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Exxon 3Q profits to climb from last quarter on higher prices
Exxon Mobil (XOM.N)...
Exxon Mobil (XOM.N) said on Wednesday big increases in oil, gas, and fuel prices would deliver a third-quarter operating profit between $8.3 billion and $11.4 billion, below the year ago's record earnings but up from its second quarter.

Exxon's snapshot of operating profits, delivered in a securities filing after the market close, signals a good quarter for oil companies on high oil prices and strong demand for gasoline and diesel.

The largest U.S. oil producer posted a total profit in the same quarter a year ago of $19.7 billion and $7.9 billion in its second quarter this year. Analysts currently forecast a $9.22 billion, or $2.37 per share profit, for the latest quarter, according to financial firm LSEG.

Exxon's oil and gas production earnings were boosted by an about 30% increase in average crude oil prices during the period. The Brent global benchmark ended the quarter near $97 per barrel, up from $72 per barrel at the end of June, JPMorgan said in a note.
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Dow adds 100 points to snap 3-day losing streak as Treasury yields ease from 16-year highs
The Dow...
The Dow Jones Industrial Average broke a three-day losing streak Wednesday as Treasury yields pulled back from multiyear highs following the release of much weaker-than-expected jobs data.

The 30-stock index gained 127.17 points, or 0.39%, to close at 33,129.55. The S&P 500 increased 0.81% and closed at 4,263.75. Meanwhile, the Nasdaq Composite gained 1.35% at 13,236.01.
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Closing Oil Prices
Oil prices tumbled Wednesday to take some heat off inflation. WTI...
Oil prices tumbled Wednesday to take some heat off inflation. WTI Benchmark U.S. crude fell $5.01 to settle at $84.22 per barrel for its worst drop in just over a year. It’s been pulling back since topping $93 last week. Brent crude, the international standard, lost $5.11 to $85.81.

On the losing end of Wall Street were big oil and gas companies, which fell with the price of crude. Exxon Mobil dropped 3.7%, Chevron lost 2.3% and ConocoPhillips slid 3.6%.

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BP launches first US biogas plant since Archaea acquisition
Reuters - BP (BP.L) on...
Reuters - BP (BP.L) on Wednesday launched its first plant processing renewable gas from landfill since its $4 billion acquisition of the largest U.S. biogas producer Archaea Energy last December.

The renewable natural gas (RNG) plant in Medora, Indiana, can process 3,200 cubic feet of landfill gas per minute (scfm) into RNG – enough gas to heat around 13,026 homes annually, BP said.

Landfill gas, a natural byproduct of the decomposition of waste, is a form of greenhouse gas.

The plant, located near a landfill owned by Rumpke Waste and Recycling, captures gas and converts it to electricity, heat, or renewable natural gas.

The plant's technology is modular, meaning it can be replicated and deployed faster than previous technologies, BP said.

"This is a powerful step forward in our net zero journey to capture landfill emissions and provide customers with lower emission, lower carbon fuel," Starlee Sykes, CEO of Archaea Energy, said in a statement.
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Russian oil and gas budget revenues up 15% in September m/m
Reuters - The Russian state's oil and gas revenues rose by around 15% in September,...
Reuters - The Russian state's oil and gas revenues rose by around 15% in September, month-on-month, to 739.9 billion roubles ($7.44 billion), finance ministry data showed on Wednesday, thanks to a rise in proceeds from the mineral extraction tax.

Revenues from oil and gas sales, crucial for Russia's commodity-oriented economy, were also up 7.5% compared to the same month in 2022.

This was broadly in line with Reuters' preliminary calculations.

Oil and gas revenues in the entire January-September period declined by 34.5% to 5.576 trillion roubles, year-on-year.
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