European oil majors’ first-quarter profits were lifted by bumper trading gains as the Iran warupended supply chains, underscoring how the ability to shift barrels around the world can sometimes trump pumping them out of the ground. BP, Shell and TotalEnergies have spent years building vast oil trading machines that now sit at the heart of their business - setting the European majors apart from their larger U.S. peers, for better or worse. BP reported first-quarter net profit of $3.2 billionon [Read more]
News
US naval blockade squeezes Iran’s oil exports, forces crude onto floating storage
A U.S. naval blockade of Iranian ports has shrunk Tehran's oil exports, stranding a growing stockpile of crude on tankers as Iranian storage sites run out of space, shipping data showed and analysts said. With some vessels switching off tracking systems and U.S. forces turning back Iranian tankers, how much crude Iran is delivering to customers, particularly main customer China, is impossible to measure. Just a handful of carriers carrying Iranian crude have left the Gulf of Oman between [Read more]
US seeks to loan about 92.5 million barrels from Strategic Petroleum Reserve
The Trump administration is seeking to loan up to 92.5 million barrels of crude from the Strategic Petroleum Reserve to energy companies as it aims to calm oil markets that have spiked due to the war with Iran, it said on Thursday. The U.S. agreed in March to loan 172 million barrels from the SPR as part of a wider agreement with more than 30 countries in the International Energy Agency (IEA) to release about 400 million barrels to help relieve markets. Fatih Birol, the head of the IEA, has [Read more]
ConocoPhillips sees lower annual production as Iran war disrupts operations
Oil and gas producer ConocoPhillips on Thursday forecast lower annual output and excluded Qatar from its near-term outlook, citing the Iran war that has disrupted operations in the Middle East. ConocoPhillips is a partner in QatarEnergy's liquefied natural gas export plant, which is one of the world's largest providers of the superchilled gas. Iranian attacks on the facility have knocked out about a sixth of Qatar's LNG export capacity, worth about $20 billion a year, with repairs expected [Read more]
Why $100 oil is no longer spooking equity markets: Stephen Jen
Why have global equity markets been so resilient to the Iran oil shock? Because $100 a barrel oil doesn’t mean what it used to. Brent crude has risen around 70% since the Iran war began on February 28 to over $120 per barrel, as of early Thursday. Yet global equity markets, though volatile, are still substantially back above pre-war levels. While there are many explanations, the key one is rooted in math. The head of the International Energy Agency, Fatih Birol, has described the current oil [Read more]
Repsol is in no rush to list upstream unit in US, CEO says
Spain's Repsol is in no rush to list its oil and gas production unit in the United States, Chief Executive Josu Jon Imaz said on Thursday, tempering expectations about an initial public offering or reverse merger in the near future. Imaz had said late last year that the upstream unit was being prepared for a liquidity event in 2026, which could mean an IPO or a reverse merger with a company listed in the U.S. He said on Thursday while the unit was technically ready "to go to the American [Read more]
Iran war stasis brings US inflation expectations back to the boil: Mike Dolan
U.S. headline and core inflation are heading back above 3% once more, and inflation expectations for the year ahead are building a head of steam. The only crumb of comfort for the Federal Reserve is that long-dated price rise expectations are better behaved - but even these have been irked by the Iran-war-related oil shock. A relatively short energy market hiatus can be taken on the chin by most central banks for a while, but their big worry is that a protracted crude outage feeds the [Read more]
Knowledge Energy Inc.: Corporate Divestiture
Knowledge Energy Inc. (“Knowledge” or the “Company”) has engaged Sayer Energy Advisors to assist it with a sale of the shares of the Company. Knowledge is a highly focused junior oil and natural gas company producing light oil and solution natural gas from its non-operated Charlie Lake play in the Balsam area of Alberta (the “Property”). In the Balsam area, Knowledge primarily holds a 9% non-operated working interest in approximately 86 largely contiguous sections of land. The majority [Read more]
ConocoPhillips announces first-quarter 2026 results and quarterly dividend
Reported first-quarter 2026 earnings per share of $1.78 and adjusted earnings per share of $1.89. Generated cash provided by operating activities of $4.3 billion and cash from operations (CFO) of $5.4 billion. Declared second-quarter ordinary dividend of $0.84 per share. Updated full-year production and capital guidance; operating cost guidance unchanged. HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today reported first-quarter 2026 earnings of $2.2 billion, or $1.78 per [Read more]
Apollo, Blackstone and KKR vie for Shell stake in LNG Canada, sources say
Apollo Global Management, Blackstone and KKR are battling it out to acquire a significant stake in the mammoth LNG Canada project from energy major Shell, three people familiar with the matter said. The trio, among the world's largest asset management firms, are the remaining bidders in the auction process, run by Shell, which also garnered interest from other large money managers and infrastructure investors. Any deal is expected to be valued well north of $10 billion and could reach as high as [Read more]
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