Page 2 - Oil Companies

IOC Q3 net profit jumps to Rs 9,030 cr on improved marketing margins

The profit in the year-ago quarter was significantly impacted due to under-recoveries arising from higher input costs in the form of crude oil prices

SLB kicks off oilfield services earnings with fourth-quarter profit beat

The company, formerly called Schlumberger, reported net income, excluding charges and credits, of 86 cents per share, for the three months ended Dec 31

Rupee ends lower due to high dollar demand from oil firms, US data awaited

The Indian rupee declined on Thursday as dollar demand from local oil companies weighed on the local unit, while traders awaited GDP and labour market data from the United States

Saudi registrants for COP28 included undeclared oil company employees

At least 15 people who registered for Saudi Arabia's delegation to the COP28 climate conference in Dubai appear to be undeclared employees of the Saudi state oil company, according to research by an environmental nonprofit. Saudi Arabia, the world's second-biggest oil producer, was one of the main countries opposing an aggressive commitment to phase out fossil fuels at the United Nations-led summit. Saudi Arabia and other large oil-producing nations have traditionally held sway in nixing potential agreements on reducing oil, gas and coal, which when burned cause climate change. This year, however, negotiators went into extra time before approving an agreement that calls for a transition away from fossil fuels for the first time, though critics say it is filled with loopholes. New rules for this year's talks required registrants to disclose their affiliation, a move aimed at improving transparency. Activists have long questioned the presence of fossil fuel producers at the talks, ..

Crude oil refining output rose less than 1% in October to 20.6 MMT

Of this, government-owned oil companies and joint ventures processed 14.3 MMT, while private refiners processed 6.2 MMT of crude oil, the data showed

Chevron to buy Hess for $53 bn as biggest US oil firms get even bigger

Chevron is buying Hess Corp. for USD 53 billion as the biggest U.S. oil companies use a recent windfall in profits to buy up smaller competitors. The Chevron-Hess deal comes less than two weeks after Exxon Mobil said it would acquire Pioneer Natural Resources for about USD 60 billion. Chevron said in a press release Monday that the acquisition of Hess adds a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota. Chevron is paying for Hess with stock. Including debt, Chevron valued the deal at USD 60 billion.

Govt constitutes three-member search committee to find new chairman of IOC

The panel will be headed by the government headhunter Public Enterprises Selection Board (PESB) chairperson and will include the oil secretary as a member, an official order said

Rupee weakens 17 paisa against the US dollar, settles at Rs 83.21

The rupee settled at Rs 83.21 per US dollar on Monday, against Rs 83.04 a dollar on Wednesday

Indian oil firms explore using stranded $600 million to buy Russian oil

Indian oil companies are exploring the possibility of using close to USD 600 million of their dividend income stranded in Russia to buy oil from that country, officials said on Thursday. India's top four oil companies -- Indian Oil Corporation (IOC), a unit of Bharat Petroleum Corporation Ltd, Oil India Ltd and ONGC Videsh Ltd -- haven't been able to repatriate dividend income they accrue from their investments in Russian oil and gas fields. That money is lying in their bank accounts in Russia but could not be brought to India due to tough Western sanctions that followed Moscow's invasion of Ukraine. This is at a time when Russia has emerged as the top crude oil supplier to India, accounting for more than a third of all purchases New Delhi makes from overseas. Officials said one of the options could be to loan the money lying in Russian bank accounts to entities buying oil. These entities could repay the loan in India. The entities that buy oil from Russia include IOC and BPCL. "W

Rupee settles off-highs as oil companies buy dollars in domestic market

However, the rupee gave up early gains as oil companies bought dollars in the domestic market after Brent crude oil rose to $87 per barrel in international markets

Rs 200 LPG price cut on oil companies, Centre unlikely to give subsidy

Bumper earnings in the first five months of the current fiscal and international benchmark coming off its highs will help state-owned oil companies absorb the Rs 200 per cylinder cut in cooking gas LPG prices, sources said indicating there may be no government compensation for that. On Tuesday, the government announced a Rs 200 per cylinder cut in prices of domestic cooking gas to soften the impact of rising inflation on households as well as counter the promise of cheaper LPG made by the Congress party in upcoming assembly elections. This resulted in the price of a 14.2-kg LPG cylinder in the national capital coming down to Rs 903 from Rs 1,103 earlier. For Ujjwala beneficiaries, the price will be Rs 703 after considering the continuing Rs 200 per cylinder subsidy. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) posted bumper earnings in the April-June quarter and the trend is continuing in thereafter,

Indian Oil Q1FY24 results: Net profit at Rs 13,750 cr YoY; revenue down 12%

The revenue from operations for Q1FY24 came in at Rs 2.2 trillion, compared to Rs 2.5 trillion last year

World must attack all emissions, everywhere, says COP28 President

The head of this year's United Nations' climate talks called on Thursday for governments and businesses to tackle global warming by reducing greenhouse gas emissions in all regions and sectors if they want to stop the planet from passing a key temperature limit agreed on more than seven years ago. Sultan al-Jaber of the United Arab Emirates, who also heads one of the country's state oil companies, told senior officials from Europe, Canada and China gathered in Brussels that record-breaking heat seen in parts of the world recently shows the need for urgent action to curb emissions. Laying out his strategy for the upcoming COP28 global climate talks in Dubai this fall, al-Jaber said that leaders must be brutally honest" about what has caused the sharp rise in temperatures since preindustrial times and how to stop them from climbing further. While many fossil fuel companies have pledged to reduce direct and indirect emissions from their operations known as scope 1 and 2 many have ...

