Latest News
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BP Reveals $1.75 Bln Share Buyback
BP PLC: * BP PLC - 1Q24 * BP: LOOKING AHEAD, BP EXPECTS Q2 2024 REPORTED UPSTREAM *. PRODUCTION TO BE SLIGHTLY LOWER COMPARED WITH FIRST-QUARTER 2024 * BP: BP CONTINUES TO EXPECT CAPITAL INVESTMENT * FOR 2024. TO BE. AROUND $16 BILLION * BP: CONTINUES TO EXPECT GULF OF MEXICO OIL SPILL PAYMENTS. FOR. YEAR TO BE AROUND $1.2 BILLION PRE-TAX INCLUDING $1.1 BILLION. PRE-TAX PAID THROUGHOUT Q2 * BP: UNDERLYING RC REVENUE FOR QUARTER WAS $2.7 BILLION,. COMPARED. WITH $3.0 BILLION FOR PREVIOUS QUARTER * BP: IN PRODUCTS, BP EXPECTS UNDERSTOOD MARGINS TO BE. AFFECTED BY. NARROWER NORTH AMERICAN HEAVY CRUDE OIL DIFFERENTIALS IN Q2 * BP: ARE PROVIDING COMPETITIVE INVESTOR CIRCULATIONS,. REVEALING A $1.75 BILLION SHARE BUYBACK FOR Q1 * BP: EXPECTS LACK OF Q1 PLANT-WIDE POWER BLACKOUT AT. WHITING. REFINERY TO BE PARTLY OFFSET BY A HIGHER LEVEL OF TURN-AROUND. ACTIVITYI IN Q2 * BP - BP CONTINUES TO ANTICIPATE BOTH 2024 REPORTED AND. UNDERLYING. UPSTREAM PRODUCTION TO BE SLIGHTLY HIGHER COMPARED TO 2023 * BP: TARGET TO DELIVER AT LEAST $2 BILLION OF MONEY COST. SAVINGS. BY END OF 2026 * BP: CONTINUES TO ANTICIPATE DIVESTMENT AND OTHER PROCEEDS OF. $ 2-3. BILLION IN 2024, WEIGHTED TOWARDS SECOND HALF * BP: CONTINUES TO ANTICIPATE TO REACH $25 BILLION OF DIVESTMENT. AND. OTHER EARNINGS BETWEEN 2ND HALF OF 2020 AND 2025 * BP: SOME OF EXPENSE SAVINGS MAY HAVE ASSOCIATED RESTRUCTURING. CHARGES. Source text for Eikon:. Further company protection:
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China concerns more oil products export quota in second batch for 2024
China has actually released its 2nd batch of improved fuel export quotas for 2024, totalling 18 million metric loads, Chinese consultancies and trade sources said on Tuesday. The volume is 2 million lots more than the 2nd batch issued in 2015 and might increase fuel products and even more depress refining margins in Asia. The export volumes, comprising 14 million lots of refined items and 4 million tons of marine fuel, were allotted mostly to state-owned refiners, according to consultancies Longzhong and JLC and the trade sources. The brand-new quota brings this year's overall for exports of fine-tuned and marine fuels to 45 million lots, following the very first 27-million-ton batch provided at the start of January. The increased volume year on year is most likely due to greater need for jet fuel from the air travel bunkering sector, which is also counted as exports, Emma Li, an expert at shiptracking company Vortexa said. China might also issue smaller batches for the rest of the year to prevent a large year-on-year increase, she added. March exports for the aviation fuel were near a four-year high, customs information revealed, while traders anticipate May deliveries to breach the 2 million heap level again. Beijing handles its refined oil exports by means of a stringent quota system, utilizing exports as a tool to balance and make sure the domestic market is sufficiently supplied. State oil companies Sinopec and PetroChina , the leading receivers of the quotas that cover diesel, gas and aviation fuel, together were granted 9.98 million loads or more than 70% of the overall, according to the two consultancies. Private refiner Zhejiang Petrochemical Corp was allotted 1.22 million tons, while a refinery subsidiary of state defence corporation Norinco and China National Air Travel Fuel Business were appointed 230,000 heaps in total. China's Ministry of Commerce did not immediately react to a faxed ask for comment.
