2 hours ago
When Luis Manuel Aviles was arrested by immigration authorities, his son was entering his ninth month on the USS Abraham Lincoln with the Navy — a vessel that set a U.S. military record for uninterrupted time at sea, stirring concerns about supply shortages and deteriorating mental health among soldiers.
Luis Manuel Aviles, 48, was arrested after leaving his house to take his car to the mechanic, according to his wife, Argelia Aviles. She said her husband, a handyman in Key West, Florida, has a permit to work in the United States. Originally from Nicaragua, he has lived in the U.S. for 19 years.
"He dedicates himself only to work so he can put food on the table at home. He is a good father. He loves his children with all his soul," said Argelia, 47.
Aviles' arrest comes as the Trump administration rolls back immigration protections for military families to pursue its mass deportation agenda, detaining at least dozens of parents and spouses of active-duty U.S. troops.
At least six family members have been deported and one self-deported, the AP found in the first accounting of such detentions, which the government does not track. One spouse, the wife of a U.S. soldier who spent more than a month in federal immigration detention, was removed from a deportation flight to Brazil after the AP's reporting.
#manuel #month
Luis Manuel Aviles, 48, was arrested after leaving his house to take his car to the mechanic, according to his wife, Argelia Aviles. She said her husband, a handyman in Key West, Florida, has a permit to work in the United States. Originally from Nicaragua, he has lived in the U.S. for 19 years.
"He dedicates himself only to work so he can put food on the table at home. He is a good father. He loves his children with all his soul," said Argelia, 47.
Aviles' arrest comes as the Trump administration rolls back immigration protections for military families to pursue its mass deportation agenda, detaining at least dozens of parents and spouses of active-duty U.S. troops.
At least six family members have been deported and one self-deported, the AP found in the first accounting of such detentions, which the government does not track. One spouse, the wife of a U.S. soldier who spent more than a month in federal immigration detention, was removed from a deportation flight to Brazil after the AP's reporting.
#manuel #month
2 hours ago
The U.S. military killed two people in a strike on an alleged drug-trafficking vessel in the Eastern Pacific, resuming a controversial campaign that has faced criticism from legal experts.
The Aug. 23 strike, part of a nearly year-long operation targeting alleged drug boats in the Caribbean and Eastern Pacific, was the first such attack in more than two month, according to independent conflict monitor ACLED.
The U.S. military's Southern Command said in a social media post that the strike targeted a "low-profile vessel" and that "intelligence revealed the vessel's active involvement in narco-trafficking," without providing evidence. SOUTHCOM described the two individuals who were killed as "narco-terrorists." The military released a video showing the strike and the vessel on fire.
"Let me be clear, we will not permit narco-terrorists to operate with impunity in the Western Hemisphere, nor will we allow their deadly poison to reach American communities," SOUTHCOM Commander Gen. Francis Donovan said in a statement.
More than 200 people have been killed in the military campaign, dubbed Operation Southern Spear, that began in September 2025 and has involved dozens of boat strikes.
#vessel
The Aug. 23 strike, part of a nearly year-long operation targeting alleged drug boats in the Caribbean and Eastern Pacific, was the first such attack in more than two month, according to independent conflict monitor ACLED.
The U.S. military's Southern Command said in a social media post that the strike targeted a "low-profile vessel" and that "intelligence revealed the vessel's active involvement in narco-trafficking," without providing evidence. SOUTHCOM described the two individuals who were killed as "narco-terrorists." The military released a video showing the strike and the vessel on fire.
"Let me be clear, we will not permit narco-terrorists to operate with impunity in the Western Hemisphere, nor will we allow their deadly poison to reach American communities," SOUTHCOM Commander Gen. Francis Donovan said in a statement.
More than 200 people have been killed in the military campaign, dubbed Operation Southern Spear, that began in September 2025 and has involved dozens of boat strikes.
#vessel
7 hours ago
By Nidhi Verma and Florence Tan
Aug 24 (Reuters) - Iran said it had blacklisted 45 tankers that had broken its rules for crossing the Strait of Hormuz, and would take action against any vessels transferring loads with them, escalating its threats over the key waterway six months into the war.
The named vessels could be fined, detained and have their cargoes confiscated, according to an X post late on Sunday from the Persian Gulf Strait Authority, a new body set up by Iran to manage the strait.
The warning was issued within days of the U.S. threatening Iran with "the toughest sanctions in history", and Iran saying its response to any new U.S. threats would be "devastating".
The restricted list includes very large crude carriers, liquefied natural gas and liquefied petroleum gas tankers, and clean product vessels, among others.
#vessels #reuters
Aug 24 (Reuters) - Iran said it had blacklisted 45 tankers that had broken its rules for crossing the Strait of Hormuz, and would take action against any vessels transferring loads with them, escalating its threats over the key waterway six months into the war.
The named vessels could be fined, detained and have their cargoes confiscated, according to an X post late on Sunday from the Persian Gulf Strait Authority, a new body set up by Iran to manage the strait.
The warning was issued within days of the U.S. threatening Iran with "the toughest sanctions in history", and Iran saying its response to any new U.S. threats would be "devastating".
The restricted list includes very large crude carriers, liquefied natural gas and liquefied petroleum gas tankers, and clean product vessels, among others.
#vessels #reuters
9 hours ago
MOSCOW, Aug 24 (Reuters) - The Kremlin said on Monday that measures were being taken to minimise the impact of Ukrainian strikes on Russia's grain exports as global wheat importers brace for tighter supplies amid attacks on Black Sea grain infrastructure.
Tit-for-tat attacks by Russia and Ukraine, both major grain exporters, on ports and vessels in recent weeks have shuttered grain terminals and forced shippers to delay or cancel loadings for dozens of cargoes during the peak export season.
"Measures have been identified and will be further developed, ensuring that all grain intended for export is shipped on time and in full," Kremlin spokesman Dmitry Peskov told reporters.
President Vladimir Putin acknowledged last week that Russia was experiencing problems with its agricultural exports, but said it would resolve them. The Kremlin chief also pledged that there would be no shortages on global markets.
Russia would have about 60 million tons of grain for export in the current season, Putin estimated. Russian grain exports are expected to pick up to 2.2 million metric tons in August from 1.95 million in July, the Sovecon consultancy said.
#kremlin #Russia
Tit-for-tat attacks by Russia and Ukraine, both major grain exporters, on ports and vessels in recent weeks have shuttered grain terminals and forced shippers to delay or cancel loadings for dozens of cargoes during the peak export season.
"Measures have been identified and will be further developed, ensuring that all grain intended for export is shipped on time and in full," Kremlin spokesman Dmitry Peskov told reporters.
President Vladimir Putin acknowledged last week that Russia was experiencing problems with its agricultural exports, but said it would resolve them. The Kremlin chief also pledged that there would be no shortages on global markets.
Russia would have about 60 million tons of grain for export in the current season, Putin estimated. Russian grain exports are expected to pick up to 2.2 million metric tons in August from 1.95 million in July, the Sovecon consultancy said.
#kremlin #Russia
20 hours ago
When Luis Manuel Aviles was arrested by immigration authorities, his son was entering his ninth month on the USS Abraham Lincoln with the Navy — a vessel that set a U.S. military record for uninterrupted time at sea, stirring concerns about supply shortages and deteriorating mental health among soldiers.
