4 days ago
Republican efforts to reduce national gas prices in the weeks before Election Day were derailed in the Senate by infighting among GOP lawmakers and members of the administration who could not agree on how to ease consumers’ pain at the pump.
The divisions within the Senate Republican conference over how to lower gas and diesel prices — even if temporarily — were driven primarily by geographic differences.
Senators from oil-refining states shot down proposals from farm-state senators to ban the export of diesel or to loosen restrictions on the sale of E15 gasoline with higher ethanol content.
“You’re talking about regional politics, and it gets bogged down in the politics of energy, and the fiefdoms around it,” said Ron Bonjean, a GOP strategist and former Senate leadership aide.
There were divisions that went beyond geography, too.
#republican
The divisions within the Senate Republican conference over how to lower gas and diesel prices — even if temporarily — were driven primarily by geographic differences.
Senators from oil-refining states shot down proposals from farm-state senators to ban the export of diesel or to loosen restrictions on the sale of E15 gasoline with higher ethanol content.
“You’re talking about regional politics, and it gets bogged down in the politics of energy, and the fiefdoms around it,” said Ron Bonjean, a GOP strategist and former Senate leadership aide.
There were divisions that went beyond geography, too.
#republican
6 days ago
Hayden Panettiere kept the engagement ring Wladimir Klitschko gave her after their relationship ended. Now her loved ones reportedly cannot find it, according to an Oct. 2 report from Us Weekly.
An unnamed source told the publication that friends and family suspect someone who spent time with Panettiere in her final days may have taken the ring while ***** ing her possessions.
The Heroes and Nashville actress died Aug. 16 at 36 in Greenville, South Carolina. The county coroner later ruled her death accidental, caused by the combined toxic effects of several drugs, Fox Carolina reported.
Panettiere and Klitschko's daughter, Kaya, 11, is her mother's sole heir, according to the ***** ociated Press. Her parents never married and ended their relationship in 2018.
Panettiere confirmed the engagement during an Oct. 9, 2013, appearance on Live With Kelly and Michael, after Kelly Ripa asked about the diamond on her hand. She said their schedules had prevented them from setting a wedding date, ABC News reported. Later that month, she told E! News she collaborated with Montblanc, refining ideas from a book of sketches.
#told
An unnamed source told the publication that friends and family suspect someone who spent time with Panettiere in her final days may have taken the ring while ***** ing her possessions.
The Heroes and Nashville actress died Aug. 16 at 36 in Greenville, South Carolina. The county coroner later ruled her death accidental, caused by the combined toxic effects of several drugs, Fox Carolina reported.
Panettiere and Klitschko's daughter, Kaya, 11, is her mother's sole heir, according to the ***** ociated Press. Her parents never married and ended their relationship in 2018.
Panettiere confirmed the engagement during an Oct. 9, 2013, appearance on Live With Kelly and Michael, after Kelly Ripa asked about the diamond on her hand. She said their schedules had prevented them from setting a wedding date, ABC News reported. Later that month, she told E! News she collaborated with Montblanc, refining ideas from a book of sketches.
#told
6 days ago
EPD yields 6.19% and ET yields 6.64%, turning a $100,000 equal split into $6,413 in annual passive income.
Energy Transfer cut its distribution 50% in 2020, while Enterprise has grown its payout for 27 consecutive years without a cut.
Energy Transfer is supplying roughly 900 MMcf/d to Oracle-run data centers, making AI power demand a key growth driver.
Building a portfolio and living off one are two completely different skills, and almost ****** ody teaches the second. This problem is what The Definitive Guide to Retirement Income helps, and it is free today. Read more here. (Sponsor)
Energy pays some of the highest yields in the market, and it carries a risk most income sectors avoid: commodity prices. When crude falls, an integrated major can lean on its refining business. A pure producer sees its cash flow rise and fall with oil and gas prices. A midstream operator collects fees on the volumes moving through its pipelines, plants and export docks, so its cash flow holds up better in a downturn.
#energy #income #yields
Energy Transfer cut its distribution 50% in 2020, while Enterprise has grown its payout for 27 consecutive years without a cut.
Energy Transfer is supplying roughly 900 MMcf/d to Oracle-run data centers, making AI power demand a key growth driver.
Building a portfolio and living off one are two completely different skills, and almost ****** ody teaches the second. This problem is what The Definitive Guide to Retirement Income helps, and it is free today. Read more here. (Sponsor)
Energy pays some of the highest yields in the market, and it carries a risk most income sectors avoid: commodity prices. When crude falls, an integrated major can lean on its refining business. A pure producer sees its cash flow rise and fall with oil and gas prices. A midstream operator collects fees on the volumes moving through its pipelines, plants and export docks, so its cash flow holds up better in a downturn.
#energy #income #yields
22 days ago
Phillips 66 (NYSE:PSX) has been on a strong rally this year, posting gains of over 110% since the beginning of 2026. The outperformance has been driven by an unusually sharp surge in global refining margins amid the war in the Middle East, which has significantly tightened the world's refining capacity and reduced supplies of gasoline, diesel, and jet fuel.
Given Phillips 66's substantial outperformance compared to the wider market, investors may be questioning whether the stock's record-setting run has reached its peak. However, the ****** ysts over at BMO Capital see further upside ahead. On September 17, the firm raised its price target on PSX from $260 to $310, while maintaining an 'Outperform' rating on the shares. The target boost implies an upside of 13% from the current levels and even exceeds the stock's all-time high of over $274 achieved earlier this month.
BMO Capital highlighted Phillips 66's integrated business model, noting that it has gained momentum and outperformed its individual segments, supported by strong execution across the portfolio. While Refining and Renewables remain the cyclical leaders, BMO also sees a favorable medium-term growth outlook for the company's Midstream business.
BMO Capital's vote of confidence comes amid a broader optimism surrounding Phillips 66, with ****** ysts from Morgan Stanley, Raymon James, UBS, and several others also improving their respective outlooks on PSX. This suggests that Wall Street expects the ongoing refining upcycle to last longer than previously expected, particularly following the renewed escalations between Iran and the United States.
The supply disruptions now extend beyond the troubled region, as a recent wave of Ukrainian attacks on Russian refineries has further reduced global refining capacity and provided further support to margins.
#further #margins #amid
Given Phillips 66's substantial outperformance compared to the wider market, investors may be questioning whether the stock's record-setting run has reached its peak. However, the ****** ysts over at BMO Capital see further upside ahead. On September 17, the firm raised its price target on PSX from $260 to $310, while maintaining an 'Outperform' rating on the shares. The target boost implies an upside of 13% from the current levels and even exceeds the stock's all-time high of over $274 achieved earlier this month.
BMO Capital highlighted Phillips 66's integrated business model, noting that it has gained momentum and outperformed its individual segments, supported by strong execution across the portfolio. While Refining and Renewables remain the cyclical leaders, BMO also sees a favorable medium-term growth outlook for the company's Midstream business.
BMO Capital's vote of confidence comes amid a broader optimism surrounding Phillips 66, with ****** ysts from Morgan Stanley, Raymon James, UBS, and several others also improving their respective outlooks on PSX. This suggests that Wall Street expects the ongoing refining upcycle to last longer than previously expected, particularly following the renewed escalations between Iran and the United States.
The supply disruptions now extend beyond the troubled region, as a recent wave of Ukrainian attacks on Russian refineries has further reduced global refining capacity and provided further support to margins.
