In January, Shell announced Andrew Smith’s promotion to lead the trading and supply arm and elevated him to the committee, signaling the unit’s increasing importance to the energy giant. Machteld de Haan is also due to join the committee as the leader of downstream, renewables and energy solutions.
U.S. water, wastewater, and natural gas utility company Essential Utilities Inc. has reported a net income of $184.7 million for the fourth quarter of 2024, versus $135.3 for the corresponding period a year earlier. Essential’s net income for full-year 2024 was $595.3 million, above the $498.2 million for 2023.
Vermilion in September 2024 brought five wells online in its Mica Montney asset from the 9-21 pad drilled and completed in the same year. The wells produced at an average IP30 rate of over 1,000 boepd per well, consisting of 52 percent liquids. The total drill, complete and tie-in cost for the 9-21 pad was approximately CAD 9.6 million per well
The Trump administration imposed a 25% import levy on all Mexican imports, beginning Tuesday, along with a 25% tariff on all Canadian imports excluding energy, which got a discount of 15% for a 10% tariff rate.
China is the undisputed leader in the transition space, investing the most in wind and solar, along with EVs, and having the greatest generation capacity of the alternative sources of energy. Last year, solar capacity alone surged by 45%. Together with wind and hydropower, total low-carbon generation capacity reached 40% of the country’s total, the Chinese authorities reported last month.
Gasoline inventories fell in the week ending February 28, by 1.249 million barrels, adding onto the previous week’s 537,000-barrel increase. As of last week, gasoline inventories are now just slightly below the five-year average for this time of year, according to the latest EIA data.
Canadian pipeline giant Enbridge (ENB.TO) isn’t letting Trump’s 10% energy tariff slow it down. The company just announced a $2 billion investment in its Mainline network through 2028, doubling down on the very crude oil infrastructure now facing a new round of U.S. trade barriers.
The U.S. Treasury just gave Chevron Corp. a short 30-day eviction notice from Venezuela, cutting off its ability to pump and sell crude from the sanctioned country. The decision, following Trump’s vow to reverse Biden’s oil concessions to Nicolás Maduro and the cancellation of a sanction waiver just days ago, is a seismic shift that could slam both Venezuela’s already fragile economy and U.S. refiners relying on its heavy crude.
The ink is barely dry on Trump’s 10% tariff on Canadian energy, and already, fuel prices are bracing for impact. As GasBuddy’s Patrick De Haan puts it, “The real-world impact of tariffs won’t be to shift refining patterns, instead, it will be to add costs throughout the system.” Translation? Expect to shell out more at the pump, GasBuddy predicts.
Commenting on the possibility that Russia could mediate or help broker possible U.S. and Iran negotiations, Kremlin spokesman Dmitry Peskov said in response to questions sent by Bloomberg that “Russia believes that the United States and Iran should resolve all problems through negotiations” and that Russia “is ready to do everything in its power to achieve this.”