Oil giant reports record annual profits

Shell said last month that windfall taxes imposed by the European Union and U.K. following the surge in profits would cost the group about $2 billion. Paul Ellis | Afp | Getty Images British oil giant Shell on Thursday posted its highest-ever annual profit, bolstered by soaring fossil fuel prices and robust demand since Russia’s … Read more

Baker Hughes, Conocophillips among energy stocks on Goldman Sachs’ buy list

It should be another good year for energy stocks, according to Goldman Sachs. The sector outperformed the S & P 500 by 78% in 2022, and while it is unlikely there will be a repeat of that magnitude, the backdrop is still constructive for energy equities, analyst Neil Mehta said in a note Tuesday. “We … Read more

Shell to pay $2 billion in additional EU, UK taxes for the fourth quarter

The logo of Shell on an oil storage silo, beyond railway tanker wagons at the company’s Pernis refinery in Rotterdam, Netherlands, on Sunday, Oct. 23, 2022. Bloomberg | Bloomberg | Getty Images Oil and gas major Shell said Friday it expects to pay an extra $2 billion in new taxes for the fourth quarter in … Read more

Russia bans oil sales to countries that accept price cap

A general view of oil tanks in the Transneft-Kozmino Port near the far eastern town of Nakhodka, Russia. Yuri Maltsev | Reuters Russia announced on Tuesday it would ban oil sales to countries that abide by a price cap imposed this month by the West, giving its long-awaited response to the most dramatic step taken … Read more

Steel ministry identifies infrastructure gaps in 38 projects

The Union Steel Ministry has identified 38 projects with infrastructure gaps and the action needed on these. The projects are across four ministries that include railways, shipping, ports, and waterways; civil aviation; and petroleum and natural gas. Of these, there are 11 new projects, while 27 are existing ones, according to an internal report by … Read more

Kansas oil spill the biggest in Keystone pipeline history, federal data shows

A ruptured pipe dumped enough oil this week into a northeastern Kansas creek to nearly fill an Olympic-sized swimming pool, becoming the largest onshore crude pipeline spill in nine years and surpassing all the previous ones on the same pipeline system combined, according to federal data. The Keystone pipeline¬†spill in a creek¬†running through rural pastureland … Read more

Renewables to be main source of electricity generation by 2025: IEA

Wind turbines in the Netherlands. A report from the International Energy Agency “expects renewables to become the primary energy source for electricity generation globally in the next three years, overtaking coal.” Mischa Keijser | Image Source | Getty Images Renewables are on course to overtake coal and become the planet’s biggest source of electricity generation … Read more

Energy stocks could double next year even in a flat market, according to Fundstrat’s Tom Lee

Oil was one of the biggest market headwinds earlier this year but even as it turns into a tailwind, it offers a key lesson for investors, according to Fundstrat’s Tom Lee. “For many years, our clients thought energy was a group that they could ignore because the world was moving towards renewables,” he said in … Read more

Energy markets facing ‘one or two years of extreme volatility’: CEO

This image, from March 2022, shows wind turbines and gas storage facilities in Germany. Europe’s energy markets have experienced turbulence in recent months. Jan Woitas | Picture Alliance | Getty Images The CEO of Italian power firm Enel told CNBC Tuesday that turbulence in energy markets was likely to persist for some time. “Things are … Read more

U.S. issues expanded license to allow Chevron to import Venezuelan oil

A sign is posted in front of a Chevron gas station on July 31, 2020 in Novato, California. Justin Sullivan | Getty Images Chevron on Saturday received an expanded U.S. license allowing the second-largest U.S. oil company to resume production in Venezuela and to import the South American country’s crude into the United States. The … Read more