Luis Manuel Aviles, 48, was arrested after leaving his house to take his car to the mechanic, according to his wife, Argelia Aviles. She said her husband, a handyman in Key West, Florida, has a permit to work in the United States. Originally from Nicaragua, he has lived in the U.S. for 19 years.
"He dedicates himself only to work so he can put food on the table at home. He is a good father. He loves his children with all his soul," said Argelia, 47.
Aviles' arrest comes as the Trump administration rolls back immigration protections for military families to pursue its mass deportation agenda, detaining at least dozens of parents and spouses of active-duty U.S. troops.
At least six family members have been deported and one self-deported, the AP found in the first accounting of such detentions, which the government does not track. One spouse, the wife of a U.S. soldier who spent more than a month in federal immigration detention, was removed from a deportation flight to Brazil after the AP's reporting.
#arrested #month
Luis Manuel Aviles, 48, was arrested after leaving his house to take his car to the mechanic, according to his wife, Argelia Aviles. She said her husband, a handyman in Key West, Florida, has a permit to work in the United States. Originally from Nicaragua, he has lived in the U.S. for 19 years.
"He dedicates himself only to work so he can put food on the table at home. He is a good father. He loves his children with all his soul," said Argelia, 47.
Aviles' arrest comes as the Trump administration rolls back immigration protections for military families to pursue its mass deportation agenda, detaining at least dozens of parents and spouses of active-duty U.S. troops.
At least six family members have been deported and one self-deported, the AP found in the first accounting of such detentions, which the government does not track. One spouse, the wife of a U.S. soldier who spent more than a month in federal immigration detention, was removed from a deportation flight to Brazil after the AP's reporting.
#arrested #month
22 hours ago
The new head of Iran's top security body warned Sunday that Tehran will see any country's support for new U.S. economic measures against the Islamic Republic as an "act of war," while Iran's president defended a memorandum of understanding with the United States as the best way out of the stalled conflict.
Treasury Secretary Scott Bessent on Monday is expected to announce the new measures after the U.S. vowed to impose an "unprecedented" level of economic warfare and isolation on a country that has lived for decades under sanctions. Also Monday, Pakistan's army chief is expected to visit Iran as mediators try to revive talks.
Meanwhile, attacks calmed on the Strait of Hormuz but posturing did not, as a recently created Iranian authority listed dozens of vessels it said will face restrictions on future transits.
Here's a look at the latest developments in the Iran war and the wider Middle East on Sunday. Full coverage can be found here.
The hard-line leader of Iran's Supreme National Security Council, Mohsen Rezaei, issued his latest warning on X, with the comments quickly shared by Iranian state media.
#iranian #security #expected
Treasury Secretary Scott Bessent on Monday is expected to announce the new measures after the U.S. vowed to impose an "unprecedented" level of economic warfare and isolation on a country that has lived for decades under sanctions. Also Monday, Pakistan's army chief is expected to visit Iran as mediators try to revive talks.
Meanwhile, attacks calmed on the Strait of Hormuz but posturing did not, as a recently created Iranian authority listed dozens of vessels it said will face restrictions on future transits.
Here's a look at the latest developments in the Iran war and the wider Middle East on Sunday. Full coverage can be found here.
The hard-line leader of Iran's Supreme National Security Council, Mohsen Rezaei, issued his latest warning on X, with the comments quickly shared by Iranian state media.
#iranian #security #expected
2 days ago
A "near miss" between a passenger ship and a cruise ship tender took place last weekend, Guernsey Ports has said.
Harbour master James Way said a tender had departed despite red signals being in place on Sunday at about 17:00 BST.
Tender 14 from the cruise ship AIDAsol crossed in front of the San Pawl ferry, which carries up to 310 foot passengers between Guernsey and Jersey.
Way said while the boats had passed each other "at relatively close range", there had been "no immediate danger or impact on passenger or vessel safety" and the incident has been discussed with the cruise operator.
More news stories for Guernsey
#harbour
Harbour master James Way said a tender had departed despite red signals being in place on Sunday at about 17:00 BST.
Tender 14 from the cruise ship AIDAsol crossed in front of the San Pawl ferry, which carries up to 310 foot passengers between Guernsey and Jersey.
Way said while the boats had passed each other "at relatively close range", there had been "no immediate danger or impact on passenger or vessel safety" and the incident has been discussed with the cruise operator.
More news stories for Guernsey
#harbour
2 days ago
Aug 22 (Reuters) - Iran has granted permission for a number of Iraqi oil tankers to pass through the Strait of Hormuz following repeated requests from Baghdad through various channels, Iran's state news agency IRNA reported on Saturday.
IRNA said obtaining special permission for Iraqi tankers was one of Baghdad's main requests during Iranian parliament speaker Mohammad Baqer Qalibaf's visit to Iraq.
Iraqi President Nizar Amedi said on Saturday that Iran had facilitated the passage of vessels carrying Iraqi oil through the Strait in recent days and Baghdad had discussed the export of Iraqi oil through Hormuz with Iranian officials.
The issue remained complicated, he added, speaking at the Baghdad Dialogue policy conference.
Iraq has been among the countries most affected by Iran's effective closure of the Strait of Hormuz. Traffic in the strait remains significantly below pre-war levels and ships continue to face attacks in the area.
#saturday
IRNA said obtaining special permission for Iraqi tankers was one of Baghdad's main requests during Iranian parliament speaker Mohammad Baqer Qalibaf's visit to Iraq.
Iraqi President Nizar Amedi said on Saturday that Iran had facilitated the passage of vessels carrying Iraqi oil through the Strait in recent days and Baghdad had discussed the export of Iraqi oil through Hormuz with Iranian officials.
The issue remained complicated, he added, speaking at the Baghdad Dialogue policy conference.
Iraq has been among the countries most affected by Iran's effective closure of the Strait of Hormuz. Traffic in the strait remains significantly below pre-war levels and ships continue to face attacks in the area.
#saturday
3 days ago
On August 13, Golar LNG (NASDAQ:GLNG) used its second-quarter earnings call to announce a fourth floating LNG unit, an order signed just hours before the call began. The Mark II vessel will be built at CIMC Raffles Shipyard in China and delivered within 2029, making it the earliest available liquefaction capacity anywhere in the world. Combined with an EBITDA backlog of $17 billion already locked in through Hilli, Gimi, and the FLNG Esperanza, the announcement reframes Golar as a company still adding capacity rather than one just running out its existing fleet.
The new order lifts Golar's controlled liquefaction capacity by 41%, from 8.6 million tonnes to more than 12 million tonnes once fully delivered. Management said that if the unit is chartered on terms similar to last year's Esperanza deal, annual earnings capacity could rise 50%, pushing run-rate EBITDA past $1.2 billion by 2030. That confidence rests on a shipyard bottleneck.
Samsung, the industry's biggest builder, isn't expected to have open capacity until 2031, and Wison in China is on track to book its next two large units, leaving it committed well into the next decade. Seatrium and CIMC, the only two yards actively converting FLNG units right now, have built exclusively for Golar. The operating record backs up the growth pitch. Hilli finished its eight-year Cameroon contract with 100% economic uptime and 156 cargoes delivered, Gimi produced 15% above its contracted volume in the quarter, and the Esperanza conversion is 74% complete and still on budget. Commodity-linked income is already showing up in the numbers: Hilli's contribution jumped to $37 million in the quarter from $10 million in the first quarter, helping push EBITDA up 20% sequentially to $127 million.
