Author: omc_admin

Saipem SpA has reported EUR 77 million ($87.45 million) in net income for the first quarter (Q1), up 35.1 percent from the same three-month period a year ago on the back of improvements in both its onshore and offshore engineering and construction segments. Revenue rose 15.5 percent year-on-year to EUR 3.52 billion. Operating profit climbed 27.6 percent to EUR 157 million. Earnings before interest, taxes, depreciation and amortization increased 31 percent to EUR 351 million. “In addition to the positive change in adjusted operating profit of EUR 34 million, there was also the effect of the improvement in the balance…

Walmart has once again claimed the top spot on the NRF Top 50 Global Retailers list for 2025, with Amazon and Costco also landing in the top five. The annual ranking, produced by the National Retail Federation and Kantar, highlights the retailers with the biggest international reach and strongest performance. In 2024, more people shopped in stores again, while online sales cooled off. Retailers had to stay sharp with logistics and inventory to keep up. What’s RelatedAmazon, ranked second, brought in $393 billion, followed by Germany’s Schwarz Group at third with $182 billion. Aldi and Costco rounded out the top…

UPS is making another big move in healthcare by buying Canada’s Andlauer Healthcare Group (AHG) for $1.6 billion. The all-cash deal will bring AHG’s temperature-controlled warehouses and trucking network into UPS’s healthcare business, helping the company handle sensitive medical shipments across North America. What’s RelatedAHG, based in Vaughan, Ontario, specializes in moving pharmaceutical products, vaccines, and other temperature-sensitive treatments that require cold storage. It operates nine distribution centers and 22 branches across Canada. In 2024, the company pulled in around $468 million in revenue, more than half of it from ground transportation. UPS says this acquisition will help it keep…

ADVERTISEMENTA cross-party group of members of the European Parliament has penned a joint letter urging Greek Prime Minister Kyriakos Mitsotakis to take “all necessary measures” to block new sales of Greek-owned vessels to Russia, warning these transactions are helping the Kremlin sustain its shadow fleet and bypass the G7 price cap on oil.The MEPs also demand further measures to curb ship-to-ship transfers, a technique used to conceal the provenance of the merchandise, and to discourage Greek companies from transporting Russian oil.The letter was endorsed by 36 lawmakers from different countries and political parties and sent to the prime minister’s office…

In a statement posted on social media, Rhino Resources Ltd announced the discovery of hydrocarbons at the Capricornus 1-X well, which is situated in Petroleum Exploration License 85, in Block 2914, offshore the Orange Basin in Namibia. The well was spudded on February 17 using the Noble Venturer drillship and reached a total depth of 16,263 feet on April 2, the statement revealed, adding that the well found over 124 feet of net pay, “with the reservoir showing good petrophysical properties and no observed water contact”. Hydrocarbon samples and sidewall cores were collected through intensive wireline logging operations, Rhino noted…

Eni SpA and the United Kingdom government have reached financial close on the Liverpool Bay carbon capture and storage (CCS) project, allowing the project to proceed to construction, the Italian operator said Thursday. The project will provide the transport and storage infrastructure for the HyNet North West Industrial Decarbonization Cluster project, which spans North West England and North Wales. Planned to reach 4.5 million metric tons per annum (MMtpa) of carbon dioxide (CO2) storage capacity by 2030, HyNet will store captured emissions in depleted hydrocarbon fields in the Irish Sea. The HyNet consortium, led by Eni, plans to expand the…

Exxon Mobil Corporation has signed a deal with Calpine Corporation to transport and permanently store up to 2 million metric tons per annum (MTA) of carbon dioxide (CO2) from Calpine’s Baytown Energy Center, a cogeneration facility near Houston. ExxonMobil said in a media release that the Baytown Energy Center is part of Calpine’s Baytown Carbon Capture and Storage (CCS) project, which is designed to capture CO2 emissions and provide a constant supply of low-carbon electricity to Texas customers. This agreement makes Calpine the sixth CCS customer of ExxonMobil, bringing the latter’s total amount of CO2 under contract to about 16…

Russia’s oil producers have been drilling wells at a pace not seen in at least five years as the nation readies for both a loosening of OPEC+ output limits and the possibility of relief from some international sanctions over its invasion of Ukraine.  The level of activity, which is also more than a third above the pre-war level, is the latest sign of the Russian oil industry’s resilience to Western sanctions, which were designed to cripple the country’s long-term ability to pump crude by restricting access to advanced technologies and equipment.  The drilling activity means Russia’s total capacity for producing crude…

By Irina Slav – Apr 25, 2025, 1:09 AM CDT Oil prices are expected to end the week with a decline following reports that OPEC+ may increase output and due to positive developments regarding the situation in Ukraine. OPEC+ is considering adding more barrels to production, particularly as some members like Kazakhstan struggle to meet output reduction commitments. Geopolitical factors, including potential progress in US-Russia talks on Ukraine and Iran’s openness to nuclear negotiations, are influencing the oil market’s bearish trend. Crude oil prices were about to end the week with another loss following a report that OPEC+ may…

Stay informed with free updatesSimply sign up to the Oil & Gas industry myFT Digest — delivered directly to your inbox.Canadian oil and gas companies have maintained some resilience even amid recent global turmoil as their southern neighbour initiates a trade war and stock markets and crude prices slide.Saturn Oil and Gas, Stampede Drilling and Arrow Exploration are among the 100 most rapidly growing companies in the Americas, according to a 2025 Financial Times ranking. Saturn was the industry’s fastest growing company in the region, placing fifth overall, after it posted a compound annual growth rate of 353 per cent…