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☆ These Dow stocks are cheap and have more upside as index reaches key milestone
▼ + stars: | 2024-05-16 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

The Dow Jones Industrial Average reached the 40,000 milestone level , but investors can still find inexpensive growth opportunities in the index. Shares currently have a forward P/E of 12.6, versus the stock's average five-year P/E of 17.8. The consensus price target on the stock indicates 14.2% upside from Wednesday's close. The stock's current forward P/E is at 27.6, slightly lower than its 5-year average of 32.1. Shares are trading at a 25.3 forward P/E ratio, relative to the 28.2 five-year average P/E ratio.

Persons: Dow, Piper Sandler, DA Davidson, Johnson, McDonald's, —, Fred Imbert Organizations: Dow Jones, CNBC, Deutsche Bank, Amazon, Dow, Chevron, Exxon, Hess, Visa, Walmart, Management, Verizon, Johnson Locations: headwinds, Guyana

☆ Gazprom plunges to first annual loss in 20 years as trade with Europe hit
▼ + stars: | 2024-05-02 | by ( ) www.cnbc.com time to read: +2 min

Kremlin-owned gas giant Gazprom said on Thursday it plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, amid dwindling gas trade with Europe, once its main sales market. Analysts had expected net income of 447 billion rubles, according to Interfax news agency. Gazprom's 2023 loss followed a net profit of 1.2 trillion roubles in 2022. It said on Thursday it made a net loss of 364 billion roubles from sales in 2023, in contrast to a profit of 1.9 trillion roubles in 2022. Its total revenue fell to 8.5 trillion rubles last year from 11.7 trillion in 2022.

Persons: Alexei Miller, Vladimir Putin, Ronald Smith Organizations: Gazprom, Saint Petersburg, Soviet, Analysts, BCS Global Locations: Saint Petersburg, Russia, Europe, Soviet Union, Ukraine, Moldova, St . Petersburg, Moscow

☆ Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices
▼ + stars: | 2024-04-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Revenue of $48.72 billion fell from $50.79 billion a year ago and was short of analyst expectations. The company attributed declining profits to lower sales margins at its refineries and lower natural gas prices eating into profits in international production. Natural gas prices have plummeted 35% this year due to a supply glut. International oil and gas earnings fell 6% to $3.2 billion as production fell by 39,000 barrels to 1.77 million bpd due to maintenance in Nigeria and field declines. The higher spending was on its oil and gas production and old assets from PDC Energy after completing its acquisition of the company last August.

Persons: Read Organizations: Chevron, LSEG, Wall, Energy Information Administration, Denver, Hess Corp, Exxon Mobil, Federal, PDC Energy Locations: U.S, Nigeria, Guyana

ABUJA, Nigeria (AP) — Africa’s biggest oil refinery has begun production in Nigeria, the company has said, ending a yearslong wait for a plant that analysts said Monday could boost refining capacity in a region heavily reliant on imported petroleum products. The $19 billion facility, which has a capacity to produce 650,000 barrels per day, has started to produce diesel and aviation fuel, the Dangote Petroleum Refinery company reported Saturday. As Nigeria’s first privately owned oil refinery, the project "is a game-changer for our country,” it added. Nigeria is one of Africa’s top oil producers but imports refined petroleum products for its own use. At least 40% of the oil products made there also would be available for export, the company said,.

Persons: —, Nigeria’s, Olufola, Aliko, Dangote Organizations: Dangote Petroleum Refinery, NNPC Locations: ABUJA, Nigeria, Lagos

☆ National Gas CEO says renewables and fossil fuels needed to combat cost-of-living crisis
▼ + stars: | 2023-11-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNational Gas CEO says renewables and fossil fuels needed to combat cost-of-living crisisJon Butterworth, CEO of National Gas, discusses the U.K.'s net zero plans and the need for a blend of energy sources to ensure security of supply.

