Tag

Oil And Gas Prices

All articles tagged with #oil and gas prices

energy-and-climate3 days ago•8 min saved

Europe braces for energy price shocks as Gulf conflict tightens supply

The Gulf crisis disrupts Hormuz shipping, lifting global oil and gas prices and squeezing Europe’s energy mix. With depleted gas stocks, slow storage targets, and higher insurance costs for shipping, Europe faces higher bills for households and industry while scrambling to diversify away from Russian supplies. Renewables and energy security become EU priorities, but short-term relief remains elusive as markets reroute around blocked routes and strained LNG access.

via politico.eu|

#energy-and-climate #energy-security #europe

energy-industry2 years ago•1 min saved

"Devon Energy's Q4 Profit Declines Due to Winter Storm, Beats Estimates"

Devon Energy reported a decrease in fourth-quarter profit due to lower oil and gas prices and projected a 2% production impact in the first quarter as a result of severe winter weather. The company's average realized price without hedges fell, and it reaffirmed its 2024 production forecast while expecting first-quarter production to be down 2%. Despite the challenges, Devon Energy raised its fixed quarterly dividend by 10%.

via Yahoo Finance|

#devon-energy #energy-industry #fourth-quarter-profit

business2 years ago•1 min saved

Suncor Energy's Q2 Profit Drops Amid Lower Oil Prices

Suncor Energy, Canada's second-largest oil producer, reported a 50% decrease in quarterly profit due to lower oil and gas prices. The company also took a C$275 million restructuring charge related to job cuts. However, Suncor's total upstream production increased by 3% in the quarter, aided by lower maintenance activities. The company's refinery utilization averaged 85% and its crude throughput climbed 1.3%. Suncor's adjusted operating earnings exceeded analysts' expectations. Peer companies, Imperial Oil and Cenovus Energy, also reported a decline in their quarterly profits.

via Reuters|

#business #oil-and-gas-prices #production-increase

energy2 years ago•2 min saved

Devon Energy Cuts Budget and Dividend as Profits Decline

Shale producers Pioneer Natural Resources and Devon Energy have tightened their budgets and warned of lower drilling and completions activity due to a drop in oil and gas prices, which significantly impacted their second-quarter profits. Pioneer has cut its 2023 budget by $125 million and plans to operate fewer drilling rigs and place fewer wells on production. Devon has reduced its capital spending for the third quarter and maintained its full-year production forecast. Despite the profit decline, Pioneer's second-quarter earnings beat analysts' estimates.

via Reuters|

#budget-cuts #energy #oil-and-gas-prices