#further #margins #amid
22 days ago
Marathon Petroleum Corporation (NYSE:MPC) has substantially outperformed the wider market this year, supported by an unusually sharp surge in global refining margins as the prolonged Iran crisis has significantly tightened global refining capacity and reduced supplies of gasoline, diesel, and jet fuel.
With Marathon up by over 150% since the beginning of 2026, there are now concerns that the stock may have topped out. However, the ****** ysts over at Morgan Stanley are convinced that the rally still has further room to run. On September 14, Morgan Stanley ****** yst Joe Laetsch significantly raised the firm's price target on MPC from $265 to $453, while reaffirming an 'Overweight' rating on the shares.
The target boost reflects an upside of over 9% from the current price level and even exceeds the stock's record high of just under $411 per share achieved earlier this month. The Morgan Stanley update comes amid broader Wall Street optimism surrounding the American refining giant, with ****** ysts from Raymon James, UBS, and several others also improving their respective outlooks on MPC.
Morgan Stanley's vote of confidence suggests that Wall Street expects the ongoing refining upcycle to last longer than previously expected, especially given the fresh wave of attacks between Washington and Tehran. Even if the conflict in the Middle East subsides, the region's refined fuel output is expected to remain relatively tight, since the damaged or idled refineries in the Middle East are likely to take some time to return to full operations.
As the largest refiner by volume in the United States, Marathon has significant operating leverage to capitalize on the current high-margin environment. The company already demonstrated its ability to translate the high crack spreads into material earnings when it delivered an almost fourfold increase in profits in the second quarter.
#morgan #marathon #stanley #middle
With Marathon up by over 150% since the beginning of 2026, there are now concerns that the stock may have topped out. However, the ****** ysts over at Morgan Stanley are convinced that the rally still has further room to run. On September 14, Morgan Stanley ****** yst Joe Laetsch significantly raised the firm's price target on MPC from $265 to $453, while reaffirming an 'Overweight' rating on the shares.
The target boost reflects an upside of over 9% from the current price level and even exceeds the stock's record high of just under $411 per share achieved earlier this month. The Morgan Stanley update comes amid broader Wall Street optimism surrounding the American refining giant, with ****** ysts from Raymon James, UBS, and several others also improving their respective outlooks on MPC.
Morgan Stanley's vote of confidence suggests that Wall Street expects the ongoing refining upcycle to last longer than previously expected, especially given the fresh wave of attacks between Washington and Tehran. Even if the conflict in the Middle East subsides, the region's refined fuel output is expected to remain relatively tight, since the damaged or idled refineries in the Middle East are likely to take some time to return to full operations.
As the largest refiner by volume in the United States, Marathon has significant operating leverage to capitalize on the current high-margin environment. The company already demonstrated its ability to translate the high crack spreads into material earnings when it delivered an almost fourfold increase in profits in the second quarter.
#morgan #marathon #stanley #middle
22 days ago
Valero Energy Corporation (NYSE:VLO) has been on a strong rally, posting gains of over 140% since the beginning of 2026. The strong performance is fuelled by an unusually sharp surge in global refining margins as the ongoing disruptions have significantly reduced the world's refining capacity and tightened supplies of gasoline, diesel, and jet fuel.
While there are now investor concerns that the stock may have topped out, Wall Street sees further upside ahead. On September 14, Morgan Stanley ******* yst Joe Laetsch significantly boosted the firm's price target on VLO from $255 to $411, while maintaining an 'Equal Weight' rating on the shares. The revised target implies an upside of almost 4% from the current levels and even exceeds the stock's all-time high of just under $400 per share.
The higher price objective is supported by the possibility that Valero can translate the favorable refining environment into material earnings and cash flows. The company did exactly that in the second quarter, when it posted its highest-ever Q2 profit and topped Wall Street expectations.
It seems like the high-margin environment is here to stay following a fresh wave of attacks between the US and Iran. Even if the attacks stop and a potential peace agreement is achieved, the damaged or idled refineries in the Middle East are likely to take some time to return to full operations, keeping refined-fuel markets relatively tight. Notably, the supply disruptions also extend beyond the troubled region, as a recent series of Ukrainian strikes on Russian refineries has further constrained global refining capacity.
Valero's FCC Unit optimization project at its St. Charles Refinery will allow it to capitalize even further on the high-priced environment. Expected to be completed in the third quarter, the $230 million initiative will help enhance the facility's ability to produce high-value products.
#even #environment #wall #strong
While there are now investor concerns that the stock may have topped out, Wall Street sees further upside ahead. On September 14, Morgan Stanley ******* yst Joe Laetsch significantly boosted the firm's price target on VLO from $255 to $411, while maintaining an 'Equal Weight' rating on the shares. The revised target implies an upside of almost 4% from the current levels and even exceeds the stock's all-time high of just under $400 per share.
The higher price objective is supported by the possibility that Valero can translate the favorable refining environment into material earnings and cash flows. The company did exactly that in the second quarter, when it posted its highest-ever Q2 profit and topped Wall Street expectations.
It seems like the high-margin environment is here to stay following a fresh wave of attacks between the US and Iran. Even if the attacks stop and a potential peace agreement is achieved, the damaged or idled refineries in the Middle East are likely to take some time to return to full operations, keeping refined-fuel markets relatively tight. Notably, the supply disruptions also extend beyond the troubled region, as a recent series of Ukrainian strikes on Russian refineries has further constrained global refining capacity.
Valero's FCC Unit optimization project at its St. Charles Refinery will allow it to capitalize even further on the high-priced environment. Expected to be completed in the third quarter, the $230 million initiative will help enhance the facility's ability to produce high-value products.
#even #environment #wall #strong
23 days ago
Oil prices have been on a wild ride this year, and most investors **** ume the story is simple: Less crude moving through the Strait of Hormuz means higher prices at the pump.
Exxon Mobil's leadership says that take misses the real problem.
Speaking at the Barclays 40th Annual Energy Power Conference on Sept. 9, Chief Financial Officer Neil Hansen told **** ysts the bigger threat to the energy system isn't crude supply, but refining.
The distinction matters for anyone holding Exxon Mobil (XOM) stock or watching gas prices climb, as it changes how long the pain might last and which part of the business could benefit.
Hansen explained that when a shock like the Middle East conflict unfolds, markets usually respond in a similar pattern.
#hansen #energy
Exxon Mobil's leadership says that take misses the real problem.
Speaking at the Barclays 40th Annual Energy Power Conference on Sept. 9, Chief Financial Officer Neil Hansen told **** ysts the bigger threat to the energy system isn't crude supply, but refining.
The distinction matters for anyone holding Exxon Mobil (XOM) stock or watching gas prices climb, as it changes how long the pain might last and which part of the business could benefit.
Hansen explained that when a shock like the Middle East conflict unfolds, markets usually respond in a similar pattern.
#hansen #energy
24 days ago
Alcoa Corporation (NYSE:AA) priced $2.6 billion of acquisition financing on September 9, 2026, through two wholly owned subsidiaries. Alumina Pty Ltd will issue $1.5 billion of 6.625% notes due 2034, while Alcoa Nederland Holding B.V. will issue $1.1 billion of 6.875% notes due 2036. Alcoa Corporation (NYSE:AA) and certain subsidiaries will guarantee the notes on a senior unsecured basis.
The tranches imply annual coupons of $99.375 million and $75.625 million, respectively, totaling exactly $175 million. Settlement is expected on September 23. Net proceeds and cash on hand would fund the approximately $3.1 billion cash portion of the South32 Limited (ASX:S32) ****** et acquisition, plus related fees and expenses.
