Shell Reports Record Earnings of $39.9 billion for 2022

Shell Reports Record Earnings of $39.9 billion for 2022

Shell just reported adjusted earnings of $39.9 billion for 2022, double the earnings from 2021, becoming the latest Big Oil firm to deliver record profits for last year. Shell’s adjusted earnings doubled to $39.9 billion in 2022 from $19.3 billion in 2021,...
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Chevron (CVX) posted mixed fourth-quarter results early Friday, missing on earnings views while topping revenue estimates. The energy giant reported record profits and cash flow for 2022, on top of its earlier announcement launching a massive $75 billion share...
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Natural Gas Pipeline Connecting Lithuania And Latvia  Was Rocked By An Explosion

Natural Gas Pipeline Connecting Lithuania And Latvia Was Rocked By An Explosion

On Friday at around 5pm an explosion occurred in the Amber Grid gas pipeline in Pasvalys district. According to initial data, no people were injured. The explosion took place away from residential buildings. The fire is being extinguished by the...
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Freeport LNG Denies Reuters Report

Freeport LNG Denies Reuters Report

Freeport LNG has denied a Reuters report citing unnamed sources as saying that the restart of its Texas facility will be pushed back to February due to regulatory approval issues. On Wednesday, Reuters published a story citing three unnamed sources as saying...
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Russia Restores Output At Sakhalin-1 Oil Project After Exxon Exit

Russia Restores Output At Sakhalin-1 Oil Project After Exxon Exit

Russia has ramped up oil production from the Sakhalin-1 project and expects the field to soon pump at the full level of 220,000 barrels per day (bpd) after the project’s previous operator, U.S. supermajor ExxonMobil, quit Russian operations, an industry...
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ExxonMobil Sues EU Over Investment-Destroying Windfall Profit Tax

ExxonMobil Sues EU Over Investment-Destroying Windfall Profit Tax

ExxonMobil Corp. is suing the European Union on the grounds that the 33% windfall tax will hinder investment. Exxon’s chief financial officer Kathryn Mikells said the tax could cost $2 billion between now and the end of next year. Exxon Mobil...
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China Starts Work On The World’s Largest Desert-Based Renewable Energy Project

China Starts Work On The World’s Largest Desert-Based Renewable Energy Project

China has broken ground on a renewable energy project worth an estimated $11 billion in the province of Inner Mongolia. According to a Bloomberg report, the project will have a capacity of 16 GW and produce some 40 billion kWh of...
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Wind auction nets $757M in California

Wind auction nets $757M in California

For the first time in history, the U.S. government on Tuesday started auctioning off sites for offshore wind development near America’s Pacific coast. The Bureau of Ocean Land Management (BOEM) took bids for the rights to develop wind turbines in...
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OPEC+ Leaves Production Quotas Unchanged

OPEC+ Leaves Production Quotas Unchanged

At its meeting on Sunday, the OPEC+ group decided to leave its production quotas unchanged. The cartel also announced that its next meeting will be in February and the one after that in June, marking the end of monthly meetings....
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Volkswagen Group CEO: High Energy Cost Make New EV Plants “Unfeasible”

Volkswagen Group CEO: High Energy Cost Make New EV Plants “Unfeasible”

Incentives to buy an EV are starting to vaporize into thin air in places like Japan and the U.K. Now, the irony continues, as rising costs of energy in Europe, helped along by “green” energy policies, are making industrial projects...
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Russia drafts decree banning oil sales to price-cap participants

Russia drafts decree banning oil sales to price-cap participants

The Kremlin is drafting a presidential decree that will ban Russian companies and any traders who buy the country’s oil from selling it to anyone participating in a price cap, according to a person familiar with the matter. The decree...
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Iran signs deal to supply 50 gas turbines to Russia

Iran signs deal to supply 50 gas turbines to Russia

Iran has signed a contract with Russia to supply it with 40 turbines to help its gas industry amid Western sanctions, Shana news agency reports. Iranian Gas Engineering and Development Company’s CEO Reza Noushadi said the country’s “industrial su...
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ExxonMobil abandons a major stake in the Sakhalin-1 oil and gas project

ExxonMobil abandons a major stake in the Sakhalin-1 oil and gas project

US energy giant ExxonMobil announced that it has left Russia completely, discontinuing operations in the Sakhalin-1 project in the country’s Far East, after it was transferred to a local entity. “With two decrees, the Russian government has unilaterally te...
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US Coal Prices Soar Above $200

US Coal Prices Soar Above $200

Bloomberg said spot coal prices for the week ending Sept. 30 increased to $204.95 per ton. Data was sourced from US Energy Information Administration, which said this was the highest price in records dating back to 2005. The energy-market shockwaves from Ru...
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Gas Starts Flowing To Poland Via New Baltic Pipeline From Norway

Gas Starts Flowing To Poland Via New Baltic Pipeline From Norway

Natural gas started flowing to Poland through the new Baltic Pipe pipeline from Norway via the Baltic Sea on the morning of Oct. 1, Polish gas pipeline operator Gaz-System said. “Promises made over six years ago have been kept,” Gaz-System said, accordin...
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