Growth at this pace isn't free. The CapEx budget for the fourth FLNG unit came in around $2.45 billion, roughly 10% above the $2.2 billion spent on Esperanza, a jump management tied to inflation in long-lead equipment like turbines and dual-fuel engines, parts now being bid up by AI data center and aircraft manufacturers too. That new unit also has no charter yet, so the 50% earnings boost management is pointing to is a target, not a locked-in number.
Meanwhile, Golar is still equity funding Esperanza, having put in $1.3 billion of its $2.2 billion budget, while carrying net interest-bearing debt of about $1.8 billion. Executives are counting on refinancing Hilli and locking in long-term financing for Esperanza to free up roughly $2.3 billion in liquidity, transactions that are still in progress rather than done. The commodity exposure that flatters earnings when LNG prices are high works the same way in reverse. Management's own sensitivity table shows EBITDA falling back toward $1.2 billion if prices settle near $8 per million BTU, well below the $1.9 billion implied by today's $15 forward price. And the disruption at Qatar's Ras Laffan facility, which knocked out an estimated 17 million tonnes of capacity for three
The new order lifts Golar's controlled liquefaction capacity by 41%, from 8.6 million tonnes to more than 12 million tonnes once fully delivered. Management said that if the unit is chartered on terms similar to last year's Esperanza deal, annual earnings capacity could rise 50%, pushing run-rate EBITDA past $1.2 billion by 2030. That confidence rests on a shipyard bottleneck.
Samsung, the industry's biggest builder, isn't expected to have open capacity until 2031, and Wison in China is on track to book its next two large units, leaving it committed well into the next decade. Seatrium and CIMC, the only two yards actively converting FLNG units right now, have built exclusively for Golar. The operating record backs up the growth pitch. Hilli finished its eight-year Cameroon contract with 100% economic uptime and 156 cargoes delivered, Gimi produced 15% above its contracted volume in the quarter, and the Esperanza conversion is 74% complete and still on budget. Commodity-linked income is already showing up in the numbers: Hilli's contribution jumped to $37 million in the quarter from $10 million in the first quarter, helping push EBITDA up 20% sequentially to $127 million.
Growth at this pace isn't free. The CapEx budget for the fourth FLNG unit came in around $2.45 billion, roughly 10% above the $2.2 billion spent on Esperanza, a jump management tied to inflation in long-lead equipment like turbines and dual-fuel engines, parts now being bid up by AI data center and aircraft manufacturers too. That new unit also has no charter yet, so the 50% earnings boost management is pointing to is a target, not a locked-in number.
Meanwhile, Golar is still equity funding Esperanza, having put in $1.3 billion of its $2.2 billion budget, while carrying net interest-bearing debt of about $1.8 billion. Executives are counting on refinancing Hilli and locking in long-term financing for Esperanza to free up roughly $2.3 billion in liquidity, transactions that are still in progress rather than done. The commodity exposure that flatters earnings when LNG prices are high works the same way in reverse. Management's own sensitivity table shows EBITDA falling back toward $1.2 billion if prices settle near $8 per million BTU, well below the $1.9 billion implied by today's $15 forward price. And the disruption at Qatar's Ras Laffan facility, which knocked out an estimated 17 million tonnes of capacity for three
3 days ago
By Siyi Liu and Chen Aizhu
SINGAPORE, Aug 21 (Reuters) - Offers of Iranian crude to Chinese buyers have declined and prices have jumped this week as the U.S. blockade has cut Tehran's shipments, according to trade sources, with the threat of more sanctions from Washington looming.
The U.S. re-imposed its blockade of Iran's shipping and ports on July 13 as a deal to halt the war between them broke down in an attempt to cut off oil sales — Tehran's primary source of hard currency — compounding earlier losses from wartime strikes on its energy infrastructure.
The number of offers for Iranian oil cargoes to China for September and October delivery has declined from July and August cargoes, four trade sources familiar with the matter said. The offers have declined as barrels already in ships on the water have been sold, they said.
Iran's oil exports have fallen since mid-July, with no visible crossings of the Strait of Hormuz by supertankers carrying Iranian crude since then, according to data from ship-tracking company Kpler, although many vessels turn off their location transponders, making them difficult to track.
#iranian #blockade #according #trade
SINGAPORE, Aug 21 (Reuters) - Offers of Iranian crude to Chinese buyers have declined and prices have jumped this week as the U.S. blockade has cut Tehran's shipments, according to trade sources, with the threat of more sanctions from Washington looming.
The U.S. re-imposed its blockade of Iran's shipping and ports on July 13 as a deal to halt the war between them broke down in an attempt to cut off oil sales — Tehran's primary source of hard currency — compounding earlier losses from wartime strikes on its energy infrastructure.
The number of offers for Iranian oil cargoes to China for September and October delivery has declined from July and August cargoes, four trade sources familiar with the matter said. The offers have declined as barrels already in ships on the water have been sold, they said.
Iran's oil exports have fallen since mid-July, with no visible crossings of the Strait of Hormuz by supertankers carrying Iranian crude since then, according to data from ship-tracking company Kpler, although many vessels turn off their location transponders, making them difficult to track.
#iranian #blockade #according #trade
4 days ago
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Revenue growth of 16.5% was primarily driven by a 10.9% increase in capacity PCDs following the addition of seven river vessels and two ocean ships.
Management attributes long-term margin expansion to a 'young fleet' strategy and identical ship designs, which simplify crew training, maintenance, and inventory management while maintaining consistent yields across itineraries.
Historically low water levels on the Danube and Rhine rivers created industry-wide challenges, but management utilized ship-swap capabilities and deployment flexibility to avoid cancellations.
The company is proactively issuing future cruise vouchers to affected guests to preserve brand loyalty, viewing this as a long-term investment despite the resulting financial impact in 2027 and 2028.
#management #revenue #pcds #danube
Revenue growth of 16.5% was primarily driven by a 10.9% increase in capacity PCDs following the addition of seven river vessels and two ocean ships.
Management attributes long-term margin expansion to a 'young fleet' strategy and identical ship designs, which simplify crew training, maintenance, and inventory management while maintaining consistent yields across itineraries.
Historically low water levels on the Danube and Rhine rivers created industry-wide challenges, but management utilized ship-swap capabilities and deployment flexibility to avoid cancellations.
The company is proactively issuing future cruise vouchers to affected guests to preserve brand loyalty, viewing this as a long-term investment despite the resulting financial impact in 2027 and 2028.
#management #revenue #pcds #danube
4 days ago
NEW YORK (AP) — The pilot of a speedboat that capsized during a tour around the Statue of Liberty, drowning an infant and her mother, has been arrested by U.S. immigration authorities who say he was in the country illegally.
Manuel Ernesto Hernandez-Umana, who has a pending federal criminal case in connection with the Aug. 8 crash, lied to a border officer and falsely claimed he was a U.S. citizen when he entered the country in Texas in 2007, the Department of Homeland Security said Wednesday.
Hernandez-Umana, 46, a citizen of El Salvador, is being held at a U.S. Immigration and Customs Enforcement detention facility in Elizabeth, New Jersey, according to online records. Homeland Security Secretary Markwayne Mullin said he will eventually be deported.
Immigration authorities arrested him after he was released on bail in his criminal case, where he is charged with causing the deaths of 5-month old Antonella Garcia and 27-year-old Sara Sanchez through misconduct or neglect.
