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Carminatti led as chief geologist the discovery in 2006 of one of the world's largest offsfhore oil deposits this century, the pre-salt. The salt barrier alone was more profound than any well that Petrobras, the world's leader in deep-water exploration, had drilled before. The pre-salt area is now responsible for more than 70% of Brazil's daily production of near 4 million barrels of oil and gas. Past CEOs have failed to convince him to take a post as head of a division in the company. Petrobras experts have compared the oil deposits in the region those of nearby Guyana.

Companies Petroleo Brasileiro SA Petrobras FollowHOUSTON, Jan 27 (Reuters) - The new Chief Executive of Brazil's Petrobras, Jean Paul Prates, has picked geologist Mario Carminatti to head the oil company's exploration and production division, people with knowledge of the information said on Friday. Petrobras said in a securities filing it had not received official statements regarding the nomination of any executive. He won praise for the pre-salt discovery, pressing on with drilling though the salt barrier that alone was deeper than any well that Petrobras, the world's leader in deep-water exploration, had drilled before. The pre-salt area is now responsible for more than 70% of Brazil's daily production of near 4 million barrels of oil and gas. Carminatti is currently involved in an almost $3 billion exploration effort in a new frontier North of Brazil, the Equatorial Margin.

Jan 25 (Reuters) - U.S. oil and gas producer Hess Corp (HES.N) on Wednesday beat Wall Street estimates for fourth-quarter profit on better-than-expected production in Guyana, allowing it to consider a dividend increase this quarter. Hess has a 30% stake in the Exxon Mobil Corp (XOM.N)-led consortium that is responsible for all production in Guyana. Excluding Libya, the company produced 376,000 boed in the fourth quarter, from 295,000 boed last year, despite weaker production in North Dakota. Bakken operations delivered 158,000 boed in the fourth quarter, about 6% under the midpoint expectations, due to severe winter weather. Hess says it plans to steadily increase production in the basin to 200,000 boed by 2025.

☆ Chevron pledges $75 bln for share buybacks as cash grows
▼ + stars: | 2023-01-26 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Chevron on Friday is expected to report profits for 2022 doubled to $37.2 billion, according to estimates by Refinitiv. Those unprecedented earnings led analysts at Citi on Wednesday to ask if one of the two might buy BP (BP.L) , Shell (SHEL.L) or TotalEnergies (TTEF.PA) . Reuters Graphics Reuters GraphicsThe White House last year criticized oil producers for distributing cash to shareholders instead of investing in production to reduce energy prices for consumers. It also pressed oil producers to raise investments in renewable energy. The White House had no immediate comment on Chevron's buyback.

☆ Chevron announces $75 bln buyback program, raises dividend
▼ + stars: | 2023-01-25 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

Companies Chevron Corp FollowJan 25 (Reuters) - Chevron Corp (CVX.N) on Wednesday disclosed its most ambitious program to distribute cash to shareholders, tripling the budget for buybacks, after posting record quarterly profits last year. The U.S. oil producer raised its quarterly dividend by 6% to $1.51 per share and approved a $75 billion share buyback program. The program has no expiration deadline and replaces the board’s previous repurchase authorization of $25 billion from January 2019 until March 31 this year. Energy firms benefiting from high demand for oil and gas are using a chunk of their bumper quarterly profits to reward shareholders. The White House has criticized oil producers for distributing cash to shareholders instead in investing in production to reduce energy prices for consumers.

☆ Exclusive: Exxon halts routine gas flaring in the Permian, wants others to follow
▼ + stars: | 2023-01-24 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

Methane, the main component of natural gas, is a potent greenhouse gas. Reuters GraphicsLOW HANGING FRUITBurning less gas during production is an easy way to curb greenhouse gas emissions and increase gas production, according to consultants Rystad Energy. Exxon is allocating $17 billion through 2027 to lower its greenhouse gas emissions globally. PERMIAN FIRST Exxon is starting with 700 sites in the U.S. Permian basin to end routine flaring globally by 2030. Most of its U.S. shale operations are in New Mexico, one of the few states which already limits gas flaring.

