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Warren Buffett-backed Occidental Petroleum (OXY) reported a stronger-than-expected fourth-quarter performance late Wednesday. Shares inched higher in premarket trade.

Occidental Petroleum saw fourth-quarter earnings fall 54% to 74 cents per share, slightly better than FactSet consensus of 71 cents. Revenue dipped 12.7% to $7.172 billion. Analysts had predicted sales totaling $6.95 billion, according to FactSet.

Occidental Petroleum stock shed 0.5% Wednesday, ahead of earnings. In Thursday’s premarket action, shares edged a fraction higher. OXY stock has slumped below its 200-day and 50-day moving averages to begin 2024, after climbing to nearly 67 in October 2023.

U.S. oil prices eased slightly to $76.50 per barrel, as markets weigh ongoing tension in the Middle East and concerns over China’s economy.

Occidental’s results come after energy giants Exxon Mobil (XOM) and Chevron (CVX) both closed the door on 2023 with mixed earnings and revenue reports. Meanwhile, for the 2024 year, both supermajors forecast nearly flat oil production compared to 2023 levels with focus on shareholder returns.

Chevron increased its quarterly dividend 8% to $1.63, from $1.51 after buying back 5% of it stock in 2023. Exxon Mobil and Chevron handed out a combined $58.7 billion to shareholders last year and expect to continue this focus in 2024. Warren Buffett has a nearly 5.9% stake in CVX.

Occidental Petroleum: Oil Supply
The top Permian Basin outfit produced 1.2 million barrels of oil equivalent per day in Q4, about 7,000 bpd higher than in Q4 2023 and just above company guidance.

The company targeted Capital expenditures of between $6.4 billion and $6.6 billion. That included a $320 cut to shale and exploration spending, as well as idling two Permian Basin drilling rigs, while increasing spending in the Gulf of Mexico. Analysts had targeted capex of $7 billion.

Last week, OXY Chief Executive Vicki Hollub warned there could be an oil supply shortage by 2025 as the world fails to replace crude reserves.

“We’re in a situation now where in a couple of years’ time we’re going to be very short on supply,” Hollub told CNBC at the Smead Investor Oasis Conference in Phoenix, on Feb. 5.

Occidental Petroleum produced 1.22 million barrels of oil equivalent per day in Q3, up 3% compared to last year and exceeding the midpoint of its guidance.

In November, OXY slightly raised its full-year production guidance. This came after the company forecast average full-year production of 1.210 million barrels of oil equivalent per day at the end of Q2.

In Q1, OXY predicted full-year production to average 1.195 million barrels of oil equivalent per day. Management previously expected 2023 production to average 1.18 million barrels of oil equivalent per day, keeping production mostly flat compared to the 1.16 million in 2022.

Warren Buffett Keeps Buying OXY
Warren Buffett’s Berkshire Hathaway (BRKB) reported late Wednesday it had increased its stake in Occidental by 8.74% during the fourth quarter, adding more than 19.5 million shares.

In early February, ahead of earnings, Warren Buffett had also loaded up on Occidental Petroleum stock. Buffett spent around $245.7 million on more than 4.3 million shares of OXY between Feb. 1 and Feb. 5, with a price range of 56.75 to 57.98, according to a regulatory filing last week.

In December, Warren Buffett also spent $588.7 million on more than 10 million shares of OXY stock, with a price range of 55.58 to a fraction more than 57, in the days following the energy company’s $12 billion acquisition of Permian Basin producer CrownRock.

Through the latter half of 2022 Buffett loaded up on OXY, with the billionaire investor targeting shares in the $57-$61.50 price range. Warren Buffett’s Berkshire substantially increased its stake in the international oil play over the past year, putting OXY among Buffett’s top holdings.

MarketSmith charts show OXY stock finding price support around the 55-57 range, dating back to June 2022.