According to prosecutors, Hernandez-Umana wasn't licensed by the U.S. Coast Guard, wasn't aware of basic safety rules and told investigators he'd borrowed his friend's personal vessel for the New York Harbor excursion. The boat was illegally chartered and overcrowded, prosecutors said.
#arrested
Manuel Ernesto Hernandez-Umana, who has a pending federal criminal case in connection with the Aug. 8 crash, lied to a border officer and falsely claimed he was a U.S. citizen when he entered the country in Texas in 2007, the Department of Homeland Security said Wednesday.
Hernandez-Umana, 46, a citizen of El Salvador, is being held at a U.S. Immigration and Customs Enforcement detention facility in Elizabeth, New Jersey, according to online records. Homeland Security Secretary Markwayne Mullin said he will eventually be deported.
Immigration authorities arrested him after he was released on bail in his criminal case, where he is charged with causing the deaths of 5-month old Antonella Garcia and 27-year-old Sara Sanchez through misconduct or neglect.
According to prosecutors, Hernandez-Umana wasn't licensed by the U.S. Coast Guard, wasn't aware of basic safety rules and told investigators he'd borrowed his friend's personal vessel for the New York Harbor excursion. The boat was illegally chartered and overcrowded, prosecutors said.
#arrested
4 days ago
Our **** ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
The wars in Iran and Ukraine are turning into a money-making opportunity for Indian and U.S. oil refiners as traditional global supply chains get jammed up. These refiners are running near capacity and subbing for Russian and Gulf oil in Asia, Europe and Latin America. In exchange, they're minting billions of dollars in export income.
Washington and New Delhi might have their own squabbles over oil, but that's not stopping either from sitting on an export windfall worth billions of dollars, mostly from selling heating oil and diesel.
U.S. refiners exported diesel and heating oil at a record 1.9 million barrels per day in the week ending August 7. Also, jet fuel exports of 443,000 bpd were just below May's record of 455,000 bpd.
Brazil, historically a top buyer of Russian diesel, imported 196,000 bpd of U.S. diesel last month, more than double June's volume, after Moscow extended its fuel-export ban to January 2027, according to Kpler vessel-tracking data.
#refiners #dollars #record #fuel
The wars in Iran and Ukraine are turning into a money-making opportunity for Indian and U.S. oil refiners as traditional global supply chains get jammed up. These refiners are running near capacity and subbing for Russian and Gulf oil in Asia, Europe and Latin America. In exchange, they're minting billions of dollars in export income.
Washington and New Delhi might have their own squabbles over oil, but that's not stopping either from sitting on an export windfall worth billions of dollars, mostly from selling heating oil and diesel.
U.S. refiners exported diesel and heating oil at a record 1.9 million barrels per day in the week ending August 7. Also, jet fuel exports of 443,000 bpd were just below May's record of 455,000 bpd.
Brazil, historically a top buyer of Russian diesel, imported 196,000 bpd of U.S. diesel last month, more than double June's volume, after Moscow extended its fuel-export ban to January 2027, according to Kpler vessel-tracking data.
#refiners #dollars #record #fuel
4 days ago
Our ******* ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
The wars in Iran and Ukraine are turning into a money-making opportunity for Indian and U.S. oil refiners as traditional global supply chains get jammed up. These refiners are running near capacity and subbing for Russian and Gulf oil in Asia, Europe and Latin America. In exchange, they're minting billions of dollars in export income.
Washington and New Delhi might have their own squabbles over oil, but that's not stopping either from sitting on an export windfall worth billions of dollars, mostly from selling heating oil and diesel.
U.S. refiners exported diesel and heating oil at a record 1.9 million barrels per day in the week ending August 7. Also, jet fuel exports of 443,000 bpd were just below May's record of 455,000 bpd.
Brazil, historically a top buyer of Russian diesel, imported 196,000 bpd of U.S. diesel last month, more than double June's volume, after Moscow extended its fuel-export ban to January 2027, according to Kpler vessel-tracking data.
#Diesel #refiners #export #russian
The wars in Iran and Ukraine are turning into a money-making opportunity for Indian and U.S. oil refiners as traditional global supply chains get jammed up. These refiners are running near capacity and subbing for Russian and Gulf oil in Asia, Europe and Latin America. In exchange, they're minting billions of dollars in export income.
Washington and New Delhi might have their own squabbles over oil, but that's not stopping either from sitting on an export windfall worth billions of dollars, mostly from selling heating oil and diesel.
U.S. refiners exported diesel and heating oil at a record 1.9 million barrels per day in the week ending August 7. Also, jet fuel exports of 443,000 bpd were just below May's record of 455,000 bpd.
Brazil, historically a top buyer of Russian diesel, imported 196,000 bpd of U.S. diesel last month, more than double June's volume, after Moscow extended its fuel-export ban to January 2027, according to Kpler vessel-tracking data.
#Diesel #refiners #export #russian
5 days ago
Gulf oil producers are finding new ways around the Strait of Hormuz, but bypassing the world's biggest oil chokepoint creates new risks.
VLCC Rates Go Ballistic as Hormuz Turns Into a Freight Jackpot
- VLCC prices are ballooning out of control (once again), pushing ***** sed earnings for a Middle East-to-China voyage beyond $500,000 per day as the flow of vessels moving out of the Gulf trickled down to a mere couple per day.
- Amidst news that Saudi Aramco resumed crude loadings at its key Ras Tanura export terminal, VLCC fixing costs for inside-Hormuz cargoes jumped to a whopping $31 million per voyage, as seen this week with the Mongolia Prosperity supertanker.
- Saudi Aramco loaded at least three VLCCs (Malaysia Prosperity, Algeria Prosperity and Singapore Prosperity) in the Gulf last week, all owned by Sinokor, offering them to Asian buyers via ship-to-ship transfers off Fujairah in the UAE on a prompt basis.
#prosperity #ship
VLCC Rates Go Ballistic as Hormuz Turns Into a Freight Jackpot
- VLCC prices are ballooning out of control (once again), pushing ***** sed earnings for a Middle East-to-China voyage beyond $500,000 per day as the flow of vessels moving out of the Gulf trickled down to a mere couple per day.
- Amidst news that Saudi Aramco resumed crude loadings at its key Ras Tanura export terminal, VLCC fixing costs for inside-Hormuz cargoes jumped to a whopping $31 million per voyage, as seen this week with the Mongolia Prosperity supertanker.
- Saudi Aramco loaded at least three VLCCs (Malaysia Prosperity, Algeria Prosperity and Singapore Prosperity) in the Gulf last week, all owned by Sinokor, offering them to Asian buyers via ship-to-ship transfers off Fujairah in the UAE on a prompt basis.
#prosperity #ship
6 days ago
ExxonMobil (NYSE: XOM) technically missed Wall Street's expectations for the second quarter. Adjusted earnings came in at $3.52 per share, just below the consensus estimate of $3.60. That was enough to trigger a negative reaction. But focusing only on the earnings miss overlooks what was arguably one of ExxonMobil's strongest operating quarters in years.
The company reported $14.5 billion in earnings and $14.7 billion in adjusted earnings, its highest quarterly earnings in roughly four years. ExxonMobil also generated $23.6 billion in cash flow from operations and $17.2 billion in free cash flow, giving it plenty of room to continue investing in growth while returning cash to shareholders.