[1/2] Logo of British Petrol BP is seen e at petrol station in Pienkow, Poland, June 8, 2022. Reuters GraphicsWINDFALL WOESBut the bumper profits could revive calls on governments around the world to further hike windfall taxes on the sector as economies struggle with high energy prices. They benefited the most from high energy prices, rewarded by a fossil-focused cash generation strategy that contrasted with European majors' bet on renewables. Banks including HSBC and J.P. Morgan predict more upside potential for European stocks this year after U.S. oil majors led in share performance and profits in 2022. "The European majors appear much more attractively valued than the U.S. majors on our estimates," HSBC said in a note.

☆ Exxon set to order 5th Guyana oil vessel, sizing up more blocks
▼ + stars: | 2023-01-16 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

The efforts would add significantly to the $30 billion committed thus far by Exxon and Guyana partners Hess Corp (HES.N) and CNOOC Ltd (0883.HK). Guyana has emerged as the world's fastest-growing oil region since Exxon made its first offshore discovery in 2015. It would be the consortium's largest and most expensive project, outstripping the $10 billion cost of the fourth project. Its oil would start flowing in 2027 and continue for 20 years, according to the Guyana government's estimate. Guyana President Mohamed Irfaan Ali visited India last week to try to entice private companies and the government to join its oil business.

☆ Petrobras reinforces security at refineries after threats - sources
▼ + stars: | 2023-01-09 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Jan 8 (Reuters) - Petroleo Brasileiro SA (PETR4.SA) stepped up security at its refineries in a precautionary measure after threats against assets, including Brazil's biggest fuel plant, two company officials said, speaking on condition of anonymity. The threats were detected by Petrobras' intelligence unit monitoring social media communications of supporters of Brazil's far-right former President Jair Bolsonaro, the two people said. The state-controlled company said on Sunday night all its assets and refineries were operating normally. The threats to Petrobras targeted assets such as refineries in Sao Paulo, Rio de Janeiro and Parana states, the people said. Brazil's Mines and Energy Minister, Alexandre Silveira, said Brazil's fuel supply would run normally, as would the country's refineries.

☆ Fangtooth oil discovery may justify Guyana's 7th platform, Hess CEO
▼ + stars: | 2023-01-05 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, Jan 5 (Reuters) - The Fangtooth oil discovery in Guyana's waters is big enough to potentially require a platform for itself, which would be the seventh in the country, Hess Corp (HES.N) Chief Executive Office John Hess said in a conference on Thursday. The six units will lead to an estimated output of 1.2 million barrels of oil and gas per day by 2027, Hess said. "Fangtooth itself could potentially be the seventh boat," Hess said at a Goldman Sachs energy conference. Hess' operations in Guyana and the Bakken basin in the United States, will take up 80% of the $3.7 billion the company plans to invest this year, the CEO said. The United States can lift total oil production to 13 million to 13.5 million bpd before output plateaus, Hess said.

☆ Exxon signals strong Q4 profit to drive annual record
▼ + stars: | 2023-01-05 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Reuters GraphicsThe about $15.4 billion in operating profits excluding impairments indicates annual results will far exceed the record $45 billion Exxon posted in 2008, when oil prices peaked at $142 per barrel. The company posted back-to-back record profits in the second and third quarters last year. These record profits might lead to fresh calls to levy windfall taxes in the U.S. High international oil and natural gas prices last year generated record earnings among all oil majors. Sky-high oil prices that fueled gains for most of the year eased in the final quarter.

☆ Exxon sues EU in move to block new windfall tax on oil companies
▼ + stars: | 2022-12-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Dec 28 (Reuters) - U.S. oil major Exxon Mobil Corp (XOM.N) is suing the European Union in a bid to force it to scrap the bloc's new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy. Record profits this year by oil companies benefiting from high energy prices have boosted inflation around the world and led to fresh calls to further tax the sector. The windfall profits tax is "counter-productive," discourages investments and undermines investor confidence, Exxon spokesperson Casey Norton said on Wednesday. Exxon will factor in the tax as it considers future multibillion-euro investments in Europe’s energy supply and transition, he said. Chevron Corp (CVX.N) had also warned that taxing oil production would serve only to reduce energy supply by discouraging company investments.

