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Energy
Lukoil Finnish subsidiary shuts stations amid sanctions
Finnish petrol station company Teboil will shut down its self-service stations, following United States sanctions on its parent company Lukoil. Teboil has 525 locations in Finland, including petrol stations and diesel terminals. Its fuel reserves have been depleting, as oil deliveries were suspended after the U.S. announced sanctions on Lukoil last month. “Cash sales ended at all consumer ATMs on the last day of October,” wrote Teboil. “Stations will close in phases once fuel stocks are sold out.” The company told Finnish news agency STT that the closures would only apply to self-service stations. Teboil previously said on Monday that Lukoil would likely sell the company. Lukoil has been divesting from its foreign assets, having also reportedly declared force majeure at its West Qurna-2 oil field in Iraq. It said today that it is “taking all necessary steps to complete the sale” of its assets in Bulgaria, which are currently being administered by the country’s government. Switzerland-based Gunvor bid to acquire Lukoil’s foreign assets last month, but withdrew after the U.S. said it would not offer Gunvor a license. The sanctions were announced on 22 October, with the U.S. citing the Russian government’s refusa
Energy
Trump administration loans Constellation Energy US$1bn
The Trump administration said it loaned Constellation Energy Corp US$1 billion (A$1.54 billion) to restart the Crane Clean Energy Centre nuclear plant in Pennsylvania. The plant, previously known as Three Mile Island Unit 1, is expected to start generating power again by 2027. Three Mile Island Unit 1 closed in 2019 as nuclear struggled to compete against cheap natural gas and later restarted under the name Constellation in 2024 through a power purchase agreement with Microsoft. The loan is likely to cover most of the project’s estimated cost of US$1.6 billion. The first advance is expected in the first quarter of 2026, according to Greg Beard, senior advisor to the Energy Department’s Loan Programs Office. “This type of energy is important because it’s large, stable, affordable base load power,” Beard told reporters. Constellation said the loan will help lower the cost of financing and leverage private investment to restore power to the grid. The loan comes as U.S. power demand is rising for the first time in two decades, on technology like artificial intelligence. Nuclear power is becoming a viable option for companies with uninterrupted power needs and climate pledges. However, critics argue that the U.S
Energy
US govt may take major nuclear stake under Trump
The United States government could become a majority shareholder in nuclear plants, under a US$80 billion plan from the Trump administration. A deal signed last week between the Commerce Department and the owners of Westinghouse nuclear plants, Cameco and Brookfield Asset Management, could see a transformation into an independent, publicly traded company where the government is a major shareholder. Cameco is one of the largest uranium miners globally, while Brookfield is one of the leading investors in energy generation. Under the new deal, the U.S. government is granted a participation interest in Westinghouse and could utilise Department of Energy loans to finance projects. It can require a first public offering on or before January 2029, if Westinghouse's value rises to $30 billion or above, which could see the government becoming an 8% shareholder in the company. During a Q3 earnings call yesterday, Cameco's COO Grant Isaac said there was a definite consideration for flipping Westinghouse as an independent company in 2029. “We’re going to keep all options on the table…this partnership agreement does not force us to leave Westinghouse in 2029,” Isaac said. "The partnership provides for the U.S. Government t
Energy
Production growth offsets crude slump at Exxon, Chevron
Record production volumes propelled ExxonMobil and Chevron past analyst estimates for the third quarter, yet both majors posted double-digit profit declines as depressed crude realisations overwhelmed operational gains. Adjusted earnings of US$1.88 per share at Exxon beat the $1.83 consensus estimate, while Chevron posted $1.85 per share against expectations of $1.68. Yet on a GAAP basis, net income fell 12% YoY to $7.5 billion at Exxon, while Chevron's dropped 21% to $3.5 billion. That's because benchmark crude averaged $69/bbl in Q3, down 14% from $80 a year earlier, as OPEC+ systematically unwound voluntary curtailments and global inventories surged to four-year highs. The Q3 price slump itself stems from rising global crude stocks and OPEC+ easing curtailments sooner than expected, according to Deloitte, with the group announcing a 137,000 bpd quota increase for October.Volume and costs offset weak profit marginsRecord quarterly throughput in both Guyana (over 700,000 bop/d) and the Permian Basin (nearly 1.7 mmboe/d) pushed Exxon's total output to 4.8 mmboe/d. At Chevron, production topped 4.1 mmboe/d - 21% higher than the prior year - driven by the company's $55 billion Hess acquisition and organic volumes.