Oil companies to turn profitable on fuel marketing in FY24: Fitch

State-owned oil marketers are likely to turn profitable on fuel marketing in the current fiscal ending on March 31, 2024, following large losses in the previous year, Fitch Ratings said on Monday. The rating agency expects India's petroleum product demand to grow by mid-single digit percentage in the medium term, supported by forecast that the GDP will grow by 6-7 per cent in the next few years, the government's increasing spending on infrastructure and a pick-up in industrial activity. "We expect the Indian oil marketing companies' marketing segment to turn profitable from the financial year ending March 2024 (FY24) as crude oil prices fall to Fitch's assumption of USD 78.8 per barrel, following large losses in FY23 due to high crude prices and unchanged retail fuel prices," it said. This should enable the oil marketing companies (OMCs) to partly recoup the FY23 (April 2022 to March 2023) losses in first half of FY24, before the fall in crude prices in recent months is reflected in

$300 mn of dividend income of oil firms stuck in Russia due to sanctions

As much as USD 300 million (about Rs 2,500 crore) of dividend income belonging to Indian oil firms is stuck in Russia due to tough Western sanctions following Moscow's invasion of Ukraine, a top official said on Thursday. Indian state oil firms have invested USD 5.46 billion in buying stakes in four different assets in Russia. These include a 49.9 per cent stake in the Vankorneft oil and gas field and another 29.9 per cent in the TAAS-Yuryakh Neftegazodobycha fields. They get dividends on profits made by the operating consortium from selling oil and gas produced from the fields. "We had been regularly getting our dividend income from the projects, and they are lying in bank accounts in Russia," Oil India Ltd chairman and managing director Ranjit Rath told reporters here. Soon after Russia's invasion of Ukraine in February last year, several major Russian banks were banned from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) financial transaction processing ..

Unfinished business: ONGC facing question marks over future structure, role

This is an unnecessary overhang, since the company has not been on an investment spree

Windfall tax on domestic crude oil cut to nil, on export of diesel halved

This means crude oil, aviation turbine fuel (ATF), and petrol will not attract windfall tax

'Stellar' performance, says IOC as market share climbs to 43% in FY23

State-owned Indian Oil Corporation (IOC) on Monday said its fuel market share climbed to 43 per cent in the fiscal year that ended on March 31 during which all its divisions posted stellar performance. IOC, the nation's top oil firm, added almost 1,800 petrol pumps, clocked highest ever throughput at its refineries, posted a 14 per cent jump in fuel sales and registered the highest-ever pipeline expansion during 2022-23 (April 2022 to March 2023), the firm said in a statement. The company owns about a third of India's oil refining capacity and about half of the nation's fuel retailing infrastructure. IOC chairman S M Vaidya said the company's refineries clocked the highest-ever throughput of over 72.4 million tonnes in 2022-23, compared with 67.67 million tonnes in the previous fiscal year. Its liquid pipelines throughput jumped from about 83.25 million tonnes in 2021-22 to the highest ever 94.7 million tonnes. IOC also registered the highest-ever pipeline expansion of about 2,450

Oil major TotalEnergies doubles annual profit in 2022 to $36 billion

France's TotalEnergies SE doubled its profits in 2022, joining other international oil and gas companies in fattening their bottom lines as high energy prices surged after Russia's invasion of Ukraine. Adjusted net income rose to USD 36.2 billion, up from USD 18.1 billion in 2021, the company said Wednesday. Earnings benefited from robust refinery use that let the company capture high profits for turning crude into other fuel products. The figures looked different under international accounting rules that included write-offs on Total's assets in Russia, where doing business has been severely complicated by Western sanctions over the war. Under IFRS accounting standards, net profit was USD 20.5 billion, lower than the adjusted profit figure because it included USD 15 billion in write-offs on its Russian businesses. Big oil company profits have led to calls for governments to tax more of those gains as households and businesses face higher utility bills. Energy giants Shell, BP and

Exposure to Adani Group is limited, not re-evaluating stakes: TotalEnergies

Total has a 37.4% stake in Adani Total Gas (ATGL) and a 19.75% stake in Adani Green Energy (AGEL), according to its statement on Friday