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Chinas state oil major Sinopec reported a net profit of almost $7 billion for 2024, which represented a 16.8% decline on the year, attributed to lower oil prices and electric cars. In 2024, international crude oil prices fluctuated downward, the domestic transportation industry accelerated the replacement of new energy.
Canadian producer Imperial Oil booked a higher net income for the first quarter than a year earlier as industry refining margins improved. Net income rose compared to the fourth quarter, too, thanks to improved refining margins, which allowed Imperial Oil to book higher downstream margin capture. Imperial Oil, majority owned by U.S.
shale oil sector, as analysed in full in my latest book on thenew Quite the reverse, in fact, with enormous profits available from the failures of the enormously well-flagged and exceptionally predictable strategy of the 2014-2016 and 2020 Oil Price Wars -- launched by the Kingdom with the intention of destroying or disabling the U.S.
report from Kelley Blue Book (KBB), a Cox Automative company. In June, the average EV ATP was $53,438, down from a revised $54,528 in May […] The post EV Prices See Steep Drop Since Last Year, Says Kelley Blue Book appeared first on NGT News. KBB says EV prices are continuing to fall, again led by Tesla.
The strong Indian imports of ESPO crude are set to continue in June and July as refiners have booked more than 10 cargoes of the grade loading in June, traders told Reuters. Indian refiners have increased buying activity for lighter Russian grades, such as ESPO, showed the Kpler data cited by Reuters.
automotive market has experienced growth this year in nearly every vehicle segment, Kelley Blue Book reports no segment is growing more quickly than electrified vehicles, defined as the combined total of electric vehicles (EVs), hybrids and plug-in hybrids. According to an analysis of Q2 2021 data from Kelley Blue Book, sales of […].
Therefore, efforts must begin immediately to secure the supply of the key nuclear fuel, the OECD Nuclear Energy Agency (NEA) and the International Atomic Energy Agency (IAEA) said in their Red Book report prepared jointly every two years.
Traders have booked more non-sanctioned tankers to deliver crude to India, while the price of Russias flagship Urals grade has dropped to below the $60 per barrel price cap by the G7, allowing shipments involving Western companies, Reuters reports, citing ship-tracking data and trading sources. sanctions on Russias oil trade.
One would be wrong: almost half of all mid- and small-cap oil and gas stocks in the US are now trading below their book values. Looking at Berkshire's mindblowing $350 billion cash stash. one would think that there is nothing in the market that a value investor would find attractive. Thats the highest level since the pandemic.
By Wednesday, bookings for container ships from China to the United States had And climate activists worried that Chinas industry will come roaring back, boosting electricity consumption and shrinking the share of wind and solar in the power mix. Beijing and Washington announced their temporary deal on Monday.
Those looking to create value from their closed books can learn from recent market shifts. Runoff policies often present profitability challenges for European life insurers.
million electric utility customers in North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky booked adjusted earnings per share (EPS) of $1.76 North Carolina-based Duke Energy which serves 8.2 for the first quarter of the year. This is higher compared to the adjusted EPS of $1.44 for the first quarter of 2024 and above the
In fact, most history books credit the invention of the fuel cell to Welsh chemist and physicist William Grove, who, in the […] The post Fuel Cells: What They Are, How They Work, and Why They’re Important appeared first on POWER Magazine. Fuel cells are not some novel new technology.
The recent oil price crash will surely hit Saudi Arabias state finances going forward, but the Kingdom already booked a hefty budget deficit for the first quarter, before oil prices dropped dramatically. During the first quarter of the year, the budget deficit of the worlds top crude oil exporter swelled to $15.6 billion (58.7
The company booked adjusted earnings of US$1.58 Canadas pipeline giant Enbridge Inc. reported on Friday record quarterly earnings for the first quarter of the year as it moved a record-high volume of liquids on its huge Mainline pipeline system in North America. billion (C$2.2 billion (C$2 billion) for the same period of 2024.
Marathon Petroleum booked a net loss of $74 million, or $0.24 Marathon Petroleum (NYSE: MPC), the biggest U.S. refiner by volumes, on Tuesday reported a loss for the first quarter as weak refining margins continued to depress profits and high turnaround activity limited the upside from margins and sales revenues.
