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☆ Devon Energy shares slump on higher capex, disappointing Q4 output outlook
▼ + stars: | 2022-11-02 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

Companies Devon Energy Corp FollowNov 2 (Reuters) - Shares of U.S. shale oil producer Devon Energy (DVN.N) slumped more than 7% on Wednesday on an outlook for higher than expected capital spending and lower than forecast fourth-quarter output. Investors have been pushing U.S. shale companies to hold spending flat and increase oil and gas output at single-digit percentage levels to generate higher returns. However, companies have warned that higher costs for labor, materials and equipment are pushing up spending. Devon forecast fourth-quarter production of between 640,000 and 660,000 barrels of oil equivalent per day (boepd), 2% under the midpoint of investment firm Cowen's estimate. Devon executives told investors the company anticipates higher production in 2023 over 2022, but next year's volumes will be at the bottom half of its targeted 0% to 5% growth rate compared to 2022 exit rates.

☆ Devon Energy's third-quarter beat comes on the back of solid capital discipline
▼ + stars: | 2022-11-01 | by ( Jeff Marks | ) www.cnbc.com time to read: +6 min

3Q cash flow Operating cash flow for the quarter increased 32% year-over-year, to $2.1 billion, roughly in line with analysts' estimates of $2.18 billion. Free cash flow grew 31% annually, to $1.48 billion, in line with forecasts of $1.45 billion. Capital allocation At the Club, we pay close attention to cash flow metrics. The strong cash flow realized in the third quarter allowed management to announce a fixed-plus-variable dividend of $1.35 a share. Free cash flow is expected to increase more than 25% on an annual basis.

☆ Octopus Energy to buy failed British energy supplier Bulb
▼ + stars: | 2022-10-29 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 29 (Reuters) - Britain said on Saturday it had approved a deal for Octopus Energy to buy smaller firm Bulb, which was one of the largest energy suppliers to collapse last year due to soaring wholesale gas and electricity prices. About 1.5 million Bulb customers will be transferred to Octopus as part of a deal reached late on Friday with the special administrators of London-based Bulb, the British government's business department said in a statement. Bulb collapsed last November after failing to secure funding as regulator Ofgem's energy price cap prevented it and other suppliers from passing on rising costs to customers. It was placed under the government-funded Special Administrator Regime to ensure customers' supplies would face no disruption and their credit balances would be protected. The government will also provide funding to ensure Bulb's special administration is wound up in a way that protects customers' supplies, it said.

☆ Italy’s new boss is missing a trick on tax evasion
▼ + stars: | 2022-10-24 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

A proper fight against endemic tax evasion would give her much-needed ammunition. Meanwhile, plans to allow Italians to retire earlier would likely cost more than 10 billion euros annually. She could target untaxed domestic revenue, which amounted to 100 billion euros in 2019. A serious effort to tackle tax evasion would materially help her fiscal position. The approach offers upfront windfalls but does not discourage tax evasion in the long term.

Register now for FREE unlimited access to Reuters.com RegisterThe energy crisis triggered by the war in Ukraine has renewed interest in nuclear power. But without a reliable source of the high assay low enriched uranium (HALEU) the reactors need, developers worry they won't receive orders for their plants. But only TENEX, which is part of Russian state-owned nuclear energy company Rosatom, sells HALEU commercially at the moment. And this chicken and egg conundrum is complicating the smooth development of HALEU supply. "A reliable HALEU supply is one of many factors under consideration," the company said in an emailed statement.

☆ Russian Nationals Arrested Over Alleged Scheme to Evade U.S. Sanctions
▼ + stars: | 2022-10-19 | by ( Richard Vanderford | ) www.wsj.com time to read: +3 min

Two Russian nationals were arrested for allegedly using their Germany-based company as a front to move black market oil and sensitive equipment with military uses in defiance of U.S. sanctions. Three other Russian nationals and two Venezuelans were also charged in what prosecutors described as a global scheme to evade U.S. sanctions and export controls. The U.S. Treasury Department on Wednesday unveiled sanctions against Mr. Orekhov, NDA and Opus Energy Trading LLC, another Orekhov-linked company. The alleged oil buyers included a Russian aluminum company controlled by a sanctioned oligarch and a Chinese energy conglomerate, neither of which were named by prosecutors. Some of the same electronic components obtained through the scheme were found in Russian weapons platforms seized in Ukraine, prosecutors said.

