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Imperial Oil exceeds profit forecasts as the crude rally boosts earnings
Imperial Oil, a Canadian oil company, more than doubled its second-quarter profits and beat Wall Street's estimates on Friday. A surge in crude oil prices helped offset lower oil sands production and the impact of planned refinery maintenance. Cenovus also reported a dramatic jump in its quarterly profit earlier this week and increased its production outlook. Higher crude prices boosted Canada's oil-sands industry despite output restrictions due to maintenance. Geopolitical tensions and uncertainty in the Middle East boosted oil prices, while global fuel supply disruptions improved refinery margins. The higher benchmark crude prices helped Imperial's realized prices. Synthetic crude realizations jumped more than 60% over the past year, and Western Canada Select prices rose about 45%. This helped offset lower production volume. Total upstream production in the second quarter averaged 414,000 barrels of crude oil equivalent per day. This is down from 427,000 a year ago. The decrease was due to lower output at Kearl, and Syncrude. After completing its heaviest quarter of maintenance, Chief Executive John Whelan stated that the company anticipates strong volumes and performances in the second half 2026. Refinery output fell from 376,000 barrels per day to 331,000 bpd. Refinery utilization dropped from 87% to 76%, due primarily to planned turnaround work at Strathcona, and unplanned downtime. Imperial has lowered the outlook for its 2026 refinery. Throughput is expected to be reduced to 370,000-380,000 BPD from 395,000-405,000 BPD?and utilization expected to drop to 85%-88% instead of 91%-93%. It cited "unplanned downtime" and a "short-term rail logistic challenge" at Strathcona, which it expects will be resolved 'by the end of the year. Imperial reported a net?income? of C$2,19 billion, up from C$949 millions last year. The per-share profit was C$4,52, beating the average estimate? of C$4.13, LSEG data shows.
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Wildfires near Bordeaux and Madrid ease, bringing relief
On Friday, France and Spain were relieved from the destruction of days-long wildfires. The blazes in Bordeaux and Madrid had been brought under control. However, fires still raged in Greece and west Spain. Europe has been ravaged this summer by wildfires after consecutive record-breaking heatwaves. Vast stretches of parched vegetation are ready to burn and hundreds of thousands have had to flee their home. Authorities in southwestern France began to allow people back home after declaring a major fire, which had been burning for more than a month, contained. In a press release, Gironde Prefect Sophie Brocas announced that evacuation orders had been lifted in 12 districts to the west and south of Bordeaux. This allowed 144,000 people out of 220,000 who were displaced, to return home. Recent scientific studies confirm that climate change caused by humans is responsible for the hot and dry conditions across Europe in the past few months. This leaves no respite to emergency crews. Climate Monitor data showed that Europe's average temperature was predicted to be 24.9degC on Friday, +3.3degC higher than the 1961-1990 norm. This makes it the continent farthest away from its historical norm. In recent weeks, plumes of smoke ash have been pumped into the air, exposing millions to harmful air pollution. Scientists are concerned with fine particles, or PM2.5. These particles have been linked to respiratory and cardiovascular problems, as well as lung cancer. Tourists evicted Crews on the Greek island Crete were still fighting persistent hotspots along a 15-km (9-miles) front, and preventing new outbreaks. The fire in central Crete forced hundreds of tourists to evacuate coastal communities, and even by boat. "We are fighting an enormous battle to contain the fire and hope to have it under control within the day," Giorgos?regional Governor of Civil Protection of Crete said. He said that the firefighter's job was made more difficult by strong winds, which were forecast to continue until Saturday night with gusts up to 115 km/h. According to the International Federation of Red Cross and Red Crescent Societies, based in Geneva, 2,000 tourists have been evacuated due to fires in Crete. They also reported that homes, farmland and olive groves, as well as livestock, were destroyed. Spain lifted its national emergency on Thursday in Avila and Madrid, both located in central Spain. Fire crews were on high alert on Friday for any flare-ups, and nearly 1,000 residents of seven housing developments in Pelayos de la Presa & San Martin de Valdeiglesias (capital region) still couldn't return home. A fire in the province of Castellon, further east, was still active for 48 hours but did not spread. About 1,000 residents have returned to their homes, but 7,000 are still displaced. Winds were too strong for?firefighters to do their job in Zamora’s Arribes Del Duero National Park, near the Portuguese border. Flames had swept the Duero River Canyon and the Tormes River Canyon. Fourteen villages have been evacuated, and two more told to stay indoors. Reporting by Yves Herman; writing by Michele Kambas and editing by Sharon Singleton.