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Perhaps the most encouraging numbers weren't on the income statement at all. Exxon delivered its highest upstream production in more than two decades, excluding temporary Middle East disruptions. Production in the Permian Basin reached a record 1.8 million barrels of oil equivalent per day, while the company's fifth floating production vessel for Guyana is scheduled to begin operations in the fourth quarter, adding another 250,000 barrels per day of production capacity.
The downstream business also performed well. Exxon reported record diesel production, helping offset refinery maintenance earlier in the year. Chemical products earned $1.13 billion, while the Energy Products segment rebounded sharply to $5.47 billion after posting a loss during the previous quarter.
#billion #production #cash
The company reported $14.5 billion in earnings and $14.7 billion in adjusted earnings, its highest quarterly earnings in roughly four years. ExxonMobil also generated $23.6 billion in cash flow from operations and $17.2 billion in free cash flow, giving it plenty of room to continue investing in growth while returning cash to shareholders.
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Perhaps the most encouraging numbers weren't on the income statement at all. Exxon delivered its highest upstream production in more than two decades, excluding temporary Middle East disruptions. Production in the Permian Basin reached a record 1.8 million barrels of oil equivalent per day, while the company's fifth floating production vessel for Guyana is scheduled to begin operations in the fourth quarter, adding another 250,000 barrels per day of production capacity.
The downstream business also performed well. Exxon reported record diesel production, helping offset refinery maintenance earlier in the year. Chemical products earned $1.13 billion, while the Energy Products segment rebounded sharply to $5.47 billion after posting a loss during the previous quarter.
#billion #production #cash
6 days ago
The dollar index (DXY00) fell to a 2.25-month low today and is down by -0.18%. The dollar extended last week's losses today after a raft of weaker-than-expected US economic news dialed back expectations of tighter Fed policy. The chance of a Fed rate hike next month has dropped to 31% from about 75% in late July.
The dollar is also being undercut by reduced safe-haven demand as President Trump appears to have given up on plans for any new major military attack on Iran for the time being, favoring economic pressure instead. Treasury Secretary Bessent said last Friday that the administration will soon announce unprecedented economic measures against Iran that "have never been seen in the history of economic isolation of a country." Yet, the military conflict continues as there were reports that Iran attacked two Abu Dhabi oil vessels in the Strait of Hormuz on Thursday night.
Silver Price Predictions: Why Citi **** ysts See Silver Prices Soaring to $90 Soon
Reduced Fed Rate Hike Expectations Undercut the Dollar
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#economic #Iran #silver #soon
The dollar is also being undercut by reduced safe-haven demand as President Trump appears to have given up on plans for any new major military attack on Iran for the time being, favoring economic pressure instead. Treasury Secretary Bessent said last Friday that the administration will soon announce unprecedented economic measures against Iran that "have never been seen in the history of economic isolation of a country." Yet, the military conflict continues as there were reports that Iran attacked two Abu Dhabi oil vessels in the Strait of Hormuz on Thursday night.
Silver Price Predictions: Why Citi **** ysts See Silver Prices Soaring to $90 Soon
Reduced Fed Rate Hike Expectations Undercut the Dollar
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#economic #Iran #silver #soon
7 days ago
Argentina LNG, the liquefied natural gas project backed by YPF, Eni and Abu Dhabi-based XRG, has applied for inclusion in Argentina's Large Investment Incentive Regime, or RIGI, as the partners work toward a final investment decision by the end of 2026.
The proposed integrated development would connect natural gas production from Argentina's Vaca Muerta shale formation with processing, transportation and LNG export infrastructure. The project calls for two floating LNG vessels offshore Río Negro province with combined liquefaction capacity of 12 million tonnes per year.
YPF said in a separate project announcement that total spending over the life of Argentina LNG could reach $51 billion, making it the largest project submitted under the RIGI framework to date. The company expects the two floating LNG units to begin operations around 2031.
RIGI was established to encourage large-scale investments in Argentina by providing qualifying projects with long-term fiscal, customs and foreign-exchange benefits and greater regulatory stability. For Argentina LNG, securing those terms would help underpin the financing of a capital-intensive project intended largely for export markets.
The application follows several steps by the partners to deepen their involvement in the project. YPF, Eni and XRG signed a binding joint development agreement in February to advance engineering, commercial and financing work for the 12-million-tonne-per-year development.
#project #rigi #export
The proposed integrated development would connect natural gas production from Argentina's Vaca Muerta shale formation with processing, transportation and LNG export infrastructure. The project calls for two floating LNG vessels offshore Río Negro province with combined liquefaction capacity of 12 million tonnes per year.
YPF said in a separate project announcement that total spending over the life of Argentina LNG could reach $51 billion, making it the largest project submitted under the RIGI framework to date. The company expects the two floating LNG units to begin operations around 2031.
RIGI was established to encourage large-scale investments in Argentina by providing qualifying projects with long-term fiscal, customs and foreign-exchange benefits and greater regulatory stability. For Argentina LNG, securing those terms would help underpin the financing of a capital-intensive project intended largely for export markets.
The application follows several steps by the partners to deepen their involvement in the project. YPF, Eni and XRG signed a binding joint development agreement in February to advance engineering, commercial and financing work for the 12-million-tonne-per-year development.
#project #rigi #export
8 days ago
Retired Adm. Mike Mullen, the former chair of the Joint Chiefs of Staff, said Sunday the truth about the reported mental health concerns among service members on board the USS Abraham Lincoln is likely "somewhere in the middle."
During an interview on ABC News's "This Week," Mullen said he had "great concern" about conditions on the ship, which multiple outlets have reported.
"I know the commanding officer, in particular the commanding officer of the Lincoln, is working these issues hard," Mullen told host Martha Raddatz, referring to Capt. Daniel Keeler. "And I also believe the truth probably lies somewhere in the middle."
The USS Lincoln, with about 5,000 sailors and Marines on board, has been deployed since Nov. 21 — with the Navy extending the vessel's deployment in support of the U.S. war with Iran.
Acting Navy Secretary Hung Cao announced earlier this week the Lincoln "will return home soon" to San Diego as part of a "planned rotation," with the USS George Washington set to take the former carrier's place in the U.S. Central Command theater.
#lincoln #navy #week #board
During an interview on ABC News's "This Week," Mullen said he had "great concern" about conditions on the ship, which multiple outlets have reported.
"I know the commanding officer, in particular the commanding officer of the Lincoln, is working these issues hard," Mullen told host Martha Raddatz, referring to Capt. Daniel Keeler. "And I also believe the truth probably lies somewhere in the middle."
The USS Lincoln, with about 5,000 sailors and Marines on board, has been deployed since Nov. 21 — with the Navy extending the vessel's deployment in support of the U.S. war with Iran.
Acting Navy Secretary Hung Cao announced earlier this week the Lincoln "will return home soon" to San Diego as part of a "planned rotation," with the USS George Washington set to take the former carrier's place in the U.S. Central Command theater.
#lincoln #navy #week #board
8 days ago
By Pavel Polityuk and Felix Light
Aug 16 (Reuters) - Russia carried out a wave of airstrikes on Ukraine overnight, killing two people at a steel plant, and Kyiv launched a heavy drone attack on the Moscow region that killed one person and set ablaze a warehouse used by Russia's leading e-commerce retailer.
Romania, which borders Ukraine, said an F-18 fighter on a NATO air policing mission had shot down a drone that breached its airspace during the latest attacks. It did not specify the origin of the drone, which entered from Moldova, but a NATO spokesperson said it appeared to be Russian.