Persons: Jon Butterworth Organizations: National Gas CEO, National Gas

☆ Exclusive: Venezuela close to approving offshore gas license with Trinidad, Shell
▼ + stars: | 2023-11-20 | by ( Curtis Williams | ) www.reuters.com time to read: +4 min

The installations of liquified natural gas producer Atlantic LNG are pictured in Point Fortin, Trinidad and Tobago, December 10, 2022. REUTERS/Andrea De Silva/File Photo Acquire Licensing RightsNov 20 (Reuters) - Venezuela is close to approving a license for Shell (SHEL.L) and the National Gas Company of Trinidad and Tobago to develop a promising offshore natural gas field and export its production to the Caribbean country, two people close to the matter said. The license could set in motion a long-running effort by Trinidad to boost its gas processing and petrochemical exports, while providing Venezuela with a much-needed extra source of cash. Venezuela, which holds Latin America's biggest gas reserves, and neighboring Trinidad, the region's largest liquefied natural gas (LNG) exporter, would complement each other's needs to produce and export gas. Trinidad and Tobago has the capacity to process 4.2 billion cubic feet per day (bcfd) into LNG, petrochemicals and power, but its gas production is about 2.7 bcfd.

Persons: Andrea De Silva, PDVSA, Stuart Young, Curtis William, Marianna Parraga, Marguerita Choy Organizations: Atlantic, REUTERS, Shell, National Gas Company, U.S, Trinidad's Energy, NGC, Thomson Locations: Point Fortin, Trinidad and Tobago, Venezuela, Caribbean, Trinidad, U.S, Venezuela's, Caracas, Trinidad ., Guiria, Houston

Xie Xuguang, from CNOOC Gas and Power Group's research centre, told a conference on Thursday that China's total gas demand may reach 396.4 billion cubic metres (bcm) this year. "We're expecting industrial gas demand to recover in the second half. Gas demand growth this year was seen at between 5.7% and 7.4%, according to estimates this week by ICIS, Energy Aspects and SIA Energy. China's total gas demand was forecast to peak in 2040 at 700 bcm, Xie added, echoing a previous forecast by state major Sinopec. Imports of both piped gas and liquefied natural gas were both expected to increase to meet rising domestic demand.

Persons: Stringer, Xie Xuguang, Xie, CNOOC, Andrew Hayley, Chen Aizhu, Christian Schmollinger, Michael Perry Organizations: Sinopec, Inner, Inner Mongolia Autonomous, REUTERS, CNOOC Gas, Power, ICIS, SIA Energy, Imports, Thomson Locations: Erdos, Inner Mongolia, Inner Mongolia Autonomous Region, China, TIANJIN, Japan, Russia's, Siberia, Russia

☆ The Big Number: $3.87
▼ + stars: | 2023-09-15 | by ( Marie Solis | ) www.nytimes.com time to read: 1 min

Reporting on the Business news of the weekMarie Solis Reporting on the Business news of the weekHigh gasoline prices are not in the rearview mirror yet. While they haven’t spiked to last summer’s peak, national gas prices have crept up in recent months. As of Friday, the average was $3.87 a gallon, according to AAA. Here’s how that is affecting the economy →

Persons: Marie Solis Organizations: Business, AAA

A general view of Chevron's Wheatstone LNG facility in Pilbara coast, Western Australia, as seen in this undated handout image obtained by Reuters on September 8, 2023. If there is still no deal by then, the unions will completely stop work for two weeks. Australia was the world's largest LNG exporter last year, shipping out 80.9 million metric tons of the fuel in 2022 versus 79 million tons in 2021, according to the International Gas Union. A prolonged strike could disrupt exports and raise prices of LNG, which is used for electricity generation. The same union alliance also secured agreements last year with Shell (SHEL.L) and Inpex (1605.T) at their LNG facilities in Western Australia.

Persons: Chevron, Wheatstone, Baden Moore, NAB's Moore, Emily Chow, Lewis Jackson, Florence Tan, Tony Munroe, Miral Organizations: Reuters, Chevron, Handout, REUTERS Acquire, Rights, NEXT, Unions, International Gas Union, National Australia Bank, NAB, Woodside Energy Group, WHAT'S, Woodside, North West Shelf, Shell, Thomson Locations: Wheatstone, Western Australia, Rights SINGAPORE, SYDNEY, Australia, Japan, South Korea, China, Taiwan, Asia, Europe, Ukraine, Inpex, Woodside

The U.S. in January granted Venezuela's PDVSA, Shell and NGC a two-year authorization to revive the project, which could boost Trinidad and Tobago's gas processing and exports. Negotiations between the trio initially had progressed little over a U.S. demand that the proposed Dragon gas project exclude cash payments to Venezuela or its state companies. "Discussions on the Dragon project involving the governments of Venezuela and Trinidad and Tobago and Shell are ongoing and commercially confidential," Shell told Reuters. PDVSA, Venezuela's oil ministry and Trinidad's energy ministry did not reply to requests for comment. A second could connect to Shell's Hibiscus field on Trinidad's side, allowing gas to flow to Trinidad, the people said.