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Nuclear firm Westinghouse files confidentially for US IPO
Westinghouse Electric Company has filed a confidential application for an initial public offering in the United States, the company announced on Friday. It joins a 'wave' of nuclear companies that are looking to tap the capital markets. The investor enthusiasm for nuclear companies has increased in the last year, as Big Tech's rapid build-out of data centers boosts U.S. demand for power. The original business, founded in 1886 by George Westinghouse who commercialized alternating-current, has been largely preserved by the nuclear technology and service supplier owned jointly by Brookfield Renewable Partners and Cameco. Westinghouse constructed the first commercial pressurized-water reactor in Shippingport Pennsylvania in 1957. According to the company, more than half of all nuclear reactors operating around the world use its technology. Cameco, Brookfield Renewable Partners and Westinghouse Electric bought Westinghouse Electric for $7.9 billion in 2023. Westinghouse has said that the number of shares and price range to be offered in the proposed offering are still unknown. Last month, the Cranberry Township-based?Pennsylvania company announced that it was partnering with U.S. Department of Energy in order to strengthen the U.S. Commercial Nuclear?supply chain. Blank-check deals have long been the primary path to?public markets? for more speculative firms, but issuers in sectors like nuclear and quantum are now pursuing traditional public offerings this year. Companies can prepare for IPOs without the public's scrutiny by filing confidential documents. X-Energy, Standard Nuclear and other major?nuclear firms have all gone 'public' through the traditional IPOs in this year. Holtec Nuclear filed for a New York IPO this month. (Reporting and editing by Anil D’Silva in Bengaluru, Arasu Kanagi Basil)
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The ECB blog claims that the rise in fuel prices is largely due to oil refining margins.
The rise in refinery margins, which are now at near-record levels, has contributed to recent increases in fuel prices across the euro zone. A 'further increase in margins is still possible in August before a retreat occurs. Euro zone inflation jumped to 2.9% in the month of July, from a level around 2% prior to the U.S.-Israel war in Iran. The persistently high oil prices, close to $90 a barrel, suggest that the price pressures may?intensify, forcing the ECB into raising interest rates. Refining margins are also up, despite the rise in oil prices. Diesel refining margins per litre were EUR0.10 before the Iran war and rose to EUR0.35 during the first three weeks in July. The blog reported that the petrol price increased from EUR0.04 in February to EUR0.23 by July. The ECB is not the only one who thinks this way. Fuel supplies have been tightened by disruptions in refining operations, fuel exports from the Middle East and reduced Russian refinery output. This week, Russia extended its ban on the export of gasoline and diesel until January 31. The move has exacerbated a global fuel shortage. Prices have also risen in countries who no longer purchase fuel from Moscow.
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AngloGold's quarterly profit increases 58% due to higher bullion prices and lower output
AngloGold Ashanti reported a 58% rise in its second-quarter profits?on?Friday, as higher 'bullion prices' offset the impact of lower production. The miner reported that its headline earnings for the three-month period ending June 30 were $1.01billion, up from $639mil a year ago. AngloGold's gold production in the second quarter of 2025 fell by 7% compared to last year, to 744,000 ounces. This was due to the sale of Brazil's Serra Grande Mine. The output was also affected?by the 32% decline in gold production in Ghana at the Obuasi Mine?due?to operational and equipment issues as well as?as interruptions related?to an April 2026 fatality. AngloGold expects to have a better second half performance, even though its production was 3.7% less than last year, at 1.47million ounces. This will help it achieve its 2026 annual production forecast, which is between 2.8million and 3.17million ounces. An increase of 35% in the average gold price received year-on-year led to a 36% rise in 'AngloGold’s second-quarter free cash flow, which reached $727 million. AngloGold announced that it would pay quarterly dividends of?72cents per share or $364million, bringing the total payout for the first half to $949 million. The company also?proposed an?$2 billion share repurchase, which was approved on July 23 by shareholders. Reporting by Olivia Kumwenda Mtambo and Nelson Banya. Editing by Joe Bavier, Louise Heavens and Louise Heavens.