For Alcoa Corporation (NYSE:AA), successful settlement would secure longer-dated funding and allow termination of the remaining 364-day bridge commitments. Maturities in 2034 and 2036 give management time to integrate the ****** ets before principal comes due.
The operating opportunity lies in linking additional bauxite resources, alumina refining and aluminum production. Better coordination could strengthen feedstock security and improve purchasing, logistics and plant economics. Acquired earnings and operating improvements could produce recurring cash to service the debt while funding reinvestment.
Fixed coupons also make the interest burden predictable. Strong ****** et performance could support debt reduction and give shareholders a growing share of incremental cash generation.
#notes #september
The tranches imply annual coupons of $99.375 million and $75.625 million, respectively, totaling exactly $175 million. Settlement is expected on September 23. Net proceeds and cash on hand would fund the approximately $3.1 billion cash portion of the South32 Limited (ASX:S32) ****** et acquisition, plus related fees and expenses.
For Alcoa Corporation (NYSE:AA), successful settlement would secure longer-dated funding and allow termination of the remaining 364-day bridge commitments. Maturities in 2034 and 2036 give management time to integrate the ****** ets before principal comes due.
The operating opportunity lies in linking additional bauxite resources, alumina refining and aluminum production. Better coordination could strengthen feedstock security and improve purchasing, logistics and plant economics. Acquired earnings and operating improvements could produce recurring cash to service the debt while funding reinvestment.
Fixed coupons also make the interest burden predictable. Strong ****** et performance could support debt reduction and give shareholders a growing share of incremental cash generation.
#notes #september
26 days ago
Marathon Petroleum (MPC) exhibits strong technical momentum, recently hitting a new all-time high.
Shares are up more than 120% over the past year.
MPC maintains a 100% "Buy" technical opinion from Barchart.
Future performance is highly sensitive to refining margins and oil prices, with downside risk if oil drops to $75 per barrel.
Valued at $116 billion, Marathon Petroleum (MPC) is a leading independent refiner, transporter, and marketer of petroleum products. The company came into existence following the spinoff from Marathon Oil Corporation's refining and sales business into a separate, independent and publicly traded entity. Marathon Oil completed the acquisition of its rival Andeavor. Marathon Petroleum operates in two segments: refining and marketing and pipeline transportation.
#independent #shares
Shares are up more than 120% over the past year.
MPC maintains a 100% "Buy" technical opinion from Barchart.
Future performance is highly sensitive to refining margins and oil prices, with downside risk if oil drops to $75 per barrel.
Valued at $116 billion, Marathon Petroleum (MPC) is a leading independent refiner, transporter, and marketer of petroleum products. The company came into existence following the spinoff from Marathon Oil Corporation's refining and sales business into a separate, independent and publicly traded entity. Marathon Oil completed the acquisition of its rival Andeavor. Marathon Petroleum operates in two segments: refining and marketing and pipeline transportation.
#independent #shares
26 days ago
Marathon Petroleum (MPC) exhibits strong technical momentum, recently hitting a new all-time high.
Shares are up more than 120% over the past year.
MPC maintains a 100% "Buy" technical opinion from Barchart.
Future performance is highly sensitive to refining margins and oil prices, with downside risk if oil drops to $75 per barrel.
Valued at $116 billion, Marathon Petroleum (MPC) is a leading independent refiner, transporter, and marketer of petroleum products. The company came into existence following the spinoff from Marathon Oil Corporation's refining and sales business into a separate, independent and publicly traded entity. Marathon Oil completed the acquisition of its rival Andeavor. Marathon Petroleum operates in two segments: refining and marketing and pipeline transportation.
#marathon #future
Shares are up more than 120% over the past year.
MPC maintains a 100% "Buy" technical opinion from Barchart.
Future performance is highly sensitive to refining margins and oil prices, with downside risk if oil drops to $75 per barrel.
Valued at $116 billion, Marathon Petroleum (MPC) is a leading independent refiner, transporter, and marketer of petroleum products. The company came into existence following the spinoff from Marathon Oil Corporation's refining and sales business into a separate, independent and publicly traded entity. Marathon Oil completed the acquisition of its rival Andeavor. Marathon Petroleum operates in two segments: refining and marketing and pipeline transportation.
#marathon #future
1 month ago
Mexico's government is slashing financial ******* istance for the state energy major by as much as 70% despite Pemex's continued struggle to pay down debt and boost production. The decision rests on expectations that the company will benefit from the oil and gas price rally spurred by the U.S. and Israeli war against Iran.
Per a Bloomberg report from this week, the government of Mexico sees Pemex posting a rare cash surplus of some 95 billion pesos, or around $5.63 billion, as a result of the oil price rally. Based on those expectations, the Scheinbaum government stipulated financial help of just 81 billion pesos for the company in next year's budget, equivalent to some $4.8 billion. This was down by 70% from this year.
"We said that by 2027, support for Pemex would be very limited, and that's indeed the case," President Sheinbaum told media this week. "Pemex now receives very little support from the Mexican government, and its own finances will sustain its development."
Mexico's energy major is the most indebted company in the world, with a load of some $105 billion as of mid-2025, of which some $20 billion is in unpaid bills to suppliers. Since then, the company has managed to reduce the debt pile to some $79 billion as of the end of the first quarter of this year. The company said in a news release at the time that this was the lowest its debt has been since 2014.
Meanwhile, however, boosting refining output has turned out to be a challenge, and issues with crude quality—including high water content—have alienated key buyers over the past couple of years. The previous administration of Mexico focused on supporting the company by turning it back into a monopoly on the Mexican energy market. The Scheinbaum government, on the other hand, moved to open up the Mexican oil industry to other players as well, launching a new contract framework for joint ventures, the so-called mixed contracts. In mixed development allocations, Pemex can enter into an agreement with one or more private firms.
#PEMEX #government #scheinbaum #since
Per a Bloomberg report from this week, the government of Mexico sees Pemex posting a rare cash surplus of some 95 billion pesos, or around $5.63 billion, as a result of the oil price rally. Based on those expectations, the Scheinbaum government stipulated financial help of just 81 billion pesos for the company in next year's budget, equivalent to some $4.8 billion. This was down by 70% from this year.
"We said that by 2027, support for Pemex would be very limited, and that's indeed the case," President Sheinbaum told media this week. "Pemex now receives very little support from the Mexican government, and its own finances will sustain its development."
Mexico's energy major is the most indebted company in the world, with a load of some $105 billion as of mid-2025, of which some $20 billion is in unpaid bills to suppliers. Since then, the company has managed to reduce the debt pile to some $79 billion as of the end of the first quarter of this year. The company said in a news release at the time that this was the lowest its debt has been since 2014.
Meanwhile, however, boosting refining output has turned out to be a challenge, and issues with crude quality—including high water content—have alienated key buyers over the past couple of years. The previous administration of Mexico focused on supporting the company by turning it back into a monopoly on the Mexican energy market. The Scheinbaum government, on the other hand, moved to open up the Mexican oil industry to other players as well, launching a new contract framework for joint ventures, the so-called mixed contracts. In mixed development allocations, Pemex can enter into an agreement with one or more private firms.
#PEMEX #government #scheinbaum #since
1 month ago
Daktronics Inc. (NASDAQ:DAKT) reported its Q1 FY27 results, showing continued momentum across core segments and its strategic push. The company reported topline figures of $234.6 million, which grew 7.1% compared to the same period last year. This growth was primarily driven by impressive numbers across the Live Events, Transportation, and International units. The diluted EPS of $0.40 was the highest quarterly figure in the last twelve quarters, exhibiting a substantial growth of more than 21%. The business generated $31.4 million in cash from operations, which pushed the cash balance to $154.6 million by the quarter end, after accounting for $4.4 million expenditure on share repurchases.
