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Singapore: Chinese offshore oil and gas major CNOOC Ltd’s first-quarter net profit fell 7.9 per cent , weighed by weaker oil prices but higher output helped stem the decline.Net income for January-March reached 36.56 billion yuan ($5.03 billion), versus 39.7 billion yuan in the same period last year, according to the company’s filing with the Hong Kong Stock Exchange on Tuesday. The listed arm of the state oil giant China National Offshore Oil Company (CNOOC), reported a 4.1 per cent fall in revenue to 106.85 billion yuan in the first quarter thanks to higher output.CNOOC Ltd’s total net production during…

New Delhi: Bharat Petroleum Corporation Ltd (BPCL) on Tuesday reported a 24 per cent drop in its March quarter net profit on the back of losses on sale of subsidised domestic cooking gas LPG and lower refining margins. Standalone net profit of ₹3,214.06 crore in January-March – the fourth quarter of April 2024 to March 2025 financial year – compared with ₹4,224.18 crore earnings in the same period a year back, according to a stock exchange filing of the company. Profit fell 31 per cent quarter-on-quarter when compared with ₹4,649.20 crore earnings in the October-December 2024 period. BPCL and other…

London-based EnQuest PLC said it has won the bidding for two production sharing contracts (PSCs) for the Gaea and Gaea II blocks in Papua Barat, Indonesia, along with its joint venture partners, as announced by the country’s Ministry of Energy and Minerals. The blocks present unrisked resource potential of multi-trillion standard cubic feet for EnQuest, the company said in a news release. EnQuest said the award marks its entry into Indonesia, “a country that offers a broad range of growth opportunities that span the full upstream lifecycle”. The move further expands EnQuest’s Southeast Asian footprint, adding to its growing momentum…

According to the U.S. Energy Information Administration’s (EIA) latest short term energy outlook (STEO), which was released on April 10, the EIA expects total U.S. petroleum products consumption to increase in 2025 and 2026. Total U.S. petroleum products demand is projected to come in at 20.38 million barrels per day this year and 20.49 million barrels per day next year, the STEO showed. In 2024, this figure averaged 20.31 million barrels per day, the STEO highlighted. Motor gasoline demand is forecast to contribute 8.90 million barrels per day to the overall 2025 figure, distillate fuel oil is expected to contribute…

Trade War Sparks Demand Concerns and Forecast Revisions Crude prices declined after prolonged U.S.-China trade tensions re-ignited fears of a slowdown in global demand. Analysts at PVM warned that stalling negotiations are eroding confidence in economic growth, prompting a wave of oil demand downgrades. Barclays cut its 2025 Brent crude forecast by $4 to $70 per barrel, citing the potential for a 1 million barrel-per-day supply surplus this year fueled by softening demand and a shift in OPEC+ output strategy. U.S. President Donald Trump’s broad tariff stance has raised the specter of a global recession, with China retaliating by imposing…

BP PLC said Tuesday it expects to make $3-4 billion worth of asset sales in 2025, following a “reset” plan that involves scaling back renewables investment and cutting costs. “This underpins our confidence in meeting our net debt target of $14-18 billion by the end of 2027”, chief financial officer Kate Thomson said of the divestment plan. The British integrated energy company logged $328 million in divestment proceeds for the first quarter (Q1) of 2025, according to a statement of results it published online. BP is making “good progress on our divestment program, including the strategic review of Castrol, and…

Justin Sullivan | Getty ImagesVenmo, long a centerpiece of PayPal’s growth story but often criticized for its lack of monetization, is becoming a bigger contributor to the business.PayPal said Tuesday in its first-quarter earnings release that revenue at Venmo increased 20% year over year in the first quarter, though the company did not provide a dollar figure. PayPal acquired Venmo in 2013 through the acquisition of parent company Braintree.While it has long been a popular consumer service for sending money to friends, Venmo’s ability to drive meaningful revenue has been a major question mark for investors, especially as competition from…

NEW YORK (AP) — Executives at some of the world’s biggest companies are faced with the tricky task of explaining how President Donald Trump’s tariffs are impacting their business as they discuss the latest financial results. Some are making their best estimate based on what they know at the moment; others are pulling their outlooks altogether. The only certainty is that they’ll use a variation of the phrase “uncertain times” at least once as they speak with analysts. Trump has imposed tariffs against key U.S. trading partners, while also postponing other tariffs to give companies a chance to negotiate. The…

This article is an on-site version of our Energy Source newsletter. Premium subscribers can sign up here to get the newsletter delivered every Tuesday and Thursday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersHello and welcome back to Energy Source, which comes to you from New York and Mexico City today. The critical importance of power grid stability was highlighted on Monday when a mystery power outage in Spain and Portugal paralysed transport networks and disrupted mobile communications. An investigation has begun into the cause of the blackouts which sparked a state of emergency in Spain,…

LOS ANGELES (AP) — More than 50,000 Los Angeles County workers demanding higher pay were on strike again Tuesday, and the walkout caused closures or disruptions at libraries, healthcare clinics and administrative offices across the nation’s most populous county.The two-day strike that began Monday evening followed failed negotiations with the county for a new contract after the last one expired in March, according to the Service Employees International Union Local 721.The union represents employees including public health professionals, social workers, parks and recreation staff, custodians, clerical workers and others serving a county of 10 million residents. It’s the first time…