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May 1 (Reuters) Exxon Mobil beat estimates for quarterly adjusted earnings on Friday, helped by higher output in Guyana and the Permian Basin, though unadjusted profit dropped to its lowest level in five years due to disruptions from the Iran war that could hit production further in the current quarter. Adjusted earnings for the first... Continue Reading →
April 28 (Reuters) - BP's first-quarter profit more than doubled year-on-year to $3.2 billion - its highest since 2023 - the British oil major reported on Tuesday, beating expectations by 20% after the Iran war boosted its oil trading results. The spike in oil prices triggered by the war has helped European majors reap billions of dollars from the energy... Continue Reading →
April 28 (Reuters) - The United Arab Emirates said on Tuesday it was quitting oil-producers' group OPEC, as an unprecedented energy crisis triggered by the Iran war exposes discord among Gulf nations. The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the group, which has usually sought to show a united front... Continue Reading →
April 27 (Reuters) - Gulf Cooperation Council (GCC) economies are sliding into their worst economic crisis since the pandemic, with several expected to contract this year on spillovers from the U.S.-Israel war with Iran right on its doorstep. The war's knock-on effects have ripped through the energy market – the Gulf economies' lifeline – driving... Continue Reading →
April 27 (Reuters) - Portugal's Galp was upbeat about its 2026 performance on Monday after reporting a 41% rise in first-quarter adjusted core profit, as higher Brazilian output and stronger crude oil prices shielded it from Middle East supply disruptions. Galp shares were up 2% in morning trading after it reported adjusted earnings before interest, tax,... Continue Reading →
April 24 (Reuters) - SLB reported a fall in first-quarter profit on Friday, as disruptions from the war in Iran forced the top oilfield services provider to rein in operations in a key oil-producing region, sending its shares down more than 4% before the bell. The company last month said it demobilized operations in a few... Continue Reading →
April 23 (Reuters) - Oilfield services provider Baker Hughes beat Wall Street estimates for first-quarter profit, as strong demand in its industrial and energy technology unit offset drilling weakness caused by disruptions in the Middle East. A surge in electricity demand from data centers, along with investments in liquefied natural gas (LNG), gas infrastructure and grid... Continue Reading →
April 22 (Reuters) - U.S. oilfield services provider Halliburton warned disruptions caused by the Iran war and the closure of the Strait of Hormuz could cut current-quarter earnings per share by about 7 to 9 cents after beating first-quarter profit estimates. The Strait of Hormuz is a key global energy chokepoint, and the company said... Continue Reading →
April 22 (oilnow.gy) South America’s upcoming oil developments, including several in Guyana, are gaining increased importance due to recent developments in the Middle East, Norway-based Rystad Energy said in an April 21 analysis. “The Middle East conflict has done more than spike oil prices — it has exposed how dangerously concentrated global supply chains are... Continue Reading →
April 16 (oilprice.com) Higher oil and gas prices and volatile energy commodity markets are set to more than offset production losses from the Middle East at French supermajor TotalEnergies, which expects significantly higher upstream and LNG trading profits. In the early days of the war, TotalEnergies warned that the conflict had effectively shut in 15% of its... Continue Reading →
