Oil & Gas 360 – Page 523

Saudi Aramco posts 160% rise in third-quarter profit, chairman calls for ‘stable’ energy transition

November 1, 2021

CNBC DUBAI, United Arab Emirates — Saudi Arabia’s oil giant Aramco has posted a 158% increase in third quarter net income to $30.4 billion, as the world’s largest oil companies continue to benefit from the reopening of the global economy and soaring oil and gas prices. The result beat expectations, with analysts expecting a median net income of $29.1 billion for

Column-Hedge funds put brakes on oil buying as economy concerns grow: Kemp

November 1, 2021

Reuters (John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – Hedge funds remain bullish on the outlook for oil but inflows of new money have dried up over the last month as prices have hit multi-year highs and global inflation concerns have grown. In the six most important petroleum-related futures and options contracts, hedge

Oil majors won’t ride to the rescue as world faces energy shortages

November 1, 2021

World Oil HOUSTON (Bloomberg) –The world’s biggest energy companies are producing the most cash in years, but don’t expect them to spend it on bringing on fresh supplies of oil and natural gas to combat shortages in Europe and China this winter. Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp. confirmed this week that, for the most part,

Equinor makes its 6th Norwegian oil discovery of 2021

November 1, 2021

Nasdaq OSLO, Nov 1 – Equinor EQNR.OL has made an oil discovery estimated to hold up to 62 million barrels of crude off the coast of Norway, the energy major said on Monday. The discovery, just north of the Tyrihans field and west of the Kristin development in the Norwegian Sea, was the state-controlled firm’s sixth find in domestic waters this year,

Energy-consuming nations consider response if OPEC doesn’t boost oil output

November 1, 2021

World Oil (Bloomberg) –The U.S. is talking to other energy-consuming nations about how to press OPEC+ to boost output to address the current supply crunch, a senior U.S. official told reporters in Rome. The leaders will also discuss how they might respond if the 23-nation cartel that includes Russia doesn’t take action, the official said, although he wouldn’t speculate on

A wet gas windfall: propane inventory squeeze possible as winter approaches

October 29, 2021

Oil and Gas 360 By: Tim Rezvan, CFA- EnerCom As we approach the midpoint of 3Q earnings season in the oil patch, we continue to see strong signs of capital discipline from the industry, with excess CF generally being earmarked for debt reduction, dividend growth and/or share repurchases. But while capital discipline strengthens balance sheets, it does not increase beleaguered

Exxon, Chevron target billions in share buybacks as cash flow surges

October 29, 2021

World Oil HOUSTON (Bloomberg) –Exxon Mobil Corp. and Chevron Corp. are plowing windfall profits into share buybacks as soaring energy prices boost their cash flow. Exxon will revive repurchases for the first time since 2016. The company said Friday it plans to spend as much as $10 billion on repurchases starting next year. Chevron is considering an expansion of its

Phillips 66 posts second straight quarterly profit as fuel demand rebounds

October 29, 2021

Reuters U.S refiner Phillips 66 posted its second straight quarterly profit on Friday as demand for gasoline, diesel and other distillates bounced back from pandemic lows thanks to vaccinations and easing restrictions. Energy demand has recovered swiftly from the worst days of the COVID-19 outbreak in 2020, and Brent and U.S. crude oil prices have reached multi-year highs in recent

U.S. rig count had an increase of 1 this week, at 585- oil and gas 360

U.S. rig count increased by 2 this week, at 544

October 29, 2021

Oil and Gas 360 This week’s Baker Hughes rig count shows that U.S. had an increase of 2 over last week, resulting in a total count of 544 rigs. Canada had an increase of 2 over last week, resulting in a total Canadian count of 166 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the DJ-Niobrara and

Chevron reports highest free cash flow on record as rebound in oil boost results; shares gain

October 29, 2021

CNBC Chevron said Friday that it generated the highest free cash flow on record during the third quarter, as surging commodities prices and lower operational costs boosted operations. The oil giant beat top- and bottom-line estimates for the period, earning $2.96 per share on an adjusted basis. Revenue jumped more than 80% year over year to $44.71 billion. Wall Street

TotalEnergies CEO won’t consider spinning off renewables business

October 29, 2021

World Oil PARIS (Bloomberg) –TotalEnergies SE Chief Executive Officer Patrick Pouyanne said it’s “too early” for the French oil major to consider spinning off its renewable-energy business because that segment may triple in value by 2025. That segment should surge in value because the company plans to almost quadruple its gross installed capacity to 35 gigawatts by then, he said.

Don’t ditch traditional energy stocks for solar just yet, two traders say

October 28, 2021

CNBC It’s worth hanging onto traditional energy stocks despite the recent resurgence in solar names, two traders say. The popular Invesco Solar ETF (TAN) is up nearly 10% this week, helped in part by Enphase Energy’s surge after reporting record revenue for its third quarter. TAN is beating the Energy Select Sector SPDR Fund (XLE) in the past month, up almost 22% versus the XLE’s 8.5% gain,

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