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Gold drops as US Dollar regains its footing. Heads for first monthly gain since five
Gold fell more than 1% on Friday as the U.S. dollar gained ground. The dollar recovered its footing but was still on course to post its best monthly gain since February, as investors reduced their rate hike bets following the Federal Reserve meeting last week. Spot gold fell 1.1%, to $4.055.41 an ounce at 1050 GMT. However, it was on track for a 0.5% weekly increase. Prices have also risen by about 1.7% this month. U.S. Gold Futures for August Delivery dropped by 1.2% to $4053.60. Independent analyst Ross Norman stated that "gold struggles to gain meaningful momentum and is still in the corrective stage of a larger structural bull market." The dollar index has recovered modestly above the key 100 level after its sharp sell-off post-FOMC, taking some shine off gold today." The dollar gained 0.3% on Friday after losing 2.4% in one day, its largest drop since January 2023. The dollar's strength makes gold more expensive for those who hold other currencies. Kevin Warsh, U.S. central Bank chief, vowed that he would bring down inflation at the Fed's policy meeting on Wednesday. This left markets "confused". According to the CME FedWatch Tool, traders now price in a 67% probability of a September rate hike, as opposed to an 80% likelihood a week ago. The data released on Thursday shows that U.S. inflation rates slowed down in June, but this was probably only a temporary easing as the oil price rose due to renewed hostilities across the Middle East. The rise in energy prices has exacerbated inflation fears and reinforced expectations that U.S. rates will be higher, reducing the appeal of non-yielding gold. Gold demand in India was muted as buyers awaited a clearer direction of price, while a stronger Yuan boosted purchases?in the top consumer China. Silver spot fell by 1.7%, to $58.00 an ounce. Palladium fell 1.1%, to $1289.77. Platinum dropped 1.3%, to $1638.77. Both metals are headed for monthly gains. (Reporting by Sukanya Mitra in Bengaluru; additional reporting by Swati Verma; Editing by Diti Pujara)
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As Middle East supply disruptions continue, oil prices are expected to rise
A poll shows that oil prices will continue to rise this year due to disruptions of shipping in the 'Strait of Hormuz' and attacks by Iran-backed Houthis in the Red Sea. These incidents threaten oil flows and increase supply risks. In a survey conducted in July, 31 economists and analyst forecasted that Brent crude oil would average $85.22 per barrel by 2026. This is up from the June forecast of $84.50. The average price of U.S. crude oil is expected to be $80.14, compared to the estimate for June, which was $79.49. These benchmarks have been averaging $87.03 and $82.00 respectively for the year to date. Tobias Keller, UniCredit analyst, said: "The main support is the geopolitical risks premium associated with the Iran conflict. This premium will likely persist throughout the second half of this year and maintain volatility." The U.S. - Iran conflict that began in late February has drastically reduced traffic through Strait of Hormuz. This was a route which carried a fifth of the world's crude oil and gas, and disrupted Middle East production by millions of barrels a year. Recent back-and-forth fighting has ended the brief pause between the two nations. Moreover, the Houthi militia has disrupted shipping in the Bab el-Mandeb Strait, which connects the Red Sea with the Gulf of Aden. This creates a second chokepoint where oil is flowing. OIL DEMAND GROWTH IS SEEN DRIVING IN 2026 According to Phil Flynn of Price Futures Group's senior analyst, it will take four to six month for oil flow from the Gulf to normalise after the United States has reached a durable ceasefire with Iran. Flynn also said that his "base case" assumed that full normalisation would occur by the beginning of 2027. According to the poll, oil demand is projected to fall by 500,000 barrels per day in 2026, to 1.6m bpd. The supply deficit for that year could range from 1 mbpd up to 2.6mbpd. The International Energy Agency predicts that global oil demand will fall by one million barrels per day this year before rising to 2 million barrels per day in 2027. OPEC has lowered its forecast of world oil demand growth for 2026, to 780,000?barrels a day. This is the third consecutive downward revision. Thomas Wybierek is an analyst at NORD/LB. He said: "Given that the global economy was hit hard by energy crisis, a rapid recovery?of the fundamental demand apart from restocking inventories?still appears unlikely." Sources have reported that OPEC+ with its 21 members, which includes the Organization of Petroleum Exporting Countries (OPEC), Russia, and other allies will likely halt oil production increases for three month from October, following a September increase in output.
