Oil Daily | Eni Boosts Buybacks Amid Profit Rise; India's Oil Demand to Increase by 4% in Q4
Friday, Oct 25, 2024 8:00 am ET
2min read 【Company News】
Italian energy giant Eni is increasing its share repurchase program following strong third-quarter profits, driven by higher upstream production and portfolio upgrades. Eni reported a net profit of $1.37 billion, exceeding analyst expectations despite a 30% decline from the previous year. Production rose by 2% year-over-year. The company highlighted resilient performance amid lower refining margins.
Tesla's shares soared after reporting better-than-expected third-quarter earnings. The company achieved earnings per share of $0.72, surpassing Wall Street estimates. Tesla's revenues increased by 8% year-over-year, with significant growth in vehicle deliveries. The company plans to launch new, affordable vehicles by 2025 and expand its product lineup amid continued macroeconomic challenges.
Valero Energy faced a significant drop in third-quarter earnings due to declining refining margins but still surpassed Wall Street expectations. The company reported earnings per share of $1.14, compared to $7.49 from the prior year. Valero is prioritizing shareholder payouts despite lower profits amid heavy maintenance activities.
Adani Total Gas reported a 7.5% rise in consolidated profit for the quarter ending September 30, driven by increased CNG sales. This marks the seventh consecutive quarter of profit growth for the company as it expands gas sales across India. The firm continues to benefit from India's push for cleaner vehicle fuels.
Equinor reported lower-than-expected third-quarter adjusted operating income due to lower oil prices and production volumes, despite rising natural gas prices. Total oil and gas production decreased, but Norway's output increased due to record gas production. Equinor invested in renewables, acquiring a stake in Ørsted, despite setbacks in wind farm developments.
【Global Oil Supply and Demand】
India's crude oil demand is expected to increase by 4% during the final quarter of the year due to festival season and post-monsoon agricultural activity. India remains a major oil consumer and importer, with plans to expand refining capacity. The country is a key buyer of discounted Russian oil.
【Latest Oil Policies】
The UK and Australia announced a partnership to pursue energy transition goals, focusing on green hydrogen and offshore wind. This collaboration aims to enhance international climate action with targets to achieve net-zero emissions by 2050.
【Oil-Producing Countries Dynamics】
Norway's largest oilfield, Johan Sverdrup, is projected to reach its production peak by early 2025. Equinor reports that maintaining high output levels beyond this period will be challenging, highlighting the need for exploration and investment to sustain Norway's oil and gas industry.
【Industry News】
Europe's data center power consumption is predicted to nearly triple by 2030, requiring significant investment in low-carbon electricity supply and grid upgrades. The rise in demand is driven by AI, clean energy, and cryptocurrencies, with a projected 35 gigawatts needed by 2030.
【Others】
Geopolitical concerns, including tensions in the Middle East, have influenced crude oil market dynamics. Analysts suggest the oil market remains uncertain with demand concerns and geopolitical developments impacting prices. China's increase in crude oil import quotas may support the market.
Italian energy giant Eni is increasing its share repurchase program following strong third-quarter profits, driven by higher upstream production and portfolio upgrades. Eni reported a net profit of $1.37 billion, exceeding analyst expectations despite a 30% decline from the previous year. Production rose by 2% year-over-year. The company highlighted resilient performance amid lower refining margins.
Tesla's shares soared after reporting better-than-expected third-quarter earnings. The company achieved earnings per share of $0.72, surpassing Wall Street estimates. Tesla's revenues increased by 8% year-over-year, with significant growth in vehicle deliveries. The company plans to launch new, affordable vehicles by 2025 and expand its product lineup amid continued macroeconomic challenges.
Valero Energy faced a significant drop in third-quarter earnings due to declining refining margins but still surpassed Wall Street expectations. The company reported earnings per share of $1.14, compared to $7.49 from the prior year. Valero is prioritizing shareholder payouts despite lower profits amid heavy maintenance activities.
Adani Total Gas reported a 7.5% rise in consolidated profit for the quarter ending September 30, driven by increased CNG sales. This marks the seventh consecutive quarter of profit growth for the company as it expands gas sales across India. The firm continues to benefit from India's push for cleaner vehicle fuels.
Equinor reported lower-than-expected third-quarter adjusted operating income due to lower oil prices and production volumes, despite rising natural gas prices. Total oil and gas production decreased, but Norway's output increased due to record gas production. Equinor invested in renewables, acquiring a stake in Ørsted, despite setbacks in wind farm developments.
【Global Oil Supply and Demand】
India's crude oil demand is expected to increase by 4% during the final quarter of the year due to festival season and post-monsoon agricultural activity. India remains a major oil consumer and importer, with plans to expand refining capacity. The country is a key buyer of discounted Russian oil.
【Latest Oil Policies】
The UK and Australia announced a partnership to pursue energy transition goals, focusing on green hydrogen and offshore wind. This collaboration aims to enhance international climate action with targets to achieve net-zero emissions by 2050.
【Oil-Producing Countries Dynamics】
Norway's largest oilfield, Johan Sverdrup, is projected to reach its production peak by early 2025. Equinor reports that maintaining high output levels beyond this period will be challenging, highlighting the need for exploration and investment to sustain Norway's oil and gas industry.
【Industry News】
Europe's data center power consumption is predicted to nearly triple by 2030, requiring significant investment in low-carbon electricity supply and grid upgrades. The rise in demand is driven by AI, clean energy, and cryptocurrencies, with a projected 35 gigawatts needed by 2030.
【Others】
Geopolitical concerns, including tensions in the Middle East, have influenced crude oil market dynamics. Analysts suggest the oil market remains uncertain with demand concerns and geopolitical developments impacting prices. China's increase in crude oil import quotas may support the market.
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