Buffett Bets On Big Oil
As of February, Berkshire Hathaway held a 28.3% stake in Houston-based Occidental Petroleum, according to FactSet. In August 2022, the Federal Energy Regulatory Commission granted Berkshire Hathaway approval to purchase up to 50% of available OXY stock.

However, Warren Buffett told shareholders in early 2023 he has no intention of taking over the company. Ahead of Occidental Petroleum Q3 earnings in early November, between Oct. 23-Oct. 25, Berkshire added 3.92 million OXY shares. Buffett made those OXY buys at a share price between 62.68-63.04, according to regulatory filings.

Occidental stock has an 18 Composite Rating out of 99. The Warren Buffett stock also has a 26 Relative Strength Rating and a nine EPS Rating.

By Investors / KIT NORTON , 02/15/2024.

Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as China and countries in South and Southeast Asia use LNG to support their economic growth, Shell said on Wednesday.

The market remains “structurally tight”, with prices and price volatility remaining above historic averages, constraining growth, the world’s largest LNG trader said in its 2024 annual LNG market outlook.

Demand for natural gas has peaked in some regions, including Europe, Japan and Australia in the 2010s, but continues to rise globally, and is expected to reach around 625-685 million metric tons per year in 2040, Shell said. That is slightly lower than Shell’s 2023 estimates of a global demand increase to 700 million tons by 2040.

“While things are relatively balanced and seemed relatively comfortable today, the market is still quite fragile,” Steve Hill, executive vice president for Shell Energy, told analysts on a call following the outlook report.

“We have a structurally tight market that’s been balanced by near-term market weakness for where we see fragility and volatility continuing,” Hill said.

CHINA DOMINANCE

Shell said that global demand for LNG is estimated to rise by more than 50% by 2040, as China and countries in South and Southeast Asia use LNG to support their economic growth.

China, which in 2023 overtook Japan as the world’s top LNG importer, is likely to dominate LNG demand growth this decade as its industry seeks to cut carbon emissions by switching from coal to gas, the report said.

“China is the market that we are most bullish about this decade. And one of the reasons for that is the massive amount of new gas infrastructure that is coming on stream at the moment,” Hill told analysts.

China’s 2024 LNG imports are expected to rebound to nearly 80 million tons, from about 70 million tons in 2023, according to ICIS and Rystad forecasts, surpassing 2021’s record 78.79 million tons.

From 2030 to 2040, declining domestic gas production in parts of South Asia and Southeast Asia could drive a surge in demand for LNG as these economies need fuel for gas-fired power plants or industry.

Shell’s report predicted a balance between rising demand and new supply for those regions, but said significant investments would be needed in gas import infrastructure.

“In the medium term, latent demand for LNG – especially in Asia – is set to consume new supply that is expected to come on to the market in the second half of the 2020s,” the report said.

As supplies were ample last year as the world market started to recover from the major disruption linked to the onset of the Ukraine war in 2022, prices have eased.

Asian spot prices averaged around $18 per million British thermal units (mmBtu) in 2023, easing from an all-time high of $70/mmBtu in 2022.

Prices fell further this year and remain below $10/mmBtu, encouraging buyers from China to Bangladesh to lock in new term supplies from Qatar and the United States.

Hill said that long-term LNG contracts which Europe has signed so far will not fill a demand-supply gap for the rest of this decade, adding that there was a structural shortage of 50 million to 70 million metric tons a year for the rest of the decade or more that Europe needs to secure.

In the U.S. market, he said that an extended ban on new LNG export projects would have “quite an impact” on the fast-growing global market.

The ban “is probably okay if it lasts a year or so, but if it was a long-term ban, then it would have quite an impact on the market,” Hill told analysts.

By Reuters / Marwa Rashad, Emily Chow and Ron Bousso , February 14, 2024

Plans by one of the world’s biggest oil and gas businesses to build a new biodiesel refinery in Kwinana have been lodged for development approval.

BP wants to revive the site of its old oil refinery with new green energy projects, including a potentially $1 billion plant to make green diesel and sustainable aviation fuel from vegetable oils, animal fats and other waste products. That could be followed by a hydrogen facility next door.

