Petroleo Brasileiro SA slashed politically contentious dividends after profits declined and the Brazilian oil major set a more conservative policy for shareholder payouts. The Rio de Janeiro-based producer’s board approved dividends of 15 billion reais ($3 billion), according to a filing on Thursday. It is down from 24.7 billion reais in the first quarter and the lowest dividend since Petrobras started making payments on a quarterly basis at the start of 2022. It brings Petrobras’s payouts in line with those made by other major oil producers. In 2022 Petrobras paid more dividends than any oil company apart from Saudi Arabian…
Author: Automotivedealernews.com
Tourmaline Oil has joined Rockies LNG Partners, a partnership of Canadian natural gas producers, in a bid to continue to expand its liquefied natural gas (LNG) business. Tourmaline in its earnings release Wednesday said it is “excited to assist in moving the Ksi Lisims LNG project forward”. Rockies LNG is a partnership of Canadian natural gas producers working together to advance West Coast LNG opportunities. Together, the partners produce one-third of the natural gas extracted from the Western Canadian Sedimentary Basin, primarily from the Montney and Duvernay formations, and “hold reserves to supply large-scale LNG exports for decades to come”,…
Mexico Pacific has secured sales and purchase agreements with ConocoPhillips for the offtake of an aggregate of approximately 2.2 million metric tons per year (Mtpa) of liquefied natural gas (LNG) across trains 1, 2, and 3 of Mexico Pacific’s anchor LNG export facility, Saguaro Energia. Under the sales and purchase agreements, ConocoPhillips will purchase LNG on a free on-board basis over a term of 20 years and has the option to contract further expansion train volumes, according to a news release from Mexico Pacific Thursday. The first phase of the Saguaro Energia facility, located in Puerto Libertad on the west…
Occidental Petroleum Corp. has reported $860 million in net income for the second quarter, down about 32 percent against the prior three-month period due to weaker domestic commodity prices and crude oil production. The Texas state-based multinational had posted $1.263 billion in net earnings for the first quarter. The first six months totaled $2.123 billion, down over four times from the corresponding 2022 period, reflecting normalizing petroleum and gas prices after a record increase following Russia’s invasion of Ukraine February 2022. Occidental’s revenue for its oil and gas segment slid to $3.959 billion for the April-June period from $4.465 billion…
The UK and Ireland-focused oil and gas exploration, development, and production company, Europa Oil & Gas, said that the Wressle 1 well has started producing small amounts of water. The company, which has a 30 percent interest in the well, said in a media release that the water accounted for an average of 3.72 percent of the total production fluid during July 2023. The well continues to free flow without the need for artificial lift and, as of the end of July 2023, the cumulative production from the W1 well totaled 492,876 barrels of oil, the company noted. The Wressle…
In an oil and gas industry report sent to Rigzone on Wednesday, Macquarie Strategists noted that they remain short term bullish as they expect balances to tighten as a result of OPEC cuts and increasing refining runs. “In August, we expect a draw in crude inventories as recently underperforming refinery runs close the gap versus expectations,” the strategists stated in the report. “That said, without an acceleration of OPEC cuts, the draws may disappoint versus market expectations. After the current rally, we expect a price correction in 4Q23 / 1Q24 due to sweet production growth in the U.S. and N.…
Russia’s commodity export hub in the Black Sea was closed for several hours on Friday after a Ukrainian drone attack on a naval vessel, the first time that operations at the key shipment point for oil and grains have been disrupted by the war. The overnight assault by two naval drones was repelled without damage to port facilities, according to the Russian Defense Ministry. Ukraine’s state security service was responsible for the attack that targeted and disabled the Russian landing ship Olenegorsky Gornyak, according to a security official familiar with the matter. Russia’s Defense Ministry didn’t respond to questions about…
The USA Department of Energy said Thursday $34 million has been awarded to two states and three tribal nations to help secure their electricity supply systems from climate-exacerbated disruptions. Chosen for the latest cohort of the Grid Resilience State and Tribal Formula Grants are the Aroostook Band of Micmacs; the Miccosukee Tribe of Indians; the Washoe Tribe of Nevada & California; Missouri; and North Carolina. The $2.3 billion five-year funding aims to improve the reliability of power grids against extreme weather, wildfires and other natural disasters. “Since May 2023, DOE has distributed more than $407 million in Grid Resilience Formula…
Kimbell Royalty Partners LP is acquiring mineral and royalty interests located in core positions of the Permian and Mid-Continent basins held by an undisclosed private seller in a cash transaction valued at approximately $455 million, subject to purchase price adjustments and other customary closing adjustments. The acreage has high-interest locations, of which 49 percent is in the Delaware Basin, 10 percent is in the Midland Basin, and 41 percent is in the Mid-Continent Basin. Kimbell estimates that as of June 1 the assets produced approximately 4,840 barrels of oil equivalent per day (boepd), comprising 1,619 barrels per day (bpd) of…
Oil posted its sixth straight weekly gain, the longest streak in more than a year, after OPEC+ heavyweights Saudi Arabia and Russia extended supply curbs into next month and US stockpiles sank by a record. West Texas Intermediate settled above $82 a barrel, taking gains during the six-week span to about 20%. Saudi Arabia said Thursday it would extend its unilateral 1 million barrel-a-day output cut into September and that the move could be prolonged further or even deepened. Russia will extend cuts to its exports into next month, although it tapered the size of the reduction. The conflict in…