Big Oil resists urge to spend despite crude’s recovery

28 October 2018, Oslo/New York — Forget “Drill, baby, drill!” The world’s biggest oil companies aren’t returning to their spendthrift ways, despite crude’s recovery. Equinor ASA and ConocoPhillips kicked off the earnings season for the energy majors on Thursday with an emphasis on restraint despite reporting their highest profits in four years, a possible indication … More »

No need to freeze or cut oil output levels – Russian energy minister

28 October 2018, Istanbul — Russian Energy Minister Alexander Novak said on Saturday there was no reason for Russia to freeze or cut its oil production levels, noting that there were risks that global oil markets could be facing a deficit. OPEC and its partners led by Saudi Arabia and non-OPEC member Russia agreed in … More »

Dr. Maikanti Baru not funding Buhari’s re-election — NNPC

Ike Amos 27 October 2018, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation, NNPC, yesterday, denied funding the media and publicity arm of President Muhammadu Buhari’s re-election campaign. In a statement in Abuja, Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, distanced its Group Managing Director, Mr. Maikanti Baru, from … More »

Cabot Oil and Gas profit surges on higher prices, gain

27 October 2018, News Wires — Cabot Oil and Gas Corp reported a surge in third-quarter profit on Friday, helped by higher realized natural gas prices and a gain from asset sales. The company’s net income rose to $122.3 million, or 28 cents per share, for the third quarter ended Sept. 30, from $17.6 million, or … More »

Venezuela, Mexico divert crude to U.S. as Canadian barrels get stuck

27 October 2018, News Wires — Cash-strapped state-run oil companies in Mexico and Venezuela have begun diverting crude historically processed for domestic use and sending it to U.S. refiners now facing transportation constraints to secure similar grades from Canada, data shows. The situation reflects an unusual set of events, including urgent needs by Venezuela and … More »

U.S refiner Phillips 66’s profit beats on higher refining margins

27 October 2018, News Wires — Phillips 66 beat analysts’ estimates for third-quarter profit on Friday, as it benefited from higher refining margins, sending shares of the independent oil refiner up as much as 5.4 percent in late-afternoon trading. Margins for most independent U.S. refiners, which processes heavy crude from countries such as Venezuela and Canada … More »

Glencore posts rise in copper, cobalt output on Katanga restart

27 October 2018, News Wires — Glencore Plc on Friday reported a 12 percent rise in copper production so far this year, while cobalt production rose 44 percent, boosted by the restart of Katanga’s processing operations in the Democratic Republic of Congo. The London-listed miner and commodities trader, which posted record half-year earnings in August, … More »