Copyright: rawpixel / 123RF Stock Photo
The recently reported results point to enhanced profitability and the company's ongoing operational excellence initiatives, which would strengthen investor confidence. An impressive cash position backed with robust operating cash flows would enable Daktronics to pursue its 3-year strategic plan around growth, operational strength, and efficient capital allocation.
For growth, management focused on vertical market expansion during the quarter, with investments in service offerings and software to facilitate recurring revenue growth and customer value.
For operational excellence, the company took several initiatives around supply chain and manufacturing. These include scaling up of Mexico operations, adding automation, refining procurement, and more. Product backlog reached $311.3 million, the sixth straight quarter it has stayed above $300 million, pointing to continued demand spread across the company's varied business segments.
#million #cash #results
Copyright: rawpixel / 123RF Stock Photo
The recently reported results point to enhanced profitability and the company's ongoing operational excellence initiatives, which would strengthen investor confidence. An impressive cash position backed with robust operating cash flows would enable Daktronics to pursue its 3-year strategic plan around growth, operational strength, and efficient capital allocation.
For growth, management focused on vertical market expansion during the quarter, with investments in service offerings and software to facilitate recurring revenue growth and customer value.
For operational excellence, the company took several initiatives around supply chain and manufacturing. These include scaling up of Mexico operations, adding automation, refining procurement, and more. Product backlog reached $311.3 million, the sixth straight quarter it has stayed above $300 million, pointing to continued demand spread across the company's varied business segments.
#million #cash #results
1 month ago
On September 2, Shell Offshore, a subsidiary of Shell plc (NYSE:SHEL), announced the acquisition of a 30% working interest in Conifer, an exploration prospect operated by BP p.l.c. (NYSE:BP) in the U.S. Gulf of Mexico. Located offshore within Keathley Canyon near BP's Kaskida host development, Conifer represents a significant deep-water play. BP retains operatorship, with the initial exploration well expected to spud in 2027. While the deal reflects shared risk and capital efficiency in high-cost offshore basins, comparing the two giants' Q2 2026 earnings shows that Shell is currently executing from a position of superior financial strength.
Shell plc (NYSE:SHEL) delivered an exceptionally clean Q2 2026 report. Adjusted earnings reached $9.8 billion, driven by record upstream production in Brazil and record refinery utilization, which offset Middle East operational outages. Cash flow from operations (CFFO) came in at $21.4 billion, supported by higher realized prices and a $3.4 billion working capital inflow. Shell maintained strict capital discipline, reiterating its full-year capex outlook of $24 billion–$26 billion while completing $5.8 billion in structural cost reductions since 2022. Balance sheet health remains robust, with gearing at 19% and net debt at $42 billion ($12 billion excluding leases).
BP p.l.c. (NYSE:BP) also turned in a solid Q2 recovery, but its headline metrics lag behind Shell's scale. BP reported underlying replacement cost profit (its proxy for net income) of $5.7 billion, a 78% quarter-over-quarter rebound fueled by strong refining margins and oil trading. Operating cash flow reached $10.9 billion after absorbing a $1.0 billion working capital build. BP used strong cash generation to trim net debt down to $22.25 billion, while guiding full-year capex to $13.5 billion–$14.0 billion.
Although BP raised its quarterly dividend by 4% to 8.66 cents, Shell's cash engine allowed it to announce its 19th consecutive quarter of at least $3 billion in share buybacks, distributing 44% of CFFO over the trailing 12 months.
Shell's bull case centers on superior capital allocation, aggressive portfolio high-grading, including the ARC Resources acquisition targeting a 4% production CAGR through 2030, and consistent share buybacks. The bear case focuses on execution risks in integrated gas and LNG amid volatile market conditions, as well as the challenges of integrating large-scale acquisitions.
#cost
Shell plc (NYSE:SHEL) delivered an exceptionally clean Q2 2026 report. Adjusted earnings reached $9.8 billion, driven by record upstream production in Brazil and record refinery utilization, which offset Middle East operational outages. Cash flow from operations (CFFO) came in at $21.4 billion, supported by higher realized prices and a $3.4 billion working capital inflow. Shell maintained strict capital discipline, reiterating its full-year capex outlook of $24 billion–$26 billion while completing $5.8 billion in structural cost reductions since 2022. Balance sheet health remains robust, with gearing at 19% and net debt at $42 billion ($12 billion excluding leases).
BP p.l.c. (NYSE:BP) also turned in a solid Q2 recovery, but its headline metrics lag behind Shell's scale. BP reported underlying replacement cost profit (its proxy for net income) of $5.7 billion, a 78% quarter-over-quarter rebound fueled by strong refining margins and oil trading. Operating cash flow reached $10.9 billion after absorbing a $1.0 billion working capital build. BP used strong cash generation to trim net debt down to $22.25 billion, while guiding full-year capex to $13.5 billion–$14.0 billion.
Although BP raised its quarterly dividend by 4% to 8.66 cents, Shell's cash engine allowed it to announce its 19th consecutive quarter of at least $3 billion in share buybacks, distributing 44% of CFFO over the trailing 12 months.
Shell's bull case centers on superior capital allocation, aggressive portfolio high-grading, including the ARC Resources acquisition targeting a 4% production CAGR through 2030, and consistent share buybacks. The bear case focuses on execution risks in integrated gas and LNG amid volatile market conditions, as well as the challenges of integrating large-scale acquisitions.
#cost
1 month ago
Gasoline has never cost this much in September, while diesel prices touched a new record on Wednesday as crude oil topped $100 a barrel.
"Gasoline prices in the USA are the highest ever for this time of year," Andy Lipow of Lipow Oil ***** ociates said.
While Brent crude (BZ=F) has edged past $100 for the first time in two months, the pain at the pump is even greater. Energy bottlenecks tied to the US-Iran conflict, and refining constraints have pushed crack spreads — the gap between crude and refined fuel prices — to new highs.
Consumers are effectively paying the equivalent of $177 a barrel for gasoline and $250 a barrel for diesel, according to Lipow's ***** ysis.
"Those high prices are starting to impact demand," he said.
#Diesel
"Gasoline prices in the USA are the highest ever for this time of year," Andy Lipow of Lipow Oil ***** ociates said.
While Brent crude (BZ=F) has edged past $100 for the first time in two months, the pain at the pump is even greater. Energy bottlenecks tied to the US-Iran conflict, and refining constraints have pushed crack spreads — the gap between crude and refined fuel prices — to new highs.
Consumers are effectively paying the equivalent of $177 a barrel for gasoline and $250 a barrel for diesel, according to Lipow's ***** ysis.
"Those high prices are starting to impact demand," he said.
#Diesel
1 month ago
(Bloomberg) -- The global refining sector's diesel crunch is likely to result in tight supply for the coming months, keeping prices high and weighing on demand, according to ****** ysts and traders.
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Bessent Dares Traders to Bet Against Yen: 'I Am the House Now'
#traders #plus #making
Most Read from Bloomberg
Apple's $2,000-Plus Foldable iPhone Was a Decade in the Making
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1 month ago
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Pilot has promoted Jamie Landis to executive vice president and chief administrative officer, a spokesperson for the travel center chain confirmed to C-Store Dive.
Landis, who was named senior vice president of business planning and execution in 2024, will continue leading that function while **** uming leadership of Pilot's safety, enterprise risk, procurement and communications functions. She will also spearhead the company's people team.