Persons: Chris Helgren, Venezuela's PDVSA, Biden, PDVSA, Shell, Stuart Young, Nicolas Maduro, Keith Rowley, Trinidad's, Curtis Williams, Marianna Parraga, Timothy Gardner, Marguerita Choy Organizations: Shell, REUTERS, Rights, Tobago's National Gas Company, NGC, Reuters, Trinidad's Energy, U.S . Treasury, U.S . State Department, Trinidad's, U.S, Washington, Thomson Locations: Vancouver , British Columbia, Canada, Trinidad, U.S, Venezuela, Trinidad and Tobago, Maduro, Guiria, Point Fortin, Houston, Washington

☆ Russian and Turkish Leaders to Meet Amid Push to Revive Grain Deal
▼ + stars: | 2023-09-04 | by ( Gaya Gupta | ) www.nytimes.com time to read: +3 min

Image Grain stored in a warehouse in the village of Moloha, in Ukraine’s Odesa region, in July. The meeting was announced after talks on Thursday between the countries’ top diplomats in Moscow ended with no apparent progress in resurrecting the deal, which Russia withdrew from in July. Moscow complained that the deal was being carried out unfairly, and has since repeatedly bombarded Ukrainian grain facilities and threatened civilian ships heading to Ukrainian ports. On Monday, the two leaders also are expected to discuss a proposal to build a gas distribution hub in Turkey that Russia could use to reroute its gas exports. Establishing a gas hub in Turkey could make Ankara a powerful player in international gas markets and give Russia an intermediary through which to reach European buyers.

Persons: Emile Ducke, Vladimir V, Putin, Recep Tayyip Erdogan, Russia’s, António Guterres, Guterres, Erdogan, Mr Organizations: The New York Times, Turkish, Initiative, United Nations, NATO Locations: Moloha, Ukraine’s Odesa, Russia, Ukraine, Moscow, Ukrainian, Ukraine’s, Turkey, Kyiv, New York, Sochi, Russian, Turkish, Ankara

☆ Saudi's SABIC to sell steel unit Hadeed to PIF for $3.3 billion
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Sept 3 (Reuters) - Saudi Basic Industries Corp (2010.SE) said on Sunday it had agreed to sell subsidiary Saudi Iron and Steel Company (Hadeed) to the Public Investment Fund (PIF) for an enterprise value of 12.5 billion riyals ($3.33 billion). SABIC, one of the world's biggest petrochemical companies, reported a massive slump in its second-quarter net profit on lower average sales prices and weaker demand. The fair valuation of Hadeed's net assets is expected to result in a non-cash loss of between 2 to 2.5 billion riyals in Q3 earnings, SABIC said. Separately on Sunday, it was announced the PIF had sold its 10.9% stake in National Gas and Industrialization Company through a private share sale for 491.2 million riyals ($130.96 million). ($1 = 3.7508 riyals)Reporting by Rachna Uppal; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: SABIC, Hadeed, Rachna, David Evans Organizations: Saudi Basic Industries Corp, Saudi Iron and Steel Company, Public Investment Fund, National Gas and Industrialization Company, Jadwa Investment, Thomson Locations: DUBAI, Saudi

☆ Chevron offers to sell oil and gas properties in New Mexico, Texas
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

HOUSTON, June 29 (Reuters) - Chevron (CVX.N) is offering to sell several oil and gas properties in New Mexico and Texas, according to marketing documents seen by Reuters, as the U.S. oil major looks to cull acreage after major shale acquisitions. The second-largest U.S. oil and gas producer last month agreed to buy shale firm PDC Energy Inc (PDCE.O) in a stock-and-debt deal worth $7.6 billion. In 2020, it acquired Noble Energy in a move that boosted its U.S. shale and international gas holdings. Chevron has been divesting properties in the Permian Basin of West Texas and New Mexico, where it is the largest publicly-traded oil and gas producer and the largest property owner with 2.2 million acres. Production at the larger parcel on offer was estimated at about 770,000 barrels of oil and gas net and the smaller parcel was estimated to be about 1,818 barrels of oil and gas equivalent (boe) per day, according to the documents.

