The $3.4 billion write-down in Russia isn’t enough to stop surging profits at Exxon
The war in Ukraine has been great for the bottom lines of multinational oil and gas companies, even though...
The war in Ukraine has been great for the bottom lines of multinational oil and gas companies, even though many have had to abandon billions of dollars worth of assets in Russia. ExxonMobil and Chevron posted surging first-quarter profits on April 29, buoyed by oil prices that have stayed above $100 per barrel since the Russian invasion. Exxon’s profit for the quarter hit $5.5 billion, double the same period last year even after having to write off $3.4 billion for exiting its Sakhalin-1 drilling operation in Russia.
NatGas: Traders Bracing for Start of Large Weekly Storage Injections
Natural gas futures closed higher last week primarily on expectations that declines in U.S. output will...
Natural gas futures closed higher last week primarily on expectations that declines in U.S. output will keep the amount of gas that utilities can inject into storage lower than usual in coming weeks. Prices were also boosted on steady demand for U.S. liquefied natural gas (LNG).
The upcoming weeks from mid-May through early June often feature the largest weekly storage injections of the year, according to EBW. This may provide an opportunity for the market to catch up to a lagging storage trajectory, with weekly storage builds potentially reaching the triple digits, according to the firm.
Big US energy transmission projects inch closer to approval
ALBUQUERQUE, N.M. (AP) — The federal government has finished another environmental review of a proposed...
ALBUQUERQUE, N.M. (AP) — The federal government has finished another environmental review of a proposed transmission line that will carry wind-generated electricity from rural New Mexico to big cities in the West and similar reviews are planned for two more projects that would span parts of Utah and Nevada, the U.S. Interior Department announced Thursday.
Megadrought Threatens California Power Blackouts This Summer
(Bloomberg) The historic drought that’s choked off rivers and reservoirs from the Rocky Mountains to...
(Bloomberg) The historic drought that’s choked off rivers and reservoirs from the Rocky Mountains to the California coast is threatening to strain power grids this summer, raising the specter of blackouts and forcing the region to rely on more fossil fuels.
“We're in a difficult situation,’’ said Michael Wara, director of the Climate and Energy Policy Program at Stanford University. “If there’s not a lot of hydro to go around, and if we have regions having a heat wave together, things get trickier.”
2 Energy Companies Set to Light It Up for a Decade and Beyond
The world is in the early stages of a major energy transition, as it looks to shift from carbon fuels...
The world is in the early stages of a major energy transition, as it looks to shift from carbon fuels to cleaner alternatives. It would be great if such shifts were as easy as flipping a light switch, but that's just not how things work. This transition is likely to take decades. But that doesn't mean companies or investors should ignore the changes. And that's why NextEra Energy and TotalEnergies are both names to keep an eye on as they look to ensure the world has power today and in the future.