Landis succeeds Julius **** , who announced his resignation via social media last week. **** said in a LinkedIn post that he will remain at Pilot through the end of the year as an executive advisor to the CEO. Pilot's website reflects both leadership changes.
Landis' updated company bio says she is responsible for developing, refining and helping execute Pilot's long-term strategy, and for advancing the company's business ambition and supporting more than 30,000 team members across North America.
#landis #daily #vice
Pilot has promoted Jamie Landis to executive vice president and chief administrative officer, a spokesperson for the travel center chain confirmed to C-Store Dive.
Landis, who was named senior vice president of business planning and execution in 2024, will continue leading that function while **** uming leadership of Pilot's safety, enterprise risk, procurement and communications functions. She will also spearhead the company's people team.
Landis succeeds Julius **** , who announced his resignation via social media last week. **** said in a LinkedIn post that he will remain at Pilot through the end of the year as an executive advisor to the CEO. Pilot's website reflects both leadership changes.
Landis' updated company bio says she is responsible for developing, refining and helping execute Pilot's long-term strategy, and for advancing the company's business ambition and supporting more than 30,000 team members across North America.
#landis #daily #vice
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1 month ago
Chinese independent refiners may be about to start reducing their processing rates as international oil prices rise and supply from major exporters such as Venezuela and Iran dries up as a result of U.S. foreign policy decisions.
"Teapots are unlikely to be able to afford a full shift to mainstream grades," an Energy Aspects ***** yst said this week, as quoted by Bloomberg. The so-called teapots are more sensitive to adverse oil market changes due to their refining margins being slimmer than those of state-owned majors. These margins have already fallen to breakeven, from around $10 per barrel in early July, Jianan Sun also said.
China imported 37.93 million tons, or 8.93 million barrels per day of crude oil in August, up by 6.2% compared to July, and further recovering from the decade-low seen in June, official Chinese customs data showed on Tuesday. The August import level was still 23.4% lower compared to the same month last year, but it's a marked improvement from the June lows of just 7.1 million bpd.
China slashed its total crude oil imports to a decade low in June, culminating three months of very low import levels amid high prices and constrained supply from the Middle East. This affected refinery output, which in turn contributed to the global fuel squeeze that is now set to deepen and extend in time as fighting in the Middle East continues and intensifies, pushing oil prices higher and sapping some refiners' appetite for the commodity.
With Venezuelan and Iranian crude all but gone, Chinese refiners will probably lean more heavily on Russian crude in the coming weeks. However, Russian crude prices are also on the rise on the futures market, in tune with all the other blends that trade internationally, which will likely put a lid on demand.
#june #july #China #middle
"Teapots are unlikely to be able to afford a full shift to mainstream grades," an Energy Aspects ***** yst said this week, as quoted by Bloomberg. The so-called teapots are more sensitive to adverse oil market changes due to their refining margins being slimmer than those of state-owned majors. These margins have already fallen to breakeven, from around $10 per barrel in early July, Jianan Sun also said.
China imported 37.93 million tons, or 8.93 million barrels per day of crude oil in August, up by 6.2% compared to July, and further recovering from the decade-low seen in June, official Chinese customs data showed on Tuesday. The August import level was still 23.4% lower compared to the same month last year, but it's a marked improvement from the June lows of just 7.1 million bpd.
China slashed its total crude oil imports to a decade low in June, culminating three months of very low import levels amid high prices and constrained supply from the Middle East. This affected refinery output, which in turn contributed to the global fuel squeeze that is now set to deepen and extend in time as fighting in the Middle East continues and intensifies, pushing oil prices higher and sapping some refiners' appetite for the commodity.
With Venezuelan and Iranian crude all but gone, Chinese refiners will probably lean more heavily on Russian crude in the coming weeks. However, Russian crude prices are also on the rise on the futures market, in tune with all the other blends that trade internationally, which will likely put a lid on demand.
#june #july #China #middle
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1 month ago
Marathon Petroleum Corporation (MPC) is a leading U.S. downstream and midstream energy company headquartered in Findlay, Ohio. Valued at a market cap of $113.5 billion, its business centers on refining crude oil into fuels, distributing petroleum products, and operating the infrastructure that moves and stores energy.
Companies valued at $10 billion or more are typically classified as "large-cap stocks," and MPC fits the label perfectly, with its market cap exceeding this threshold, underscoring its size, influence, and dominance within the oil & gas refining & marketing industry. Its market leadership stems from its large, integrated refining system, strategic midstream ***** ets, and disciplined capital allocation. Its refineries are connected through pipelines, terminals, and marine transportation, allowing the company to optimize crude sourcing, product flows, and regional demand.
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Dear Adobe Stock Fans, Mark Your Calendars for September 10
#petroleum #midstream #billion
Companies valued at $10 billion or more are typically classified as "large-cap stocks," and MPC fits the label perfectly, with its market cap exceeding this threshold, underscoring its size, influence, and dominance within the oil & gas refining & marketing industry. Its market leadership stems from its large, integrated refining system, strategic midstream ***** ets, and disciplined capital allocation. Its refineries are connected through pipelines, terminals, and marine transportation, allowing the company to optimize crude sourcing, product flows, and regional demand.
How to Play SNPS Stock as Layoffs Hit Synopsys
Micron Stock More Than Tripled in 2026. Now Taiwan Strike Threat Could Shake the AI Boom.
Dear Adobe Stock Fans, Mark Your Calendars for September 10
#petroleum #midstream #billion
1 month ago
The biggest oil companies in the United States are playing hardball in unionized labor negotiations in a bid to get more concessions from workers' unions in the new contracts.
Over the past few years, some of the top U.S. refining companies have resorted to lockouts to ensure most of the company management's proposals in new labor contracts are accepted.
The trend began earlier this decade with Exxon locking out in 2021 as many as 650 workers out of the Beaumont refinery for 10 months. This was the longest labor dispute at a U.S. refinery in four decades.
Five years later, BP and Marathon are currently in a similar position, locking out workers at their Whiting, Indiana, and Martinez, California, refineries, respectively, amid labor disputes over union contracts.
The refineries continue to operate with contractors, supervisors, and replacement workers. The continued operations show that Big Oil is not as afraid as it used to be to use replacement staff while seeking concessions from the unions.
#contracts #unions #refinery
Over the past few years, some of the top U.S. refining companies have resorted to lockouts to ensure most of the company management's proposals in new labor contracts are accepted.
The trend began earlier this decade with Exxon locking out in 2021 as many as 650 workers out of the Beaumont refinery for 10 months. This was the longest labor dispute at a U.S. refinery in four decades.
Five years later, BP and Marathon are currently in a similar position, locking out workers at their Whiting, Indiana, and Martinez, California, refineries, respectively, amid labor disputes over union contracts.
The refineries continue to operate with contractors, supervisors, and replacement workers. The continued operations show that Big Oil is not as afraid as it used to be to use replacement staff while seeking concessions from the unions.
#contracts #unions #refinery
1 month ago
The biggest oil companies in the United States are playing hardball in unionized labor negotiations in a bid to get more concessions from workers' unions in the new contracts.
Over the past few years, some of the top U.S. refining companies have resorted to lockouts to ensure most of the company management's proposals in new labor contracts are accepted.
The trend began earlier this decade with Exxon locking out in 2021 as many as 650 workers out of the Beaumont refinery for 10 months. This was the longest labor dispute at a U.S. refinery in four decades.
Five years later, BP and Marathon are currently in a similar position, locking out workers at their Whiting, Indiana, and Martinez, California, refineries, respectively, amid labor disputes over union contracts.