Persons: Arathy Somasekhar Organizations: Chevron, Reuters, Energy Inc, Noble Energy, Thomson Locations: New Mexico, Texas, U.S, West Texas, Houston

Millions of Bangladeshi citizens have been hit by frequent power cuts in recent months, as erratic weather patterns and high global energy prices have made fuel supply to power plants unreliable. "We are experiencing power cuts every other hour and there is hardly any gas to cook. Zainul Abdin Farroque, a senior leader of the main opposition Bangladesh Nationalist Party, accused the government of not doing enough to ensure reliable power supply despite hiking tariffs. Power supply was about 17% short of demand on Monday while the deficit was more than 14% on Sunday, data from Bangladesh's grid operator showed. Bangladesh's other floating LNG unit, the Moheshkhali LNG terminal, will resume operations "in the next few days", Petrobangla Chairman Zanendra Nath Sarker told Reuters.

☆ Equinor, partners to invest $9 bln in new gas field off Brazil
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

OSLO, May 8 (Reuters) - Equinor (EQNR.OL) and its partners have decided to invest about $9 billion to develop the BM-C-33 gas and condensate discovery off Brazil Norwegian company said on Monday. The field which is estimated to hold more than one billion barrels of recoverable oil equivalent is expected to start production in 2028. "Gas exported from the project could represent 15% of the total Brazilian gas demand at start-up," Equinor said in a statement. Gas from the offshore field will be directly injected into the national gas grid via a 200 kilometres pipeline landing at the city of Macae in the state of Rio de Janeiro. Equinor has a 35% stake in the project, while Repsol Sinopec (REP.MC)(600028.SS) holds 35% and Petrobras (PETR4.SA) the remaining 30%.

☆ Gas prices are on the rise again and drivers can expect more increases to come after steep oil production cuts by OPEC+
▼ + stars: | 2023-04-06 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

US gas prices have hit a five-month high, fuel-tracker GasBuddy said Thursday. Gas prices are rising following a jump in oil prices after OPEC+ said it will slash production starting in May. The move was widely seen as preemptive action before a potential recession sets in and to put a floor on oil prices. Word of the production cuts by Saudi Arabia and other oil-producing countries sent oil prices soaring this week. National gas prices soared past $5 a gallon in 2022, with that first-ever move taking place after oil producer Russia invaded Ukraine.

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☆ Analysis: Gazprom's export revenue may fall by 50% in 2023
▼ + stars: | 2023-02-14 | by ( Oksana Kobzeva | ) www.reuters.com time to read: +5 min

If the trend continues, Gazprom's export revenues for the whole year could be halved compared to 2022 when its export volumes also declined by nearly half. LOWER REVENUESIn 2022, Gazprom's export volumes fell by 46%, according to the company. Gazprom has not provided forecasts for gas exports for this year. Gazprom's exports outside ex-Soviet Union fell by more than 45% to 100.9 bcm in 2022 from 185.1 bcm in 2021. The Economy Ministry forecasts Gazprom's export price for 2023 at $700 per 1,000 cubic metres.

☆ BoE set to lift rates to 14-year high, might hint at next moves
▼ + stars: | 2023-02-02 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

The European Central Bank looks set to raise rates by a half a percentage point on Thursday to 2.5% and the main question for investors is how much more tightening it will signal. LOWER RATES PEAKAs of Wednesday, investors were pricing a roughly two-in-three chance that BoE rates will peak at 4.5% by June, with the possibility of an earlier halt at 4.25%. The BoE's inflation forecasts are also likely to change with recent sharp falls in international gas prices and a rise in the value of sterling lowering inflation later this year. The BoE is also due to update its estimate of the rate of unemployment that does not push up inflation. A rise in the non-accelerating inflation rate of unemployment would represent a lower speed limit on Britain's already slow economy.

☆ Italy court ruling allows work on Tuscan LNG terminal to proceed
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +3 min

[1/3] A view shows the spot where a floating storage and regasification unit will be set up in front of the port city of Piombino, Italy, October 20, 2022. The court said on Thursday it had scheduled a new hearing on March 8 to assess longer-term safety issues relating to the floating terminal. The infrastructure needs to be operational by April to help Italy replace dwindling Russian gas supplies and to re-fill its gas storage by next winter. The Piombino terminal will have a capacity of 5 billion cubic metres (bcm) and will allow Italian energy groups to increase LNG imports to the country. In Italy there are currently three LNG terminals with a total capacity of nearly 17 bcm.