☆ Octopus Energy creates JV with Italian solar and wind farm developer Nexta
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 19 (Reuters) - Britain's Octopus Energy Group said on Wednesday it was creating a joint venture (JV) with Italian solar and wind farm developer Nexta Capital Partners to produce 1.1 gigawatts (GW) of new onshore wind and solar farms in Italy by 2025. The move will help Italy, which depends on Russia for around 25% of its imported gas, in its plans to expand in renewables energy and reduce such reliance. Octopus Energy said the investment will be through its recently launched 220 million euro arm, Octopus Energy Development Partnership (OEDP), which invests in early stages of green power builds and is managed by Octopus Energy Generation. "This (1.1 GW) could power 1.2 million homes, avoiding a potential 950,000 tonnes of carbon dioxide a year. Octopus Energy Generation manages 3 gigawatts of renewable energy assets across Europe worth 4.4 billion euros ($4.3 billion).

Some of the electronics obtained through the scheme have been found in Russian weapons platforms seized in Ukraine, prosecutors said. They used a German company to ship the military technologies, as well as Venezuelan oil, to Russian purchasers, prosecutors said. The U.S.-origin technologies can be used in fighter aircraft, ballistic and hypersonic missile systems, smart munitions, and other military applications, Treasury said. After the initial round of U.S. sanctions on PDVSA, Russia's Rosneft emerged as a key intermediary for Venezuelan crude. After Washington sanctioned Rosneft subsidiaries over their dealings with PDVSA, dozens of firms with no track record of oil trading have been intermediating in sales of Venezuelan oil to Chinese buyers.

☆ Sri Lanka approves law to liberalize petroleum imports
▼ + stars: | 2022-10-18 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, Oct 18 (Reuters) - Sri Lanka approved legislation on Tuesday to let companies from oil-producing nations import and sell fuel as it attempts to cope with a steep oil bill that deepened its worst financial crisis in decades. "Due to the country's financial situation we cannot afford to purchase the fuel that we need. Sri Lanka is in the middle of a serious energy crisis." State-run banks have also struggled to repay about $751 million it owes to suppliers, the minister said. The new legislation will liberalize the petroleum industry allowing international companies to directly import and sell fuel in Sri Lanka and reduce reliance on the country's meagre dollar supplies.

☆ Germany's government tells citizens to brace for a recession while Biden tries to quiet fears in the US
▼ + stars: | 2022-10-12 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +4 min

Germany told its citizens to anticipate a recession this week. The financial downturn in Germany is primarily due to Russia's gas shutdown, as the country wages war against Ukraine. The German economy is still expected to grow 1.4% in 2022, according to the government forecasts, after rebounding earlier in the year. In a similar move meant to insulate residents from growing energy prices, Scotland recently implemented a rent increase ceiling. And gas prices, a classic harbinger, are starting to creep upward again, after a cooling off period this summer.

☆ Electric cars won't overload the power grid — and they could even help modernize our aging infrastructure
▼ + stars: | 2022-10-09 | by ( Tim Levin | ) www.businessinsider.com time to read: +6 min

Electric cars won't overwhelm the US grid anytime soon, energy and transportation experts say. EVs don't consume a lot of energy now, and it will be decades before electric cars take over fully. On his Fox News show, Carlson bashed electric cars as a "new way to overburden California's already collapsing energy grid." More electric cars plugging in will increase energy demands over time, necessitating a more robust grid and smarter charging habits, they say. Even at 2030 estimates, some 5.6 million electric cars, trucks, and vans would only comprise 4% of peak loads.

☆ Everything you want to know as OPEC+ agrees to cut oil production
▼ + stars: | 2022-10-06 | by ( Hallam Bullock | ) www.businessinsider.com time to read: +7 min

OPEC+ agreed to cut production. But the group — which includes Saudi Arabia, the United Arab Emirates, and Russia — agreed Wednesday to slash daily oil production by 2 million barrels, in a bid to send crude prices higher. But OPEC+ defended their decision, saying it was in response to "uncertainty that surrounds the global economic and oil market outlooks." At a news conference after the meeting, the Saudi energy minister added: "We would rather be pre-emptive than be sorry," the New York Times reports. The country's deputy prime minister, Alexander Novak, said the EU's plan could lead to Russia temporarily cutting oil production further — a move that would see crude prices rise, and gasoline follow.

