Exxon Posts $9.1bn Net, Down From Year-Ago, Up 15% from 2Q Exxon Mobil Corp (XOM.N) on Friday posted a $9.1 billion third-quarter profit, an about 54% drop from record earnings a year ago but up from the prior quarter as oil prices recovered. Earnings at the largest U.S. oil producer have benefited from strong crude…
Oil Rises More Than $1 on Fears of Spread of Middle East Conflict Oil prices rose by over $1 on Friday as reports that the U.S military struck Iranian targets in Syria raised concerns of a widening of the Israel-Hamas conflict that could impact supply from the key Middle East producing region. Brent crude futures…
Trafigura’s Congo Partner Chemaf Could Seek Buyers amid Cash Crunch Chemaf SA, a miner and long time-partner of commodities trader Trafigura, is up for sale as it deals with a cash crunch, according to a document seen by Reuters on Thursday. The privately-owned copper and cobalt miner has asked for offers to wholly acquire the…
Chevron Reports Lower-Than-Expected Q3 Earnings Chevron Corporation (NYSE: CVX) reported on Friday lower-than-expected earnings for the third quarter, as international downstream weakness and maintenance at both the upstream and downstream operations weighed on profits. Chevron booked earnings of $6.5 billion, or $3.48 per diluted share, for the third quarter of 2023, compared with $11.2 billion,…
Exxon Misses Profit Forecast Despite Strong Refining Business Record refinery throughput and higher oil prices raised ExxonMobil’s (NYSE: XOM) earnings for the third quarter compared to the second quarter, but the profit missed Wall Street expectations anyway. Exxon reported on Friday earnings of $9.1 billion for the third quarter, compared with second-quarter earnings of $7.9…
Phillips 66 Books Q3 Profit Below Expectations U.S. refiner Phillips 66 (NYSE: PSX) reported on Friday adjusted earnings of $4.63 per share for the third quarter, missing analyst expectations despite stronger refining margins compared to the second quarter. Phillips 66, which also operates in the midstream and chemicals segments, reported adjusted earnings of $2.1 billion…
African Oil Producers Meet in Abuja, Chart Future for Industry The eighteen member countries of the African Petroleum Producers Organization (APPO), have attended the third edition of the Africa Local Content Roundtable to chart a pathway for sustainable development of local content and the oil and gas industry in the continent. According to a memo…
OPEC+ Members Send Less Oil to U.S., Adding to Tight Supply Outlook U.S. waterborne imports of crude from OPEC+ members including Saudi Arabia have dropped steadily over the last year, further tightening supplies in the U.S. while supporting other markets including Europe, according to flows data and analysts. Going forward, the level of U.S. crude…
African Oil Producers Meet in Abuja, Chart Future for Industry Amidst the threat of energy transition and dwindling funding of the hydrocarbon industry, 18 member countries of the African Petroleum Producers Organization (APPO) are attending the third edition of the Africa Local Content Roundtable to chart a pathway for the sustainable development of local content…
REA Signs MoU with AMDA to Promote Mini-Grid Development in Nigeria The Rural Electrification Agency (REA) and the Africa Mini-Grid Developers Association (AMDA) have signed a Memorandum of Understanding (MoU) to promote and accelerate mini-grid development in Nigeria. According to REA in a statement, the MoU will focus on knowledge sharing, capacity building, and better…