Oil Gas

Energy company hails ‘exceptional’ contribution of oil trading operations as profits hit $3.2bn in the first quarterBusiness live – latest updatesBP’s quarterly profits have more than doubled amid a jump in oil and gas prices linked to the conflict in the Middle East.The energy company said on Tuesday that underlying profits for the first quarter were $3.2bn (£2.4bn), up from $1.38bn in the equivalent period a year ago and outstripping City forecasts of $2.67bn. Continue reading...

8-0 ruling gives companies new day in federal court after firms including Chevron ordered to pay millions for cleanupThe supreme court handed a win Friday to oil and gas companies fighting lawsuits over coastal land loss and environmental degradation in Louisiana.The 8-0 procedural decision gives the companies a new day in federal court after a state jury ordered Chevron to pay upward of $740m to clean up damage to the state’s coastline, one of multiple similar lawsuits. Continue reading...

Brent crude drops and gas prices slide amid hopes Donald Trump will succeed in reaching deal with TehranOil and gas prices tumbled by almost 10% on Friday after Iran said the strait of Hormuz would open to commercial shipping, potentially clearing the way for tankers holding millions of barrels of oil and gas to reach the global market.Iran’s foreign minister said that vessels would be free to transit the strait of Hormuz for the duration of the 10-day ceasefire between Israel and Lebanon struck on Thursday. Continue reading...

Company earnings expected to soar to between $200m and $700m in first quarterBusiness live – latest updatesShell is expected to report “significantly higher” profits from its commodity trading desks in the first quarter of this year after weeks of market volatility triggered by the Iran crisis.The surge in energy commodity markets over recent weeks is expected to drive up trading results at Shell’s chemicals and products unit, which includes its main oil trading desk. Continue reading...

Senior climate figures warn North Sea drilling would encourage fossil fuel exploitation by developing countriesOpening new oil and gas fields in the North Sea would “send a shock wave around the world”, imperilling international climate targets, undermining the UK’s climate leadership and encouraging developing countries to exploit their own fossil fuel reserves, experts have warned.The UK government is under stiff pressure from the oil industry, the Conservatives, Nigel Farage’s Reform UK party, some trade unions and parts of the Treasury to give the green light to new oil and gas fields, despite clear evidence that doing so would not cut prices and would have almost no effect on imports. Continue reading...

Critics say exemption exploits White House’s ‘self-made gas crisis’, and could doom the rare Rice’s whaleSign up for the Breaking News US email to get newsletter alerts in your inboxA US government panel on Tuesday exempted oil and gas drilling in the Gulf of Mexico from the Endangered Species Act (ESA), a move which critics say could doom a rare whale species and harm other marine life.The Endangered Species Committee – which had not convened in more than three decades – voted to approve the request for the ESA exemption at the request of the defense secretary, Pete Hegseth. Continue reading...

GB Energy chief Jürgen Maier says boost could bring economic benefits amid energy cost crisis and actually help transition from fossil fuelsThe head of the UK’s national green energy champion has joined other high-profile renewable energy leaders in making the case for more North Sea oil and gas production as the government braces for an energy cost crisis.GB Energy boss Jürgen Maier used a social media post on LinkedIn to reject the claim that more North Sea oil and gas could help to bring down energy costs which have soared as the war in Iran has escalated. Continue reading...