EOG Resources, the U.S. energy company that closed its $5.6 billion Encino transaction on Thursday, beat its second-quarter profit forecast and increased its annual production projection. The company's 2025 production forecast was for an average of 1.224 million barrels equivalent per day (boepd) compared to its previous expectations of between 1.1 and 1.14 million boepd. In a press release, CEO Ezra Yacob stated that "the expansion of our portfolio by the Encino acquisition and our entry into Bahrain, the UAE and Trinidad as well as the strong exploration progress in our domestic portfolio, and Trinidad has significantly improved our industry-leading...

Malaysia's trade minister announced on Monday that the country will spend up to 150 billion dollars in the next five year to purchase equipment from U.S. multinationals to support its semiconductor, aerospace, and data center sectors. This is part of an agreement with Washington for tariff reductions. The United States announced that they would impose a tariff of 19% on Malaysia beginning August 8. This is lower than the 25% levied threatened last month. Petroliam Nasional Berhad is a state energy company Tengku Aziz, Minister of Trade and Industry, told the Parliament that Malaysia would invest $70 billion over five...

Exxon Mobil's second-quarter profit beat Wall Street estimates on Friday, as increased oil and gas production enabled the U.S. top oil producer to overcome lower crude oil prices. According to data compiled and analyzed by LSEG, adjusted earnings for the second quarter totaled $7.1 billion or $1.64 a share. This was higher than analyst consensus estimates of $1.56 a share. The oil producer reported that the production of oil and gas was at its highest level for any second-quarter since Exxon Mobil was formed in 1995 by the merger. Energy sector is struggling with volatility in prices as OPEC+ producers...

Cenovus Energy, a Canadian oil and natural gas producer, reduced its forecast for its upstream production in the full year on Thursday. It cited the temporary shutdown of its Rush Lake facility. The company responded to an early-May steam leak from a casing rupture in an injection well, resulting in the temporary shutdown of Rush Lake's facilities in central-west Saskatchewan. Cenovus expects upstream production in 2025 to range between 805,000 and 825,000 barrels of oil-equivalent per day, as opposed to the 805,000 to 845,000 previously projected. The total upstream production for the second quarter was 765.900 boepd. This is down...

Shell-led LNG Canada has been experiencing technical difficulties as it ramps production up at its liquefied gas plant in Kitimat. One LNG tanker was diverted away from the plant without superchilled fuel, according to data provided by LSEG and four sources. The facility is the first major LNG-export facility on the West Coast of North America and Canada, providing access to Asia, which is the largest LNG market in the world. When fully operational, the facility will convert approximately 2 billion cubic foot of gas each day (bcfd), which is what market participants hoped would boost Canadian natural gas pricing....

Ofgem, the British energy regulator, announced on Wednesday a review of how costs are allocated throughout the energy system. This includes alternative pricing models for consumers, in order to better adapt to a more renewable energy supply. The UK has set a goal to decarbonise the power sector in its entirety by 2030. This will require a reduction of its dependence on gas-fired plants, and accelerated growth in renewable energy capacity. Ofgem stated that a less reliance on gas prices will reduce the variable costs in the energy system. Jonathan Brearley, Ofgem's chief executive, said that fixed costs could increase,...

PTT Exploration and Production, a Thai oil and natural gas company, has purchased full ownership of Block A-18 within the Malaysia-Thailand Joint Development Area. The transaction was worth $450 million and involved Chevron unit. PTTEP announced in a late Friday statement that it had signed the deal with Hess Asia Holdings and Hess (Bahamas), both of which are now owned by Chevron after a recent merger between Hess Corp. PTTEP announced that the acquisition gave it 100% of Hess International Oil Corp's outstanding shares, which hold a 50% participation interest in Block A-18. Chevron is reorganizing its global operations to...

Bloomberg News reported Wednesday that Puerto Rico has ended negotiations to negotiate a $20 Billion liquefied gas contract with New Fortress Energy. The report was based on a negotiator. The report stated that New Fortress refused to discuss any changes to the contract, and also missed a crucial deadline. It cited Osvaldo Lnares, President of Recoms Group - the third-party procurement office on the island. New Fortress shares fell by more than 3% during afternoon trading. Stocks have fallen more than 75% over the last six months. The U.S. Energy firm has struggled to secure LNG on long-term contracts for...

