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(Reuters) - Chevron Corp reported fourth-quarter earnings below Wall Street estimates on Friday as weak margins pushed its refining business into a loss for the first time since 2020, sending its shares down more than 2%. Chevron CEO Mike Wirth told Reuters the downtrend in refining margins is set to continue this year. The second-largest U.S.... Continue Reading →
(Reuters) Exxon Mobil on Friday beat Wall Street's estimate for fourth-quarter profit as higher oil and gas production offset lower oil prices and weaker refining margins. Fourth quarter profit was $7.39 billion. Profit per share was $1.67, beating analyst estimates of $1.56, according to LSEG data. The No. 1 U.S. oil producer reported total earnings of... Continue Reading →
Chinese EPCI company COOEC has completed the construction of 13 topside modules for FPSO P-79, which will be installed in the Buzios field, in the pre-salt layer of the Santos Basin. The Asian company was responsible for the design, acquisition, construction and onboard installation of the equipment. The modules, which weigh almost 30,000 tons and... Continue Reading →
MODEC and Toyo Engineering have jointly obtained an Approval in Principle (AiP) from ABS for a Blue Ammonia FPSO that will produce ammonia from the gas supplied by a traditional FPSO located nearby. Blue ammonia is produced from hydrocarbons where the CO2 emitted during production is sequestrated. The Blue Ammonia FPSO will use gas which... Continue Reading →
Petróleo Brasileiro S.A. - Petrobras discloses its proved reserves of oil, condensate and natural gas, according to SEC (US Securities and Exchange Commission) regulation, estimated at 11.4 billion barrels of oil equivalent (boe), as of December 31, 2024. Oil and condensate, and natural gas correspond to 85% and 15% of this total, respectively. In 2024,... Continue Reading →
(Reuters) - Oil and gas producer Hess Corp's fourth-quarter profit surpassed Wall Street expectations on Wednesday, buoyed by higher production volumes in the United States and Guyana. Its total production rose over 18% to 495,000 barrels of oil equivalent per day (boepd) in the quarter, boosted by a 7% increase in volumes in the Bakken shale... Continue Reading →
Petróleo Brasileiro S.A. - Petrobras informs that, in 2024, it achieved all the production targets set in its Strategic Plan 2024-2028+, within a range of ±4%. The total production of oil and natural gas reached 2.7 million barrels of oil equivalent per day (boed). The commercial production of oil and natural gas reached 2.4 million... Continue Reading →
(Reuters) Wall Street expects U.S. oil and gas companies to keep a lid on spending in 2025 and keep their focus on generating shareholder returns, despite calls by President Donald Trump to "drill, baby, drill." Big Oil begins reporting fourth-quarter results this week, and outlooks for the coming year should reflect the dissonance between Trump's... Continue Reading →
– Petróleo Brasileiro S.A. - Petrobras informs that the National Agency of Petroleum, Natural Gas and Biofuels (ANP) decided on Thursday (01/23/2025) to unify the Berbigão and Sururu fields, located in concession BM-S-11A, in the pre-salt Santos Basin, operated by Petrobras with a 42.5% stake. The decision results from the analysis of the revised Development... Continue Reading →
Petróleo Brasileiro S.A. - Petrobras, further to the notice disclosed on November 27, 2024, hereby announces the start of the binding phase for the total transfer of its 25% minority interest in the exploration, development, and production of oil and natural gas in the Tartaruga Field, located in the municipality of Pirambu-SE, in shallow waters... Continue Reading →
Brazil Energy Insight 