Fearing a windfall tax, this oil company is cutting gasoline prices at its pumps.
Windfall taxes on oil companies are the talk around the world as consumers grapple with high energy costs. ...
Windfall taxes on oil companies are the talk around the world as consumers grapple with high energy costs. Lawmakers in France have proposed a tax of as much as 25% on energy and transport giants.
France’s TotalEnergiesTTE, 1.34% is trying to head one off by committing to cut prices. The company said it will cut fuel prices by 20 Eurocents a liter compared to global market prices from September to November, and a 10 Eurocents a liter reduction from November to the end of the year.
“We prefer to make an immediate and direct contribution to our customers, rather than an indirect tax which would penalize our refineries,” said Patrick Pouyanné, chairman and CEO of TotalEnergies.
TotalEnergies operated 3,479 service stations in France last year. TotalEnergies shares edged higher on Friday and have rallied 35% this year.
Benchmark U.S. crude oil for September delivery fell $3.53 to $96.35 a barrel Thursday....
Benchmark U.S. crude oil for September delivery fell $3.53 to $96.35 a barrel Thursday. Brent crude for September delivery fell $3.06 to $103.86 a barrel.
Wholesale gasoline for August delivery fell 13 cents to $3.15 a gallon. August heating oil fell 1 cent to $3.59 a gallon. August natural gas fell 7 cents to $7.93 per 1,000 cubic feet.
The U.S. Energy Information Administration (EIA) said utilities added just 32 billion cubic feet (bcf)...
The U.S. Energy Information Administration (EIA) said utilities added just 32 billion cubic feet (bcf) of gas to storage during the week ended July 15.
That was much less than the 47-bcf build analysts forecast in a Reuters poll and compares with an increase of 50 bcf in the same week last year and a five-year (2017-2021) average increase of 41 bcf.
Harvest Buys Remaining Interest in Arrowhead Gulf Coast Holdings
Harvest Midstream purchased the remaining interest in Arrowhead Gulf Coast Holdings LLC, making...
Harvest Midstream purchased the remaining interest in Arrowhead Gulf Coast Holdings LLC, making Harvest the sole owner of the company, a press release announced on July 20.
Arrowhead's operations include 300 miles of pipelines and terminal assets in southern Louisiana used for the transport of crude oil and condensate, including the BOA/CAM pipelines that supply crude to the Valero Meraux and PBF Chalmette refineries.
The company's other pipeline and terminal assets include Golden Cocodrie, Atchafalaya, Eugene Island, Erath Tank Farm, Burns dock, Burns terminal and Sabine.
Prior to Harvest signing, funding and closing on the transaction, it held a 62.5% stake in the company, with BlackRock Real Assets owned the remaining 37.5% stake.
MarketWatch: U.S. stocks finish higher; Nasdaq ends up 1.4% as Tesla stock jumps
U.S. stocks closed sharply higher on Thursday as the tech-heavy Nasdaq Composite led all three...
U.S. stocks closed sharply higher on Thursday as the tech-heavy Nasdaq Composite led all three benchmarks to their highest levels in six weeks. Strong earnings from S&P 500 companies --- particularly heavy-hitting tech stocks like Netflix Inc. NFLX, +3.44% and Tesla Inc. TSLA, +9.78% --- have helped to bolster sentiment, prompting wary investors to jump back into the market en masse, market strategists said. The Dow Jones Industrial Average DJIA, +0.51% gained 162.06 points, or 0.5%, to 32,036.90. The Nasdaq Composite COMP, 1.36% closed 161.96 points, or 1.4%, higher at 12,059.61. The S&P 500 SPX, +0.99% climbed 39.05 points, or 1%, to 3,998.95. For the Nasdaq, Thursday marked the first time since late May that the index advanced by 1% or more for three consecutive sessions.