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Uniper details 2025, 2026 German and Nordic power hedging for hydro, nuclear
German utility Uniper has sold sizeable quantities of its future hydropower output as part of a hedging method, the business stated in a. discussion for an analyst call on Tuesday. Uniper has sold 70% of its German hydropower output for 2025. at an average cost of 126 euros ($ 135.64) per megawatt hour. ( MWh) and 5% of the output in 2026 at approximately 90. euros/MWh, it stated. By contrast, the wholesale benchmark price for. round-the-clock German power from all generation sources in 2025. closed at 95.05 euros on Monday, and at 81.75 euros. for 2026, LSEG information showed. The inconsistencies originate from lower-priced fuel aspects in. the general wholesale level. That level also shows gas-generated power and hydropower. market conditions that undergo nationwide assistance schemes. and hard-to-predict weather patterns. Producers utilize hedging to decrease the impact of price. volatility and to secure forward production prices thought about. beneficial at a certain moment. The wholesale market uses the rates to track cost trends. and assess an utility's physical possession position. Uniper has actually so far sold 85% of its 2024 German output at 54. euros after achieving an average cost of 34 euros for sales in. 2023. The company also runs coal, gas-fired, and nuclear. plants in Europe as well as wind and solar energy generation. systems that were not shown in the presentation's slides. Relating to Nordic rates, Uniper stated it offered 45% of nuclear. and hydropower in the area for 2025 and 25% of output for 2026. at average prices of 39 euros and 37 euros, respectively, having. accomplished 42 euros for 60% of 2024 output, and 41 euros in 2023.
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Tidy energy ETFs start to exceed key oil & gas ETF: Maguire
After a rough number of years, exchangetraded funds (ETFs) connected to clean energy generation and distribution are starting to outperform investor cars centred on oil and gas exploration and production. Since the start of 2022, many major ETFs tied to renewable energy generation have actually lost between 20% and 70% of their worth as rising interest rates, supply chain disruptions and a. slowdown in clean energy setups cut customer demand and. strike the revenues and stock prices of tidy energy companies. Over the very same period, cuts to petroleum output by major. manufacturer groups have actually assisted raise incomes for oil and gas. producers, which in turn improved the returns of ETFs tied to. that space by more than 50%. Nevertheless, over the past month a selection of ETFs committed to. key aspects of the energy transition - from renewable energy. generation to wise grid management and uranium extraction -. have all posted positive returns just as a significant ETF tied to oil. and gas output lost roughly 5%. Numerous aspects might thwart this relative healing in clean. energy momentum, consisting of a getting worse in Middle East dispute. and higher-for-longer rates of interest in the United States. But if a peace offer is reached between Israel and. Palestinian militant group Hamas in Gaza and interest rates. trend lower in essential customer markets, additional pressure on oil and. gas rates could materialize just as the cost of. renewable generation equipment improves. That in turn could possibly speed up the current. divergence in ETF returns and assistance clean energy investing. trends while undermining the appeal of fossil fuels. ETF EFFICIENCY HISTORY Over the previous 5 years or two, financial investment cars connected to. clean energy have actually withstood a roller coaster ride. Hunger for direct exposure to renewables soared from early 2020. through to the start of 2021 as several major economies adopted. encouraging policies designed to accelerate the energy transition. far from nonrenewable fuel sources and promote the development of. markets and expertise in the clean energy arena. The iShares Global Clean Energy ETF identified. the broad circulation of financier interest in clean power during that. duration, with prices increasing by around 180% from January 2020 to. January 