U.S. oil majors Exxon Mobil and Chevron offered investors a few pieces of new insight into their thinking about Venezuela on Friday, even though neither company announced long-term investment commitments despite President Donald Trump's continued push to convince American oil firms to rebuild the South American country's energy sector. Exxon CEO Darren Woods plugged his company's technological capability to potentially extract Venezuela's traditionally expensive heavy crude for a lower cost, [Read more]
News
North Dakota oil output fully restored, nationwide outages dropping
All of North Dakota's crude production was back online on Friday, state regulators said, after recovering from an arctic blast from a winter storm that has disrupted production nationwide. North Dakota is the third-largest oil-producing U.S. state, and output totaled 1.189 million barrels per day in November, the latest monthly data from the state's Industrial Commission showed. Nationwide as of Thursday, crude production outages totaled 500,000 bpd, down 100,000 bpd from Wednesday. Outages [Read more]
Chevron can process another 100,000 bpd of Venezuelan crude at its US refineries, CEO says
Chevron CEO Mike Wirth said on Friday the U.S. oil major can process an additional 100,000 barrels per day of Venezuelan crude at its refineries. "We've been bringing about 50,000 barrels a day, give or take, into our Pascagoula, Mississippi, refinery on the Gulf Coast. We can take another 100,000 barrels a day into our system, both at Pascagoula and on the West Coast, where we've got coking capacity at El Segundo," Wirth said during a fourth-quarter conference call with analysts. "So I think [Read more]
Imperial declares first quarter 2026 dividend
CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) today declared a quarterly dividend of 87 cents per share on the outstanding common shares of the company, payable on April 1, 2026, to shareholders of record at the close of business on March 5, 2026. This first quarter 2026 dividend compares with the fourth quarter 2025 dividend of 72 cents per share. Imperial has a long and successful history of growth and financial stability in Canada as a leading [Read more]
US drillers add oil and gas rigs for second week in a row, Baker Hughes says
U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since December, 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 by two to 546 in the week to January 30, its highest since December. Despite this week's rig increase, Baker Hughes said the total count was still down 36 rigs, or 6% below this time last year. Baker Hughes said oil rigs held [Read more]
Mexico to seek diplomatic solution after US threatens Cuba oil tariffs
Mexico's President Claudia Sheinbaum said on Friday her country would seek diplomatic solutions and alternatives to help Cuba after the United States threatened tariffs on nations that supply the Caribbean nation with oil. "We need to know the scope because we don't want to put our country at risk in terms of tariffs," Sheinbaum said in a morning press conference, adding that she had instructed her foreign minister to reach out to the U.S. State Department. Mexico is one of Cuba's only [Read more]
Chevron in talks with Iraq, Libya to evaluate exploration opportunities
Chevron CEO Mike Wirth said on Friday the U.S. oil major was in discussions with the governments of Iraq and Libya to look at existing producing oilfields and evaluate exploration opportunities. The company needed to see compelling investment return potential in those countries, Wirth added. (Reporting by Vallari Srivastava in Bengaluru and Sheila Dang in Houston; Editing by Shreya Biswas) [Read more]
US share of Europe’s LNG imports increased to 60% in January
The United States supplied 60% of the European Union's liquefied natural gas this month, data showed on Friday, confirming its role as Europe's dominant LNG supplier as some European officials become wary of growing reliance on U.S. energy. The 60% share was an increase from both last month and January 2025, when the U.S. supplied 53% of EU imports, data shared with Reuters by analytics firm Kpler showed. The 5.36 million metric tons of LNG the EU imported from the U.S. in January is the [Read more]
Extreme cold disrupts Hydro-Québec exports to Massachusetts during spike in power use
MONTRÉAL - Extreme cold forced Hydro-Québec to temporarily suspend its energy exports to Massachusetts just one week after inaugurating its new line. Hydro-Québec and the Massachusetts Executive Office of Energy and Environmental Affairs both confirmed the news, which was first reported by specialized media outlet E&E News. The decision came as last weekend's polar vortex led to a significant increase in demand in Quebec. There is less water in Hydro-Québec's reservoirs at the [Read more]
Exxon CEO says first LNG at Golden Pass expected in March
Exxon Mobil CEO Darren Woods said on Friday the production of liquefied natural gas at the Golden Pass export terminal in Texas is expected to begin in March, marking a key milestone for the project. A venture with QatarEnergy, the project will become the latest LNG plant to begin production in the U.S. The $10-billion project has been beset by delays and cost overruns after construction began in 2019. It had to change its lead contractor after it filed for bankruptcy on the project, claiming [Read more]
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