All articles tagged with #oil majors
Trump accused oil majors of profiteering after windfall profits from the Iran conflict, citing ExxonMobil’s jump in quarterly earnings, Chevron’s record results, and large profits at Aramco, BP, and Shell. With oil prices topping $100 a barrel and US pump prices around $4.55, the remarks come as the GOP faces midterm headwinds and the Strategic Petroleum Reserve sits near multi-decade lows.
Oil majors are urging the governments of Washington and Brussels to intervene in a dispute over liquefied natural gas (LNG). The companies are seeking assistance in resolving the issue, which has led to delays and cancellations of LNG cargoes, as well as increased costs. They argue that government intervention is necessary to ensure the stability and growth of the LNG market.
Oil majors ExxonMobil, Chevron, and BP are nearing buy points as U.S. crude oil prices continue to rise above $90 per barrel. The surge in oil prices, driven by concerns about tightening global supply, has led to a rally in energy stocks since June. While the outlook for demand remains uncertain due to China's struggling economy and the battle against inflation in the U.S., oil majors are poised to retake their market-leading position. ExxonMobil, Chevron, and Occidental Petroleum all advanced on Wednesday, with ExxonMobil stock moving above a buy point.
Eni, the Italian energy company, has signed an agreement to sell its unit Nigerian Agip Oil Company (NAOC) to Nigerian counterpart Oando, as part of a trend of energy giants exiting onshore operations in Nigeria. The move comes as international oil majors, including Shell and Exxon Mobil, are trying to sell their onshore assets in the country due to issues such as oil theft, community clashes, and exploration budget cuts. Eni's NAOC has interests in four onshore blocks and two onshore exploration leases in Nigeria. The deal is subject to local and regulatory authorization.