Shell Gets $1 Billion Refining Boost, Upgrades Oil and Gas Assets
Shell Plc said on July 7 that surging demand for oil products that had almost tripled refining...
Shell Plc said on July 7 that surging demand for oil products that had almost tripled refining profits in the second quarter would boost earnings by up to $1.2 billion.
In an update before second-quarter results on July 28, Shell also said it would reverse up to $4.5 billion in write-downs on oil and gas assets after it raised its energy prices outlook following Russia’s invasion of Ukraine.
Earnings from oil and refined products trading were expected to be strong in the quarter but lower than the first quarter of 2022, Shell said.
MarketWatch: Dow finishes up over 300 points as S&P 500 gains for fourth straight day
U.S. stocks closed higher on Thursday, with the S&P 500 and Nasdaq Composite clinching a fourth straight...
U.S. stocks closed higher on Thursday, with the S&P 500 and Nasdaq Composite clinching a fourth straight day of gains, as investors reacted to a recent drop in commodity prices. The S&P 500 SPX, +1.50% rose 57.54 points, or 1.5%, to close at 3,902.61. The Nasdaq Composite COMP, +2.28% gained 259.49 points, or 2.3%, to 11,621.35. The Dow Jones Industrial Average DJIA, 1.12% gained 346.87 points, or 1.1%, to 31,384.55. Investors are now looking ahead to June payrolls data, which is set to be released at 8:30 a.m. Eastern on Friday.
Texas electricity demand hits record high as heat wave continues
Summer is barely two weeks old, but demand for electricity on the Texas power grid has already surpassed...
Summer is barely two weeks old, but demand for electricity on the Texas power grid has already surpassed the projected peak for the season — which wasn't expected to occur for another month.
Peak demand hit 77,460 megawatts Tuesday afternoon, an all-time high. In May, the Electric Reliability Council of Texas, which operates the grid, predicted in its annual seasonal assessment that the net peak this summer would come in at 77,317 megawatts on Aug. 10.
In its week-ahead projection, ERCOT said demand could top 80,000 megawatts next Monday. That would be a new all-time high, capping a multiweek stretch in which peak demand has repeatedly set and then broken records.
Ovintiv to Sell ‘Noncore’ Bakken, Uinta Assets for $250 Million
Ovintiv Inc. agreed on July 6 to sell portions of its assets located in the Bakken and Uinta...
Ovintiv Inc. agreed on July 6 to sell portions of its assets located in the Bakken and Uinta basins for total proceeds of roughly $250 million, which will be used to accelerate the doubling of shareholder returns.
“These transactions continue our track record of portfolio optimization, and this means we will double our cash returns to shareholders starting now,” Ovintiv CEO Brendan McCracken commented in a company release.
Starting immediately for the third quarter, Ovintiv will increase its returns to shareholders to 50% of the previous quarter’s non-GAAP free cash flow after base dividends. Cash returns in the third quarter are anticipated to be delivered through share buybacks.
Previously, the company had planned to increase cash returns to the 50% level starting Oct. 1.
China Oil Imports from Russia Soar, Surpass Top Supplier Saudi
China’s crude oil imports from Russia soared 55% from a year earlier to a record level in May,...
China’s crude oil imports from Russia soared 55% from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier, as refiners cashed in on discounted supplies amid sanctions on Moscow over its invasion of Ukraine.
Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Eastern ports, totaled nearly 8.42 million tonnes, according to data from the Chinese General Administration of Customs.
That’s equivalent to roughly 1.98 million bbl/d and up a quarter from 1.59 million bbl/d in April.
