Energy
-
Shell reverses course in Canada and buys ARC Resources for $14 billion, doubling down on oil and gas
Nearly a decade after selling its dirtier Canadian oil sands assets amid the global transition to clean energy, Big Oil giant Shell is reversing course in Canada and buying ARC Resources for nearly $14 billion. While Shell followed the energy supermajor trend of exiting Canadian oil sands in the prior decade, Shell’s acquisition of ARC
-
Chevron CEO says Venezuela must do more for oil industry revival
Chevron Corp. Chief Executive Officer Mike Wirth said changes to Venezuela’s oil policy are a sign of progress in trying to attract foreign investment, though further measures are needed. “It moves things in a positive direction,” Wirth said on CBS’ Face the Nation. “It still needs some work. It’s probably not enough to bring in
-
From maritime trench warfare to a ‘sloppy peace’: Here’s how the Strait of Hormuz standoff could play out, according to Goldman Sachs
Unless Iran’s regime collapses, the Strait of Hormuz will never be open like it was before the war, according to Jared Cohen, co-head of the Goldman Sachs Global Institute and the bank’s president of global affairs. Since the U.S. and Israel launched their war in late February, Tehran has discovered how much leverage it can wield
-
U.S. oil producers aren’t coming to the rescue despite high prices as mistrust and chaos hit outlook. The ‘market is being manipulated’
Companies in the heart of the U.S. oil patch don’t plan on opening up the taps anytime soon—even as the recent spike in crude prices offers a windfall opportunity—due to all the uncertainty weighing on the longer-term outlook. In a survey of oil and gas executives conducted by the Dallas Fed, which covers the prolific
-
Utility giant Duke Energy plans to spend industry record $103 billion on growth as data centers and affordability take center stage
Utility giant Duke Energy may not be a household name, but it sits at the epicenter of the AI data center boom and affordability debate as it plans to spend an industry record of $103 billion for growth over just five years—and CEO Harry Sideris isn’t afraid to say he expects that eye-popping number to
-
Even as businesses spend $4 million to cross Panama Canal, they say ‘it’s safer and less expensive’ than the Strait of Hormuz
Businesses have doled out as much as $4 million for last-minute plans to move boats through the Panama Canal in recent weeks, the Panama Canal Authority says, as Iran war’s effective closure of the Strait of Hormuz generates a seismic shift in global trade flows. While passage through the canal usually comes at a flat
-
Trump just sanctioned a major Chinese oil refinery over Iranian oil—weeks before he meets Xi Jinping
President Donald Trump’s administration is placing economic sanctions on a major China-based oil refinery and roughly 40 shipping companies and tankers involved in transporting Iranian oil. The move, announced Friday and first reported by The Associated Press, makes good on Trump’s threat to impose secondary sanctions on companies and countries that do business with Iran.
-
Data centers are finding a surprising way to deploy batteries
The scramble to find enough power for artificial intelligence has data center operators looking for any solution. An unexpected one taking root pairs batteries — long seen as a key to adding more renewables — with fossil fuels. BloombergNEF has tracked 4.9 gigawatts of energy storage announcements that are co-located with on-site fossil fuel generation
-
Top oil analyst guarantees that the next few months ‘will be an ongoing, absolute disaster’ even if the Strait of Hormuz opens tomorrow
Energy experts have been warning oil futures have been totally disconnected from the reality that exists in the physical market, but a reckoning is unavoidable and imminent, according to a top oil analyst. Futures markets have been soothed by hopes of peace talks between the U.S. and Iran. West Texas Intermediate remains below $100 a
-
The EU is spending an extra $28 billion on energy imports, and answering with demand destruction, tax cuts, and a rapid clean energy shift
Four years ago, Europe was taught a brutal lesson in energy security when Russian natural gas flows to the EU slowed to a trickle. The war in Iran has sparked an even more severe energy crisis, highlighting how a stubborn reliance on energy imports continues to dog the continent. Nearly two months since the war