Showing posts with the label Oil & Gas.

Oil & Gas: Biden says U.S. will tap strategic petroleum reserve as gas prices hover around 7-hear high

 Source: Pippa Stevens 2 minutes U.S. President Joe Biden speaks during a ceremony to sign the "Infrastructure Investment and Jobs Act", on the South Lawn at the White House in Washington, November 15, 2021. Jonathan Ernst | Reuters President Joe Biden said Tuesday that the administration will tap the Strategic Petroleum Reserve as part of a global effort from energy-consuming nations to calm 2021's rapid rise in fuel prices. The coordinated release between the U.S., India, China, Japan, Republic of Korea and the United Kingdom is the first such move of its kind. In total the U.S. will release 50 million barrels from the SPR. Tuesday's announcement follows the administration saying for months that it was looking into the tools at its disposable as West Texas Intermediate crude futures surged to a seven-year high above $85. Prices at the pump have followed the ascent, and are currently hovering a

News | Business | Oil & Gas: Oil major Shell to write down up to $22 billion of assets in second quarter

Sam Meredith 3minutes - Source: CNBC A detailed view of a Shell gas station sign showing the low price of $1.69 per gallon, the result of the coronavirus (COVID-19) outbreak on March 31, 2020 in Jacksonville, Fl. David Rosenblum | Icon Sportswire | Getty Images Oil giant  Royal Dutch Shell  said on Tuesday it will write down the value of its assets by up to $22 billion in the second quarter, after revising down its long-term outlook for oil and gas prices. It comes after the energy company announced in mid-April an ambition to reduce greenhouse gas emissions to net zero by 2050. Shell said in a statement to investors that it had reviewed a significant portion of its business given the impact of the coronavirus pandemic and the “ongoing challenging commodity price environment.” It said it would take aggregate post-tax impairment charges in the range of $15 billion to $22 billion in the second quarter. This included a write

News | Oil & Gas: Saudi Aramco's first-quarter profit slides 25% as the collapse in oil prices bites

Natasha Turak 5-6 minutes - Source: CNBC Saudi Aramco reported a 25% fall in net income for the first quarter on Tuesday, as the state-owned oil giant battles with a dramatic slide in crude prices and cratering global demand. In a release published Tuesday, the company said net income slid to 62.5 billion riyals ($16.6 billion) in the first three months of the year, down from 83.3 billion riyals over the same period in 2019. This was “primarily reflecting lower crude oil prices, as well as declining refining and chemicals margins and inventory re-measurement losses,” the company said in a statement. Aramco said it would pay a dividend of $18.75 billion in the first quarter, despite the fall in profit. The company had pledged to issue a $75 billion dividend annually for five years as part of its pitch to investors before going public, and it does not appear to be rolling that back yet despite cuts to capital spending. The compan