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Dec 23 (Reuters) - Caio Paes de Andrade, the chief executive of Brazil's state-run oil firm Petrobras (PETR4.SA), has decided to resign before his term ends in April, but has not yet set a date for his departure, six sources told Reuters. Andrade's early exit would provide a pathway for leftist President-elect Luiz Inacio Lula da Silva to quickly install his own choice to lead the company. Lula, a leftist former president, takes office on Jan. 1. Prates has previously said the incoming government will not have an interventionist stance on Petrobras. Petrobras had previously said Andrade had accepted an invitation from future Sao Paulo state Governor Tarcisio Freitas to join his team.

Exxon has yet to set any 2030 Scope 3 target. Shell said it believed its targets are aligned with the U.N. climate targets. We remain committed to constructive engagement with our investors," a Shell spokesperson said in a statement. The group of investors co-filing the resolutions includes Edmond de Rothschild Asset Management, Degroof Petercam Asset Management and Achmea Asset Management. Exxon and Chevron have in the past successfully blocked attempts to file climate resolutions with the Securities and Exchange Commission.

MONTREAL/BOGOTA Dec 16 (Reuters) - Latin America is drawing early investment for jet fuel produced from materials like forest residues and palm oil as emission-conscious airlines scour emerging markets for less-polluting fuel to power flights, industry executives say. While most sustainable aviation fuel, or SAF, is produced in the United States, Europe, and Singapore, Latin America is emerging as a budding market. "Latin America right now is really a hot spot for Honeywell." Producing and distributing SAF in regions with faster-growing traffic like Latin America is key to meeting industry targets, said Landon Loomis, Latin America president for U.S. planemaker Boeing (BA.N). And Vibra Energia (VBBR3.SA) is working with Brasil BioFuels (BBF) to produce palm oil-based jet fuel in 2025.

☆ Petrobras CEO prospect pitches an expansive vision for oil giant
▼ + stars: | 2022-12-15 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Magda Chambriard, a former Brazil oil regulator, also said she does not support taking back divested oil refineries and other assets or using Petrobras' profits to subsidize consumer fuel prices. Lula, who spent time in jail over a Petrobras corruption scandal, campaigned on abandoning further privatization of Petrobras, and on investing in diversification. Petrobras has sold oil refineries, retail gas stations, power plants and gas pipelines to pay debt and boost its shareholder payouts. Like Lula, she believes the way to guarantee Petrobras' future in a world determined to cut planet-warming emissions should include developing less carbon-intensive fuels, such as natural gas. Some of the dividends Petrobras distributed this year should be redirected to energy production, including exploration of new oil and gas fields, she said.

☆ Exxon plans to raise spending in 2023, boost share buybacks
▼ + stars: | 2022-12-08 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Dec 8 (Reuters) - Exxon Mobil Corp (XOM.N) on Thursday said it will lift capital spending next year by about 10%, to between $23 billion and $25 billion, and boost share buybacks. Exxon is distributing more cash to shareholders than it is investing in new production - $30 billion between share buybacks and dividends this year. Exxon aims to raise oil and gas production to a record 4.2 million barrels of oil equivalent per day (boepd) by end-2027. Most of the 500,000 boepd increase is expected to come from Guyana, the United States and Brazil. This year's target is down from the 3.8 million boepd Exxon set a year ago.

☆ Exxon, Chevron to spend billions more on oil projects next year
▼ + stars: | 2022-12-08 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

The Biden administration has criticized oil companies for not raising their oil production to help lower prices to consumers. Exxon sees potential for $100 billion in surplus cash by 2027, assuming global oil prices of $60 per barrel. Chevron should generate about $34 billion in free cash flow next year, according to Jefferies equity research, twice its oil investments levels. U.S. and European producers have also been partially recovering project spending slashed during the pandemic. The five western majors posted record profits this year, and Exxon and Chevron shares have hit historical highs this quarter.

