LONDON (Reuters) – As major oil companies prepare to spend billions on renewable energy assets to stay relevant in a low-carbon future, the industry’s patchy track record on takeovers is a red flag for some investors. Ten years ago, the world’s top energy comp... More »
(Reuters) – Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next as uncertain prospects for a recovery in fuel demand after the coronavirus pandemic triggered losses. The pandemic initially cut... More »
(Reuters) – Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) said on Friday it has sold shares of some of the largest U.S. banks, slashing its stakes in Wells Fargo & Co (WFC.N) and JPMorgan Chase & Co (JPM.N) and exiting an investment in Goldman Sachs Group I... More »
OSLO (Reuters) – Equinor (EQNR.OL) on Monday announced the appointment of Anders Opedal as chief executive effective from Nov. 2 as the Norwegian oil and gas group looks to speed up a move into renewable energy. The new CEO, who had been executive vice preside... More »
LONDON (Reuters) – BP (BP.L) will need to invest tens of billions of dollars over the next decade and may have to accept lower returns than it can get from oil if it is to meet its target of becoming one of the world’s largest renewable power generators. The B... More »
DUBAI (Reuters) – State oil giant Saudi Aramco’s profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world’s biggest oil exporter. But the company stuck with plans to pay $... More »
(Reuters) – U.S. oil refiner Marathon Petroleum Corp posted a smaller-than-expected quarterly loss on Monday, hours after it announced the sale of its Speedway gas stations to Japan’s Seven & I (3382.T) for $21 billion, which is expected to ease the refiner’s ... More »
BEIJING (Reuters) – Profits at China’s industrial firms rose for a second straight month and at the fastest pace in over a year, adding to signs the country’s economic recovery from the coronavirus crisis is gaining momentum. The statistics bureau said on Mond... More »
NEW DELHI (Reuters) – India’s Reliance Industries said on Sunday Qualcomm Inc’s investment arm will buy a 0.15% stake in its digital unit Jio Platforms for 7.3 billion rupees ($97.1 million). The partnership will help Jio Platforms, the unit that houses Relian... More »
LONDON (Reuters) – Vitol’s former chief executive and chairman Ian Taylor has died at the age of 64 from cancer, according to an internal memo and four sources familiar the matter. Taylor joined Vitol [VITOLV.UL] in 1985 and became group President and CEO in 1... More »
LONDON (Reuters) – Oil and gas output from some of the world’s top oil companies is set to drop by over 12% in the second quarter of 2020 to levels not seen in at least 17 years, according to Reuters calculations. The output cuts are driven by an unprecedented... More »
SINGAPORE (Reuters) – Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not come fast enough to fully offset the collapse in demand from the coronavirus pandemic. U.S. oil futures led l... More »
SINGAPORE (Reuters) – Minimal oil price gains on Monday show record output cuts by giant producers will still leave them with a mountain to climb to restore market balance, industry watchers said, with the coronavirus pandemic decimating demand just as stocks ... More »
TOKYO (Reuters) – The agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut output failed to reach the reduction levels expected by the market, leading to oil prices remaining stagnant, the head of the Japanese petrole... More »
LONDON (Reuters) – Deep oil output cuts by OPEC and other producing nations would not be enough to prevent a huge build in global crude inventories in the second quarter as measures to contain the coronavirus lead to “unprecedented” demand loss, the head of th... More »
WASHINGTON (Reuters) – U.S. President Donald Trump on Thursday said he would get involved in the oil price war between Saudi Arabia and Russia at the appropriate time, saying low gasoline prices were good for U.S. consumers even as they were hurting the indust... More »
MIDDLESBROUGH, England (Reuters) – Looming over the skyline of Teesside in northeast England stands the rusting hulk of what used to be Europe’s largest blast furnace, which shut in 2015 with the loss of more than 2,200 jobs. Attempts to bring investment and e... More »