☆ Bolsonaro's outsider aura dims after Brazil's four tough years
▼ + stars: | 2022-09-29 | by ( Gabriel Stargardter | ) www.reuters.com time to read: +4 min

Brazil's President and candidate for re-election Jair Bolsonaro attends a campaign rally in Santos in Sao Paulo state, Brazil, September 28, 2022. REUTERS/Amanda PerobelliRIO DE JANEIRO, Sept 29 (Reuters) - Brazilian President Jair Bolsonaro once said only God could remove him from power. A career politician turned self-styled outsider, the tough-talking Bolsonaro was elected in 2018 on vows to clean up Brazil's graft-stained politics and modernize its economy. Prior to becoming president, Bolsonaro was known as a fringe conservative congressman, popular among police and soldiers in his Rio de Janeiro base. But with hunger still haunting some 33 million Brazilians, Bolsonaro is not getting much credit.

☆ BP lays off most contractors at Ohio refinery after explosion -sources
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: 1 min

Sept 28 (Reuters) - BP Plc laid off most contractors at the 185,000 barrel per day Toledo, Ohio, refinery it owns with Cenovus Energy (CVE.TO), according to sources familiar with the matter on Wednesday, indicating the plant will experience a prolonged shutdown following last week's explosion and fire. The explosion killed two United Steelworkers members, the company said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Laura Sanicola; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Sept 28 (Reuters) - BP Plc laid off most contractors at the approximately 160,000 barrel-per-day Toledo, Ohio, refinery it owns with Cenovus Energy Inc (CVE.TO), according to sources familiar with the matter on Wednesday, indicating that the plant will experience a prolonged shutdown following last week's explosion and fire. The more than 100-year-old refinery has been offline since the middle of last week following the explosion and could be shut for several months. Leaking fumes from a crude unit may have caused the ignition in another unit at the facility, a source told Reuters. In August, Cenovus said it would buy the remaining 50% stake it does not already own in the BP-Husky Toledo Refinery. In 2008, Husky Energy Inc formed a joint venture with BP by acquiring a 50% stake in the Toledo refinery.

CNN —The British pound fell to a new record all-time low against the US dollar of $1.035 on Monday, plummeting more than 4%. The slide came as trading opened in Asia and Australia on Monday, extending a 2.6% dive from Friday — and spurring predictions the pound could plunge to parity with the US dollar in the coming months. The unprecedented currency slump follows British Chancellor of the Exchequer Kwasi Kwarteng’s announcement on Friday the United Kingdom would impose the biggest tax cuts in 50 years at the same time as boosting spending. Former Tory chancellor Lord Ken Clarke criticized the tax cuts on Sunday, saying it could lead to the collapse of the pound. The previous record low for the British pound against the US dollar was 37 years ago on February 25, 1985, when 1 pound was worth $1.054.

French President Emmanuel Macron delivers a speech at the Sub-Prefecture in Saint-Nazaire after a visit at the Saint-Nazaire offshore wind farm, off the coast of the Guerande peninsula in western France, September 22, 2022. Macron, who said in February that he wants France to have about 50 offshore wind farms by 2050, was visiting the country's first, built off Brittany, a project which took ten years to build and which started being connected to the grid this month. "It still takes too much time in France," Macron said, adding that he wants to halve the time it takes to develop renewable energy projects. Macron said he wants France to double the speed of building wind parks in France. Other plans include making it easier to find locations to build wind farms or install solar energy panels.

☆ Fire crews rush to douse blaze at BP's Ohio refinery
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSept 20 (Reuters) - Fire crews responded to fire and smoke at BP (BP.L) and Cenovus Energy's 150,800 barrel-per-day Toledo, Ohio, oil refinery on Tuesday, according to a source familiar with the matter. Register now for FREE unlimited access to Reuters.com Register"No details were provided on burn injuries reported to two people at the site," local media said. Workers finished a maintenance turnaround at the facility in recent weeks and the plant had resumed operating, according to the source. In August, Cenovus (CVE.TO) said it will buy the remaining 50% stake it does not already own in the BP-Husky Toledo Refinery. In 2008, Husky Energy Inc formed a joint venture with BP by acquiring a 50% stake in the Toledo refinery.

☆ Adam Kinzinger warns that a GOP-led House could try to impeach Biden every week
▼ + stars: | 2022-09-21 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

Adam Kinzinger said a GOP-majority Congress might try to impeach the president every week. "That's going to look like child's play in terms of what Marjorie Taylor Greene is going to demand of Kevin McCarthy," Kinzinger said, referring to the House Minority leader. "They're going to demand an impeachment vote on President Biden every week," he quipped. Kinzinger appeared to be referring to how Greene, a right-wing lawmaker from Georgia, has made impeaching Biden part of her official platform. "I think it'll be a very difficult majority for him to govern unless he just chooses to go absolutely crazy with them," said Kinzinger, referring to his far-right GOP colleagues.

