Companies

Saudi oil giant Aramco on Tuesday reported $56.3 billion in profits for the first half of the year, down from the year before due to weakening volumes sold amid worries about the global economy. Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year …

Global oil demand is expected to rise by between 1.6 million and 2 million barrels per day (bpd) in the second half of the year, Saudi Aramco’s chief executive Amin Nasser said on Tuesday, noting that the past week’s selloff in oil doesn’t reflect fundamentals. Aramco sees total global oil …

Saudi Aramco raised the official selling prices of its light crude for Asian clients for the first time in three months, with the September price for flagship Arab Light up by $0.20 per barrel for September delivery. Aramco kept Arab Medium and Arab Heavy crude prices unchanged for Asian buyers. …

ExxonMobil beat Wall Street estimates with the second-highest earnings for the second quarter in a decade as the acquisition of Pioneer Natural Resources fueled a record quarterly production and the highest oil production since the Exxon and Mobil merger. Exxon said on Friday that its second-quarter 2024 earnings came in …

Russia said today that there was no friction with OPEC+ due to Moscow exceeding crude production quotas and that the world’s second largest oil exporter would compensate for its overpumping, Reuters reports. Russia yesterday unexpectedly announced that its crude oil production in June exceeded quotas set by the OPEC+ group …

Chinese energy and chemicals giant Sinochem Group is in discussions to sell its 40% stake in a producing oilfield offshore Brazil, Bloomberg reported on Friday, citing sources with knowledge of the talks. Sinochem, which paid $3.07 billion for a 40% stake in the Peregrino oil and gas field in the …

Eni SpA raised its oil and gas production guidance and said it would accelerate the pace of share buybacks after reporting on Friday better-than-expected earnings for the second quarter, driven by its upstream division. The Italian energy major booked an adjusted net profit of $1.63 billion (1.5 billion euros) for …

Aramco has signed definitive agreements to acquire an equity interest in the Jubail-based Blue Hydrogen Industrial Gases Co. (BHIG), a wholly-owned subsidiary of Air Products Qudra (APQ). The transaction, which is subject to standard closing conditions, will also include options for Aramco to offtake hydrogen and nitrogen. Building on its …

Eni and ITQuanta have agreed to form a joint venture, Eniquantic1, with the aim of developing an integrated hardware and software quantum machine2 capable of solving complex problems (mathematical optimisation, modelling and simulation, artificial intelligence) and initiating specific and significant quantum computing applications to support the energy transition. In developing …

Saudi Aramco signed definitive agreements to acquire an equity interest in the Jubail-based Blue Hydrogen Industrial Gases Co. (BHIG), a wholly-owned subsidiary of Air Products Qudra (APQ). The transaction, which is subject to standard closing conditions, will also include options for Aramco to offtake hydrogen and nitrogen, the oil giant …