OSLO (Reuters) – Eight candidates have applied to head Norway’s sovereign wealth fund, the country’s central bank said on Tuesday, as its board prepares to decide who should steer the global portfolio of assets worth $1.1 trillion through a time of transition.... More »
HOUSTON (Reuters) – The chief executive of Pioneer Natural Resources, Scott Sheffield, on Thursday called on energy investors to sell shares or pull funding from companies that have rates of natural gas flaring. The practice of burning off natural gas produced... More »
NEW YORK (Reuters) – Hedge funds that push for change at corporations stepped up their demands for asset spin-offs and sales last year, making them part of nearly half of all activist investor campaigns waged in 2019, according to data released on Wednesday. “... More »
(Reuters) – The diverging fundamentals of U.S. oil and natural gas can be seen dramatically in the markets, where the oil-to-gas price ratio has surged to its highest in six years. The oil-to-gas ratio, or the level at which oil trades compared with natural ga... More »
SINGAPORE (Reuters) – China’s Hengyi Petrochemical Co Ltd is operating its new 160,000 barrels per day refinery in Brunei at near full capacity after trial production began in July, two company officials told Reuters. The plant in Palau Muara Besar is one of f... More »
JAKARTA (Reuters) – Indonesia expects to sign more deals with the United Arab Emirates in the energy, health and education sectors during a visit to the country next month by President Joko Widodo, a ministry statement released on Monday said. The Indonesian g... More »
DHAHRAN, Saudi Arabia/DUBAI (Reuters) – Saudi Arabia’s giant state oil company finally kick-started its initial public offering (IPO) on Sunday, announcing its intention to float on the domestic bourse in what could be the world’s biggest listing as the kingdo... More »
LONDON/MOSCOW (Reuters) – Russian oil producer Lukoil and Hungarian energy company MOL are set to sign a settlement deal over contaminated oil during Russian President Putin’s visit to Budapest this week, four industry sources told Reuters. A high level of org... More »
(Reuters) – U.S. President Donald Trump’s suggestion on Sunday that Exxon Mobil or another U.S. oil company operate Syrian oil fields drew rebukes from legal and energy experts. “What I intend to do, perhaps, is make a deal with an ExxonMobil or one of our gre... More »
MAPUTO (Reuters) – Mozambicans voted on Tuesday in an election that could test a fragile two-month-old peace deal between the ruling Frelimo party and its old civil war foe turned opposition rival Renamo. The presidential, legislative and provincial polls are ... More »
BOSTON (Reuters) – Elliott Management, Paul Singer’s $35 billion hedge fund, kept up its blistering pace of pushing for corporate changes during the third quarter, outspending all rivals with campaigns at AT&T and Marathon Petroleum Corp , data released on Fri... More »
LONDON (Reuters) – Exxon Mobil Corp has appointed Bank of America Merrill Lynch to run the sale of its Malaysian oil and gas assets as the U.S. firm accelerates a vast disposal program, banking and industry sources said. The Malaysian assets, which include sta... More »
TOKYO (Reuters) – (This August 29 story has been corrected to say China National Offshore Oil Corp, not CNOOC Ltd, in paragraph three.) Japan imported its first cargo of liquefied natural gas (LNG) from China in July as utilities from the world’s biggest buyer... More »
ALGIERS (Reuters) – On the face of it, Algeria’s state-dominated economy has weathered six months of turmoil well, with flightloads of public sector workers heading abroad for holidays even as protesters who ousted the veteran president in April now target his... More »
SAO PAULO/RIO DE JANEIRO (Reuters) – Brazil’s planned privatization of eight Petroleo Brasileiro SA (PETR4.SA) refineries has lured several of the world’s largest trading and oil companies as prospective bidders, two sources with knowledge of the matter said. ... More »