Russia struck Ukraine's largest grain export port on the River Danube near the Romanian border last week after stepping up attacks on Ukraine in recent weeks. Ukraine has also intensified attacks on Russian targets including oil refineries, and both sides have struck commercial vessels in the Black Sea.
In the latest attacks since Russia's invasion of Ukraine in February 2022, Russian forces struck Ukraine's biggest steel plant overnight in the industrial city of Kryvyi Rih, President Volodymyr Zelenskiy's home town.
#russian
Aug 16 (Reuters) - Russia carried out a wave of airstrikes on Ukraine overnight, killing two people at a steel plant, and Kyiv launched a heavy drone attack on the Moscow region that killed one person and set ablaze a warehouse used by Russia's leading e-commerce retailer.
Romania, which borders Ukraine, said an F-18 fighter on a NATO air policing mission had shot down a drone that breached its airspace during the latest attacks. It did not specify the origin of the drone, which entered from Moldova, but a NATO spokesperson said it appeared to be Russian.
Russia struck Ukraine's largest grain export port on the River Danube near the Romanian border last week after stepping up attacks on Ukraine in recent weeks. Ukraine has also intensified attacks on Russian targets including oil refineries, and both sides have struck commercial vessels in the Black Sea.
In the latest attacks since Russia's invasion of Ukraine in February 2022, Russian forces struck Ukraine's biggest steel plant overnight in the industrial city of Kryvyi Rih, President Volodymyr Zelenskiy's home town.
#russian
10 days ago
SEOUL, Aug 14 (Reuters) - TerraPower and South Korea's SK Innovation signed on Friday a preliminary global agreement on small modular reactors (SMRs), Seoul's Industry Ministry said, opening a path for the SK Group affiliate to participate in the U.S. company's projects at home and abroad.
The agreement was signed at a meeting in Seoul between TerraPower co-founder Bill Gates, SK Group Chairman Chey Tae-won and Industry Minister Kim Jung-kwan, the ministry said.
The deal gives SK Innovation, the parent of South Korea's largest oil refiner, an opportunity to take part in development of TerraPower's SMR projects in the United States and overseas, the ministry said. It did not disclose financial terms or the scope of any investment.
TerraPower, backed by Gates, is developing its sodium-cooled Natrium reactor project in Kemmerer, Wyoming. The company received a construction permit from the U.S. Nuclear Regulatory Commission in March and is targeting commercial operation in 2031, the ministry said.
South Korea's Doosan Enerbility said on Friday it won a contract from TerraPower to manufacture key components for the reactor, including the reactor vessel, support structures and internal structures, without disclosing the value of the deal.
#ministry #south #innovation #gates
The agreement was signed at a meeting in Seoul between TerraPower co-founder Bill Gates, SK Group Chairman Chey Tae-won and Industry Minister Kim Jung-kwan, the ministry said.
The deal gives SK Innovation, the parent of South Korea's largest oil refiner, an opportunity to take part in development of TerraPower's SMR projects in the United States and overseas, the ministry said. It did not disclose financial terms or the scope of any investment.
TerraPower, backed by Gates, is developing its sodium-cooled Natrium reactor project in Kemmerer, Wyoming. The company received a construction permit from the U.S. Nuclear Regulatory Commission in March and is targeting commercial operation in 2031, the ministry said.
South Korea's Doosan Enerbility said on Friday it won a contract from TerraPower to manufacture key components for the reactor, including the reactor vessel, support structures and internal structures, without disclosing the value of the deal.
#ministry #south #innovation #gates
10 days ago
Yang Ming Marine Transport's first-half 2026 results show a substantial recovery in earnings as tariff-driven front-loading, a stronger early peak season and higher freight rates lifted second-quarter performance.
The Taiwan company (2609.TW) nevertheless expects the balance of the year to be shaped by trade-policy uncertainty, geopolitical disruption and the continuing risk of excess vessel supply.
For the first half of 2026, the ninth-largest liner reported consolidated revenue of US$2.62 billion, while the second quarter outperformed both the first quarter and the year-earlier period. The carrier attributed the improvement principally to an early peak season, stronger cargo demand and firmer freight rates, with tariff uncertainty prompting cargo owners to advance shipments.
The result represents a marked improvement from the company's first-quarter baseline. In Q1, Yang Ming recorded revenue of $1.2 billion, after-tax profit of $44.7 million and earnings per share of $0.013. At that point, the company cited softer freight rates than a year earlier and vessel-deployment effects linked to Middle East geopolitics.
The first-half rebound also follows a more difficult 2025, when Yang Ming's full-year revenue fell to $5.07 billion, and after-tax profit declined to $530.3 million, or $0.15 per share. Still, 2025 marked its sixth consecutive profitable year, underlining the carrier's ability to remain profitable despite a less favorable rate environment and substantial network disruption.
#quarter #half #ming
The Taiwan company (2609.TW) nevertheless expects the balance of the year to be shaped by trade-policy uncertainty, geopolitical disruption and the continuing risk of excess vessel supply.
For the first half of 2026, the ninth-largest liner reported consolidated revenue of US$2.62 billion, while the second quarter outperformed both the first quarter and the year-earlier period. The carrier attributed the improvement principally to an early peak season, stronger cargo demand and firmer freight rates, with tariff uncertainty prompting cargo owners to advance shipments.
The result represents a marked improvement from the company's first-quarter baseline. In Q1, Yang Ming recorded revenue of $1.2 billion, after-tax profit of $44.7 million and earnings per share of $0.013. At that point, the company cited softer freight rates than a year earlier and vessel-deployment effects linked to Middle East geopolitics.
The first-half rebound also follows a more difficult 2025, when Yang Ming's full-year revenue fell to $5.07 billion, and after-tax profit declined to $530.3 million, or $0.15 per share. Still, 2025 marked its sixth consecutive profitable year, underlining the carrier's ability to remain profitable despite a less favorable rate environment and substantial network disruption.
#quarter #half #ming
10 days ago
By Yuliia Dysa and Daniel Flynn
KYIV, Aug 13 (Reuters) - Ukraine has sent Russia an offer suggesting they both halt attacks on civilian targets in the Black Sea, a source said, after mounting strikes on vessels and ports there raised fears over global food supplies.
The offer to suspend attacks was transmitted by Kyiv via a third party, and Ukraine was still waiting for a response, the source who is familiar with the matter told Reuters.
Both Russia and Ukraine, major players in the world agriculture market, have accused each other of intensified attacks on vessels used for exports.
EU WHEAT PARES GAINS AFTER REPORT
#Russia #source
KYIV, Aug 13 (Reuters) - Ukraine has sent Russia an offer suggesting they both halt attacks on civilian targets in the Black Sea, a source said, after mounting strikes on vessels and ports there raised fears over global food supplies.
The offer to suspend attacks was transmitted by Kyiv via a third party, and Ukraine was still waiting for a response, the source who is familiar with the matter told Reuters.
Both Russia and Ukraine, major players in the world agriculture market, have accused each other of intensified attacks on vessels used for exports.
EU WHEAT PARES GAINS AFTER REPORT
#Russia #source
12 days ago
By Andrew Osborn and Felix Light
MOSCOW, Aug 12 (Reuters) - President Vladimir Putin said on Wednesday that Russia will respond in kind if European countries start to seize Russian merchant vessels and the commander of Russia's Pacific Fleet said his forces were ready to "inspect and detain" foreign vessels from what he called hostile states.
