U.S. refining and chemicals giant Phillips 66 booked higher-than-expected earnings for the third quarter even if earnings plunged from a year earlier, as expected, due to weak refining margins and fuel demand. Phillips 66 reported on Tuesday adjusted earnings of $859 million, or $2.04 per share, for the third quarter, …
Read More »BP and Shell Brace for Profit Drop
BP and Shell are expected to post lower profits this week as the supermajors grapple with weak oil prices and a global slowdown in demand. BP is due to publish its third-quarter earnings on Tuesday, while Shell will report its results on Thursday. Earlier this month, the FTSE 100 firms …
Read More »PetroChina Set to Close Its Biggest Refinery in 2025
State oil giant PetroChina plans to shut its largest Chinese refinery in 2025 after years of considering moving the processing to a smaller site, anonymous sources told Reuters on Monday. PetroChina has been thinking for years to shut its Dalian Petrochemical plant in downtown Dalian, north China. The 410,000-barrels per …
Read More »BP Walks back Green Targets amid Market Realities
In February 2020, then-brand-new chief executive Bernard Looney told the world that one of the oldest and biggest oil companies in the world was going to become a net-zero company by 2050. To achieve this, it would slash its oil and gas production by 40% by 2030. Four years and …
Read More »Aramco CEO Calls for Energy Transition Reset in Developing World
Saudi Aramco’s chief executive Amin Nasser has called for what he dubbed a reset in the transition plans for developing countries, citing strong projected growth in oil demand for the Global South. Developing economies are growing and living standards are rising, Nasser said today at the Singapore International Energy Week, …
Read More »BP Considers Selling Small Stake in Its Offshore Wind Business
BP is considering a potential sale of a minority stake in its offshore wind business in a move to reduce spending on project developments in the sector, anonymous sources have told Reuters. Currently, BP doesn’t operate offshore wind farms, but it had a pipeline of offshore wind developments worth 9.6 …
Read More »TotalEnergies to Overhaul Largest European Refinery in 2025
TotalEnergies will do extensive turnaround work at its largest integrated refinery complex in Europe in the second half of 2025, sources familiar with the plans told Bloomberg on Friday. TotalEnergies’s Antwerp refining and petrochemicals platform is the French supermajor’s largest integrated complex in Europe. Located in Antwerp, Belgium, right in …
Read More »Russia’s Lukoil Visits Baghdad to Discuss Oil Projects in Iraq
Recently, a delegation from the Russian oil corporation Lukoil visited Baghdad to meet with Iraqi Prime Minister Mohammed Shia Al-Sudani to discuss matters about the company’s activities in the country. Lukoil gave a thorough update on their current activities in Iraq’s West Qurna 2 and Eridu oil fields, emphasizing the …
Read More »BMW Says EU Ban on Gasoline Cars from 2035 is “no Longer Realistic”
Germany’s car manufacturing giant BMW is warning that an EU ban on the sale of gasoline and diesel cars from 2035 is “no longer realistic” amid slow EV sales as the European auto industry will see a “massive shrinking” with such a ban. European carmakers are already struggling with their …
Read More »CNOOC Sees Record Oil and Gas Output from Independent Field
China National Offshore Oil Corporation (CNOOC) has revealed a record cumulative production of 9 billion m3 of natural gas and more than 900 000 m3 of crude oil from the Deep Sea #1 field. Production from the field is set to rise further as CNOOC, China’s third-largest national oil company, …
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