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TotalEnergies Makes Offshore Hydrocarbon Discovery in the Republic Of Congo

TotalEnergies (TTE) said Monday it discovered hydrocarbons at an exploration well within its offshore Moho license in the Republic of Congo.The drilling operation encountered a roughly 160-meter hydrocarbon column within Albian reservoirs, and combined with a previous regional discovery, yields an estimated 100 million barrels of recoverable resources, the company said.The company plans to develop the newly found resources by connecting them to existing regional production facilities, TotalEnergies said.The business operates the project with a 63.5% stake alongside partners Trident Energy and SNPC to currently produce 90,000 barrels of oil equivalent daily, it said.

$TTE

Equities116d ago

Energean's Power FPSO Unit Now Fully Operational

Energean (ENOG.L) said Monday that its Energean power floating production, storage, and offloading unit is now fully operational, restoring production to regular levels.The UK-listed gas and oil exploration and production company noted that production was restored to regular levels within 48 hours of the UK's Ministry of Energy and Infrastructure issuing a notification.Meanwhile, the natural gas deliveries to customers resumed in line with contractual requirements.

$ENOG.L

Equities116d ago

Update: BP to Acquire Majority Stake in Three Namibian Offshore Exploration Blocks

(Updates to add more information)British oil and gas giant BP (BP.L) agreed to acquire a 60% interest in the PEL97, PEL99, and PEL100 offshore exploration blocks offshore Namibia from Eco Atlantic Oil & Gas (ECO.L).The deal remains subject to Namibian government approvals, with BP to become the operator and Eco Atlantic to continue as a partner on the three blocks, alongside Namibia's national oil company Namcor, according to a Monday release from BP.In a separate same-day statement, Canada-based Eco said it will receive a one-time cash consideration of $2.7 million upon closing. It will keep a 25% interest in the licenses.

$BP.L$ECO.L

Equities116d ago

TotalEnergies Reports Hydrocarbon Discovery Offshore Congo

TotalEnergies (TTE.L, TTE.PA) said Monday it made a hydrocarbon discovery on the Moho license, offshore the Republic of Congo.The discovery follows the drilling of the MHNM-6 NFW exploration well, which encountered a hydrocarbon column of 160 meters.The French energy giant also conducted an extensive data acquisition and sampling campaign to support subsurface analysis and future development plans.TotalEnergies EP Congo is the operator of the Moho license with a 63.5% participation.

$TTE.L$TTE.PA

Equities116d ago

BP to Acquire Majority Stake in Three Namibian Offshore Exploration Blocks

British oil and gas giant BP (BP.L) agreed to acquire a 60% interest in the PEL97, PEL99, and PEL100 offshore exploration blocks offshore Namibia from Eco Atlantic Oil & Gas (ECO.L).The deal remains subject to Namibian government approvals, with BP to become the operator and Eco Atlantic to continue as a partner on the three blocks, alongside Namibia's national oil company Namcor, according to a Monday release.

$BP.L$ECO.L

Equities116d ago

Dana Gas Resumes Output at Khor Mor Gas Field in Iraq

Dana Gas (ADX:DANA) said Monday it resumed production at the Khor Mor gas facility in Iraq's Kurdistan region.The Abu Dhabi-listed company said the field had intermittent operations in recent weeks. It carried out prudent operational measures during the period in coordination with government authorities.

ADX:DANA

Equities116d ago

Shenzhen Gas' Q1 Profit Rises 15% Despite Revenue Contraction

Shenzhen Gas' (SHA:601139) net profit attributable to shareholders in the first quarter rose 15% to almost 267 million yuan from 233 million yuan a year earlier, according to a Shanghai bourse filing on Saturday.Earnings per share climbed 14% year on year to 0.08 yuan from 0.07 yuan.Total operating revenue slipped 9.4% to 6.81 billion yuan from 7.51 billion yuan in the previous year.

SHA:601139

Equities117d ago

Saudi Energy Facilities Ramp Up Production Post Iranian Strikes

Saudi Arabia resumed pumping through the East-West pipeline at full capacity of 7 million barrels per day and recovered 300,000 bpd of affected volumes from the Manifa field production, the kingdom's energy ministry said Sunday.The operations were impacted by Iranian strikes since the US and Israel's war against Iran broke out on Feb. 28.The Ministry of Energy said work is still in progress to restore full production capacity at the Khurais field.

^TASI

Equities117d ago

Advanced Petrochemical Co. Posts Lower Q1 Estimated Profit; Revenue Up

Advanced Petrochemical Co. (SASE:2330) said Sunday that its estimated attributable net profit for the first quarter declined, while revenue increased year over year.The estimated net profit attributable to shareholders of the issuer for the three months ended March 31 was 30 million Saudi riyals, compared with 72 million riyals earlier. EPS moved to 0.116 riyal from 0.277 riyal.The Tadawul-listed propylene and polypropylene products company's revenue was 1.08 billion riyals, compared with 614 million riyals a year ago.

