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US sanctions companies for trading with Iran
Jan. 24, 2020
Source: S&P Global

US sanctions companies for trading with Iran

The Trump Administration, on Thursday, sanctioned petrochemical and petroleum companies based in Hong Kong, Dubai and Shanghai for allegedly aiding Iran's NIOC to trade hundreds of millions of dollars in crude oil, petrochemical and refined products. The sanctions were imposed on Hong Kong's Triliance Petrochemical, Sage Energy, Shanghai-based Peakview, and Dubai-based Beneathco DMCC. In a related move, the US also sanctioned China's Shandong Qiwangda Petrochemical Co., and Hong Kong's Jiaxiang Industry Hong Kong Limited.

Halliburton reports net loss in the fourth quarter
Jan. 22, 2020

Halliburton reports net loss in the fourth quarter

Oilfield services giant, Halliburton, yesterday, reported a net loss in the fourth quarter, slipping on a charge of over $2.2 billion on its fracking business because of falling demand from oil and gas producers in North America. The Houston-based firm reported a net loss attributable of $1.7 billion, or $1.88 per share, compared with a profit of $664 million, a year earlier.

Aramco’s shares sink to lowest since IPO
Jan. 6, 2020
Source: Reuters

Aramco’s shares sink to lowest since IPO

Oil behemoth, Saudi Aramco’s shares sank to its lowest value since the IPO, on Sunday. Aramco’s share value dipped by 1.7%, to $9.21 per share in the late afternoon trade. The shares retorted to across-the-board selling in the Gulf markets after a U.S. drone attack killed the Iranian military commander Qassem Soleimani and his convoy at Baghdad airport.

Greece, Cyprus, Israel Will Sign EastMed Deal
Jan. 3, 2020

Greece, Cyprus, Israel Will Sign EastMed Deal

Energy ministers of Greece, Cyprus and Israel are expected to sign EastMed subsea pipeline agreement in Athens on Thursday. The collaboration has aimed to reach a final investment decision in 2022 and completion by 2025. The 1900 km long pipeline will be transporting natural gas from eastern Mediterranean’s developing gas industries to Europe. The pipeline project is owned by IGI Poseidon, a joint venture between Greek gas firm DEPA and Italian energy group Edison.

Iraq’s December oil exports dip to 3.428 mln bpd
Jan. 3, 2020

Iraq’s December oil exports dip to 3.428 mln bpd

Iraq’s oil ministry, yesterday, informed about Iraqi oil exports dropping to 3.428 million barrels per day (bpd) in December. Oil exports from the country averaged 3.5 million bpd in November. The spokesman for the oil ministry, Asim Jihad informed that exports from Iraq’s southern Basra terminals reached 3.326 million bpd, down from 3.4 million bpd in November.

McDermott shares fall over bankruptcy reports
Jan. 2, 2020
Source: Bloomberg

McDermott shares fall over bankruptcy reports

EPC giant, McDermott's share saw a downfall for a second day on Tuesday, stressed by reports of McDermott discussing bankruptcy with lenders. Sources revealed that the representatives of McDermott, BauPost Group LLC and HPS Investment Partners LLC are looking to negotiate for a $2 billion bankruptcy loan. The company had struggled to acquire over Chicago Bridge and Iron Company and cleared the remaining projects leading to less profit in September.

China kickstarts operation of its longest ethane pipeline
Dec. 26, 2019

China kickstarts operation of its longest ethane pipeline

Chinese state-run CNPC has informed about kickstarting operations at its 371-kilometer-long Ethane pipeline. A statement on CNPC’s website read that the Xinjiang oilfield unit has delivered 500,000 cubic meters of ethane after commencing operations a week ago. The pipeline connects CNPC's gas field in Junggar Basin to Dushanzi petrochemical complex. The gas field in Junggar Basin has an annual ethane capacity at 38.5 million cubic meters.

S&P Platts begins world’s first hydrogen price assessment
Dec. 20, 2019

S&P Platts begins world’s first hydrogen price assessment

S&P Global Platts yesterday informed about publishing the first-to-market suite of hydrogen price assessments. Platts’ hydrogen price assessments will indicate the value of hydrogen produced at hubs in the significant regions of consumption across the US and Europe. Platts is also looking to assess other additional prices in other geographies, including Asia. S&P Platts is an independent provider of information and benchmark prices for the commodities and energy markets.

Oil prices dip over weak Chinese export data
Dec. 9, 2019
Source: Reuters

Oil prices dip over weak Chinese export data

Oil prices dropped on Monday, stressed by weak Chinese export data highlighting the impact of the trade war on one of the biggest economies in the world. Brent futures LCOc1 were priced 0.3% lower, at $64.18 per barrel. US WTI crude futures CLc1 fell 0.47% to $58.92 a barrel. A sudden downturn in trade on Monday came after customs data released yesterday showed a 1.1% fall in the Chinese exports.