SINGAPORE (Reuters) – China National Petroleum Corp, a leading buyer of Venezuelan oil, has halted August loadings following the latest set of U.S. sanctions on the South American exporter, two Beijing-based senior sources with direct knowledge of the matter t... More »
SINGAPORE (Reuters) – Royal Dutch Shell is launching electric vehicle chargers at petrol stations in Singapore, its first such foray in Southeast Asia, the company said on Monday. The electric vehicle charging service, ‘Shell Recharge’, will be available at 10... More »
WASHINGTON (Reuters) – Iowa’s Republican Senator Chuck Grassley said the Trump administration’s Environmental Protection Agency has “screwed” the U.S. ethanol industry and farmers by granting waivers to 31 small petroleum refineries, effectively exempting them... More »
LEIPZIG, Germany (Reuters) – Volkswagen (VOWG_p.DE) will create joint ventures and help finance battery production to persuade skeptical cell suppliers to back its aggressive push for mass producing electric vehicles, board member Stefan Sommer told Reuters. V... More »
(Reuters) – Morgan Stanley lowered its long-term Brent price forecast on Tuesday and said the oil market is broadly balanced in 2019 after OPEC and its allies including Russia agreed to extend their production cuts by even longer than expected. The bank lowere... More »
BEIJING/SEOUL (Reuters) – China has scrapped its list of recommended battery suppliers, the industry ministry said on Monday, a decision foreign companies said could open up the world’s biggest market for electric vehicle batteries. China, the world’s largest ... More »
NEW YORK (Reuters) – Philadelphia Energy Solutions will defer retirement payments to union members until next year, the company said in a letter to the union last week, the latest sign the refiner is struggling to find its financial footing after emerging from... More »
NEW YORK (Reuters) – The Trump administration made it easier for oil refineries to get waivers from the nation’s biofuel law at least four months before a 2017 court decision it often cites to justify the move to the corn lobby, and the move was motivated by a... More »
(Reuters) – Warren Buffett’s Berkshire Hathaway Inc said it owned $860.6 million of Amazon.com Inc shares at the end of March, after the billionaire admitted to underestimating the online retailer and its Chief Executive Jeff Bezos. The size of the investment ... More »
NEW YORK (Reuters) – U.S. sanctions on Venezuela’s oil industry have made winners out of Royal Dutch Shell Plc and BP Plc, Gulf of Mexico offshore heavyweights, as refiners in need of substitutes are scooping up oil produced in the region. Those two companies ... More »
VLADIVOSTOK, Russia (Reuters) – A Russian tanker violated international trade sanctions by transferring fuel to a North Korean vessel at sea at least four times between October 2017 and May 2018, two crew members who witnessed the transfers said. Such transact... More »
BRUSSELS (Reuters) – New European Union rules to regulate Russia’s Nord Stream 2 pipeline won the backing of the bloc’s capitals on Friday, a move that will likely complicate but not rule out its construction. Representatives of the EU’s 28 nations endorsed a ... More »
LONDON (Reuters) – Royal Dutch Shell widened its lead over Exxon Mobil as king of cash among the world’s top oil and gas companies last year but its U.S. rival could catch up with its investment drive in new production. The five leading firms, known as oil maj... More »
MUMBAI (Reuters) – Canadian private equity firm Brookfield Asset Management is in preliminary talks with India’s Reliance Industries to buy a stake in its optical fibre and telecom tower assets, The Times of India newspaper reported on Friday. Reliance Industr... More »
SEOUL (Reuters) – State-owned Saudi Aramco plans to invest up to $1.6 billion for a nearly 20 percent stake in South Korean refiner Hyundai Oilbank, expanding its foothold in one of its biggest Asian buyers of crude oil. Saudi Aramco is already the biggest sha... More »
MOSCOW (Reuters) – Russian Prime Minister Dmitry Medvedev said on Monday that Moscow has never promised Belarus any help over losses incurred due to an overhaul of Russia’s oil tax after Minsk requested compensation. Russia has kept Belarus in its political or... More »
