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Zacks News
Phillips 66 to Close Los Angeles Refinery Due to Low Profits
by Zacks Equity Research
PSX plans to shut its Los Angeles refinery by late 2025, citing market dynamics and lower profits, leaving California to face further fuel supply challenges.
SLB Q3 Earnings Beat Estimates, Revenues Rise Year Over Year
by Zacks Equity Research
SLB's Q3 earnings benefit from broad-based growth and margin expansion in the Middle East, Asia and offshore North America, alongside cost optimization and digital solutions.
Kinder Morgan Q3 Earnings Miss Estimates, Revenues Fall Y/Y
by Zacks Equity Research
KMI Q3 earnings get affected by decreased financial contributions from two segments. However, this is partially offset by lower total costs and expenses.
NBR Inks $372M Deal to Snap Up Parker Wellbore: Here's Why
by Zacks Equity Research
Nabors Industries agreed to acquire Parker Wellbore: A move to strengthen global drilling services.
ExxonMobil Eyes $500M Sale of Bakken Shale Assets in North Dakota
by Zacks Equity Research
XOM plans to sell part of its North Dakota Bakken shale assets. This move is expected to generate more than $500 million as the company refocuses on high-growth regions.
BP Faces Headwinds Over Weaker Refining Margins & Sluggish Oil Demand
by Zacks Equity Research
BP's third-quarter refining margins are expected to drop $400-$600 million sequentially. The company also anticipates higher net debt in the quarter.
Petrobras, Shell and CNOOC Sign Contracts to Expand in Brazil
by Zacks Equity Research
PBR signs contracts for offshore blocks in Brazil along with Shell and CNOOC, solidifying its diversification plan and boosting energy reserves for the future.
NNPC-Shell JV Agrees to Supply Gas to $3.3 Billion Methanol Project
by Zacks Equity Research
SHEL and its partners, including NNPC, join hands to supply gas to Brass Fertilizer to start a $3.3 billion project.
Phillips 66 to Offload 49% Stake in Coop Mineraloel to Swiss JV
by Zacks Equity Research
PSX states that the proceeds from the sale of 49% of its non-operated equity interest in Coop Mineraloel will support its priorities, including shareholder returns.
Petrofac to Support Marathon Oil's Key Assets in Equatorial Guinea
by Zacks Equity Research
POFCY states that the new agreement with MRO reflects its reputation as an efficient service provider, focused on creating value for its clients.
Subsea7 Secures a New Subsea Contract in the US Gulf of Mexico
by Zacks Equity Research
SUBCY's new contract covers transportation and installation of the flow line, umbilical and other subsea components associated with the subsea tieback platform.
Eni's Plenitude Expands Spanish Footprint With New Wind Plant
by Zacks Equity Research
E's Plenitude launches the 13 MW Numancia wind farm in Soria, producing 31 GWh annually and powering 9,500 homes, further expanding its renewable energy footprint in Spain.
Shell Signs Massive Naphtha Supply Agreement With QatarEnergy
by Zacks Equity Research
The naphtha supply deal strengthens the long-standing partnership between SHEL and QatarEnergy. QatarEnergy will supply 18 million metric tons of naphtha to Shell for 20 years.
Kinder Morgan Shuts Down Terminals in Tampa Over Hurricane Warning
by Zacks Equity Research
KMI's Tampa Bay Stevedores, Tampaplex Terminal, and Port Sutton Terminal have been shut down due to Hurricane Milton, which is fast approaching landfall.
Baker Hughes Secures Record Order for Gas Storage in Dubai
by Zacks Equity Research
BKR lands record compressor line order from Dubai Petroleum, enhancing gas storage at the Margham facility to support the UAE's clean energy goals.
Equinor Strengthens Offshore Wind Portfolio With 9.8% Stake in Orsted
by Zacks Equity Research
EQNR secures a 9.8% stake in Orsted, becoming the latter's second-largest shareholder and advancing its commitment to offshore wind and renewable energy growth.
Eni Backs CLEAN Initiative, Expands LNG Cooperation With Japan
by Zacks Equity Research
E strengthens its LNG ties with Japan, joining forces to promote decarbonization through the CLEAN Initiative and expand its Mozambique LNG projects.
Ovintiv to Pay $5.5M in Civil Penalty Over Clean Air Act Violations
by Zacks Equity Research
A settlement agreement between OVV and U.S. environmental and justice officials resolves the civil lawsuit against the company concerning the Clean Air Act violations.
SO's Georgia Power Restores 95% of Power Following Hurricane Helene
by Zacks Equity Research
The Southern Company's largest subsidiary, Georgia Power, works rigorously to ensure that electricity is restored to the largest number of customers.
Petrobras' Discoveries to Double the Gas Potential in Colombia
by Zacks Equity Research
Two major gas discoveries off Colombia's coast by PBR could double the country's volume of gas reserves, providing crucial support amid growing demand.
SLB, Velesto Join Forces to Boost Rig Performance in Malaysia
by Zacks Equity Research
SLB and Velesto partner to enhance rig performance and reduce emissions with advanced digital tools, marking a three-year collaboration to boost drilling efficiency.
Ecopetrol's Gas Discoveries in Colombia: A Major Game-Changer
by Zacks Equity Research
EC's massive discovery of an offshore natural gas deposit will meet 80% of Colombia's demand and avert an alarming energy crisis.
Equinor Reports Progress on Major Norwegian Development Projects
by Zacks Equity Research
EQNR is advancing 19 energy projects in Norway, contributing to Europe's energy security despite facing rising costs and delays in key projects.
Eni to Develop CCS Project to Aid UK's Decarbonization Efforts
by Zacks Equity Research
E will leverage its existing knowledge and capabilities in handling complex projects to repurpose the existing pipeline infrastructure and platforms for the new CCS project.
Equinor Signs Deal With AGR for Subsurface & Field Development Support
by Zacks Equity Research
EQNR shall leverage AGR's expertise in multidisciplinary subsurface work for its greenfield and tie-in projects as well as brownfield projects, both offshore and onshore.