The refineries continue to operate with contractors, supervisors, and replacement workers. The continued operations show that Big Oil is not as afraid as it used to be to use replacement staff while seeking concessions from the unions.
#contracts
Over the past few years, some of the top U.S. refining companies have resorted to lockouts to ensure most of the company management's proposals in new labor contracts are accepted.
The trend began earlier this decade with Exxon locking out in 2021 as many as 650 workers out of the Beaumont refinery for 10 months. This was the longest labor dispute at a U.S. refinery in four decades.
Five years later, BP and Marathon are currently in a similar position, locking out workers at their Whiting, Indiana, and Martinez, California, refineries, respectively, amid labor disputes over union contracts.
The refineries continue to operate with contractors, supervisors, and replacement workers. The continued operations show that Big Oil is not as afraid as it used to be to use replacement staff while seeking concessions from the unions.
#contracts
1 month ago
U.S. President Donald Trump told oil producers and refiners that he wants lower gasoline prices, immediately, at a meeting at the White House this week.
As gasoline prices remain above $4 per gallon on average across the United States and drivers are heading for the most expensive Labor Day weekend gas prices on record, President Trump urged executives from Chevron, Marathon Petroleum, Valero Energy, and PBF Energy, among others, to raise refining capacity to increase fuel availability.
The problem for the U.S. Administration two months ahead of the mid-term elections is that American refiners cannot raise output in the short term. They have been running at full capacity for the entire summer, as the U.S.-Iran war has crippled crude and fuel supply out of the Middle East and depleted global inventories after many governments, including the U.S., tapped strategic resources to ease the worst supply disruption in the history of oil markets.
Refiners do not have an immediate solution to the high prices at the pump—except, of course, a major de-escalation and a lasting deal with Iran. But none of the significant levers to lower U.S. fuel prices are in the hands of the U.S. refiners.
No Easy Fix
#energy
As gasoline prices remain above $4 per gallon on average across the United States and drivers are heading for the most expensive Labor Day weekend gas prices on record, President Trump urged executives from Chevron, Marathon Petroleum, Valero Energy, and PBF Energy, among others, to raise refining capacity to increase fuel availability.
The problem for the U.S. Administration two months ahead of the mid-term elections is that American refiners cannot raise output in the short term. They have been running at full capacity for the entire summer, as the U.S.-Iran war has crippled crude and fuel supply out of the Middle East and depleted global inventories after many governments, including the U.S., tapped strategic resources to ease the worst supply disruption in the history of oil markets.
Refiners do not have an immediate solution to the high prices at the pump—except, of course, a major de-escalation and a lasting deal with Iran. But none of the significant levers to lower U.S. fuel prices are in the hands of the U.S. refiners.
No Easy Fix
#energy
1 month ago
Cramer called CVX a steal above $200 after Chevron's downstream earnings surged from $737 million to $4.87 billion year over year.
Chevron's P/E of 34 runs richer than Exxon's 23, while ConocoPhillips offers more crude upside, up 49% year to date.
A 20-year Microsoft power deal and Hess synergies running 50% above target give Chevron cash flows insulated from crude swings.
Just released. Our ***** ysts combed the entire stock market and named the ten best stocks to buy right now. The report is free. Enter your email and see if any of your stocks made the cut.
Jim Cramer opened Squawk on the Street on the first trading day of September with a market backdrop he described in blunt terms. Two ships had been fired on in the Strait of Hormuz, Treasury yields were pushing higher across the curve, and diesel prices were climbing amid a supply picture already strained by Ukrainian strikes on Russian refining capacity and U.S. refiners operating near full utilization. Cramer called the combination "unholy" and said the AI trade had gone nowhere for about a year. Then he offered a single actionable idea.
#above
Chevron's P/E of 34 runs richer than Exxon's 23, while ConocoPhillips offers more crude upside, up 49% year to date.
A 20-year Microsoft power deal and Hess synergies running 50% above target give Chevron cash flows insulated from crude swings.
Just released. Our ***** ysts combed the entire stock market and named the ten best stocks to buy right now. The report is free. Enter your email and see if any of your stocks made the cut.
Jim Cramer opened Squawk on the Street on the first trading day of September with a market backdrop he described in blunt terms. Two ships had been fired on in the Strait of Hormuz, Treasury yields were pushing higher across the curve, and diesel prices were climbing amid a supply picture already strained by Ukrainian strikes on Russian refining capacity and U.S. refiners operating near full utilization. Cramer called the combination "unholy" and said the AI trade had gone nowhere for about a year. Then he offered a single actionable idea.
#above
1 month ago
Nova Minerals Corp (ASX:NVA, NYSE-A:NVA) has shipped almost 500 tons (454 tons) of antimony processing and refining equipment to Alaska, marking a major step towards construction of its Port MacKenzie facility and targeted first production in 2027.
The shipment includes crushing, ore sorting, milling, flotation, and refining equipment packed into more than 40 containers, along with several oversized loads.
A barge carrying the equipment departed Seattle on August 26 and is expected to reach Port MacKenzie in early September, allowing construction of the processing facilities to begin.
The development forms part of Nova's strategy to establish a vertically integrated US antimony supply chain linking its Estelle Gold and Critical Minerals Project with downstream processing and refining infrastructure in Alaska.
Nova acquired a recently decommissioned modern processing facility in North America, together with additional equipment sourced elsewhere across the continent, before consolidating the plant in Seattle for shipment north.
#equipment #port #Seattle
The shipment includes crushing, ore sorting, milling, flotation, and refining equipment packed into more than 40 containers, along with several oversized loads.
A barge carrying the equipment departed Seattle on August 26 and is expected to reach Port MacKenzie in early September, allowing construction of the processing facilities to begin.
The development forms part of Nova's strategy to establish a vertically integrated US antimony supply chain linking its Estelle Gold and Critical Minerals Project with downstream processing and refining infrastructure in Alaska.
Nova acquired a recently decommissioned modern processing facility in North America, together with additional equipment sourced elsewhere across the continent, before consolidating the plant in Seattle for shipment north.
#equipment #port #Seattle
1 month ago
Venezuela has the largest proven oil reserves in the world, and its heavy crude is particularly well suited to the sophisticated refineries lining the U.S. Gulf Coast. More Venezuelan oil should help U.S. refiners, but that doesn't translate directly into lower prices at the pump.
Trump announced Friday that the U.S. had secured majority control over Venezuelan fields containing more than 65 billion barrels of oil, saying the agreement would greatly increase U.S. supply and substantially lower gasoline prices "long into the future." On Sunday, he added another destination for Venezuelan crude, saying Washington would soon start using it to refill the Strategic Petroleum Reserve.
The deal gives the U.S. access to an enormous oil resource, but the effect on gasoline prices will depend on how much additional Venezuelan crude can actually be produced and where those barrels go.
Venezuela is currently producing roughly 1.25 million bpd, while the new projects are targeting production above 1.5 million bpd. Getting substantially beyond that will require more drilling, extensive workovers, improved infrastructure, reliableF access to diluents and significantly more drilling rigs, according to Rystad.
Venezuelan crude's role in American refining is already substantial. U.S. imports from Venezuela averaged 637,000 bpd over the four weeks through Aug. 21, according to the EIA, reaching 662,000 bpd in the latest week. Venezuela was the second-largest U.S. crude supplier behind Canada during that period. Those barrels have become more useful as the U.S.-Iran war has disrupted crude and heavy fuel oil flows from the Middle East.
