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Low inventories reported today by the Energy Information Administration (EIA) did nothing to staunch the bleeding, with WTI getting gutted nearly 4% on the day, and Saudi rumors throwing another spanner in the works, while new U.S. economic data suggests more pain is in store for the sector. Three weeks ago, eight OPEC+ countries unveiled plans to phase-out their voluntary oil output cuts by ramping up output in May by 411,000 barrels per day–equivalent to three monthly increments. The announcement came at a time when U.S. President Donald Trump announced tariffs on more than 90 countries across the globe, roiling oil…

This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. Key updates Meta reported first-quarter earnings on Wednesday, beating revenue and EPS estimates. CEO Mark Zuckerberg talked about AI plans and increased spending but tiptoed around tariffs. Meta’s stock rose more than 5% in after-hours trading. It was another good quarter for Meta, which reported first-quarter earnings on Wednesday after the closing bell, beating sales and earnings-per-share estimates.Investors had been looking out for updates on its AI spending and plans, whether it’s seeing any blowback from advertisers after Meta’s…

Woodside has signed an agreement with bp for the integrated energy major to supply natural gas to the Louisiana LNG project. This agreement represents the first tranche of a diversified portfolio of feedgas that will support the Louisiana LNG project, enabled by the project’s extensive interconnectivity to multiple producing basins and inter-connecting pipelines. Woodside’s CEO Meg O’Neill said the agreement marks another milestone for the Louisiana LNG project. “Louisiana LNG is a compelling investment, expected to deliver significant cash generation and create long term shareholder value. Securing this gas supply agreement is an important step for the project.…

The unique initiative combines forward-leaning climate policy with a technological solution that will become one of the first of its kind in Sweden and Europe. Öresundskraft is also Sweden’s first municipally owned energy company to secure an investment decision for a CCS project. The CCS facility at Filbornaverket in Helsingborg is estimated to cost approximately SEK 3 billion and will capture 200,000 tonnes of carbon dioxide annually. The goal is for the facility to be operational by 2028, making it one of the first full-scale CCS installations in Sweden and Europe linked to a combined heat and power…

(WO) — Chevron Corp. has started oil and natural gas production from the Ballymore field, a deepwater subsea tieback in the Gulf of Mexico/Gulf of America. The project, located about 160 miles southeast of New Orleans in the Mississippi Canyon area, is Chevron’s first development in the Norphlet trend. Ballymore connects three production wells to the existing Blind Faith facility, eliminating the need for a new offshore platform. Chevron said Ballymore is expected to produce up to 75,000 gross barrels of oil per day, contributing to the company’s goal of reaching 300,000 net barrels of oil equivalent per…

(Bloomberg) – Chevron Corp., YPF SA and other oil drillers are planning a major Argentine pipeline to handle rising output from the Vaca Muerta shale region. The companies, through the Oldelval SA joint venture, are in talks to increase oil-shipping capacity from Puesto Hernandez, a promising drilling zone more than 100 kilometers (62 miles) distance from the Vaca Muerta’s traditional heartland, according to an Oldelval spokesperson. The pipeline is seen as integral to enabling Oldelval’s shareholders to start production at the following fields: Chevron at El Trapial Pluspetrol SA at Bajo del Choique-La Invernada YPF at Bajo del…

YPF, the largest non-U.S. shale oil operator, and Globant, a digitally native company focused on reinventing businesses through digital technology, have signed a Memorandum of Understanding (MoU) that marks a significant milestone in the transformation of YPF’s supply chain operations. “This alliance supports the work we are doing at YPF to become increasingly efficient,” said Horacio Marín, President and CEO of YPF. “We compete with the world’s leading players, and our suppliers play a key role in our competitiveness. We trust that Globant’s expertise will help us implement new tools to better manage YPF’s entire value chain.”  “Collaborating with…

In 2024, the Northern Lights Joint Venture (NLJV) continued its work to support the development of carbon capture and storage (CCS), through operational activity and knowledge sharing. As part of the Longship project, Northern Lights has contributed to the wider CCS community by participating in conferences, hosting visits, and publishing insights aimed at informing policy, industry, and the public. Northern Lights’ visitor centre in Øygarden recorded 5,025 visitors in 2024, organised into 306 groups. Since construction began in 2021, the facility has hosted a total of 11,513 people from 70 countries. Visitors have included representatives from industry, government, academia, and civil…

(WO) — Texas upstream oil and gas employment declined in March as market volatility continues to impact hiring trends, according to a new report from the Texas Independent Producers and Royalty Owners Association (TIPRO). Citing U.S. Bureau of Labor Statistics data, TIPRO said direct upstream employment in Texas totaled 204,400 in March—a net decrease of 700 jobs from February. The loss includes a drop of 900 jobs in the support services sector, partially offset by a 200-job gain in oil and gas extraction. Despite the decline, TIPRO noted strong labor demand across the state’s oil and gas sector, with 10,120…

(Bloomberg) – Brazil’s state-controlled oil producer Petroleo Brasileiro SA said it has finished building a wildlife rescue center, marking a step toward its first exploratory well in a promising yet contentious region offshore the country’s Northern state. The facility was cleared by Amapa state authorities, but still needs to pass an inspection by environment protection agency Ibama before starting operations, Petrobras said in a statement. Its delivery fulfills the last pending requirement set by Ibama before deciding whether it will grant a permit for Petrobras to look for oil in the Foz do Amazonas Basin, an area that the company…