H2Kwinana, a green hydrogen project, is part of BP’s plans to transition its former oil refinery site in Kwinana into an energy hub. The project proposes the production of green hydrogen, sustainable aviation fuel (SAF), Hydrotreated Vegetable Oil (HVO), and integration of planned biorefinery and green hydrogen production facilities with BP’s operating import terminal and optimization of the existing site assets.

According to BP, H2Kwinana has secured government support and is now advancing to front-end engineering and design (FEED).

“We aim to install 100 MW of electrolyzer capacity fuelled by reclaimed water renewable energy. The green hydrogen produced could then be used to decarbonize the bio-refinery we’re planning and other industrial facilities in the area,” the company stated.

In April 2022, the Commonwealth Government granted funding of up to $70 million for the H2Kwinana green hydrogen project, and in 2023, BP began leveraging its site infrastructure and repurposing some redundant processing units to advance the biorefinery project.

BP also completed a concept development phase study into its energy hub H2Kwinana and identified two potential base case scenarios, with the hub producing either 44 tonnes per day of green hydrogen or 143 tonnes per day. The potential growth target of 429 tonnes per day was selected as the third and final case.

Following the study, engineering and technology company Technip Energies was awarded a contract for a hydrogen production unit at BP’s Kwinana biorefinery.

The contract covers the engineering, procurement and fabrication (EPF) of a modularized hydrogen production unit with a capacity of 33,000 normal m3/hour, using Technip Energies’ SMR proprietary technology.

The unit will be capable of producing hydrogen from either natural gas or biogas produced by the Kwinana biorefinery.

By Acapmag / Sourced Externally, February 14, 2024

“We’ve gone from $2.63 late last week back up to $3.03 a gallon. So, it’s a huge jump,” Head of Petroleum Analysis for Gas Buddy Patrick De Haan said about the average price of gas in Milwaukee.

He tells CBS 58 the change is due to a power outage closing an Indiana oil refinery earlier this month, coupled with increased oil prices.

“So, we’ve just had several weeks of news that has been pushing the wholesale price of gasoline up,” he explained.

But he said the worst is yet to come.

“We’re also coming into a time of year where we usually start to see gas prices going up. Usually, after Valentine’s Day is over, we get the seasonality that really comes into play,” De Haan said.

With warmer weather inching closer, De Haan said once the refinery – which produces 10 million gallons of gasoline a day – reopens, drivers might see prices go down, but not for long.

“Demand starts to go up as motorists start to get out more and more. We [will] already start the transition to cleaner, more expensive summer gasoline in the next couple of weeks, plus other refineries will be doing maintenance before the summer driving season, and it’s just a matter of time before we see some of these $3 gas prices disappear,” he said.

If you want to save at the pump, you are encouraged to keep up with your car maintenance, plan your routes, and enroll in fuel rewards programs.

 By cbs58/ Stephanie Rodriguez , February 12, 2024

U.S. shale oil rivals Diamondback Energy (FANG.O), opens new tab and Endeavor Energy Resources are close to finalizing a roughly $25 billion cash-and-stock deal that would create an oil and gas company valued at more than $50 billion, sources said on Sunday.

Diamondback could announce a transaction as soon as Monday that would give its shareholders more than half of the combined companies, the people said, which would become the largest, pure-play oil producer in the Permian shale field.

Reuters in December reported that Endeavor Energy Partners was exploring a sale that could value the largest privately held oil and gas producer in the Permian basin at between $25 billion and $30 billion.

Endeavor and Diamondback did not immediately respond to a request for comment.

The combined company would be the third-largest oil and gas producer in the Permian, the top U.S. oilfield that straddles West Texas and New Mexico. Its oil and gas volumes would be behind Exxon Mobil  and Chevron, which have announced recent deals

PRESSURE TO COMBINE

“This is a layup in terms of the acreage overlap and fit,” said Dan Pickering, chief investment officer of Pickering Energy Partners. The combined company would replace Pioneer Natural Resources, which is being acquired by Exxon, as the top solely Permian producer, he said.