#venezuelan
Trump announced Friday that the U.S. had secured majority control over Venezuelan fields containing more than 65 billion barrels of oil, saying the agreement would greatly increase U.S. supply and substantially lower gasoline prices "long into the future." On Sunday, he added another destination for Venezuelan crude, saying Washington would soon start using it to refill the Strategic Petroleum Reserve.
The deal gives the U.S. access to an enormous oil resource, but the effect on gasoline prices will depend on how much additional Venezuelan crude can actually be produced and where those barrels go.
Venezuela is currently producing roughly 1.25 million bpd, while the new projects are targeting production above 1.5 million bpd. Getting substantially beyond that will require more drilling, extensive workovers, improved infrastructure, reliableF access to diluents and significantly more drilling rigs, according to Rystad.
Venezuelan crude's role in American refining is already substantial. U.S. imports from Venezuela averaged 637,000 bpd over the four weeks through Aug. 21, according to the EIA, reaching 662,000 bpd in the latest week. Venezuela was the second-largest U.S. crude supplier behind Canada during that period. Those barrels have become more useful as the U.S.-Iran war has disrupted crude and heavy fuel oil flows from the Middle East.
#venezuelan
1 month ago
Houston, Texas-based Chevron Corporation (CVX) is one of the world's largest integrated energy companies, with operations spanning oil and natural gas exploration and production, refining, marketing, chemicals, and lower-carbon energy. Headquartered in Houston, Texas, Chevron operates across the U.S. and numerous international markets. The company has a market cap of $364.5 billion.
Companies with a market capitalization of $200 billion or more are typically referred to as "mega-cap stocks." CVX fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size and influence in the integrated oil and gas industry. A major strength of Chevron is its vertically integrated and geographically diversified portfolio. The upstream business provides significant exposure to oil and gas prices, while refining, marketing and chemicals operations can provide earnings diversification when commodity prices or refining margins move in different directions.
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#market #texas #Stock
Companies with a market capitalization of $200 billion or more are typically referred to as "mega-cap stocks." CVX fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size and influence in the integrated oil and gas industry. A major strength of Chevron is its vertically integrated and geographically diversified portfolio. The upstream business provides significant exposure to oil and gas prices, while refining, marketing and chemicals operations can provide earnings diversification when commodity prices or refining margins move in different directions.
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Tesla Just Killed Its Solar Roof After Years of Struggling to Scale. What It Means for TSLA Stock.
#market #texas #Stock
1 month ago
Trump's Venezuela deal grants U.S. companies majority control of 65 billion barrels, pushing total U.S.-accessible proven reserves to 7.1% of global supply.
Venezuela's extra-heavy crude demands specialized refining and major infrastructure repairs, meaning production gains will take years rather than months to reach consumers.
Chevron's existing Venezuelan joint ventures and strong free cash flow position it as the clearest near-term beneficiary of the new hydrocarbons framework.
Act now: the ******* yst who called NVIDIA in 2010 just named his top 10 AI stocks — and Chevron didn't make the cut. Grab the names FREE today.
Oil markets have spent 2026 wrestling with supply disruptions, Strategic Petroleum Reserve drawdowns to multi-decade lows, and stubborn pump prices that refuse to cooperate with political calendars.
#NVIDIA #chevron #strategic #petroleum
Venezuela's extra-heavy crude demands specialized refining and major infrastructure repairs, meaning production gains will take years rather than months to reach consumers.
Chevron's existing Venezuelan joint ventures and strong free cash flow position it as the clearest near-term beneficiary of the new hydrocarbons framework.
Act now: the ******* yst who called NVIDIA in 2010 just named his top 10 AI stocks — and Chevron didn't make the cut. Grab the names FREE today.
Oil markets have spent 2026 wrestling with supply disruptions, Strategic Petroleum Reserve drawdowns to multi-decade lows, and stubborn pump prices that refuse to cooperate with political calendars.
#NVIDIA #chevron #strategic #petroleum
1 month ago
Chevron Corporation (NYSE:CVX) and TotalEnergies SE (NYSE:TTE) are making major moves in Sub-Saharan Africa, underscored by Chevron's August 17 announcement of a significant oil and gas condensate discovery in offshore Angola's Block 0. The 105-4X exploration well in the Lower Congo Basin encountered over 600 meters of column with 90 meters of net pay in the primary Pinda reservoir. Operated by Chevron's subsidiary CABGOC (39.2% interest) alongside Sonangol E&P, Azule Energy, and TotalEnergies, the ****** et will likely be tied back to nearby existing infrastructure for low-cost production. The discovery highlights Chevron's broader Sub-Saharan push, which generates ~300k boed net and includes recent additions in Nigeria, Guinea-Bissau, Equatorial Guinea, and Angola's Blocks 49, 50, 33, and 14/23, alongside the upcoming Nabba-1X well in Namibia.
Photo from Fervo Energy website
Looking at Q2 2026 financial metrics, both energy giants posted robust results, but Chevron outperformed TotalEnergies across absolute top- and bottom-line figures as well as capital efficiency.
Chevron Corporation (NYSE:CVX) generated $70.1 billion in revenue and reported net income of $12.1 billion ($6.11 per share), with adjusted earnings hitting $12.0 billion. Driven by record production of 4.07 million boed (up 20% year-over-year) and strong refining throughput, Chevron produced an impressive $22.6 billion in operating cash flow and $18.1 billion in free cash flow, delivering a return on capital employed (ROCE) of 21.4%.
TotalEnergies SE (NYSE:TTE) also delivered solid top-line cash generation but came in lower in net profitability. Leveraging higher commodity prices during the Middle East conflict, TotalEnergies generated $9.8 billion in cash flow and $6.0 billion in adjusted net income for Q2 2026, with oil and gas production averaging 2.395 Mboe/d. Its Exploration & Production unit posted $3.2 billion in adjusted net operating income and $5.8 billion in cash flow, while Downstream contributed $2.9 billion in cash flow and Integrated Power generated $700 million. Both energy majors maintain strong, identical balance-sheet leverage, with each firm posting a net debt gearing ratio of 13.1% at the close of Q2. Overall, Chevron leads in total profitability, cash flow generation, and return on capital, making it the stronger financial performer this quarter.
#cash #TotalEnergies #flow #well
Photo from Fervo Energy website
Looking at Q2 2026 financial metrics, both energy giants posted robust results, but Chevron outperformed TotalEnergies across absolute top- and bottom-line figures as well as capital efficiency.
Chevron Corporation (NYSE:CVX) generated $70.1 billion in revenue and reported net income of $12.1 billion ($6.11 per share), with adjusted earnings hitting $12.0 billion. Driven by record production of 4.07 million boed (up 20% year-over-year) and strong refining throughput, Chevron produced an impressive $22.6 billion in operating cash flow and $18.1 billion in free cash flow, delivering a return on capital employed (ROCE) of 21.4%.
TotalEnergies SE (NYSE:TTE) also delivered solid top-line cash generation but came in lower in net profitability. Leveraging higher commodity prices during the Middle East conflict, TotalEnergies generated $9.8 billion in cash flow and $6.0 billion in adjusted net income for Q2 2026, with oil and gas production averaging 2.395 Mboe/d. Its Exploration & Production unit posted $3.2 billion in adjusted net operating income and $5.8 billion in cash flow, while Downstream contributed $2.9 billion in cash flow and Integrated Power generated $700 million. Both energy majors maintain strong, identical balance-sheet leverage, with each firm posting a net debt gearing ratio of 13.1% at the close of Q2. Overall, Chevron leads in total profitability, cash flow generation, and return on capital, making it the stronger financial performer this quarter.
