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North American oil and natural gas exploration and production company Ovintiv Inc. has reported a net loss of $159 million for the first quarter of 2025, versus a net income of $338 million for Q1 2024. The results were impacted by a non-cash ceiling test impairment of $557 million, the company said in a media release. Total revenues for the first quarter were at $2.37 billion, on par with the $2.35 billion logged for the corresponding quarter a year prior. Average production in the first quarter was approximately 588,000 barrels of oil equivalent, including 206,000 barrels per day (bpd) of oil…

Houston: Exxon Mobil has signed a long-term agreement to supply 250,000 metric tons of low-carbon ammonia annually to Japanese trading house Marubeni , the U.S. oil producer said on Wednesday, representing Exxon’s first signed customer agreement for its planned hydrogen facility in Baytown, Texas. The agreement is a step forward in Exxon’s effort to build the world’s largest low-carbon hydrogen facility at its Baytown refining and chemical complex, which has experienced delays. Hydrogen, which can be produced from natural gas, is a clean fuel that produces water when it is burned, while ammonia can be used as a carrier for…

Atmos Energy reported a rise in second-quarter profit, as the natural gas utility benefited from higher prices and customer growth.Average natural gas prices have risen over the past few quarters, reaching a two-year high on March 10, driven by strong demand from liquefied natural gas (LNG) export facilities and supply concerns leading into the summer season. The company said that operating income for its distribution segment increased by 13.5 per cent , year-over-year, to $483.7 million in the second quarter, with rate hikes contributing $86.4 million in growth, and residential customer growth and other factors contributing $8.3 million. Atmos delivers…

Aster Chemicals and Energy (Aster) has agreed to acquire Chevron Phillips Singapore Chemicals Pte Ltd (CPSC). CPSC is a joint venture between Chevron Phillips Chemical, EDB Investments Pte Ltd, and Sumitomo Chemical Co Ltd. According to Chevron Phillips Chemical, CPSC shareholders have agreed to sell 100 percent of their shares. With the acquisition of CPSC, Aster has secured ownership of a 400,000 tons per annum high-density polyethylene manufacturing facility on Jurong Island, Singapore. The facility is owned and operated by CPSC, and following the acquisition, the company’s 150 employees are expected to have an opportunity to join Aster, Chevron Phillips…

(Oil Price) – OPEC+ served two surprises to the oil trading world in a matter of weeks. First, it said it would bring back three times the amount of oil supply it planned to originally in May. Then, it said it would repeat the exercise in June. And then it emerged that Saudi Arabia is raising selling prices for Asia when it would have made more sense to cut them, on the face of it. OPEC+ is in the spotlight and it’s probably enjoying it as prices slide further down and U.S. shale drillers curb activity. OPEC+ said in April it…

The four-day historic storm that caused death and destruction across the central Mississippi valley in early April was made significantly more likely and more severe by burning fossil fuels, rapid analysis by a coalition of leading climate scientists has found.Record quantities of rain were dumped across eight southern and midwestern states between 3 and 6 April, causing widespread catastrophic flooding that killed at least 15 people, inundated crops, wrecked homes, swept away vehicles and caused power outages for hundreds of thousands of households.The floods were caused by rainfall made about 9% more intense and 40% more likely by human-caused climate…

Natural Gas (NG) Price Chart Natural Gas Futures are trading around $3.637, holding above a rising trendline that has supported the recent recovery. The 50-day exponential moving average (EMA) at $3.503 is providing additional support, reflecting a shift in short-term momentum after a prolonged downtrend. Immediate resistance is at $3.721, a key level that, if breached, could open the path towards the next significant hurdle at $3.864. On the downside, initial support sits at $3.452, a critical pivot point that aligns with the recent trendline, while deeper support is found at $3.310, a level that has previously attracted strong buying…

Viridien has sold its Sercel Marlin™ Offshore Logistics management solution to Oil and Natural Gas Corporation (ONGC) to enhance operational efficiency and safety across its Western offshore E&P operations in India. The sale includes a five-year contract to provide ONGC with dedicated on-premises Sercel software and support services. The Sercel Marlin Offshore Logistics solution will digitize and streamline ONGC’s complex offshore E&P logistics, increasing situational awareness through real-time vessel tracking and boosting efficiency in operational planning while also managing helicopter transit. Seamless integration with ONGC’s market-leading ERP systems will also ensure efficient data exchange and decision-making. Additionally, Marlin’s advanced…

Russia’s federal budget deficit surged in April as declining oil revenue and rising military spending continue to strain government finances. The monthly shortfall reached 1.05 trillion rubles ($13 billion) after being in surplus a month earlier, according to Bloomberg calculations based on data from the Finance Ministry. That brings the cumulative deficit for the first four months of the year to 3.2 trillion rubles – nearly triple the level recorded over the same period in 2024. Oil and gas revenue, the backbone of Russia’s state finances, dropped by 12 percent in April from a year earlier, the third consecutive monthly decline. Russia…

India’s successful energy transition hinges on the ability to diversify the energy mix. More importantly progressive energy transition depends on the indigenous economically viable clean energy solutions available to large sections of users. Often, the promising and emerging domestic clean energy solutions struggle to make meaningful impact due to other competing clean energy options. Some of the extremely promising clean energy solutions get policy backing but fail to convert intentions into groundbreaking actions. Occasionally such options remain at the epicentre of media coverage and policy briefing. For instance, the National Biofuel Policy highlighted the increasing role of compressed biogas (CBG)…