Energy
Clarke Creek Wind Farm kicks off first stage
Stage one of the A$1 billion Clarke Creek Wind farm has officially opened. The Squadron Energy project, backed by billionaire Dr Andrew Forrest, is the biggest wind farm to open in Australia this year. Located in Queensland, 150 kilometres south of Mackay, the 100-turbine farm will produce enough electricity to power the equivalent of 330,000 Queensland homes and avoid 738,000 tonnes of carbon pollution each year. A unique rebate is also being introduced, with all households and businesses within 20 kilometres of the project being made eligible for a rebate of $1,000 on annual electricity bills, known as the Clarke Creek Wind Farm Bill Bonus. Stanwell Corporation, a Queensland-based electricity company, has formalised a Power Purchase Agreement with the farm, which will see them purchase more than 75% of the clean energy generated from the first stage. Pending approvals, stage two of the project will see the addition of another 88 turbines. “Renewable energy is now the cheapest form of power on Earth…that’s why I’ll keep investing and doubling down on green energy,” Forrest said. “Projects like this show that renewables aren’t just good for our planet – they’re good economics. They lower power bills, strengthe

Energy
China halts Russian oil purchases after US sanctions
Chinese state oil majors have suspended purchases of seaborne Russian crude following new U.S. sanctions targeting Rosneft and Lukoil, Moscow's two largest producers, multiple trade sources have confirmed according to Reuters. PetroChina, Sinopec, CNOOC and Zhenhua Oil have refrained from seaborne Russian oil purchases at least in the short term due to secondary sanctions concerns, according to industry sources. The suspension coincides with Indian refiners preparing sharp cutbacks in Russian crude imports. The move is another significant blow to Russia's war economy, as China and India together account for the majority of Russia's seaborne oil exports.Coordinated pressureJust yesterday the United States and EU initiated a two-pronged sanctions effort as conomic coersion to end the war in Ukraine. READ MORE: West slaps crippling sanctions on Russian oil trade "Now is the time to stop the killing and for an immediate ceasefire," U.S. Treasury Secretary Scott Bessent said. "Given President Putin's refusal to end this senseless war, Treasury is sanctioning Russia's two largest oil companies that fund the Kremlin's war machine." While China imports roughly 1.4 million barrels of Russian oil daily by sea, independent
Energy
GE Vernova beats on revenue, electrification orders surge
GE Vernova swung to a profit last quarter and beat revenue estimates, as orders for its power and electrification equipment soared. Earnings per share were US$1.64, rising from a loss of $0.35 one year ago. Revenue was $9.97 billion, up 12% and above FactSet estimates of $9.15 billion. “GE Vernova delivered another productive quarter with strong financial results. Our growth trajectory is accelerating and the demand environment for our equipment and services remains strong with $16 billion in backlog growth year-to-date,” said GE Vernova CEO Scott Strazik. “We are leading from a position of strength and are focused on long-term growth and returns. This era of increased electricity investment has just started, and we have substantial opportunity ahead of us as we provide the solutions required to help the world electrify to thrive and decarbonise.” Total orders climbed by 55% on an organic basis, reaching $14.6 billion. Orders for its Power business were up 50% to $7.8 billion, led by a spike in gas power equipment orders. The segment’s revenue rose by 15% to $4.8 billion. Electrification orders also surged by 102% to $5.1 billion, which the company credited to strong demand for grid equipment. Revenue increased 3
Energy
US oil companies cut thousands of jobs in August
Oil companies in the United States are slashing thousands of jobs, despite promises of an industry boom under the Trump administration. The latest data from the Bureau of Labor Statistics shows that the industry has cut 4,000 jobs through August, a response to a variety of factors, including increased tariffs and falling crude prices. Crude oil prices have fallen 13% this year, and now, the three biggest oil companies in the States, Exxon Mobil, Chevron and ConocoPhillips, have all announced job cuts in the same time period. Exxon is slashing 2,000 positions and putting a restructuring plan in place, according to an announcement made earlier this week. This comes in addition to the announcement made by Chevron back in February with plans to cut up to 20% of its workforce through next year, and Conoco similarly announced earlier this month that it would cut up to 25% of its workforce. According to data from Challenger, Gray and Christmas, the broader energy sector has also continued to undergo job cuts, with 9,000 positions cut through August of this year, marking roughly a 30% increase in layoffs compared with the same time last year.
Energy
Santos bidder withdraws as time runs out
An offshore consortium has withdrawn its US$18.7 billion (A$28.1 billion) takeover bid for oil and gas producer Santos. Santos said the XRG consortium decided not to proceed after being given a deadline of 19 September for making an indicative offer. The group, including the Abu Dhabi National Oil Company, Abu Dhabi Development Holding Company (ADQ) and private equity group Carlyle, made a non-binding indicative cash offer of US$5.76 (A$8.65) per share in June. The offer, made via a scheme of arrangement, had the support of the target company’s board but was subject to various conditions. The Santos Board told XRG on 15 September it was expected to make a binding offer on acceptable terms by 19 September, and in response, the consortium decided to withdraw and not proceed. “In that notification, the XRG Consortium confirmed that it maintains a positive view of the Santos business and has respect for the management team,” Santos said in an ASX announcement. Santos had expressed concerns about the delays in the bid, with XRG not agreeing to acceptable terms to protect the shareholders from time delay and regulatory risks. The consortium would also not agree to an appropriate allocation of risk between XRG and Sa