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Oceaneering International Inc. outperformed expectations for the first quarter, reporting a 13 percent increase in revenue to $675 million and a 233 percent increase in net income to $50.4 million year-on-year. “Oceaneering outperformed expectations this quarter due to resilient utilization of remotely operated vehicles (ROVs), and strong vessel activity, predominately in the Gulf of Mexico and West Africa. We generated adjusted EBITDA of $96.7 million, exceeding both our guidance range and consensus estimates for the quarter”, Rod Larson, President and Chief Executive Officer of Oceaneering, stated. He added that the jump in revenue was driven by strong performances from the…

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This article is an on-site version of our Europe Express newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday and fortnightly on Saturday morning. Standard subscribers can upgrade to Premium here, or explore all FT newslettersGood morning. News to start: Viktor Orbán has allegedly pumped more than €1bn in unlawful subsidies into pro-government media, according to a state aid complaint seen by the Financial Times, heightening concerns over the illiberal Hungarian premier’s grip on power.Today, our energy correspondent reports on headaches with EU gas rules that could imperil efforts to sign new US import contracts,…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.ExxonMobil, which once derided European rivals’ clean energy investments as a “beauty contest” that would do little to halt climate change, is poised to surpass Shell and BP in low-carbon spending as its rivals wind back.Investment guidance issued by six of the largest western oil majors shows that Exxon plans to spend $30bn on “low emissions opportunities” between now and 2030 — far higher than its $3bn spending plan announced in 2021. The US oil major defines low-carbon spending as investment aimed…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Chinese oil traders are setting aside concerns over the long-term economic damage of a US trade war as they seek to profit from one of the short-term consequences: lower crude prices.Imports of crude oil into China surged in March and have continued to accelerate in April, according to analysts, as the country replenishes stocks despite expectations that a weaker global economy will reduce demand.Kpler, a data company that tracks tankers sailing into China, said the country was importing nearly 11mn barrels a…

With a focus on bioenergy innovations, sustainable partnerships, and policy dialogue, the bioenergy sector attracted strong interest from industry, professionals, investors, and policymakers.The biogas sector has received investment commitments of more than ₹200 crore at renewable energy exhibition RenewX 2025, industry body Indian Biogas Association (IBA) said on Sunday. The three-day expo was held at the Chennai Trade Centre, Nandambakkam from April 23 to 25. The event, organised by Informa Markets, saw investment commitments of ₹200 crore through various MoUs (memorandum of understandings) in the biogas industry, IBA sid in a statement. RenewX brought together stakeholders from across the bioenergy,…

New Delhi: Indian Oil GPS Renewables (IGRPL) has drawn up plans to invest around Rs 1,200 crore to set up ten Compressed Biogas (CBG) projects across Uttar Pradesh, Haryana, Chhattisgarh and Andhra Pradesh. The plants will be commissioned within a year, marking a significant milestone in India’s efforts to give a fillip to the biofuel industry.Based on the technology and the feedstock type that is being currently contemplated, setting up each of these plants of 15 tonne per day (TPD) capacity would require an expenditure of around Rs 120 crore, IGRPL Chief Executive Officer (CEO) Devendra Singh Sehgal said in…

Weekly Light Crude Oil Futures This week, the pivot at $63.06 will control the short-term direction of the market. A sustained move over this level will indicate the presence of buyers. If this creates enough upside momentum then look for a near-term surge into the 52-week moving average at $69.00. It is controlling the long-term trend which is down. If traders push the market below $63.06 decisively then watch for a pullback into $59.67, followed by the multi-month low at $54.48. Iran Nuclear Talks Stoke Supply Fears Early-week selling pressure intensified after reports of “very good progress” in U.S.-Iran nuclear…

GeoPark Limited, a Latin American energy company, has said its pro-forma average daily production in the first quarter reached 36,279 barrels of oil equivalent (boe), surpassing its initial guidance for the year of 35,000 boe. The company said production from organic operations was 8 percent lower than the fourth quarter of 2024 primarily due to an operational suspension on January 8, 2025, of the Platanillo Block and the divestiture of Llanos 32. Production in Vaca Muerta reached a record of 17,358 barrels of oil equivalent per day (boepd) gross during February 2025, the company said, adding that it drilled nine…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldThe liquefied natural gas industry has warned the Trump administration it cannot comply with new rules aimed at forcing them to use US transport vessels by imposing levies on Chinese-built ships docking at US ports.It warns that the rules published by US trade representative Jamieson Greer on April 17 could damage a $34bn-a-year export industry that is central to the president’s “energy dominance” agenda, according to lobbying letters sent by the American Petroleum Institute to the administration this week. The…