Chartbook: Northwest Europe gas consumptionHigh gas and electricity prices and calls for urgent energy conservation have had only a modest impact on the behaviour of residential and commercial users. If Europe has averted a gas crisis this winter, the principal reason has been an unusually mild start to the heating season, with high prices playing a secondary role and conservation mandates a decidedly tertiary one. ¹ The Northwest Europe mega-region also includes northern France and southeastern England but data on sub-national gas consumption is not available in real time. Related columns:- Germany’s gas stocks should hold out despite inventory draw (Reuters, December 15)- Europe’s gas stocks comfortable despite cold snap (Reuters, December 14)- Europe on course to end winter with plenty of gas (Reuters, November 28)- Europe’s gas storage peaks after record refill season (Reuters, November 18)- Mission accomplished? Europe fills gas storage ahead of schedule (Reuters, October 4)John Kemp is a Reuters market analyst.

The rapid drawdown in gas inventories for space heating, industrial processes and power generation shows the system functioning as intended. Gas stocks were +56 TWh (+21% or 1.39 standard deviations) above the ten-year seasonal average for 2012-2021. The largest seasonal depletion was -148 TWh (winter 2018/19) while the smallest was just -34 TWh (winter 2014/15). Related columns:- Europe’s gas stocks comfortable despite cold snap (Reuters, December 14)- Europe on course to end winter with plenty of gas (Reuters, November 28)- Europe’s gas storage peaks after record refill season (Reuters, November 18)- Mission accomplished? Europe fills gas storage ahead of schedule (Reuters, October 4)John Kemp is a Reuters market analyst.

☆ China to use Shanghai exchange for yuan energy deals with Gulf nations - Xi
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Dec 9 (Reuters) - China's President Xi Jinping said in Riyadh on Friday that China and Gulf nations should make full use of the Shanghai Petroleum and National Gas Exchange as a platform to carry out yuan settlement of oil and gas trade. China and states of the Gulf Cooperation Council (GCC) are natural partners for cooperation, Xi said in a speech at the China-GCC summit. In his speech, Xi proposed other areas for cooperation in the next three to five years, including finance and investment, innovation and new technologies, as well as aerospace, and language and cultures. China will also establish bilateral investment and economic cooperation working mechanisms, carry out local currency swap cooperation and deepen digital currency cooperation, he said. In his speech, Xi also called on China and GCC nations to be partners in promoting unity, development and security.

☆ Refilling next summer will be difficult, Greek national gas operator CEO says
▼ + stars: | 2022-11-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRefilling next summer will be difficult, Greek national gas operator CEO saysDESFA CEO Maria Rita Galli discusses Greek gas supply and storage levels heading into the first winter since the start of the war in Ukraine.

☆ Israel's NewMed Energy leaning towards floating LNG expansion
▼ + stars: | 2022-11-24 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

JERUSALEM, Nov 24 (Reuters) - Israel's NewMed Energy (NWMDp.TA) said on Thursday it was leaning towards building a floating liquefied national gas (FLNG) terminal to further develop its Leviathan gas field off Israel's Mediterranean coast. "The floating (LNG terminal) is really where we are heading right now," chief executive Yossi Abu told Reuters after NewMed issued third-quarter financial results that beat estimates. NewMed earned a net $123 million in July-September, compared with a $50 million loss a year earlier. Revenue net of royalties from natural gas rose 28% to $265 million in the quarter. Over the first nine months of the year, 8.5 bcm of natural gas has been produced from Leviathan, NewMed said.

☆ EU to propose natural gas price cap after Nov. 24 meeting
▼ + stars: | 2022-11-16 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The 27-country European Union has for months debated whether to cap gas prices, as the bloc struggles to contain soaring inflation and energy prices driven by Russia slashing gas supplies to Europe. EU energy commissioner Kadri Simson said the Commission, which drafts EU policies, would propose a cap after a meeting of EU energy ministers on Nov. 24 where they are expected to instruct the bloc's executive to move ahead with the proposal. EU countries are split over whether to cap gas prices. Belgium, Poland, Italy and Greece have demanded Brussels propose a gas price cap before Nov. 24, and threatened to block other EU policies including faster renewable energy permitting rules, if one is not proposed. "In a global commodity market, we cannot attract these volumes unless our (gas) prices are competitive against the other world regions, namely the Asian market."

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