Norwegian oil company Vaar Energi reported a lower than expected operating profit for the 2nd quarter on Tuesday. It said that it intends to cut costs, while maintaining dividend payments totaling $1.2 billion in this year and next. The company's earnings before tax and interest (EBIT) rose from $992 to $1.2 billion in April-June, but still fell short of the $1.34 billion average forecast by nine analysts surveyed. Vaar, majority-owned by Italy's Eni in a press release, said that it planned to cut spending by $500,000,000 "for the period of 2025-2026", to improve its competitiveness and resilience in an unstable...

Germany's chemical industry lobby VCI does not expect a sector upswing before 2026, even though the rapid downtrend the chemical-pharmaceutical industry has seen in recent years seems to be over, it said on Thursday. VCI reported that the chemical industry, including pharmaceuticals, recorded sales of 107.6 billion euros ($124.66 billion) during the first half 2025. This was down 0.5% compared to a year ago, due to lower output in industry as companies announced plant closures and layoffs. The situation is still tense. "Our industry has produced about 15 percent less in the first half of the year than it did...

In documents released on Tuesday, Fermi, an Texas-based company that wants to build four nuclear reactors next to the U.S. Nuclear Weapons Complex, stated it was in talks with large data managers about leasing agreements for this project. Fermi is a company co-founded Rick Perry, a U.S. former energy secretary. It wants to build 4 AP1000 reactors in a facility that it calls a "hypergrid." The 11 gigawatt facility, powered by nuclear energy, natural gas and renewables, will be built in Amarillo, near the Department of Energy Pantex nuclear weapons factory and in partnership with Texas Tech University. Fermi stated...

The U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook, released on Tuesday, predicted that the U.S. Natural Gas output and demand would both reach record highs by 2025. However, they will then decline in 2026. EIA projects that dry gas production will increase from 103.2 billion cubic feet per day in 2024, to 105.9 in 2025, before slipping to 105.4 in 2026. This compares to a record of 103.6 bcfd for 2023. The agency also predicted that domestic gas consumption will rise from 90.5 bcfd, a record in 2024, to 91.4bcfd by 2025 and then ease back to 91.1bcfd by...

The Environment and Energy Ministry announced on Friday that Italy approved new subsidies for electric vehicles worth nearly 600 million euros (698 million dollars) as sales are lagging. The Ministry will cover up to 30% of total cost of new electric cars or commercial vehicles by offering up to 10,000 Euros to individuals, and up to 20000 Euros to small businesses. Subsidies, funded by the European Union's post COVID recovery fund, will only be available to companies or individuals located in large urban areas. The goal is to reduce pollution and improve air quality. The ministry stated that to qualify...

Bangladesh closes clay brick kilns for environmental protection Concrete blocks, for example, are in high demand. Cost of upgrading to advanced kilns or blocks Tahmid Zami Tahmid Zami Industry insiders claim that the government is closing polluting kilns to clean up the air and achieve environmental goals. However, adoption of cleaner alternatives has been lagging behind. Other Asian countries, such as China and Vietnam, are increasingly adopting cleaner alternatives, including automated, energy-efficient brickmaking technology or production of concrete blocks. According to official statistics, the government's environment agency has closed more than 600 kilns. Approximately 3,500 of Bangladesh's 8,080 kilns will...

According to memos and communications obtained by the, the United States sent letters to a few countries to urge them to reject a goal of a global treaty that would include limits on plastic production as well as plastic chemical additives. In communications dated July 25, which were circulated at the beginning of the negotiations on Monday to all countries, the U.S. outlined its red lines in negotiations. This puts it directly against over 100 countries who have supported these measures. As delegates gathered for what was supposed to be the last round of negotiations, hopes for an ambitious global...

The Italian Competition Authority (AGCM), imposed on Monday a fine of 1 million euros ($1.16million) on fast fashion online retailer Shein, founded in China for misleading its customers about the environmental impact on their products. Shein has now been hit with a second financial sanction from a European Competition Authority in less than a week. On July 3, France fined Shein 40 million Euros for false discounts and misleading claims about the environment. AGCM, the Italian regulatory agency, launched an investigation into "greenwashing", which led to Infinite Styles Services Co. Limited of Dublin, operating Shein's European website. Shein didn't immediately...