MEXICO CITY (Reuters) – Super Bowl fans may have to go without guacamole this year if avocado farmers in Mexico cannot send their fruit to the United States because of a prolonged fuel shortage. Like clockwork, Mexican producers ship thousands of tonnes of avo... More »
WILMINGTON, Del (Reuters) – As Venezuela collapses, one little-known U.S. investment fund is poised to win big from litigation against its socialist government: Tenor Capital Management. Since 2012, the New York firm has invested $76 million in Canadian mining... More »
(Reuters) – U.S. singer Beyonce will perform at the wedding of the daughter of India’s richest man, Mukesh Ambani, along with Bollywood stars, and guests will be flown in on 100 chartered flights in lavish marriage celebrations. Isha Ambani, 27, will marry Ana... More »
DOHA (Reuters) – Qatar said it will quit OPEC to focus on gas in a swipe at Saudi Arabia, the de facto leader of the oil exporting group which is trying to show unity in tackling an oil price slide. Doha, one of OPEC’s smallest oil producers but the world’s bi... More »
BERLIN (Reuters) – Germany will not withdraw its political support for the Nord Stream 2 gas pipeline with Russia, its foreign minister said on Monday, as some lawmakers suggested curtailing the project to punish Moscow for its seizure of Ukrainian ships and t... More »
(Reuters) – Exxon Mobil Corp and its partners now expect the large Stabroek oil block offshore Guyana to contain about 25 percent more recoverable resources than estimated, they said on Monday. Exxon and U.S.-based partner Hess Corp said more than 4 billion ba... More »
WASHINGTON (Reuters) – Environmental Protection Agency chief Scott Pruitt, who had been lauded by President Donald Trump for his aggressive efforts to roll back environmental regulations, resigned on Thursday under heavy fire for a series of ethics-related con... More »
LONDON (Reuters) – After the near collapse of his company following the 2010 Gulf of Mexico disaster and a three-year slump in oil prices, BP Chief Executive Officer Bob Dudley is hardly relaxed. “It doesn’t feel like we are in a serene time for any energy com... More »
NEW YORK (Reuters) – U.S. small-cap stocks look poised to extend a breakout rally, especially if oil prices advance deeper into levels last seen in 2014 to drive further gains in the small energy companies that have provided leadership in recent week, analysts... More »
HOUSTON/CARACAS (Reuters) – U.S. oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country, according to t... More »
(Reuters) – Marathon Petroleum Corp said on Monday it would buy rival Andeavor for more than $23 billion to form a company that would leapfrog Valero Energy Corp as the largest U.S. refiner by capacity. The cash-and-stock deal values Andeavor at about $152 per... More »
GUNSAN, South Korea (Reuters) – Workers at a rural South Korean factory are busy extracting some of the world’s most coveted metals, used in the batteries that power electric cars. But they’re not digging in the ground or refining ore. Instead, they are sortin... More »
SINGAPORE (Reuters) – Top oil exporter Saudi Arabia is expected to cut prices for all crude grades it sells to Asia in May to reflect weaker prices for its Middle East benchmark Dubai crude, trade sources said on Monday. The official selling price (OSP) for fl... More »
WASHINGTON (Reuters) – U.S. Environmental Protection Agency chief Scott Pruitt may not survive long in his job after reports that he paid below market rate to live in a condo owned by a lobbyist who deals with issues overseen by his agency, lawmakers and a for... More »
Locals surround a house that was covered by a landslide in the town of Mendi after an earthquake struck Papua New Guinea’s Southern Highlands, in this image taken February 27, 2018 obtained from social media. Francis Ambrose/via REUTERS ATTENTION EDITORS – THI... More »
FILE PHOTO: The Philadelphia Energy Solutions oil refinery is seen at sunset in front of the Philadelphia skyline in Pennysylvania, U.S., March 24, 2014. REUTERS/David M. Parrott/File Photo NEW YORK (Reuters) – U.S. President Donald Trump urged representatives... More »