☆ Exxon plans to raise spending in 2023 closer to $25 billion
▼ + stars: | 2022-12-08 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

The largest U.S. oil producer also said it will raise to $17 billion its spending in lower carbon projects through 2027, up from $15 billion. Exxon has one of the most ambitious plans in the industry to increase crude production over the next five years. Exxon stuck to its target to raise oil and gas production to a record 4.2 million barrels of oil equivalent per day (boepd) by end-2027. But short-term production was reduced and will stay flat in this year and 2023 at 3.7 million boepd - assuming a $60 per barrel Brent price. By year-end 2022, Exxon expects to distribute about $30 billion to shareholders, including $15 billion in dividends and $15 billion in buybacks.

☆ Petrobras increases its five-year investment plan - sources
▼ + stars: | 2022-11-30 | by ( Sabrina Valle | ) www.reuters.com time to read: 1 min

HOUSTON, Nov 30 (Reuters) - Petrobras' (PETR4.SA) board on Wednesday approved an increase in the company's five-year business plan, bringing it closer to $80 billion, from $68 billion now, two people with knowledge of the information said. Petroleo Brasileiro SA, as the Rio de Janeiro company is formally known, will raise investments across exploration, production and refining between 2023 and 2027, the people said. The company will also increase investments in decarbonization to around 6% of the total, from 4%, one of the people said. Reporting by Sabrina Valle; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Exxon to exit Equatorial Guinea amid wider Africa crude phaseout
▼ + stars: | 2022-11-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +5 min

The company last year pumped about 45,000 bpd in Equatorial Guinea, out of the country's total production of 93,000 bpd. For Middle East and African oil producers, cash has dwindled to 30% of global flows in the last two years, from 50% between 2010 and 2020. Much of the increase comes from the United States, Canada, Guyana and Brazil, some of the places where Exxon has increased spending on oil output. NAMIBIA AND NATURAL GASWhile crude oil production wanes in West Africa, the continent's liquefied natural gas (LNG) future is on the rise and fossil fuel output could grow elsewhere in Africa. Rising demand globally could result in a 30% rise in gas production in Africa by the end of the decade, Deloitte said.

TERMS OF THE LICENSEThe terms readied for approval will prevent Venezuela's state-run oil firm PDVSA from receiving proceeds from Chevron's oil sales. And they will "the use of corrupt shadow firms that control the flow of Venezuela oil to countries like China," said a person familiar with the matter in Washington. The United States this year has kept oil prices from soaring by releasing more than 200 million barrels of the nation's emergency oil reserves. Chevron is a partner with PDVSA in several oil joint ventures that pump and process crude oil for export. Following oil sanctions on Venezuela in 2019, Chevron got an exemption to trade its Venezuelan crude to recoup billions of dollars in pending debt.

☆ Lula to start job interviews for Petrobras overhaul, sources say
▼ + stars: | 2022-11-21 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

Lula, who takes office on Jan. 1, has already signaled plans for a dramatic overhaul of Petroleo Brasileiro SA (PETR4.SA), as the company is formally known. Into the dustbin, according to Lula and his advisers: the company's privatization. To pull off that reboot of Petrobras strategy, Lula plans for sweeping turnover in the company's first- and second-tier management ranks, said people familiar with his thinking. SHORT LISTAs of last week, Lula had not had any direct conversations with candidates for the top Petrobras job, according to people familiar with the matter, although a short list has taken shape. Lula's advisers also say Petrobras should steer more of its profits into investments rather than its generous recent dividends.

☆ Hess CEO says 'OPEC back in driver's seat' as U.S. shale growth slows
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

Companies Hess Corp FollowNov 17 (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) is "back in the driver seat" as the top swing producer amid slowing U.S. shale growth, John Hess, CEO of Hess Corp (HES.N) said on Thursday at an investor conference in Miami, Florida. Hess anticipates U.S. oil production will hit around 13 million barrels per day in the next few years and then plateau. He said shale oil output is slowing due to investor pressure to focus on returns over growth, inflation and inventory depletion. Reporting by Liz Hampton in Denver and Sabrina Valle in Houston Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

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