The comments, which Putin made as he oversaw navy drills in Russia's far east, come as the EU tries to ratchet up pressure on Russia's so-called shadow fleet, expanding sanctions against hundreds of vessels and detaining some ships and their crews for checks. Some European governments have said they are exploring tougher maritime enforcement measures against ships suspected of sanctions evasion.
"We can see that the authorities of certain countries, in violation of international maritime law, are attempting to restrict the movement of our economic operators' vessels..., and have recently gone so far as to consider the possibility of seizing our vessels and selling off the property they have plundered from us," Putin said.
"Naturally, this is nothing less than piracy and robbery. And if this begins to be put into practice, we shall be forced to respond in kind. And not necessarily in those waters where raids on our ships and vessels are planned, but wherever we ourselves deem it necessary and appropriate."
#vessels #putin #fleet
MOSCOW, Aug 12 (Reuters) - President Vladimir Putin said on Wednesday that Russia will respond in kind if European countries start to seize Russian merchant vessels and the commander of Russia's Pacific Fleet said his forces were ready to "inspect and detain" foreign vessels from what he called hostile states.
The comments, which Putin made as he oversaw navy drills in Russia's far east, come as the EU tries to ratchet up pressure on Russia's so-called shadow fleet, expanding sanctions against hundreds of vessels and detaining some ships and their crews for checks. Some European governments have said they are exploring tougher maritime enforcement measures against ships suspected of sanctions evasion.
"We can see that the authorities of certain countries, in violation of international maritime law, are attempting to restrict the movement of our economic operators' vessels..., and have recently gone so far as to consider the possibility of seizing our vessels and selling off the property they have plundered from us," Putin said.
"Naturally, this is nothing less than piracy and robbery. And if this begins to be put into practice, we shall be forced to respond in kind. And not necessarily in those waters where raids on our ships and vessels are planned, but wherever we ourselves deem it necessary and appropriate."
#vessels #putin #fleet
12 days ago
MOSCOW (AP) — Russian President Vladimir Putin on Wednesday threatened retaliation for Western seizures of its commercial vessels, describing them as "piracy."
Speaking on a visit to a Russian warship that was taking part in a naval exercise in the Pacific, Putin described the Western moves to detain vessels linked to Russia as a breach of international maritime law.
"It's nothing but piracy and robbery," Putin said. "If this is done, we will be forced to respond in kind."
He added that the Russian response wouldn't necessarily come in the waters where the Russian ships were seized, noting that Moscow could retaliate "in any area where we see it as necessary and appropriate," including in the Pacific.
The Pacific Fleet chief, Adm. Viktor Liina, reported to Putin that the navy was ready to start inspections of the commercial ships serving the "unfriendly nations." He noted that many of the ships operated by British, French and other European carriers fly the flags of other nations, effectively making them a "shadow fleet."
#vessels
Speaking on a visit to a Russian warship that was taking part in a naval exercise in the Pacific, Putin described the Western moves to detain vessels linked to Russia as a breach of international maritime law.
"It's nothing but piracy and robbery," Putin said. "If this is done, we will be forced to respond in kind."
He added that the Russian response wouldn't necessarily come in the waters where the Russian ships were seized, noting that Moscow could retaliate "in any area where we see it as necessary and appropriate," including in the Pacific.
The Pacific Fleet chief, Adm. Viktor Liina, reported to Putin that the navy was ready to start inspections of the commercial ships serving the "unfriendly nations." He noted that many of the ships operated by British, French and other European carriers fly the flags of other nations, effectively making them a "shadow fleet."
#vessels
12 days ago
A 21-foot boat ran out of fuel while traveling through the waters of southeastern Alaska. Now, Meta's Mark Zuckerberg is under fire as his private yacht was reportedly closer than the vessel that ultimately came to help.
According to the Alaska Beacon, vessel-tracking data showed Zuckerberg's 387-foot superyacht, Launchpad, was near Farragut Bay when the ***** istance request went out.
It seems that Launchpad did not ***** ist, but a 192-foot cruise ship called Wilderness Legacy turned back instead, towed the small boat into Farragut Bay, and provided fuel.
A passenger on the cruise ship claimed the yacht repeatedly refused to respond, while Zuckerberg's spokesperson said its crew did not initially hear the radio request.
Embedded media follows. Please allow a moment for it to load.
#foot #request
According to the Alaska Beacon, vessel-tracking data showed Zuckerberg's 387-foot superyacht, Launchpad, was near Farragut Bay when the ***** istance request went out.
It seems that Launchpad did not ***** ist, but a 192-foot cruise ship called Wilderness Legacy turned back instead, towed the small boat into Farragut Bay, and provided fuel.
A passenger on the cruise ship claimed the yacht repeatedly refused to respond, while Zuckerberg's spokesperson said its crew did not initially hear the radio request.
Embedded media follows. Please allow a moment for it to load.
#foot #request
13 days ago
ExxonMobil (NYSE:XOM) reported second-quarter 2026 results on July 31, and the headline number disappointed. Adjusted earnings came in at $3.52 per share, short of the $3.60 ***** ysts expected, even though that figure was up sharply from a year earlier. Reported earnings were $14.5 billion, or $3.48 per share. But the company also generated $23.6 billion in cash from operations and $17.2 billion in free cash flow, enough to fund $9.4 billion in shareholder distributions with room to spare. The miss made headlines. The cash didn't miss anything.
Exxon's operating results told a different story than the earnings line. The company posted its highest upstream production in more than two decades, excluding disruptions in the Middle East, and Permian output topped 1.8 million oil-equivalent barrels per day, a record pace consistent with its planned 9% annual growth rate through 2030. A fifth Guyana production vessel set sail during the quarter, with startup on track for the fourth quarter of 2026 and 250,000 barrels per day of new capacity coming online. Diesel production also hit a second-quarter record. None of that shows up directly in a per-share earnings number, but it is the foundation the company is building future cash flow on.
Cost discipline reinforced the picture. Exxon has now banked $16.3 billion in ***** ulative structural cost savings since 2019, including $1.2 billion added in the first half of 2026 alone, a total the company says exceeds what BP, Chevron, Shell, and TotalEnergies have saved combined. It kept investing anyway, spending $13.0 billion in cash capital expenditures through midyear, about 20% more than its nearest rival. Growing production while cutting costs is the combination that funds a rising dividend.
The earnings miss wasn't the only soft spot. The first quarter of 2026 generated just $2.7 billion in free cash flow against $9.2 billion in shareholder distributions, forcing Exxon to lean on its balance sheet, with debt-to-capital reaching 15.4% at the time. Zoom out to the full first half and the math is tighter than the strong second quarter suggests: $19.9 billion in free cash flow covered $18.6 billion in distributions, leaving only about $1.3 billion of cushion. The company reduced debt by $7 billion in the second quarter and brought net debt-to-capital down to 11%, but the episode is a reminder that commodity earnings swing hard from quarter to quarter, and the roughly $37 billion a year Exxon is committing to dividends and buybacks needs strong quarters to keep showing up.
#quarter #cash
Exxon's operating results told a different story than the earnings line. The company posted its highest upstream production in more than two decades, excluding disruptions in the Middle East, and Permian output topped 1.8 million oil-equivalent barrels per day, a record pace consistent with its planned 9% annual growth rate through 2030. A fifth Guyana production vessel set sail during the quarter, with startup on track for the fourth quarter of 2026 and 250,000 barrels per day of new capacity coming online. Diesel production also hit a second-quarter record. None of that shows up directly in a per-share earnings number, but it is the foundation the company is building future cash flow on.
