Exxon Mobil on Friday posted a better-than-expected $36 billion profit for 2023, lifted by fuels trading and higher oil and gas production. Oil majors are expected to report 2023 profits down by about a third from record levels in 2022, as oil and gas prices retreated from the peaks that followed Russia's invasion of Ukraine. Exxon results included a $2.5 billion impairment charge for California properties that it has been trying to sell for more than a year. Excluding that charge, annual [Read more]
Chevron earnings fall as charges, weak margins clip 2023 profits
Chevron Corp on Friday reported a sharply lower, $21.3 billion profit for 2023 as earnings from oil production and refining fuels tumbled during a year of missteps and charges. The No. 2 U.S. oil producer has suffered from delayed expansion programs and higher costs in its oil and gas production business. In refining, U.S. margins fell sharply even as rivals reported better-than-expected results. Despite the nearly 40% fall in annual profit, Chevron announced it would increase its dividend [Read more]
Oil gains after OPEC+ maintains output cuts, but heads for weekly losses
Oil prices rose in early trade on Friday following a decision by OPEC+ to keep its oil output policy unchanged, though benchmarks were headed for weekly losses amid unsubstantiated reports of a ceasefire between Israel and Hamas. Brent crude futures climbed 37 cents, or 0.5%, to $79.07 a barrel at 0415 GMT, while U.S. West Texas Intermediate crude futures gained 30 cents, or 0.4%, to $74.12 a barrel. On Thursday, two OPEC+ sources said the group has kept its oil output policy [Read more]
Exxon says investors to withdraw climate proposal from annual shareholder meeting
Exxon Mobil Corp said in a court filing on Thursday activist investors were withdrawing a climate proposal the oil giant sought to block from being voted on during a shareholder meeting in May. Exxon filed a complaint in a Texas court earlier this month seeking to prevent activist investment firm Arjuna Capital and shareholder group Follow This from seeking a vote on the climate proposal at the company's shareholder meeting in May. The proposal called for Exxon to set so-called Scope 3 [Read more]
Heavy oil discount widens on Whiting outage
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened on Thursday as BP shut down its Whiting, Indiana, refinery after a transformer failure caused a plant-wide power outage. The 435,000 barrel-per-day refinery is the largest in the U.S. Midwest, and a major consumer of Canadian heavy crude. News of the shutdown sent WCS prices sharply lower on concerns about a drop in demand. WCS for March delivery in Hardisty, [Read more]
US official to testify at Senate hearing looking into Biden’s LNG pause
A top U.S. Energy Department official will testify at Feb. 8 Senate Energy Committee hearing looking into President Joe Biden's pause on new approvals for liquefied natural gas (LNG) exports, the Energy Department said on Thursday. Biden paused the approvals last week so his administration can look into the environmental and economic impacts of the exports. The moratorium, which will likely delay the approvals until after the Nov. 5 election, has been slammed by Republicans and lawmakers [Read more]
Rising US oil production frustrates OPEC+ cuts: Kemp
U.S. oil and gas drilling has slowed in response to the fall in prices over the last 18 months, but that has not yet translated into slower production, keeping prices under pressure. Exploration and production firms have continued to increase output despite drilling fewer wells, by concentrating on the best sites, accelerating drilling times and boring longer horizontal sections for each well. In the oil market, efficiency gains have frustrated efforts by Saudi Arabia and its allies in [Read more]
US natgas prices hold near 9-month low on mild weather forecasts
U.S. natural gas futures on Thursday held near a nine-month low on forecasts for the weather to remain warmer than normal through at least the middle of February, keeping heating demand for the fuel low. That lack of price movement occurred despite a bullish drop in output so far this week and forecasts for more demand next week than previously expected, and the bearish ongoing outage of a liquefaction train at U.S. energy firm Freeport LNG's export plant in Texas. The Freeport outage leaves [Read more]
Asia crude oil imports start 2024 strongly as India leads: Russell
Asia's imports of crude oil saw robust growth in the new year, reaching an eight-month high in January as top buyers China and India snapped up cargoes. The world's top-importing region saw arrivals of 28.57 million barrels per day (bpd) in January, up from 27.03 million bpd in December, according to data compiled by LSEG Oil Research. China, the world's biggest crude buyer, imported 11.31 million bpd in January, slightly below the 11.48 million bpd in December, but well above the 10.24 [Read more]
Oil nudges higher on Fed rate cut expectations
Oil prices climbed on Thursday, supported by signals from the U.S. Federal Reserve on a possible start to rate cuts and as China unveiled new support measures for its embattled property market. Brent crude futures rose 43 cents, or 0.5%, to $80.98 a barrel and U.S. West Texas Intermediate crude futures gained 44 cents, or 0.6%, to $76.29 at 0405 GMT, after falling by more than $2 a barrel in the previous session. "The immediate reason for an oil rebound is likely the market's [Read more]
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