2021. Over that exact same duration, investor interest in conventional. energy developers diminished in the middle of a broad push-back versus fossil. fuels, worsened by the global slump in fuel usage during. COVID-19 lockdowns. The S&P oil & & gas exploration and production ETF,. among the largest ETFs tracking fossil fuel output, dropped by. over 60% through the opening 4 months of 2020, and completed. out the year still nursing more than 40% losses regardless of. recovering mobility and company activity in several economies. COVID CRUNCH Following the upswing in enthusiasm for tidy energy in. 2020, task developers throughout 2021 and 2022 knowledgeable severe. troubles in securing sufficient quantities of related. devices - from solar panels and power inverters to racking. systems and turbine blades - as supply chains stayed impaired. by COVID-19 movement constraints in China and elsewhere. These limitations resulted in major job hold-ups and part. cost increases simply as prevalent rate of interest increases curbed. consumer acquiring and loaning power, and led to a. downturn in renewable facilities build-out across a number of. areas. Russia's intrusion of Ukraine in early 2022 then caused. disturbance to natural gas and oil circulations, which assisted raise the. prices of those products and enhanced incomes for several secret. fossil fuel producers. TREND TURNAROUND The mix of expense climbs up for renewable energy jobs. and greater nonrenewable fuel source costs resulted in a slump in financier. interest in renewable energy ETFs and a steady boost in the. returns posted by fossil fuel ETFs considering that 2022. Investment automobiles tied to uranium extraction snapped. the downtrend in clean power investing since the 2nd half of. 2023, as growing policy support for nuclear generation sparked. investor positioning in case of a scarcity of nuclear fuels. ETFs tied to electrical grid upgrades and smart power. management systems likewise made gains in 2023, as awareness about. the obstacles of incorporating renewable energy into existing. grid systems stimulated significant utility-scale investments. So far in 2024, the URA uranium ETF is up by around 14%. while the returns published by the S&P oil & & gas expedition and. production ETF and the Nasdaq Clean Edge Smart Grid are. around 12%. Other significant tidy energy ETFs, including the iShares Clean. Energy ETF, so far stay in the red on a year-to-date. basis. However if the momentum seen over the past month is continual,. all significant tidy power ETFs, consisting of the First Trust Global. Wind Energy ETF, may soon sign up favorable returns for. the year up until now, which will serve to enhance sentiment across the. tidy energy space. And if that sentiment is further enhanced by encouraging. macro-level modifications relating to geopolitical tensions and interest. rate programs, additional financier momentum into the more comprehensive. clean energy ETF area can be expected. << The viewpoints expressed here are those of the author, a. writer .>
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PetroVietnam reveals new oil discoveries with preliminary reserves of 100.5 mln barrels
Affiliates of Vietnam's state oil company PetroVietnam have actually made two new oil findings with combined initial reserves of 100.5 million barrels of crude oil, its exploration and production arm PVEP stated on Tuesday. The discoveries are vital for the oil market of Vietnam, which has actually been having a hard time to raise its petroleum output due to shrinking proven reserves, amidst increasing fuel demand. Drilling at the R79 well in the Rong Field in the Block 09-1 off southeast Vietnam found preliminary reserves of 16.5 million barrels of petroleum, PVEP said in a statement. The field is operated by Vietsovpetro, a Vietnam-Russia joint endeavor. The other finding was at BA-1X well at Bock PM3 CAA off southern Vietnam, with initial reserves of 84 million barrels, said PVEP, which holds a 30% stake in the block. Production at BA-1X began on May 5 at 2,100 barrels daily. Vietnam's crude oil output in the very first 4 months of this year fell 3.6% from a year previously to 2.78 million metric heaps, according to federal government data.