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German unemployment increases slightly more than expected for July
According to data released by the Labour Office on Friday, the number of unemployed people in Germany rose slightly higher than expected in July. They are now close to 3 million in adjusted seasonal terms. Labour Office data showed that the number of unemployed people increased by 6,000 in seasonally adjusted terms to 2,99 million. Analysts polled had predicted a rise of 5,000. The seasonally-adjusted unemployment rate was 6.4% in November, up from the 6.3% recorded the month before. Daniel Terzenbach is a member of Regional Management Board at the Federal Employment Agency. He said that the weak trend in the labour market has continued. The second quarter gross domestic product of Europe's biggest economy was higher than expected, but there are risks as hostilities between Iran and the U.S. flared up again, meaning that prices could remain high for longer than originally?expected. This would take a toll both on consumption and investment. Geopolitical shocks usually have a delayed impact on labour market data. Marc Schattenberg is an economist with Deutsche Bank Research. He said that early labour market indicators indicate the labour market may move in a sideways direction over the next few months. If the German economy performs as well as it did during the second quarter, however, the labour markets is likely to gain momentum in autumn, said Schattenberg. UNADJUSTED, ABOVE 3 MILLION MARK In July, the number of unemployed people surpassed 3 million. In August last year, the three-million?mark was exceeded for the first decade. This shows 'the impact of economic stagnation on labour market. Terzenbach stated that "unemployment and underemployment have increased noticeably in the month of July due to seasonal reasons." Data released on Thursday showed that the increase in energy prices due to the conflict in Iran caused the inflation to accelerate to 2.8% in July, up from 2.4% the month before. "If sustained, a rebound in GDP will eventually feed through to the labour market," Claus?Vistesen said, chief euro-zone economist at Pantheon Macroeconomics. "For the?near-term, however, it remains difficult." The office reported that the demand for labour is still low. The labour office registered 653,000 job openings in total for July, which is 25,000 more than the previous year.
Chevron beats analyst expectations to record highest quarterly profit in six-years
Chevron reported its highest quarterly profits in at least six year on Friday. The U.S. and Israel war against Iran has disrupted world energy markets, which is boosting profits of the largest oil companies. LSEG data shows that adjusted?earnings 'of $12 billion or $6.06 per a share beat the average analyst estimates of $5.56. Chevron's shares rose about 2% during premarket trading. The results were similar to those of European oil giants TotalEnergies, Shell and others who also reported record profits in the second quarter, boosted by higher oil costs. ExxonMobil's quarterly profit missed analyst expectations despite earning a record high.
Eimear Bonner, Chevron's Chief Financial Officer, said in an exclusive interview that despite the current geopolitical unrest and volatility on the market the company continues to provide the reliable energy the world needs. The second largest U.S. oil company has less Middle East output than its competitors, which allows it to reap?benefits from higher oil prices while avoiding the major production disruptions that angered rivals like ExxonMobil or TotalEnergies. Chevron CEO Mike Wirth has warned that the conflict will continue to put global energy supplies at risk. "Everyday, the situation becomes more challenging," he said to CNBC.
Upstream earnings were $8.2 Billion, 200% higher than the previous year. Benchmark Brent crude oil prices rose by?23% during the second quarter compared to the first three months of the year, due to limited shipping through the Strait of Hormuz.
The production totaled a staggering 4 million barrels of oil-equivalent per day (boepd) during the second quarter. This is up from the 3.85 million boepd produced in the first. The U.S. production, centered on the Permian basin and offshore Gulf area, reached a record of 2,08 million boepd.
Chevron expects to spend 25% less on a barrel of U.S. Shale production this year compared to 2025 due to efficiency.
The U.S. refinery's throughput record also helped boost earnings to $4.9 billion. Refining margins reached record levels due to low fuel stocks globally and the conflict in the Middle East. RBC Capital Markets' analyst Biraj Borkhataria said that Chevron’s higher-than expected downstream earnings were the main reason for its earnings surprise. He added that the report demonstrated "robust operations performance and strategic consistency." The soaring profits may attract more criticism from U.S. president Donald Trump who last month accused oil companies of "price gouging." He also urged them do more to reduce gasoline prices.
CHEVRON KEEPS DIVIDENDS AND BUYBACKS STEADY
Chevron paid $3.5 billion in dividends and repurchased shares worth $3 billion during the second quarter.
Bonner stated that the company will maintain its target for repurchasing shares of between $10 and $20 billion per year and would focus on strengthening balance sheets over the long-term.
Our business must be able to operate in all cycles, because energy is cyclical. She said that they would not change their?plan to suit a quarter.
Bonner stated that Chevron joint ventures in Venezuela are currently producing 280,000 barrels of oil per day. This is where the Trump Administration is trying to increase U.S. investment by oil companies.
She said, "We are confident that we can increase production by 15% in the next 18-24 months."
She added that Chevron is evaluating incremental production opportunities, which would be dependent on favorable terms from the Venezuelan government. Chevron said Friday that it had achieved $1.5 billion in deal synergies from the acquisition of Hess last year, six months earlier than scheduled and exceeding the $1 billion target originally set at the time of the closing of the deal. Sheila Dang reported from Houston, and Nathan Crooks edited the story.
(source: Reuters)