Oil News

 

Oil Profits Soar: Oil Majors Shed Pandemic Blues

Apr 29, 2021

Europe's major energy companies profited from a rise in oil prices to report big increases in first-quarter earnings on Thursday, putting the worst of the pandemic era slump in fuel demand behind them.Last year's demand collapse forced BP, Royal Dutch Shell and Equinor to slash their dividends and preserve cash as they to try to transform themselves into companies that can thrive in a low-carbon world…

Pemex Narrows Losses in First Quarter

Apr 30, 2021

Petroleos Mexicanos said on Friday its losses narrowed 93% in the first quarter after higher sales, lower imports and tax cuts eased pressure on Mexico's highly indebted state oil company.Pemex, as the company is known, said the net loss of 37…

Eni Q1 Profits Miss Expectations

Apr 30, 2021

Italian energy group Eni is planning to spin off a minority stake in its new retail and renewable business next year, it said on Friday, after announcing first quarter profits that missed expectations.Several European energy companies, including Spain’s Repsol…

ExxonMobil Tops Earnings Estimates as Oil Prices Rebound

Apr 30, 2021

ExxonMobil Corp on Friday topped Wall Street quarterly earnings estimates and posted its first profit in five quarters, boosted by higher oil prices and strong chemicals margins.Exxon and rivals results this year have been rising with crude oil prices…

OMV Expects Strong Second Half of 2021

Apr 29, 2021

Austrian oil and gas group OMV said it sees strong improvement in the second half of 2021 as it reported a better-than-expected quarterly core profit on Thursday thanks to higher oil prices and gains from the acquisition of plastics maker Borealis…

Sinopec Reports $2.9 Billion Q1 Net Profit

Apr 28, 2021

China Petroleum & Chemical Corp swung to a first-quarter profit from a loss a year earlier, with net income reaching 18.54 billion yuan ($2.86 billion), amid a recovery in global oil prices and robust demand for refined oil products.Asia's top oil refiner…

Hess Corp Swings to Quarterly Profit

Apr 28, 2021

U.S. oil producer Hess Corp on Wednesday swung to a profit in the first quarter despite lower production, as a winter storm boosted demand for natural gas, while steady COVID-19 vaccine rollouts aided a recovery in oil prices.Global crude prices…

ExxonMobil Makes Oil Discovery at Uaru-2 Offshore Guyana

Apr 27, 2021

U.S. oil major ExxonMobil said on Tuesday it made an oil discovery at the Uaru-2 well in the Stabroek Block offshore Guyana.Uaru-2 will add to the previously announced gross discovered recoverable resource estimate for the block, which is currently…

Surge of Coronavirus in India Dents Bullish Crude Case

Apr 26, 2021

The problem for crude oil market bulls is that every time they think they have built up steam, something comes along to knock the momentum off track.The coronavirus surge in India and the imposition of states of emergency in populated parts of Japan…

When is a Cargo of Oil Certified "Carbon Neutral"? Ask Lundin Energy

Apr 26, 2021

Sweden's Lundin Energy has sold to Italian refiner Saras what it said is the world's first oil cargo certified as carbon neutral at the point of production, the two companies said on Monday.Oil companies are increasingly trying to market their…

Oil Edges Higher on US, Europe Demand Hopes

Apr 23, 2021

Oil prices rose on Friday on hopes of a fuel demand recovery in the United States and Europe as economic growth picks up and lockdowns ease, but worries about India's raging second wave of COVID-19 cases kept a lid on gains.Brent crude futures rose 21 cents…

2021: A Year of Offshore Energy Potential

Apr 05, 2021

After what has seemed like the longest year ever, the offshore energy sector is emerging from a position of strength, from the standpoint of both economics and sustainability. Between the lockdowns implemented to reduce COVID-19, which reduced energy demand…

Biden to Review Future of Federal Oil Leasing Program

Mar 09, 2021

The U.S. Interior Department announced Tuesday it will launch its review of the federal oil and gas leasing program on March 25, a key step that will determine whether the Biden administration will permanently halt new leases on federal land and water…

Oil Surges After OPEC+ Extends Cuts

Mar 05, 2021

Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April.Brent futures rose $2.10, or 3.2%, to $68…

Saudi Aramco, Chevron Chiefs See Global Oil Demand Recovery

Mar 02, 2021

Global oil demand is recovering and could return to around pre-pandemic levels next year, the chief executive of Saudi Aramco told an oil and gas conference on Tuesday.Global demand for oil is likely to recover from the second half of the year…

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