SASE:2330

Equities117d ago

Ades Holding Lands One-year Extension for Drilling Services in Nigeria

Oil and gas drilling company Ades Holding (SASE:2382) said Sunday that Chevron Nigeria extended its offshore drilling services contract by a year, adding 178 million Saudi riyals to the group's backlog.The existing drilling contract for its premium jackup rig shelf drilling scepter in Nigeria is due to expire in July. The extended contract includes an unpriced option for an additional year.

SASE:2382

Equities118d ago

S&P 500 Posts Weekly Gain Ahead of Iran Peace Talks, Earnings

The Standard & Poor's 500 index rose 3.6% this week in a broad climb ahead of high-stakes peace talks between Iran and the US and the Q1 earnings reporting season.The S&P 500 ended the week at 6,816.89, its second positive week in a row. The index is up 4.4% for April, erasing much of March's 4.6% drop. It is down 0.4% for the year.A two-week ceasefire reached between the US and Iran early this week appeared to be holding as officials from Washington and Tehran were expected to meet on Saturday in Pakistan, which helped broker the ceasefire.The coming week also marks the unofficial start of the Q1 earnings reporting season.US consumer sentiment hit the lowest on record this month, reflecting heightened worries about higher prices and the overall economic fallout from the Middle East conflict, according to the University of Michigan's preliminary April survey. The survey was largely completed before the announcement of the two-week ceasefire.A report by the Bureau of Labor Statistics showed US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher. The data showed energy price growth jumped about 11% sequentially in March, led by a 21% surge in gasoline, accounting for nearly three quarters of the headline increase.Every sector other than energy rose this week. Communication services and consumer discretionary climbed 5.8% each, followed by a 4.8% gain in technology and a 4.7% advance in industrials. Materials were also strong, up 3.5%, while real estate and financials rose more than 2% each. Utilities, consumer staples and health care also edged higher.Amazon.com (AMZN) was the top performer in consumer discretionary, climbing 14%. The company said its Amazon Web Services' artificial intelligence revenue run rate was more than $15 billion in Q1 and "ascending rapidly." AWS has the potential to grow even faster, Amazon Chief Executive Andy Jassy said in a letter to shareholders.Paramount Skydance (PSKY) had the largest percentage increase in communication services, rising 12%. The company's $54 billion bridge loan backing its acquisition of Warner Bros. Discovery (WBD), provided by Bank of America (BAC), Citigroup (C), and Apollo Global Management (APO), has been sold down to wider group of banks and reduced to $49 billion, according a regulatory filing.Intel (INTC) led the advance in the technology sector, jumping 24%. Intel and Alphabet's (GOOG, GOOGL) Google expanded a multiyear agreement to develop artificial intelligence and cloud infrastructure using Xeon processors and custom infrastructure processing units. Intel's Xeon chips will continue to support Google Cloud systems across AI, inference and general computing workloads, the companies said.Energy, the lone sector in the red for the week, fell 4.1%.Phillips 66 (PSX) led the energy sector's drop, sliding 9.6%, as the company said its Q1 results are expected to be weighed down by $900 million in mark-to-market losses tied to surging commodity prices, according to preliminary data. The jump in commodity prices also led to a net outflow of almost $3 billion of cash collateral on derivative positions, Phillips 66 said in a regulatory filing.Earnings reports are expected next week from many large companies, including Goldman Sachs Group (GS), JPMorgan Chase (JPM), Johnson & Johnson (JNJ), Wells Fargo (WFC), Citigroup (C), BlackRock (BLK), Bank of America (BAC), Morgan Stanley (MS), Progressive (PGR), Netflix (NFLX), Pepsico (PEP), Abbott Laboratories (ABT) and Charles Schwab (SCHW).Economic data will include the March producer price index as well as March existing home sales, import prices, industrial production and capacity utilization, among other reports.

Dow JonesNasdaq CompositeS&P 500$AMZN$INTC$PSKY$PSX

Equities118d ago

Scorpio Tankers Closes Offering of Senior Notes due 2031

Scorpio Tankers (STNG) said late Friday it closed an offering of $375 million of 1.75% convertible senior notes due 2031.The offering comprised $50 million of shares issued upon the full exercise of an overallotment option by the initial buyers, according to a statement.Around $100 million of the net proceeds of $363.3 million was used to repurchase over 1.3 million shares and the remainder will be used for general corporate purposes, the company said.

