Macron Backs Trillions in Climate Cash – POLITICO

Macron Backs Trillions in Climate Cash – POLITICO

Press play to listen to this article SHARM EL-SHEIKH, Egypt — Climate change talks long stymied by demands for billions of dollars in transfers — French President Emmanuel Macron on Monday backed a new push for the talk to be measured in trillions. Speaking at the COP27 climate summit in Sharm El-Sheikh, Egypt, Macron threw … Read more

Stock futures rise to start busy week with intermediate futures, inflation data

Stock futures rise to start busy week with intermediate futures, inflation data

Stock futures rose ahead of a crowded week of corporate earnings, inflation data and midterm elections that could see a shift to Republican control of one or both houses of Congress. Futures tied to the S&P 500 rose 0.5% on Monday, while futures tied to the Dow Jones Industrial Average rose 0.5%. Contracts linked to … Read more

Frackers say oil production is slowing in the shale patch

Frackers say oil production is slowing in the shale patch

Despite a long streak of strong profits, shale companies are slowing their oilfield activity, keeping U.S. oil output roughly flat and offering little relief for tight global markets. What was expected to be a banner year for U.S. oil production has not materialized as creeping inflation-related costs, supply chain snarls and disappointing well performance for … Read more

Good news about climate change is fit for print

Good news about climate change is fit for print

Call it the accident of climate journalism. After 40 years, writers are still serving up a binary problem, with idiotic back and forth about who is a denier in ways that work, sometimes deliberately, to undermine clear thinking and any concession to the changing science. Better can be done, and last weekend a new New … Read more

Biden calls for fines for oil and gas companies’ ‘windfall’ profits

Biden calls for fines for oil and gas companies’ ‘windfall’ profits

WASHINGTON — President Biden called on Congress to punish oil and gas companies if they don’t use their profits to help lower energy costs for consumers, increasing his criticism of the fossil fuel industry ahead of next week’s midterm elections. “Their profit is a storm of war,” said Mr. Biden on Monday at the White … Read more

Energy Policy for Dummies – WSJ

Energy Policy for Dummies – WSJ

Photo: etienne laurent/Shutterstock President Biden has the worst energy policy since Jimmy Carter, so it was probably inevitable that he would dissolve one of Mr. Carter’s worst ideas – a “windfall profits” tax on oil companies. Doesn’t he know that when you tax something, you get less of it? Sorry, rhetorical question. “Their profit is … Read more

BP profits boosted by natural gas trade, to buy back more shares

BP profits boosted by natural gas trade, to buy back more shares

LONDON— BP BP -0.24% PLC reported robust natural gas trading profits and said it would buy back another $2.5 billion in shares, the latest highlight of a year that has rained cash on oil giants as consumers and businesses struggle to pay energy bills. The London-based company did not give an exact figure for its … Read more

America’s refineries run on Premium

America’s refineries run on Premium

It’s a great time to be an American refiner. Marathon Petroleum corp. MPC 4.98% on Tuesday said its refining and marketing segment generated $4.6 billion in segment income from operations — nine times what it did a year earlier. Its shares rose 3.9% in early afternoon. Valero energy corp. VLO 3.57% , which reported last … Read more

Saudi Aramco profits jump 39% on high oil prices

Saudi Aramco profits jump 39% on high oil prices

Saudi Arabia’s national oil company posted a 39% jump in quarterly profit on Tuesday as high oil prices boosted earnings that are helping the kingdom pay for an ambitious economic transformation plan at home and expand its diplomatic influence in the region. Aramco, officially named Saudi Arabian Oil Co., said its net income totaled $42.43 … Read more

Oil and gas profits are an easy political target

Oil and gas profits are an easy political target

Business for European supermajors BP BP 0.44% and Shell may be too good for political comfort. On Tuesday, BP said it recorded $8.2 billion in underlying earnings in the third quarter – slightly behind the previous quarter’s bonanza but well ahead of the corresponding period last year. Commodity prices have moderated since the summer, but … Read more