BP shares surged over 5% following the oil company’s announcement of accelerated buybacks and increased dividends, despite a decline in annual profit. The company revealed plans for a $1.75 billion share buyback before its first-quarter results and committed to a $3.5 billion share repurchase for the first half of the year. Additionally, BP announced a… Continue reading BP shares rise 5% after British oil giant announces plans to boost shareholder returns

Occidental CEO Vicki Hollub warned that the oil market is heading towards a supply shortage by the end of 2025 due to insufficient replacements for current crude reserves. Highlighting that about 97% of today’s oil was discovered in the 20th century, Hollub expressed concern that the world has replaced less than 50% of the crude… Continue reading Oil market will face supply shortage by end of 2025, Occidental CEO says

Nextracker’s CEO, Dan Shugar, believes that solar power is on an unstoppable trajectory to double every two to three years, driven by an unprecedented surge in demand for new electricity generation. The company, which manufactures systems for solar panels to track the sun, reported strong financial performance, exceeding Wall Street’s expectations, raising its guidance, and… Continue reading Nextracker CEO says ‘solar is unstoppable’ as market sees ‘unprecedented demand growth’

Oil prices experienced a decline on Monday, influenced by the Federal Reserve’s cautious approach to interest rate cuts and the U.S. pursuit of an extended pause in the Israel-Hamas War. The West Texas Intermediate (WTI) contract for March dropped by 0.96%, reaching $71.63 a barrel, while the Brent contract for April was down 0.66%, trading… Continue reading Oil prices fall as Fed moves carefully on rate cuts, U.S. pushes for pause in Gaza war

Exxon Mobil reported quarterly earnings that exceeded Wall Street’s expectations, despite a significant decline in profit compared to the same period the previous year due to weakening oil prices. The company declared a dividend of 95 cents per share for the first quarter, payable on March 11, contributing to the $32.4 billion returned to shareholders… Continue reading Exxon beats earnings expectations even as lower oil prices weigh on profits

Chevron reported a significant decline in its fourth-quarter profit compared to the previous year, primarily due to various impairment charges. Despite a roughly 40% drop in profit from $35.5 billion in 2022 to $21.4 billion in 2023, Chevron managed to return a record $26.3 billion to its shareholders by paying out $11.3 billion in dividends… Continue reading Chevron earnings fall but shareholders see record windfall in 2023, company raises dividend 8%

British oil giant Shell exceeded expectations for full-year profit, revealing a 4% increase in its dividend and a $3.5 billion share buyback program. The company reported adjusted earnings of $28.25 billion for the full-year 2023, a 29% drop compared to the previous year’s highest-ever annual profit of $39.9 billion. Despite the decrease, Shell’s full-year net… Continue reading Oil giant Shell posts full-year profit beat, announces $3.5 billion share buyback

In the fourth quarter of the year, Saudi Arabia’s real GDP experienced a year-on-year contraction of 3.7%, according to preliminary estimates released by the General Authority for Statistics. While this decline marks a contraction, it is a smaller drop compared to the 4.4% year-on-year slide witnessed in the third quarter. The primary contributor to this… Continue reading Saudi Arabia’s economy contracts again, dragged by oil cuts

Oil prices are set for their first monthly gain since September amid rising geopolitical tensions in the Middle East, particularly between the U.S. and Iran. The West Texas Intermediate (WTI) contract for March experienced a slight decline, down 1.40% at $76.73 a barrel, while the Brent contract for March traded at $81.90 a barrel, down… Continue reading Oil poised for first monthly gain since September as Middle East on brink of wider conflict

Bluebell Capital Partners, an activist investor, is urging BP to reconsider its strategy of reducing fossil fuel investments in favor of clean energy, stating that it is “highly debatable” whether BP can succeed in clean energy. Giuseppe Bivona, partner and co-chief investment officer at Bluebell, criticized BP’s depressed share price relative to peers, attributing it… Continue reading One activist investor is taking on BP, urging the oil giant to scale back green pledges

Oil prices remained steady on Tuesday, with West Texas Intermediate (WTI) gaining 39 cents to reach $77.16 per barrel, and Brent rising 5 cents to trade at $82.45. This stability followed the International Monetary Fund’s (IMF) increased global growth forecast for the year, attributing it to strong U.S. growth and stimulus in China. The IMF… Continue reading Oil prices steady as IMF raises growth forecast, market braces for U.S. response to drone attack

InPlay Oil Corp.’s board of directors has approved a capital program of $64-million to $67-million for 2024. 2024 Capital Program Highlights InPlay’s 2024 exploration and development capital program of $64 – $67 million is forecast to deliver the following: The table below highlights our 2024 guidance. With continued commodity price volatility, specifically weak natural gas… Continue reading INPLAY OIL CORP. ANNOUNCES 2024 CAPITAL BUDGET