Short-term remedies drive response Heat is a major problem in cities, but there are no budgets allocated to it Two-thirds Indians are at risk from extreme heat Bhasker Tripathi The Indian summer, which lasts between March and June, started early this year, with a heatwave unprecedented in February. This was followed by temperatures above normal in March and in April. Heat Action Plans (HAPs) are India's primary response to the rising temperatures which threaten public health, food safety and outdoor workers. They were first introduced in 2013. Recent studies have shown that the majority of Indian cities still rely on...

Bangladesh wants to reduce pollution by closing clay kilns Migrant workers face high risks and low pay If transition is to be fair, workers need new jobs Tahmid Zami Tahmid Zami They don't think that any "green" change they are forced to make will be easy. They fear being sent back to the fields where they earn a meager living. "It is hard work, and the pay does not match the effort, but we need the income," said Mansur Miya. A 35-year old who has been working in the kilns since 2008. More than 8,000 brickkilns are located in Bangladesh....

On Wednesday, a Dutch court ruled that diesel cars sold in the Netherlands by Opel Peugeot Citroen DS from 2009 had software to cheat emission tests. The court, in its interim ruling on a class-action suit brought by Stellantis against the car companies targeted, did not decide whether compensation was to be paid. Stellantis has denied the allegations and stated that it is considering "appropriate steps" to protect its interests. Stellantis said that it was "firmly convinced" that the vehicles met all emission standards and that the court had made the wrong interim considerations. In Europe, the car brands, as...

Scientists warned that the damage to European forests caused by increased logging, fires, droughts and pests reduces their capacity to absorb carbon dioxide. This puts European Union emission targets at risk. The European Union is committed to achieving net zero emissions in 2050. This target also includes the expectation of forests to absorb hundreds of millions tonnes of CO2 and store them in soil and trees, compensating for pollution from industries. This assumption is no longer valid. According to a study led by scientists at the EU's Joint Research Centre, its independent science-research service, the amount of CO2 Europe’s forests...

Amazon.com asked a federal court to dismiss a class-action lawsuit over the sale of rice allegedly contaminated with arsenic, and other "heavy" metals. The company denied that it had fraudulently concealed the contamination. Amazon filed a late Friday filing in Seattle Federal Court, stating that the presence of heavy-metals in rice is a "decades old, well-known problem" which was easy to detect. The plaintiffs didn't claim there were any more metals present than the regulators permitted. Amazon said that Section 230 (of the federal Communications Decency Act) shields online platforms like Amazon from any liability for content provided by third...

Authorities said that heavy rains intensified in Beijing and other provinces of northern China, increasing the risk of disasters such as landslides, flooding and mudslides. They also relocated over 4,000 people. CCTV reported that flash floods, landslides and massive rains continued to hit the northwest suburb of Miyun, Beijing, causing flash flooding and other problems. Many villages were also affected. In recent years, the north of China has experienced record rainfall, which puts densely-populated cities like Beijing at risk of flooding. Scientists attribute the increase in rainfall in China's normally arid north region to global warming. These storms are part...

Authorities have warned that further rain could bring disasters such as landslides, flooding and landslides. CCTV, the state broadcaster, reported that two people were missing and two others dead in Hebei Province on Sunday morning. Fuping, a city in Baoding's industrial district, received 145 mm (5.8 inches) of rain per hour overnight. China's Water Resources Ministry issued flood warnings for 11 provinces, including Beijing and the neighbouring Hebei region, due to small and midsize river flooding and mountain torrents. CCTV reported that floods and landslides have affected many villages within the Miyun district in the capital. The rural town of...

According to the summary of the proposal, the U.S. Environmental Protection Agency (EPA) plans to repeal the greenhouse gas emissions standards for light, medium, and heavy duty vehicles and engines within the next few days, after removing the scientific findings that justified these rules. The agency will likely state in a draft summary of its upcoming proposal that the Clean Air Act doesn't authorize it to impose emissions standards to address concerns about global climate change and that they will rescind their finding that GHG emission from new motor vehicles or engines is harmful to public health and welfare. The...