Source: Reuters NEW DELHI (Reuters) – The United States is working with allies to ensure adequate global oil supplies after its sanctions barred nations from buying Iranian crude, U.S. Treasury Secretary Steven Mnuchin said on Friday. Mnuchin spoke to reporters during a trip to India – which was one of the main importers of Iranian oil until New Delhi stopped
Source: Houston Chronicle Chevron Corp. reported a net income of $2.58 billion in the third quarter, down from $4.05 billion in the same quarter last year, and missed Wall Street expectations. The San Ramon, California-based company reported earnings of $1.36 per diluted share; analyst consensus expectations were $1.49 per share. Chevron reported $36 billion in revenue, down from $44 billion in
Source: Houston Chronicle Exxon Mobil Corp. profits fell in the third quarter, the company reported Friday. The Irving, Texas-based oil major reported a third-quarter net profit of $3.17 billion, little more than half the profit the company reported in the same quarter last year. Exxon reported $65.05 billion of revenue in the third quarter, down from $76.61 billion in the same quarter
Source: Houston Chronicle Houston liquefied natural gas company Cheniere Energy posted a $318 million loss during the third quarter amid higher operating expenses, depreciation of assets and interest payments. In an early Friday morning filing with the U.S. Securities and Exchange Commission, Cheniere reported posting a $318 million loss on nearly $2.2 billion of revenue during the third quarter. The
Source: Reuters NEW YORK (Reuters) – Oil prices rose 2% on Friday on signs of progress in U.S.-China trade talks and stronger-than-expected economic data in both countries, including U.S. employment and Chinese manufacturing activity numbers. Brent crude was up $1.16, or 2%, at $60.78 a barrel by 12:01 p.m. ET (1601 GMT), but remained on course for a drop of
Source: Reuters NEW YORK (Reuters) – U.S. crude production soared nearly 600,000 barrels per day in August to record of 12.4 million, buoyed by a 30% increase in Gulf of Mexico output, according to government data released on Thursday. The U.S. has become the world’s largest oil producer with output surging to records above 12 million bpd this year as
Source: Reuters LONDON (Reuters) – Darkening clouds over the global economy have led two of the world’s top oil firms to warn investors that promised growth in returns could be at risk for the first time since the 2014 oil downturn. Both BP and Royal Dutch Shell, which account for nearly 15% of the FTSE’s total dividends, signaled this week
Source: Houston Chronicle Oil slid the most in two weeks after Saudi Arabia boosted crude output by more than a million barrels a day against the backdrop of renewed worldwide trade woes. Futures fell as much as 2.5% in New York on Thursday. The Saudis lifted daily production to about 9.8 million barrels just weeks after crippling missile attacks on
Source: Reuters LONDON (Reuters) – Royal Dutch Shell warned on Thursday that uncertain economic conditions could slow its $25 billion share buyback program, the world’s largest, after its third-quarter profits easily beat expectations on strong oil and gas trading. The better-than-expected results in the face of oil prices that fell 17% year on year underscores Shell’s transformation in recent years,
Source: Houston Chronicle The nation’s supplies of commercial crude oil spiked by 5.7 million barrels last week, but declines in refined products caused overall petroleum supplies to fall for an unprecedented fourth consecutive week. Crude oil prices dipped a bit Wednesday morning on the more bearish crude inventories increase, but the offsetting declines in other petroleum supplies kept oil prices
Source: Reuters (Reuters) – Marathon Petroleum Corp will release earnings on Thursday at a time when activist investors are pressuring company executives to make major changes, including potentially spinning off its retail gasoline unit that enjoyed strong margins in the most recent quarter. It has been 13 months since Marathon closed its $23 billion purchase of Andeavor Corp that gave
Source: Reuters NEW YORK (Reuters) – U.S. crude oil stockpiles soared last week amid higher imports and a release from national reserves, while gasoline and distillate inventories extended their declines even as refiners ramped up production, the Energy Information Administration said on Wednesday. Crude inventories, excluding the Strategic Petroleum Reserve (SPR), rose 5.7 million barrels in the week to Oct.