FILE PHOTO: Steel pipes for sale are displayed at a shop in the Mullae-dong steel product district in Seoul July 13, 2010. REUTERS/Jo Yong-Hak/File Photo HOUSTON/WASHINGTON (Reuters) – The U.S. oil and gas industry on Thursday slammed President Donald Trump’s ... More »
FILE PHOTO: Labourers work behind an advertisement of Reliance Industries Limited at a construction site in Mumbai, India, March 2, 2016. REUTERS/Shailesh Andrade/File Photo MUMBAI (Reuters) – India’s Reliance Industries Ltd and global technology companies wil... More »
LONDON (Reuters) – Shipping stocks may still be in the doldrums in the view of many investors, but hedge funds have bet at least $675 million on signs of renewed buoyancy in the industry. Hedge funds made initial forays into shipping stocks in the third quarte... More »
A trader works on the floor of the New York Stock Exchange shortly after the closing bell in New York, U.S., February 2, 2018. REUTERS/Lucas Jackson NEW YORK (Reuters) – Energy stocks have got off to a strong start this year and look poised to run further, fue... More »
An employee wipes a Samsung Electronics’ smartphone at its booth in Pyeongchang, South Korea, February 2, 2018. REUTERS/Kim Hong-Ji SEOUL (Reuters) – All of the almost 3,000 athletes competing at the upcoming Pyeongchang Winter Olympics are set to get perks in... More »
FILE PHOTO: A construction site at the new Suncor Fort Hills oil sands mining operations near Fort McMurray, Alberta, Canada, September 17, 2014. REUTERS/Todd Korol/File Photo CALGARY, Alberta (Reuters) – The revolution in U.S. shale oil has battered Canada’s ... More »
FILE PHOTO: The Philadelphia Energy Solutions oil refinery owned by The Carlyle Group is seen at sunset in front of the Philadelphia skyline March 24, 2014. REUTERS/David M. Parrott/File Photo (Reuters) – Philadelphia Energy Solutions LLC, the owner of the lar... More »
FILE PHOTO: T. Boone Pickens, CEO of BP Capital, speaks on a panel at the annual SkyBridge Alternatives Conference (SALT) in Las Vegas May 7, 2015. REUTERS/Rick Wilking (Paragraph 6 of this JAN. 12 story has been corrected after HSBC said the Andurand Commodit... More »
FILE PHOTO: Barry Rosenstein, managing partner of Jana Partners, speaks at a panel discussion at the SALT conference in Las Vegas May 14, 2014. SALT is produced by SkyBridge Capital, a global investment firm. REUTERS/Rick Wilking/File Photo BOSTON (Reuters) – ... More »
FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, U.S., December 28, 2016. REUTERS/Andrew Kelly/File Photo SAN FRANCISCO (Reuters) – Investors saddled in 2017 with the market’s worst performers, incl... More »
An Electrify SG engineer shows a PowerPod that will be installed to record data of photovoltaic solar panels on a rooftop in Singapore. REUTERS/Edgar Su SINGAPORE (Reuters) – Energy startups have been using blockchain to power electricity sharing in microgrid ... More »
Bottles of Sabeco’s Saigon beer are seen at a restaurant bar in Hanoi, Vietnam December 18, 2017. REUTERS/Kham HO CHI MINH CITY (Reuters) – A unit of Thai Beverage (TBEV.SI) won the auction to buy a $5 billion or 54 percent stake in top brewer Sabeco SAB.HM in... More »
FILE PHOTO: A view of the Exxon Mobil refinery in Baytown, Texas September 15, 2008. REUTERS/Jessica Rinaldi/File Photo LONDON/VIENNA (Reuters) – Exxon Mobil (XOM.N) is considering a foray into Egypt offshore oil and gas, seeking to replicate rivals’ success i... More »
A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017 . REUTERS/Christian Hartmann LONDON (Reuters) – Oil prices rose on Friday, following an agreement by OPEC and other major producers to extend output curbs until the end... More »
Darren Woods, Chairman & CEO of Exxon Mobil Corporation speaks during a news conference at the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid HOUSTON (Reuters) – Exxon Mobil Corp Chief Executive Darren Woods is reorga... More »
The Google logo is pictured atop an office building in Irvine, California, U.S. August 7, 2017. REUTERS/Mike Blake MOSCOW (Reuters) – Russian communications watchdog Roskomnadzor said on Monday it had been informed by Google that the search engine does not cha... More »
