Author: omc_admin

(Investing) – The Organization of Petroleum Exporting Countries and allies (OPEC+) has rescheduled its video conference to discuss oil production levels for June. The meeting, initially planned for May 5, will now take place on Saturday, according to a report from Bloomberg, citing delegates who requested anonymity due to the private nature of the information. The upcoming meeting has the potential to influence oil prices in the forthcoming weeks. A majority of traders surveyed by Bloomberg expect another supply increase from the cartel. In a surprising move last month, the alliance, led by Saudi Arabia and Russia, advocated for OPEC+ to…

(World Oil) – The Trump administration sued Michigan and Hawaii seeking to block the states from suing oil companies for damage caused by climate change, less than two months after the U.S. Supreme Court rebuffed a Republican bid to derail such legal efforts. The U.S. claims the anticipated lawsuits interfere with federal policy on greenhouse gas regulation and are an “extraordinary extraterritorial reach” that goes beyond the states’ authority. “The United States is facing an energy crisis,” Justice Department lawyers said in the complaints. “Overly restrictive policies and regulation have caused inadequate development of America’s abundant energy resources.” The suits…

(BOE Report) – Chevron on Friday reported first-quarter earnings that met Wall Street estimates, but said it would spend less on share repurchases in the current quarter, reflecting the shaky economic outlook faced by Big Oil. The company’s share repurchases this year could be between $11.5 billion and $13 billion, said Chevron Chief Financial Officer Eimear Bonner, which would be in the lower end of the company’s guidance of $10 billion to $20 billion. Shares of Chevron fell 2% in pre-market trading on Friday. Chevron and other oil producers have been contending with falling crude prices since April 2, when U.S.…

(Oil Price) – First-quarter earnings at ExxonMobil (NYSE: XOM) topped analyst estimates as higher production in the Permian and offshore Guyana offset part of the lower realizations due to falling oil prices. Despite the lower earnings compared to a year ago, Exxon expressed confidence that the structural and cost-saving measures of the past few years have prepared it to weather the uncertain market environment. Exxon reported on Friday first-quarter earnings of $7.7 billion, down from $8.2 billion in the first quarter of 2024. Earnings per share (EPS) slipped to $1.76 from $2.06, but beat the consensus estimate of $1.73. The U.S. supermajor generated…

Energy Transfer has signed a Heads of Agreement (HOA) with MidOcean Energy to jointly develop the Lake Charles LNG project in Louisiana, the companies announced this week. Under terms of the non-binding agreement, MidOcean would commit to fund 30% of the construction costs and be entitled to receive 30% of the LNG production (approximately 5.0 million tonnes per annum (MMtpa)). MidOcean will also have the option to arrange for gas supply for its share of LNG production and commit to long-term gas transportation on Energy Transfer pipelines. The terms are pending both companies’ final investment decision (FID). “We…

Eaton , a maker of power management solutions for AI data centers and other commercial markets, delivered a solid quarter on Friday that raised more questions for us than it answered. Earnings per share for the first quarter ended in March rose more than 33% from the year-ago period to $2.72, beating the LSEG compiled analyst consensus estimate by a penny. Revenue rose 7.3% to $6.38 billion, beating the LSEG compiled analyst consensus estimate of $6.26 billion. Organic sales grew 9%, far exceeding the Bloomberg estimate for a 6.8% increase. Eaton Why we own it: Eaton has exposure to several…

Shell Brasil, a subsidiary of Shell plc, has taken the Final Investment Decision (FID) for Gato do Mato, a deepwater project in the pre-salt area of the Santos Basin, offshore Brazil.    The Gato do Mato Consortium includes Shell (operator with a 50% stake), Ecopetrol (30%), TotalEnergies (20%) and Pré-Sal Petróleo S.A. (PPSA) acting as the manager of the production sharing contract (PSC). The development plan includes the installation of a floating production storage and offloading (FPSO) vessel and is designed to produce up to 120,000 barrels of oil per day (bopd). Current estimated recoverable resource volumes of the Gato do…

OK, get ready. I’m getting deep here.OpenAI messed up a ChatGPT update late last month, and on Friday, it published a mea culpa. It’s worth a read for its honest and clear explanation of how AI models are developed — and how things can sometimes go wrong in unintended ways.Here’s the biggest lesson from all this: AI models are not the real world, and never will be. Don’t rely on them during important moments when you need support and advice. This is what friends and family are for. If you don’t have those, reach out to a trusted colleague or…

President Trump’s newly released 2026 budget proposal aims to slash over $15 billion in federal support for carbon capture and renewable energy programs, signaling a sharp pivot toward fossil fuels and nuclear energy—and away from climate-focused policy.The White House plan, which proposes $163 billion in total cuts to non-defense spending, also scraps $6 billion in funding for electric vehicle (EV) chargers from the 2021 bipartisan infrastructure law. The administration blamed the lack of charger deployment on overregulation and climate justice priorities, arguing that EV infrastructure should be built “just like gas stations”—by the private sector.The Department of Energy would see…

WASHINGTON—The Department of Energy (DOE) today announced new leadership to tackle the challenge of strengthening and securing the U.S. energy system and ensuring America can lead the global race for AI leadership. To unleash American Energy Dominance, the systems and infrastructure that produce and deliver energy to the American people must be reliable, resilient, and secure. As energy demand continues to grow, the U.S. needs to upgrade both existing energy infrastructure and build new infrastructure – all of which must be done with resilience and security as priorities. To advance these goals, today DOE is announcing that the Office of Cybersecurity,…