#cash #TotalEnergies #flow #well
1 month ago
Quarterbacks get all the attention these days, but the reality is that even Brady was throwing the ball to Randy Moss (and Rob Gronkowski), and Joe Montana would be the first to admit that his career benefited greatly from having Jerry Rice on the receiving end of his passes.
Receivers have never been better than they are today, and that's a big part of why we're in the golden era of quarterback play across the league. The surplus of talent in the league is so high that teams have found themselves with an embarrassment of riches at the league's most dynamic position. Here's a list of the top five wide receiver tandems heading into the season.
The Detroit Lions don't often get thought of as one of the league's premier passing attacks, but this duo has quietly helped quarterback Jared Goff become one of the most consistent passers in the league. St. Brown has been one of the most lethal options in the slot in the league, if not the most lethal option, and Williams can take the top off any defense.
Williams' route running and some of the finer, more technical aspects of his game could use some refining, but even if he never improved, and he almost certainly will, he and his running mate are plenty dangerous enough as is.
Jefferson had what could be classified as a down year under the oppression of the Vikings' 2025 quarterback room. And by oppression, we mean he finished the campaign with 84 catches for 1,048 yards and two touchdowns. Addison missed time last year due to disciplinary action, but still had a solid year, catching 42 passes for 610 yards and three scores.
#league #quarterback #lethal #running
Receivers have never been better than they are today, and that's a big part of why we're in the golden era of quarterback play across the league. The surplus of talent in the league is so high that teams have found themselves with an embarrassment of riches at the league's most dynamic position. Here's a list of the top five wide receiver tandems heading into the season.
The Detroit Lions don't often get thought of as one of the league's premier passing attacks, but this duo has quietly helped quarterback Jared Goff become one of the most consistent passers in the league. St. Brown has been one of the most lethal options in the slot in the league, if not the most lethal option, and Williams can take the top off any defense.
Williams' route running and some of the finer, more technical aspects of his game could use some refining, but even if he never improved, and he almost certainly will, he and his running mate are plenty dangerous enough as is.
Jefferson had what could be classified as a down year under the oppression of the Vikings' 2025 quarterback room. And by oppression, we mean he finished the campaign with 84 catches for 1,048 yards and two touchdowns. Addison missed time last year due to disciplinary action, but still had a solid year, catching 42 passes for 610 yards and three scores.
#league #quarterback #lethal #running
2 months ago
Diesel prices are still above $5, and Aaron Decker says the real problem is refining capacity — not crude oil.In this FreightWaves Today interview, Decker breaks down crack spreads, refinery outages, low distillate inventories and how the Russia-Ukraine conflict is still hitting diesel markets. For carriers, brokers and shippers, this is the fuel outlook that matters heading into Q3 and Q4.#DieselPrices #FuelSurcharge #FreightWaves
On-road diesel prices hit the high $5.60s this week, and the culprit is not crude oil — which has been hovering in the $80s — but a refining capacity crunch that has sent crack spreads above $100 per barrel, well beyond their typical $15–$25 range, said Aaron Decker, partner and chief executive officer of Multi-Service Fuel Card.
"It's not necessarily a crude issue or a crude crisis," Decker said. "We're not in a crude crisis, we're in a refining crisis." Ultra-low distillate inventories have fallen to levels not seen since the early 2000s, and even the late 1990s, he added — a signal he called "really troubling."
Several forces are compounding the supply squeeze. Ukrainian drone strikes have taken out Russian refineries that were previously helping backfill global shortfalls. U.S. Gulf Coast diesel exports are running elevated as domestic refiners supply shortage-stricken markets overseas, which simultaneously tightens American supply and consumes domestic refining capacity. Decker said a weekly government report tracking Hormuz tanker traffic, Russian refinery runs, and U.S. distillate inventories are the three indicators he watches most closely.
"I don't anticipate this getting better in the very near future. I anticipate, and I think the EIA agrees with that, they adjusted their forecast from where they were at the beginning of the year to how things stand now. And I would imagine we're north of $5 for the foreseeable future." — Aaron Decker, CEO, Multi-Service Fuel Card
#Diesel #aaron #refining #inventories
On-road diesel prices hit the high $5.60s this week, and the culprit is not crude oil — which has been hovering in the $80s — but a refining capacity crunch that has sent crack spreads above $100 per barrel, well beyond their typical $15–$25 range, said Aaron Decker, partner and chief executive officer of Multi-Service Fuel Card.
"It's not necessarily a crude issue or a crude crisis," Decker said. "We're not in a crude crisis, we're in a refining crisis." Ultra-low distillate inventories have fallen to levels not seen since the early 2000s, and even the late 1990s, he added — a signal he called "really troubling."
Several forces are compounding the supply squeeze. Ukrainian drone strikes have taken out Russian refineries that were previously helping backfill global shortfalls. U.S. Gulf Coast diesel exports are running elevated as domestic refiners supply shortage-stricken markets overseas, which simultaneously tightens American supply and consumes domestic refining capacity. Decker said a weekly government report tracking Hormuz tanker traffic, Russian refinery runs, and U.S. distillate inventories are the three indicators he watches most closely.
"I don't anticipate this getting better in the very near future. I anticipate, and I think the EIA agrees with that, they adjusted their forecast from where they were at the beginning of the year to how things stand now. And I would imagine we're north of $5 for the foreseeable future." — Aaron Decker, CEO, Multi-Service Fuel Card
#Diesel #aaron #refining #inventories
2 months ago
American Resources Corp (NASDAQ:AREC)'s ReElement Technologies Corporation has hired seven professionals to strengthen operational leadership at its Marion, Indiana rare earth and critical mineral refining campus.
The additions bring experience from the US Navy, large-scale continuous-process manufacturing, mining and process engineering, chemical engineering research, manufacturing workforce development and international commercial markets, the company said.
"The strength of any commercial operation ultimately comes down to the people behind it, and this group brings an exceptional combination of experience to ReElement," said Kirk Taylor, CFO of ReElement Technologies.
Bill Baken joins as Shift Operations Manager, bringing more than 20 years of experience in continuous-process manufacturing operations exceeding one million tons annually. Dee Cooper joins as Human Resources Manager to lead workforce recruiting at the Marion facility.
Jacob Miller, an Area Lead, brings more than 10 years of US Navy experience with the Nuclear Regional Maintenance Department. Vedat Ozsever joins as Marion Plant Engineering Manager with 20 years of process engineering experience in coal mining, having overseen operations in Kentucky and West Virginia ranging from 500 to 2,000 tons per hour.
#engineering
The additions bring experience from the US Navy, large-scale continuous-process manufacturing, mining and process engineering, chemical engineering research, manufacturing workforce development and international commercial markets, the company said.
"The strength of any commercial operation ultimately comes down to the people behind it, and this group brings an exceptional combination of experience to ReElement," said Kirk Taylor, CFO of ReElement Technologies.
Bill Baken joins as Shift Operations Manager, bringing more than 20 years of experience in continuous-process manufacturing operations exceeding one million tons annually. Dee Cooper joins as Human Resources Manager to lead workforce recruiting at the Marion facility.
Jacob Miller, an Area Lead, brings more than 10 years of US Navy experience with the Nuclear Regional Maintenance Department. Vedat Ozsever joins as Marion Plant Engineering Manager with 20 years of process engineering experience in coal mining, having overseen operations in Kentucky and West Virginia ranging from 500 to 2,000 tons per hour.
#engineering