FILE PHOTO: Chinese national flags are flying near a steel factory in Wu’an, Hebei province, China, February 23, 2017. REUTERS/Thomas Peter/File Photo Beijing (Reuters) – China’s industrial firms weathered a broad government crackdown on financial risks as pro... More »
The producers of "Padmavati" - a Bollywood movie based on an epic poem about a Rajput queen, said on Sunday they had indefinitely delayed the release of the film, which has been accused of distorting history and has sparked protests. More »
Bayliss and Ross Kerber More »
The U.S. oil company Chevron (CVX.N) will not sell three subsidiaries and leave Bangladesh as planned, Chevron said on Sunday. More »
U.S. refineries from Ohio to Minnesota are capitalizing on access to cheap crude from Western Canada and North Dakota oilfields, helping their region break a historic dependence on fuel from the Gulf Coast while redrawing oil trade maps. More »
Struggling commodities trader Noble Group agreed to sell its Americas-focused oil trading business to Vitol for about $580 million as part of a debt-cutting strategy, and warned of a big loss for its third quarter. More »
India has won a price cut on a 20-year liquefied natural gas (LNG) deal with global giant ExxonMobil Corp (XOM.N) in a rare contract renegotiation, a bad sign for producers in a heavily oversupplied global market. More »
When oil giant Saudi Aramco discloses its financials for the first time next year, it must either surprise investors with world record profits or reduce its aspirations for a $2 trillion valuation in its initial public offering (IPO). [IPO-ARMO.SE] More »
The world's largest oilfield services company, Schlumberger NV (SLB.N), is spending billions of dollars buying stakes in its customers' oil and gas projects - investing in the same ventures it supplies with equipment and expertise. More »
Oil and petrochemical plants along the U.S. Gulf Coast intend to go ahead with plans for near record spending on expansions next year, despite Hurricane Harvey driving up labor costs and slowing work, experts said. More »
Texas on Monday edged toward recovery from the devastation of Hurricane Harvey as shipping channels, oil pipelines and refineries restarted some operations and authorities lifted an evacuation order for the area around a once-burning chemical plant. More »
The U.S. Coast Guard on Monday allowed some barge traffic to enter Port Arthur, Texas, home of the country's largest oil refinery, and is considering allowing ships to enter on Tuesday, a spokesman said. More »
Flooding from Tropical Storm Harvey has shut nearly a fifth of U.S. oil-refining capacity, triggering worries about a gasoline supply crunch as the slow-moving tempest lumbers through the heart of America's petrochemicals industry. More »
The largest crude oil refinery in the United States was shutting down on Tuesday night due to flooding from Tropical Storm Harvey in its 603,000 barrel-per-day (bpd) Port Arthur, Texas, plant, said sources familiar with operations. More »
A hurricane in the heart of the U.S. energy industry is set to curtail near-record U.S. oil production for several weeks, with the impact expected to reverberate throughout the country and across international energy markets. More »
BlackRock Inc's (BLK.N) largest mutual fund hiked its exposure to "select names" in energy as the sector has lagged this year, one of its portfolio managers said on Thursday. More »
The drilling ship at the center of a row between Vietnam and China over oil prospecting in disputed waters in the South China Sea has arrived in waters off the Malaysian port of Labuan, shipping data in Thomson Reuters Eikon showed on Monday. More »
U.S. refiners could face a continued squeeze on profit margins in the months ahead as dwindling supplies of heavy crude from Venezuela and elsewhere are leading several to switch to higher-priced but easier-to-refine light, sweet crude. More »
Commuters are reflected on an advertisement of Reliance Industries’ Jio telecoms unit, at a bus stop in Mumbai, India, February 21, 2017. India’s Reliance Jio Infocomm Ltd [RELIB.UL], which is looking into reports of a major leak of user data, has filed a poli... More »
