest -- raising the question: what's Trump got against the Swiss? Not buying enough American chocolate or [Read more]
Asia steps up US WTI oil imports as Middle East prices rise, sources say
Asia is expected to step up imports of U.S. West Texas Intermediate crude in the fourth quarter after Middle East oil prices strengthened and opened the arbitrage window, trade sources said. Middle East crude benchmarks Dubai and Murban gained this month on the back of robust demand for high-sulphur oil in Asia, narrowing their price gaps with light-sweet U.S. WTI oil, they said. WTI's arbitrage has been wide open to Asia for the past week for cargoes arriving in early November, said June [Read more]
Phillips 66 hit with $800 million penalty in biofuel trade secrets case
U.S. refiner Phillips 66 was ordered to pay biofuel maker Propel Fuels $800 million in damages for stealing trade secrets to build up its renewable-fuel capabilities, according to a California state court document. A state court in Alameda, California, on Wednesday ordered Phillips 66 to pay $195 million in punitive damages, in addition to $604.9 million in compensation the refiner was ordered to pay following a separate verdict. "In summary, the court finds that Phillips 66's misconduct [Read more]
FERC staff recommend final environmental approval for Rio Grande LNG project
Staff at the Federal Energy Regulatory Commission have recommended Next Decade's Rio Grande LNG project in Brownsville, Texas, receive its final environmental approval, a document showed. The recommendation is a major step forward for the company as it pursues the 18 million metric tons per annum export facility. The project had faced uncertainty after a Washington, D.C. Circuit court last year quashed FERC's prior approval for the plant, saying it failed to issue a supplemental Environmental [Read more]
California imports Saudi Arabian gasoline for first time since 2022
Fuel importers in California have received gasoline from Saudi Arabia's Jubail Industrial Port after maintenance at the world's largest refinery in India helped to open the rare arbitrage opportunity, data from oil analytics firm Kpler showed. Three gasoline shipments totaling about 886,000 barrels from Saudi's Jubail Industrial Port have discharged in recent months at Southern California's Olympus Terminals, according to Kpler. Prior to this, California had not received fuel imports from [Read more]
US oil output rose to fresh record in May, EIA data shows
U.S. crude oil production rose to a record 13.49 million barrels-per-day in May, even as oversupply concerns pushed prices for the commodity to four-year lows, data from the U.S. Energy Information Administration showed on Thursday. U.S. President Donald Trump has repeatedly called for higher oil production from the country, where output was already at record levels in each of the past two years, and has taken steps to speed up and expand drilling on federal lands. At the same time, [Read more]
Freeport LNG gas flows still curtailed after power outage, LSEG data show
The Freeport LNG export terminal in Texas was running at about half of normal capacity on Thursday following a power interruption that had put the entire plant offline a day earlier, according to data from financial firm LSEG. Freeport LNG is the third-largest liquefied natural gas (LNG) plant in the U.S. and in the past has influenced LNG prices when it had technical challenges. The facility nominated some 1.1 billion cubic feet of natural gas on Thursday, according to the LSEG data, [Read more]
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