M&A deals with closed-book players can help insurers continue to create value. The COVID-19 pandemic has exacerbated challenges for insurers in continental Europe.
ConocoPhillips booked adjusted earnings of $2.7 ConocoPhillips (NYSE: COP) reported on Thursday slightly better-than-expected earnings for the first quarter, as higher oil and gas production volumes more than offset lower prices and increased operating costs. billion, or $2.09 per share, for the first quarter, up from adjusted earnings of $2.4
PetroChina, the largest oil and gas producer in China, reported on Tuesday a net profit for the first quarter up by 2.3%, becoming the only state oil giant to book higher Q1 earnings compared to a year earlier. PetroChina booked a net profit of $6.4 billion (46.8 billion Chinese yuan) for the first quarter, up by 2.3%
According to Kelley Blue Book’s “Electric Vehicle Sales Report Q3 2023,” EV sales volume in the U.S. Have you noticed more electric vehicles (EVs) driving around your neighborhood? set a new record in The post How Power Companies Can Ride the EV Wave for New Revenue appeared first on POWER Magazine.
Lower oil prices over the first quarter of the year weakened Aramcos net profit, with the Saudi giant booking a net result of $26 billion, down from $27.3 billion a year earlier. Despite the weaker figures, the company decided to distribute a higher dividend for the quarter. billion, per a Reuters poll.
Chevron booked adjusted earnings of $3.8 Chevron (NYSE: CVX) reported on Friday adjusted earnings for the first quarter in line with analyst estimates as the U.S. supermajors downstream business recovered from a loss for the prior quarter. billion, or $2.18 per share, for the first quarter 2025, down from adjusted earnings of $5.4
CNOOC, which specializes in offshore oil and gas developments in China and internationally, booked a net profit of $19 billion (137.9 Chinese state-owned oil and gas giant CNOOC reported on Thursday an 11.4% rise in net profit for 2024, as record oil and gas production offset weaker energy commodity prices. compared to 2023.
per barrel, after booking two consecutive weekly gains, fueled by U.S. Crude oil prices started trade with a slide this week, as traders await news about the possibility of an end to the war in the Ukraine, which would likely boost the international supply of Russian crude. At the time of writing, Brent crude was trading at $71.92
Chinese state-held oil and gas giant CNOOC booked lower net profit for the first quarter of 2025 as lower oil prices more than offset increased production. CNOOC, which specializes in offshore oil and gas developments in China and internationally, reported on Tuesday a net profit attributable to equity shareholders of $5 billion (36.56
Hopper has acquired 100 million mobile users by offering consumer-friendly financial products and a gamified app experience, according to cofounder Frederic Lalonde.
Valero said it has recorded a $1.1 billion pre-tax impairment related to its California refineries and notified state regulators of its intent to idle, restructure, or cease operations at its Benicia refinery by the end of April 2026.
Sharpen your problem-solving skills the McKinsey way, with our weekly crossword. Each puzzle is created with the McKinsey audience in mind, and includes a subtle (and sometimes not-so-subtle) business theme for you to find. Answers that are directionally correct may not cut it if you’re looking for a quick win.
Baker Hughes booked net profits of $509 million, which was down from $694 million for the last quarter of 2024 on a GAAP basis, which represented a 27% decline. Cash flow from operating activities was down by 40%, to $709 million from $1.189 billion three months earlier.
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In a new book, Michelle Duster celebrates the life of Ida B. Wells, a journalist, suffragist, and antilynching crusader—and Duster’s great-grandmother.
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Chinese refiners booked a 2.1% increase in production over the first two months of the year as holiday travel pulled demand for fuels higher, helped by the start of a new refinery a few months earlier, Reuters has reported, citing Chinas National Bureau of Statistics.
Petrobras booked a virtually flat crude oil production for the first quarter of the year, at 2.77 million barrels daily, down by 0.2% on the first quarter of 2024. It was up by 5.4% sequentially, however, the Brazilian state energy major reported. Production of crude specifically registered a decline of 1%, to 2.21
Crane specialist Huisman has secured another contract for the delivery of Knuckle Boom Cranes, which will be installed on Sea1 Offshores new offshore energy support vessels
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