☆ The world is staring down a brutal winter of soaring energy prices, rolling blackouts, and freezing homes. But there's a clear solution to the crisis — if we aren't too scared to use it.
▼ + stars: | 2022-09-20 | by ( Kartik Menon | ) www.businessinsider.com time to read: +11 min

Confronted with energy shortfalls into the colder months and years of potential energy uncertainty, one solution has gained traction around the globe: nuclear energy. Many nations, including the United Kingdom, Netherlands, France, and Japan, have begun or reconsidered massive sovereign investment into nuclear power. Reliable, low-cost, and carbon-free, nuclear energy allows these nations to arrest the economic decline from higher energy prices and make progress toward net-zero goals. Compared to other sources of energy, nuclear power is relatively safe — the number of deaths per terawatt hour produced is comparable to wind and solar energy. These are encouraging steps toward getting the West off of Russian energy and helping consumers weather the tough times ahead.

☆ I was a lead hairstylist on 'America's Next Top Model' for 9 years. The job was chaotic but full of perks.
▼ + stars: | 2022-09-16 | by ( Jen Glantz | ) www.businessinsider.com time to read: +6 min

Michael Kanyon got a call to work for "America's Next Top Model" in 2009 as the lead hairstylist. The next day, I went to his salon and told them I wasn't leaving until he gave me a job. The job was a lot harder than working on fashion shootsThere are more than a hundred people on set every day. Depending on the season, I'd start off having to do 20 to 26 models' hair for every episode. That's what led me to start a hair care line, Kanyon Beauty, after I stopped working on "America's Next Top Model."

☆ An employee at an Illinois food manufacturer lost a finger after getting it stuck in a machine, the labor department said
▼ + stars: | 2022-04-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

A worker at an Illinois food manufacturer lost their finger after it got stuck in a machine, the DOL said. The DOL cited Hearthside Food Solutions and asked it to pay $231,625 in penalties. In a press release, the Department of Labor said Friday that it has cited Hearthside Food Solutions 20 times "for exposing workers to amputation and other serious hazards." In the citation, OSHA asked Hearthside to pay $231,625 in penalties for three violations related to the carton-closing machine. Hearthside Food should immediately re-evaluate its training and safety procedures at all of its facilities."

☆ Nigeria is oil rich and energy poor. It can’t wait around for cheaper batteries
▼ + stars: | 2021-11-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +15 min

But it’s coming under huge pressure from developed countries to abandon fossil fuels and shift to renewable energy in order to help save the climate. AKINTUNDE AKINLEYE/EPA-EFE/ShutterstockLike the United States, Europe and Britain, Nigeria sees a prominent role for renewable energy, notwithstanding its investments into gas power. “In Nigeria, clean energy is central to our government’s plan to transition to net-zero emissions,” Osinbajo, the vice president, continued. In Nigeria, energy poverty is itself a major driver of emissions, according to Olu Verheijen, the founder of Lagos-based energy advisory business Latimer Energy. This means that in some cases, certainly for Nigeria, gas has an important role to play in providing power.

☆ В Румынии резко выросло число компаний с участием молдавских инвесторов
▼ + stars: | 2021-05-25 | by ( Super User | ) mybusiness.md time to read: +2 min

Согласно данным Национального управления торгового реестра (ONRC), в апреле 2021 года наблюдался впечатляющий рост инвестиций из Республики Молдова в Румынию. Так, в апреле количество компаний с молдавским капиталом увеличилось на 32 единицы и достигло 6 449 единиц (2,77% от общего количества компаний с иностранным капиталом), пишет Point.md со ссылкойна mold-street.com. С начала этого года количество компаний с капиталом в Республике Молдова увеличилось на 101 единицу. Самая крупная инвестиция из Республики Молдова в Румынии в апреле 2021 года была сделана в компанию Horus Energy Group SRL в Бухаресте - объемом 455 400 долларов. Отметим, что большое количество компаний в Румынии основано выходцами из Республики Молдова, имеющими румынское гражданство.

Persons: Балан Organizations: Horus Energy, Prominvest, Национальное управление торгового реестра (), Национальное управление торговый реестр Locations: Республика Молдова, Румыния, Бельгия, Бухарест, Великобритания, Нямец, Бакэу

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