In an oil and gas report sent to Rigzone by the Macquarie team late Monday, Macquarie strategists revealed that they are forecasting that U.S. crude inventories will be up by 10.8 million barrels for the week ending January 31.
Abu Dhabi National Oil Co.’s holdings in a hydrogen venture with Exxon Mobil Corp. and NextDecade Corp.’s liquefied natural gas export project will move to XRG, according to Chief Executive Officer Sultan Al Jaber. XRG aims to invest in technologies that power the energy transition and the shift to advanced technologies, Al Jaber wrote in a column on the news website Semafor.
Earlier on Tuesday, China announced retaliatory measures against Trump’s tariffs, temporarily sending futures below where they ended 2024 for the first time this year. Speaking to reporters Tuesday afternoon, Trump said it was “fine” that China responded in kind with tariffs on some American products.
The French energy giant’s results are line with other major oil and gas producers, with rivals Shell Plc and Chevron Corp. also prioritizing cash returns to investors even as they posted declining end-of-year profits. Lower earnings could put pressure on the industry’s ability to fund hefty share buybacks in the longer term, but for now the industry is coping with sluggish economic growth in Europe and mounting trade tensions provoked by the policies of US President Donald Trump.
TriMas Corp., a Michigan-based manufacturer of engineered products, has completed the sale of its Arrow Engine business to IES Infrastructure Solutions LLC, a division of IES Holdings Inc. TriMas confirmed in a media release that the sale marks the end of its direct presence in the oil and gas market.
Shell has restored oil and gas production from the Penguins field in the UK North Sea with a new floating, production, storage and offloading (FPSO) facility, the UK-based supermajor said on Tuesday, days after a court ruled that government approvals for two planned UK fields were unlawful.
Marathon Petroleum booked an adjusted net income of $249 million, or $0.77 per diluted share, for the fourth quarter of 2024. This is significantly lower compared to the adjusted net income of $1.5 billion, or $3.98 per share, for the fourth quarter of 2023.
Abu Dhabi’s ADNOC is moving some of its natural gas and green energy assets in the United States into its recently created $80-billion international energy investment company, the CEO of the national oil company of the United Arab Emirates says.
BP is about to make a big bet on Iraq—again. After years of false starts, geopolitical chaos, and stalled negotiations, the British oil major is reportedly gearing up to invest up to $25 billion in Iraq’s Kirkuk oil and gas fields. That’s according to a senior Iraqi official who spoke to Reuters in an exclusive.
The American Petroleum Institute (API) estimated that crude oil inventories in the United rose by 5.025 million barrels for the week ending January 24. Analysts had expected a 3.17-million-barrel build.