Permian producers are consolidating in a race to lock in future drilling inventory and output from the top U.S. oilfield. The deal is likely to put additional pressure on the remaining firms to combine for greater efficiencies and scale, analysts said.

But future deals are unlikely to match the sheer size of Permian shale deals in recent months, said Andrew Dittmar, a senior vice president at data analytics firm Enverus. He ruled out any competing bids for Endeavor.

Diamondback’s use of cash and stock will allow Endeavor founder Autry Stephens and family to retain a major role in the largest oil company in Midland, Texas, where both companies are based, said Dittmar.

“Their (drilling) inventory is extremely high quality that will make the combined companies a very attractive investment on Wall Street. I imagine it will be well received by the market on Monday,” he said.

Diamondback fended off competition from other parties including ConocoPhillips (COP.N), opens new tab, the Wall Street Journal earlier reported.

The sale would come almost 45 years after Texas oilman Stephens started the company that would become Endeavor.

Endeavor’s operations span 350,000 acres (1,416 square kilometers) in the Midland portion of the Permian Basin.

Stephens, a former appraisals engineer who became more known through his appearances on the TV documentary series Black Gold, grew Endeavor by acquiring the unloved acreage of his competitors and managing to extract oil and gas profitably.

To lower his production costs, Stephens created and used his own fracking, construction, trucking and other services companies.

Reporting by Utkarsh Shetti in Bengaluru; additional reporting by Gary McWilliams in Houston; Editing by Josie Kao, Mark Porter and Diane Craft.

By Reuters / Anirban Sen, February 11, 2024

The Dow Chemical Company (“TDCC”), a wholly owned subsidiary of Dow (NYSE: DOW), announced today the closing of its green bond offering of $600 million aggregate principal amount of 5.150% notes due 2034 and $650 million aggregate principal amount of 5.600% notes due 2054.

The notes represent the Company’s inaugural green financing instrument, in alignment with Dow’s Green Finance Framework (“Framework”) published on our website on January 25, 2024. The Framework was established to support the execution of Dow’s sustainability strategy and achieve its targets focused on climate protection and a circular economy. Dow intends to allocate proceeds from this offering toward projects that meet eligibility criteria contained within the Framework, including expenditures and investments related to our Fort Saskatchewan, Alberta Path2Zero project. Additional details on eligibility criteria and use of proceeds are available in the Framework.

“This green bond offering marks a foundational opportunity for investors to participate in Dow’s strategy to decarbonize and drive circularity while growing earnings over the cycle,” said Jeff Tate, Dow’s chief financial officer. “We expect the proceeds of this instrument to primarily support our project to build the world’s first net-zero Scope 1 and 2 emissions ethylene and derivates complex in Alberta, which achieved the critical milestone of final investment decision from our Board in November 2023.”

In 2020, Dow announced its intention to be carbon neutral for Scopes 1+2+3 plus product benefits by 2050. The commitment included a mid-term target to reduce by 2030 the Company’s Scope 1 and 2 net annual carbon emissions^[1] by 5 million metric tons versus its 2020 baseline. Achieving this 2030 target represents a total 30% emissions reduction versus Dow’s 2005 level.

Additionally in 2022, Dow announced its Transform the Waste strategy – which will enable the development of circular ecosystems by transforming plastic waste and alternative feedstock to commercialize 3 million metric tons per year of circular and renewable solutions by 2030.

 Carbon emissions refers to GHG emissions in carbon dioxide equivalent (CO2e).