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VEGOILS-Palm oil extends gains amid weather woes at oilseeds plantations
Malaysian palm oil futures increased on Tuesday for a 2nd session, tracking continual gains in soyoil in the middle of bad weather in Brazil and Russia, while key palm manufacturer Indonesia's negative weather likewise supported palm costs. The benchmark palm oil agreement for July shipment on the Bursa Malaysia Derivatives Exchange rose 60 ringgit, or 1.55%, to 3,922 ringgit ($ 827.43) a metric load by midday break. After the enormous sell-off of Malaysian palm oil in April, the market is re-pricing itself amidst weather vagaries in Brazil and Indonesia affecting edible oils, said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. Worries over soybeans shortage in the middle of potentially crop-damaging weather condition in Brazil and Russia are pushing soyoil rates higher. Indonesia's meteorological company warned of potential extreme weather condition events occurring in the nation from May 7-13 such as twisters and thunderstorms leading to floods and landslides. About 64% of Indonesia will experience dry season from May to August this year, Malaysia-based Bernama reported on Saturday, quoting Indonesia's meteorological agency. Hot weather adversely affects palm yields. Dalian's most-active soyoil agreement increased 1.74%,. while its palm oil agreement climbed 2.19%. Soyoil. rates on the Chicago Board of Trade increased 0.5%. after settling 1.76% greater on Monday. Palm oil is impacted by cost motions in associated oils as. they complete for a share in the global vegetable oils market. Oil costs ticked up after Israel struck Rafah in Gaza even. as settlements for a ceasefire with Hamas continued without. resolution. More powerful crude oil futures make palm a more attractive. alternative for biodiesel feedstock. The Malaysian ringgit, palm's currency of trade,. weakened 0.06% against the dollar. A weaker ringgit makes palm. oil more appealing for foreign currency holders. Palm oil may evaluate resistance at 3,926 ringgit per ton, with. a good chance of breaking above this level and increasing towards. 3,969 ringgit, said technical expert Wang Tao.
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Heidelberg Products Q1 revenue assisted by cost cuts, lower energy costs
Heidelberg Products , the world's No. 2 cement maker, published betterthanexpected operating earnings in the first quarter, helped by expense cuts and lower energy rates that offset weaker building activity in Europe. The group's first-quarter arise from existing operations ( RCO) fell 10% to 232 million euros ($ 250 million), beating the 223 million projection in a company-provided poll. Sales for the period fell 8% to 4.49 billion euros, listed below the 4.78 billion projection, as the business cited bad weather condition conditions and fewer working days that had an impact on results. Despite declining profits compared to a strong prior-year quarter, we have even more increased our success. This was in particular due to the great start to the year in North America and stringent expense management, President Dominik von Achten stated. The group therefore validated its full-year outlook, forecasting a return on invested capital of around 10% and RCO of 3.0 billion to 3.3 billion euros, compared to a 3.2 billion poll estimate.
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Asia shares rise on rate cut bets; Aussie slips on RBA
Asian shares made 15month highs on Tuesday on restored confidence of U.S. rate of interest cuts, while a weaker yen and a small dip in the Australian dollar kept the dollar steady. Australia's central bank left rates of interest on hold, as anticipated, but the Aussie dollar slipped about 0.4% and the Australian stock exchange rose as policymakers did not enhance assistance around the threat of another rate walking. In Hong Kong the Hang Seng was set to snap a 10-day winning streak with a 0.9% loss, though markets in Taiwan and South Korea were all higher. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%. Japan's Nikkei increased 1.3%. FTSE futures were up 1% indicating a positive return from a market holiday. European futures increased 0.3% and S&P 500 futures were flat. The mood was underpinned by recently's softer-than-expected U.S. jobs data and remarks from Federal Reserve Chair Jerome Powell reiterating that the next move in rates will be lower. ( Powell) said that he is confident policy is limiting which if development on inflation stalled, the (Fed) would hold off on cutting, indicating a high bar to hiking, said Goldman Sachs economic expert David Mericle. He also said, in a note to customers, that the U.S. hiring rate and other steps of employment development objectives were soft and the weakest part of labour market data. Treasuries, which rallied on Friday's tasks figures, traded constant in New york city overnight and 10-year yields held at 4.49% in Tokyo on Tuesday. Rate of interest markets price at least one U.S. rate cut this year, in November. Need will be evaluated at a $58 billion three-year note auction