$STNG

Equities119d ago

Eni Unit Plenitude Completes Acquisition of Acea Energia, Stake in Umbria Energy for $585.8 Million

Eni (E) unit Plenitude completed the acquisition of 100% of ACEA Group's Acea Energia unit and the parent's 50% stake in Umbria Energy for about 500 million euros ($585.8 million), gaining about 1.2 million customers in Italy.The purchase price was based on an enterprise value of 448 million euros, adjusted for net cash as of Dec. 31, 2024, and other standard financial adjustments, including an 82 million euro dividend distributed to ACEA, the companies said Friday in a statement.The deal, approved by regulators, includes an earn-out of up to 100 million euros, payable to ACEA if certain operating targets are met in mid-2027.Customers classified as "vulnerable" were excluded from the sale and will remain with ACEA, the companies said.Price: $56.34, Change: $+0.66, Percent Change: +1.19%

Equities119d ago

Update: Market Chatter: EQT, KKR Show Interest in PolyPeptide Takeover

(Updates with KKR's response to a request for comment.)EQT AB and KKR (KKR) are among private equity firms showing takeover interest in PolyPeptide Group, Bloomberg reported Friday, citing people with knowledge of the matter.Advent has also been reviewing a possible acquisition of the Swiss contract drugmaker, the report said.KKR declined to comment, while EQT didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $90.17, Change: $-2.66, Percent Change: -2.87%

$KKR

Equities119d ago

Update: Shell Confirms Plan to Produce Gas at Venezuela-Trinidad Offshore Field

(Updates with company confirmation in the headline and throughout the story.)Shell (SHEL) confirmed in an email toon Friday that it is in talks with Venezuela to produce natural gas at the Loran-Manatee offshore field, which crosses the border of Venezuela and Trinidad and Tobago.The company expects to produce gas from Manatee in 2027 but has yet to take a final investment decision on the Loran field, according to a spokesperson.Gerald Ramdeen, chairman of Trinidad's National Gas Company, said the state-owned enterprise has increased the capacity of the pipeline that will transport the gas to Trinidad to 1 billion cubic feet per day, according to Reuters.Price: $92.16, Change: $+1.07, Percent Change: +1.17%

$SHEL

Equities119d ago

Market Chatter: EQT, KKR Show Interest in PolyPeptide Takeover

EQT AB and KKR (KKR) are among private equity firms showing takeover interest in PolyPeptide Group, Bloomberg reported Friday, citing people with knowledge of the matter.Advent has also been reviewing a possible acquisition of the Swiss contract drugmaker, the report said.EQT and KKR didn't immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $90.26, Change: $-2.58, Percent Change: -2.77%

$KKR

Equities119d ago

Shell Confirms Talks for Potential Production at Venezuela's Loran Field

Shell (SHEL.L, SHELL.AS) confirmed that it is in discussions with Venezuela for the potential development of the Loran gas field, according to a company statement sent toon Friday.The British oil and gas giant said Loran's proximity to its Manatee field in Trinidad and Tobago, where it expects to produce gas by 2027, makes the Venezuelan asset an attractive investment opportunity. Shell, however, noted that it has not taken any final investment decision on Loran.Reuters on Thursday cited the chairman of Trinidad's National Gas Co., Gerald Ramdeen, as saying that Shell is planning to initiate natural gas production at the joint Loran-Manatee offshore field in 2027, and has increased the pipeline capacity for gas transport to Trinidad to 1 billion cubic feet per day from the previously planned 700 million cubic feet.

$SHEL.L$SHELL.AS

Equities119d ago

Update: ConocoPhillips Explores Return to Venezuela for Oil Drilling

(Updates with ConocoPhillips' statement throughout.)ConocoPhillips (COP) has sent a team to Venezuela to evaluate the prospects of oil drilling in the country, the company said in an emailed statement Friday to."We sent a small evaluation team to Venezuela during the week of April 6 to better understand the potential for in-country oil and gas opportunities. We will evaluate Venezuela against other international opportunities as part of our disciplined investment framework," the company said.ConocoPhillips said previously that its assets in Venezuela were expropriated by the country's government back in 2007.Price: $121.86, Change: $-1.62, Percent Change: -1.31%

$COP

Equities119d ago

Venture Global Reports Closing of $1.75 Billion Credit Facility

Venture Global (VG) said Friday its subsidiary Calcasieu Pass Funding, which indirectly controls the Calcasieu Pass project, has obtained a $1.75 billion senior secured term loan B credit facility.The company said it used part of the proceeds to redeem the preferred equity interests of the subsidiary that were previously issued to Stonepeak Bayou Holdings II."This transaction meaningfully reduces our overall cost of capital while further strengthening our balance sheet and liquidity position," said Chief Executive Officer Mike Sabel.Price: $12.70, Change: $-0.29, Percent Change: -2.23%

$VG

Equities119d ago

Mizuho Securities Adjusts Chevron Price Target to $225 From $217, Maintains Outperform Rating

Chevron (CVX) has an average rating of overweight and mean price target of $208.54, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $187.30, Change: $-3.06, Percent Change: -1.61%

$CVX

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Equities118d ago

S&P 500 Posts Weekly Gain Ahead of Iran Peace Talks, Earnings

Dow JonesNasdaq CompositeS&P 500$AMZN$INTC$PSKY$PSX