Cautionary Statement about Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; any global and regional economic impacts of a pandemic or other public health-related risks and events on Dow’s business; any sanctions, export restrictions, supply chain disruptions or increased economic uncertainty related to the ongoing conflicts between Russia and Ukraine and in the Middle East; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow’s contemplated capital and operating projects; Dow’s ability to realize its commitment to carbon neutrality on the contemplated timeframe, including the completion and success of its integrated ethylene cracker and derivatives facility in Alberta, Canada; size of the markets for Dow’s products and services and ability to compete in such markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in public sentiment and political leadership; increased concerns about plastics in the environment and lack of a circular economy for plastics at scale; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, including the ongoing conflicts between Russia and Ukraine and in the Middle East; weather events and natural disasters; disruptions in Dow’s information technology networks and systems, including the impact of cyberattacks; and risks related to Dow’s separation from DowDuPont Inc. such as Dow’s obligation to indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for certain liabilities.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company’s subsequent Quarterly Reports on Form 10-Q. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow’s business. Dow Inc. and The Dow Chemical Company (“TDCC”) assume no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

By corporate.dow/ The Dow Chemical Company, February 9, 2024

Tank storage and logistics provider Advario plans to build an ammonia import terminal in the Port of Antwerp-Bruges. The Hydrogen Council leadership team visited and toured Advario Gas Terminal (AGT).

The market for hydrogen is global, with significant demand in countries that have lower production potential. These countries will look to others for supply. To facilitate this international trade and match demand with supply, the energy transport, storage and logistics sector is of crucial importance. But transporting large quantities of hydrogen across distances is challenging. Hydrogen carriers, such as ammonia, are part of the solution… but also require dedicated infrastructure and safe handling.

Hydrogen Council member Advario, an internationally operating energy storage and logistics provider, aims to bridge international supply and demand. “We believe in the future of hydrogen, as a key part of the clean energy mix, and in ammonia, as one of the better hydrogen carrier solutions,” says Sjoerd Boer, Vice President New Energies at Advario. “We are well placed, with a global portfolio that includes countries with significant (green) hydrogen production potential, such as the United States, Middle East and Australia, and geographies that will have high demand, such as Europe.”

Advario’s two Belgian terminals, Advario Gas Terminal (AGT) and Advario Stolthaven Antwerp (ASA), are in advanced stages of a feasibility study, executed together with their partner Fluxys. The study explores the build of an ammonia import terminal in Antwerp.

And that’s where Hydrogen in Action takes you. Last Friday, Hydrogen Council Directors Steven Libbrect, Daria Nochevnik and Andrei Tchouvelev visited Advario’s AGT terminal. During the visit, we talked about the important role hydrogen carriers as ammonia play in the development of a hydrogen economy, the European need for import- and export facilities for ammonia, and Advario’s ambition to build ammonia storage facilities at one – or perhaps at some point both – of its terminals in the Port of Antwerp-Bruges. The visit closed with a site tour of AGT.

Safety was the main topic of conversation throughout the visit. The import, export and storage of ammonia needs to be handled by an experienced, safe operator. “I enjoyed our discussions and liked what I saw at AGT,” says Andrei Tchouvelev, Director Safety & Regulatory at the Hydrogen Council. “The site does not store ammonia yet, so I focused on getting a feel for the safety culture, overall level of maintenance and the way the team prepares for the potential addition of ammonia storage. The Advario team at AGT is obviously well-prepared, possesses the know-how with regards to technology and engineering capability, and is well-aware of the nature of ammonia. I am impressed.”

Michel Ruttens, Advario’s Vice President of Technology, agrees. Michel: “I am appreciative of Andrei’s kind words, and the interest and engagement of Andrei, Steven [Libbrecht] and Daria [Nochevnik]. Advario knows what it takes to safely and efficiently handle ammonia. At our terminal in Nanjing, China, we have designed, built and operated a large-scale ammonia storage facility, which has been operational since 2017. Pairing that with AGT’s experience safely handling a wide variety of gases and strong track record operating refrigerated storage, we look forward to taking the next step, and contribute to the further development of the hydrogen ecosystem.”

By Hydrogen Council, February 09, 2024