on Tuesday, which is followed by $42 billion in 10-year sales on Wednesday and $25 billion of 30-year sales on Thursday. AUSSIE SLIPS Expectations of falling rates have weighed on the dollar, though only gently. European policymakers are preparing cuts for June, topping the euro, and rates are not expected to move too far above absolutely no in Japan this year, leaving a large space with the rest of the world. The dollar increased 0.6% on the yen on Monday and a further 0.5%. to 154.60 yen on Tuesday, keeping markets on edge as. to whether Japanese authorities might step in once again. Traders estimate Japan spent practically $60 billion safeguarding. the yen last week. The Australian dollar slipped 0.4% to $0.6601 as. the central bank stayed with not ruling anything in or out rather. than explicitly defining rate hike threats in reaction to. inflation showing stickier than its economic experts had actually anticipated. Sterling, at $1.2552, and the euro at. $ 1.0765, slipped marginally. In product trade, oil was a little bit firmer, with Brent crude. futures up 0.3% to $83.58 a barrel with a ceasefire deal. in the Middle East showing evasive. Gold rose over night. and was consistent at $2,325 an ounce on Tuesday. Wheat, corn and soybean traded around. multi-month highs on worries about unfavourable weather in. Russia - where it has actually been wintry and dry - and Brazil, where. there are floods. Iron ore futures have rallied on clues that China's. Politburo is preparing more assistance procedures for the beleaguered. home sector. Benchmark June iron ore on the. Singapore Exchange has actually increased almost 25% in a month. German factory orders are the highlight of the European. calendar on Tuesday. UBS and Disney report. incomes.
Galp looks for to offer stake in Namibia oilfield after discovery, sources state
Portuguese oil company Galp Energia has actually introduced the sale of half of its stake in an expedition block offshore Namibia where it has actually made a significant oil discovery, three industry sources knowledgeable about the matter informed .
Galp's Mopane discovery, which is estimated to hold at least 10 billion barrels of oil and gas equivalent, appears to be one of the largest in the basin which might assist kickstart the southern African country's oil market even as federal governments around the world look for to minimize nonrenewable fuel source consumption.
Galp has an 80% stake in Petroleum Expedition Licence 83 ( PEL 83), which covers practically 10,000 square kilometres (3,860. square miles) in the Orange Basin, with Namibia's nationwide oil. company NAMCOR and independent exploration group Custos each. holding another 10%.
Lisbon-based Galp is offering to sell half of its stake in. the block, said the sources, who could not be named because they. are not authorised to speak with the media.
It is also providing to cede control of the development of. the project to the possible buyer, anticipated to be a significant. global rival with a strong performance history in job. management, the sources said.
Galp declined to comment. It has actually previously shown it. could release a procedure to raise capital for the advancement of. its projects in Namibia, as they could reach a large scale.
It has actually worked with Bank of America to run the sale process, which. could raise several billion dollars for Galp, although the specific. value is unclear, the sources said. Bank of America decreased to. remark.
Galp shares closed over 20% greater following Galp's update. on the Mopane field and reporting the sale procedure.
The discovery followed successful expedition projects in. the same location by rivals TotalEnergies and Shell. recently. Other business that entered Namibia. over the last few years consist of Chevron, Australia's Woodside. Energy and Qatar Energy.
Namibia has attracted huge interest from international oil. companies looking for to increase production as demand is forecast. to remain strong for many years.
Redburn experts said Galp's update on the discovery implied. the field had a resource three time bigger than previously. approximated.
The United Nations has actually stated that by 2050 worldwide oil usage must. drop by 60% and gas usage by 45% if the world is to avoid. temperature levels increasing above 1.5 degrees Celsius - the. limit beyond which environment change would let loose more. devastating and irreversible impacts.
Global oil demand has yet to peak and is forecast to grow to. around 103 million barrels each day in 2024 by the West's energy. watchdog the International Energy Company.
Oil business say they require to continue to establish new. fields to satisfy increasing need and to compensate for falling. production from older fields.
Galp itself intends to minimize its carbon emissions to net zero. by 2050 and in 2021 dedicated to designate half of its costs. towards low-carbon energy by 2025.
Namibia could end up being a new source of profits for Galp, which. presently has strong financial investments off the coast of Brazil and is. likewise present in a gas job in Mozambique's Rovuma. basin.