Cost discipline reinforced the picture. Exxon has now banked $16.3 billion in ***** ulative structural cost savings since 2019, including $1.2 billion added in the first half of 2026 alone, a total the company says exceeds what BP, Chevron, Shell, and TotalEnergies have saved combined. It kept investing anyway, spending $13.0 billion in cash capital expenditures through midyear, about 20% more than its nearest rival. Growing production while cutting costs is the combination that funds a rising dividend.
The earnings miss wasn't the only soft spot. The first quarter of 2026 generated just $2.7 billion in free cash flow against $9.2 billion in shareholder distributions, forcing Exxon to lean on its balance sheet, with debt-to-capital reaching 15.4% at the time. Zoom out to the full first half and the math is tighter than the strong second quarter suggests: $19.9 billion in free cash flow covered $18.6 billion in distributions, leaving only about $1.3 billion of cushion. The company reduced debt by $7 billion in the second quarter and brought net debt-to-capital down to 11%, but the episode is a reminder that commodity earnings swing hard from quarter to quarter, and the roughly $37 billion a year Exxon is committing to dividends and buybacks needs strong quarters to keep showing up.
#quarter #cash
15 days ago
Aug. 9—MITCHELL — A pile of defensive miscues didn't help Four Corners' day at the Class B state amateur baseball tournament Sunday in the first round as Hartford/Humboldt Wood Ducks rang up the runs to the tune of a 13-2 first-round victory.
Four Corners had 10 errors on defense and the Wood Ducks had 10 hits in the contest, as the Wood Ducks had scored three runs each in the third, fifth and eighth inning and punctuated the victory with four runs in the ninth.
Eight Wood Ducks had at least one hit in the game. Curtis Flint had four RBIs, and Keaton Vessells had a triple and drove in two runs. C.J. Den Boer had two hits and Brodie Herr scored three times for the Wood Ducks.
Drew Eldeen earned the win on the hill for the Wood Ducks, tallying five strikeouts while allowing four hits, two runs and pitching four innings. Ben Honkomp threw the final five innings and allowed two hits and struck out five Four Corners hitters.
The Wood Ducks' win makes it six of seven Cornbelt League state qualifiers to reach the round of 16. The Ducks (17-6) will take on fellow Cornbelt squad — the Flandreau Cardinals — at 7:30 p.m. Wednesday in the second round.
#ducks #five #cornbelt
Four Corners had 10 errors on defense and the Wood Ducks had 10 hits in the contest, as the Wood Ducks had scored three runs each in the third, fifth and eighth inning and punctuated the victory with four runs in the ninth.
Eight Wood Ducks had at least one hit in the game. Curtis Flint had four RBIs, and Keaton Vessells had a triple and drove in two runs. C.J. Den Boer had two hits and Brodie Herr scored three times for the Wood Ducks.
Drew Eldeen earned the win on the hill for the Wood Ducks, tallying five strikeouts while allowing four hits, two runs and pitching four innings. Ben Honkomp threw the final five innings and allowed two hits and struck out five Four Corners hitters.
The Wood Ducks' win makes it six of seven Cornbelt League state qualifiers to reach the round of 16. The Ducks (17-6) will take on fellow Cornbelt squad — the Flandreau Cardinals — at 7:30 p.m. Wednesday in the second round.
#ducks #five #cornbelt
16 days ago
HOUSTON, Aug 7 (Reuters) - Brent crude oil climbed more than $1 a barrel on Friday over ongoing uncertainty about the negotiations in progress that determine control of, and reopen, the key shipping artery of the Strait of Hormuz.
Brent crude futures settled at $83.55 a barrel, gaining $1.06, or 1.3%. West Texas Intermediate futures finished at $78.18 a barrel, up 89 cents, or 1.15%.
Oil futures settled more than $3 a barrel higher on Thursday as Iran reviewed a bill to ban U.S. and Israeli vessels from the Strait of Hormuz, through which roughly a fifth of the world's oil and liquefied natural gas normally passed before the war began at the end of February.
Oil prices fell earlier in the week as a possible solution to the conflict looked more likely, part of an on-again, off-again pattern that has persisted since the U.S. and Israel jointly struck the nation in late February, igniting a conflict that has now stretched into a sixth month. Brent was on course for a weekly loss of more than 8%, while WTI lost more than 7%.
While this week's signals on a potential deal have sent a roller-coaster ride in market sentiment, the market remains in the dark as to what needs to happen for the agreement to be clinched, said Vandana Hari, founder of oil market ****** ysis provider Vanda Insights.
#futures
Brent crude futures settled at $83.55 a barrel, gaining $1.06, or 1.3%. West Texas Intermediate futures finished at $78.18 a barrel, up 89 cents, or 1.15%.
Oil futures settled more than $3 a barrel higher on Thursday as Iran reviewed a bill to ban U.S. and Israeli vessels from the Strait of Hormuz, through which roughly a fifth of the world's oil and liquefied natural gas normally passed before the war began at the end of February.
Oil prices fell earlier in the week as a possible solution to the conflict looked more likely, part of an on-again, off-again pattern that has persisted since the U.S. and Israel jointly struck the nation in late February, igniting a conflict that has now stretched into a sixth month. Brent was on course for a weekly loss of more than 8%, while WTI lost more than 7%.
While this week's signals on a potential deal have sent a roller-coaster ride in market sentiment, the market remains in the dark as to what needs to happen for the agreement to be clinched, said Vandana Hari, founder of oil market ****** ysis provider Vanda Insights.
#futures
16 days ago
By Georgina McCartney
HOUSTON, Aug 6 (Reuters) - Oil prices settled up by more than $3 a barrel on Thursday on news an Iranian parliament committee is reviewing a bill that would ban U.S. and Israeli vessels from the Strait of Hormuz and fine violators up to a fifth of the value of their cargo.
Brent crude futures settled up $3.04, or 3.83%, to $82.49 a barrel. U.S. West Texas Intermediate futures settled up $2.07, or 2.75%, to $77.29.
An Iranian lawmaker said a parliament committee is reviewing a preliminary bill to ban U.S., Israeli and other vessels deemed hostile from the Strait of Hormuz, and fine violators of the proposed restrictions up to 20% of cargo value, according to Fars news agency.
"Crude traders remain focused on the U.S./Iran agreements, and the longer the delays, the more prices will fade back to the upside," said Dennis Kissler, senior vice president of trading at BOK Financial.
#settled #parliament #committee
HOUSTON, Aug 6 (Reuters) - Oil prices settled up by more than $3 a barrel on Thursday on news an Iranian parliament committee is reviewing a bill that would ban U.S. and Israeli vessels from the Strait of Hormuz and fine violators up to a fifth of the value of their cargo.
Brent crude futures settled up $3.04, or 3.83%, to $82.49 a barrel. U.S. West Texas Intermediate futures settled up $2.07, or 2.75%, to $77.29.
An Iranian lawmaker said a parliament committee is reviewing a preliminary bill to ban U.S., Israeli and other vessels deemed hostile from the Strait of Hormuz, and fine violators of the proposed restrictions up to 20% of cargo value, according to Fars news agency.
"Crude traders remain focused on the U.S./Iran agreements, and the longer the delays, the more prices will fade back to the upside," said Dennis Kissler, senior vice president of trading at BOK Financial.
#settled #parliament #committee