Saudi Aramco registers $68 billion in profits for nine months
Nov. 4, 2019
Source: Reuters

Saudi Aramco registers $68 billion in profits for nine months

Oil behemoth, Saudi Aramco has said that it registered a net income of $68 billion during the last nine-month, which ended on September 30. Aramco recorded $244B in revenues and other income related to sales for the same period. The company recently announced its intention to list shares on the Saudi stock exchange. Aramco also said that Saudi nationals subscribing to the listing will remain eligible to receive bonus shares.

Oil prices edges up over supply concerns
Oct. 8, 2019
Source: Reuters

Oil prices edges up over supply concerns

Oil prices climbed up in the international market on Tuesday, buoyed up fears of overnight jumps in industrial commodities. Brent crude were priced 0.7% higher, at $58.73 a barrel. US West Texas Intermediate (WTI) crude rose 0.6%, to $53.08 a barrel. Michael McCarthy, chief market strategist at brokerage CMC Markets informed that Copper and Aluminium traded very strongly in London, suggesting some correction currently underway in industrial commodities.

Repsol registers 9% dip in 2Q profits
July 25, 2019

Repsol registers 9% dip in 2Q profits

Repsol recorded a 9% slump in the second-quarter profits, weighed down by lower oil prices and a sharp contraction in refining margins. Recurring net profit corrected for one-off gains and inventory results dropped to 497 million euros, from 549 million euros in the corresponding quarter last year. However, Repsol’s 2Q earning results still exceeded analysts’ expectations, credits to the new production and growth in its chemicals business.

Profits for Suncor Energy almost triples in 2Q
July 25, 2019
Source: Reuters

Profits for Suncor Energy almost triples in 2Q

Canadian oil & gas firm, Suncor Energy’s profits jumped nearly three times in the second quarter of 2019. Climbing on the back of a deferred income tax gain of C$1.12 billion, net profit for Suncor rose to C$2.7 billion from C$972 million from a year earlier. Suncor’s total production buoyed up to 803,900 boepd, from 661,770 boepd in 2Q2018.

Halliburton posts unexpected quarterly results
July 23, 2019
Source: Reuters

Halliburton posts unexpected quarterly results

Oilfield services giant, Halliburton registered a second-quarter profit, beating analysts’ estimates. The firm’s quarterly report sent Halliburton’s shares to their biggest one-day gain in almost three years. While revenue for the firm dropped by 13.2% in North America, Halliburton registered a jump of over 12% in revenue from international markets to $2.60 billion.

RIL records 7% rise in first quarter profits
July 20, 2019

RIL records 7% rise in first quarter profits

Reliance Industries Ltd registered a 7% jump in net profits for the first quarter ending June 30th. The Mukesh Ambani-led conglomerate recorded ₹10,141 crores in net profits, despite frail global macroeconomic situation and perilous hydrocarbon market conditions. While growth in RIL’s revenue came mostly from Digital Services and Retail business, the Refining and Marketing division saw a performance drop due to a considerably lesser product cracks on Y-o-Y basis.

Santos registers record quarterly gas production
July 18, 2019
Source: Reuters

Santos registers record quarterly gas production

Australian energy firm, Santos Ltd has registered record gas production in the second quarter, supported by stronger output across its gas assets. Santos recorded a jump from 14.2 mmboe last year to 18.6 mmboe. The production figure beat analysts’ expectation of 17.78 mmboe. Santos also saw a jump in sales for the three-month period to 22.4 mmboe from 19.1 mmboe in the previous year, producing $959 million in revenue.

Attacks on tanker stokes fear over fuel supply
June 14, 2019
Source: Reuters

Attacks on tanker stokes fear over fuel supply

Two oil tankers sailing in the Gulf of Oman were caught in explosions on Thursday. While the reason for explosions on the Norwegian-owned Front Altair or the Japanese-owned Kokuka Courageous is still unknown, the US has blamed Iran for the incident. The unidentified attacks on the tankers have stoked fear and triggered alarms about immediate security and potential military conflict between the US and Iran.

Maersk bounces back with a hard-earned profitable quarter
May 25, 2019
Source: Energy Voice

Maersk bounces back with a hard-earned profitable quarter

One of the largest conglomerates in the logistics and energy sectors, AP Moller-Maersk has reported a small pre-tax profit of £1.5 million for 1Q2019. The firm also saw a significant jump in revenue from £7,354m in 1Q2018 to £7,534m in 1Q2019. CEO, AP Moller – Maersk said, “In Q1, revenue grew by 2.5%, operating earnings improved by 33% and cash flow from operations doubled to USD 1.5bn.”

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