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NGL Energy Partners Posts Lower Quarterly Profit

NGL Energy Partners said that Water Solutions’ operating income slipped by $8.9 million for the quarter under review due to higher losses from asset disposals or impairments. “This decrease was partially offset by a gain of $3.0 million due to the write-off of a contingent consideration liability and higher disposal revenues due to an increase in produced water volumes processed from contracted customers and higher fees charged for interruptible spot volumes”, the company said.

Hess Doubles Guyana Oil Output

Hess Corp. grew its net oil production in Guyana by 52 percent to 195,000 barrels per day (bpd) in the fourth quarter of 2024 compared to the same three-month period in the prior year, according to quarterly results it released Wednesday. The New York City-based company’s net production in the United States’ Bakken shale also […]

The UAE Signals a Strategic Realignment as Trump Returns to Office

The latest signs of such a realignment have come from the UAE’s awarding of contracts for the massive expansion of its liquefied natural gas (LNG) capabilities, centred on the Ruwais LNG Project. Once fully operational, the Ruwais LNG plant will more than double the current LNG production capacity of the UAE’s ADNOC Gas to over 15 million tonnes per annum (mtpa). Last week saw the UAE energy giant award US$2.1 billion in contracts to bolster its LNG supply infrastructure with the largest (valued at US$1.24 billion) going to a consortium consisting of the Egyptian firms, Engineering for the Petroleum and Process Industries (ENPPI) and Petrojet.

U.S. Intervention in Iraq’s Oil Dispute Sparks Backlash

The U.S. last week stepped into the long-running embargo by the Baghdad-based Federal Government of Iraq (FGI) of independent oil exports from Iraq’s semi-autonomous region of Kurdistan (KRI) centred in Erbil. These flows into Turkey were stopped on 25 March 2023 after the International Chamber of Commerce (ICC) ordered Ankara to pay the FGI US$1.5 billion in damages for these allegedly unauthorised oil exports. U.S. State Department spokesperson Matthew Miller told local Iraqi news outlets that Washington has encouraged the historically pro-West Erbil and more pro-China Baghdad to reach a sustainable agreement on budgetary issues that would facilitate sustained oil production in the Kurdistan Region.