World Oil (Bloomberg) – Senator Joe Manchin called on the Biden administration to swiftly auction drilling rights in the Gulf of Mexico, following a federal appeals court ruling Thursday that casts doubt on the future of that oil lease sale. “Shrinking or further delaying Lease Sale 261 threatens both our energy security and climate goals and could make us more dependent on
Nasdaq HOUSTON – Exxon Mobil Corp XOM.N on Friday posted a $9.1 billion third-quarter profit, about a 54% drop from record earnings a year ago but up from the prior quarter as oil prices recovered. Earnings at the largest U.S. oil producer have benefited from higher crude oil prices compared to the previous quarter and demand for gasoline and diesel.
Investing HOUSTON – Chevron (NYSE:CVX) posted a third-quarter profit that missed Wall Street estimates by a wide margin, sending its share price down in pre-market trading. Oil company earnings have slumped from record year-ago levels as crude prices eased and higher costs crimped refining and chemical profits. Results remain strong by historical standards but are well off year-ago levels. The company
Oil Price U.S. refiner Phillips 66 (NYSE: PSX) reported on Friday adjusted earnings of $4.63 per share for the third quarter, missing analyst expectations despite stronger refining margins compared to the second quarter. Phillips 66, which also operates in the midstream and chemicals segments, reported adjusted earnings of $2.1 billion for the third quarter, up from $1.8 billion for
World Oil (WO) – On Oct. 26, Reuters reported that ExxonMobil, along with partners Hess Corp. and CNOOC, made a “significant discovery” in the Stabroek block offshore Guyana. This discovery from the Lancetfish-2 well is the fourth made in 2023 in the country, bringing the total amount of recoverable oil and natural gas resources to 11 billion barrels (Bbbl).
Third Quarter Highlights: Reported revenues of $183.6 million, net income of $9.0 million a…
2023-10-27 03:31:14 ET The energy sector seems poised for significant growth, thanks to r…
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