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Energy
GE Vernova profit jumps as orders surge
GE Vernova shares rose after it reported a huge increase in fourth quarter (Q4) and full year net income for 2025 that exceeded market expectations. The energy industry manufacturer said net income soared to US$3.67 billion (A$5.24 billion) in the three months ended 31 December from $484 million in the previous corresponding period. Diluted earnings per share (EPS) rose to $13.39 from $1.73 as revenue grew 4% to $10.956 billion. For the full year, net income jumped to $4.879 billion from $1.559 billion, and diluted EPS climbed to $17.69 from $5.58 on revenue, which was 9% higher at $38.068 billion. The company said net income was boosted by a $2.9 billion tax benefit due to a U.S. valuation allowance release. Tariffs cost its wind business $70 million, but demand remained strong in its power and electrification units, which continue to benefit from rising electricity consumption, driven by data centres, artificial intelligence and broader electrification. “We delivered strong financial performance in 2025 with continued momentum in Power and Electrification while focusing on what we can control in Wind,” Chief Executive Officer Scott Strazik said in a press release. “We increased our backlog to $150 billion, w
Energy
Australia’s largest power station gets two more years
Australia’s largest coal-fired power station will remain open for almost two years longer than previously planned. Origin Energy said it would extend the operation of the 2,880 megawatt (MW) Eraring Power Station from 19 August 2027 to 30 April 2029 to support energy supply in the state of New South Wales (NSW) through the transition to renewable energy sources. Origin said the extension reduced risks to system security, highlighted by the Australian Energy Market Operator (AEMO) in its Transition Plan for System Security and enabled the plant to continue to support reliable power to NSW households and businesses. “We’ve taken the decision to extend Eraring’s operations after assessing a range of factors, including the needs of our customers, market conditions and the important role the plant plays in the NSW energy system,” Chief Executive Officer Frank Calabria said in an ASX announcement. “Good progress is being made on the delivery of new energy infrastructure including major transmission works and projects like our large-scale battery at Eraring, but it has become clear Eraring Power Station will need to run for longer to support secure and stable power supply. “Our decision to keep Eraring operating until Apri
Energy
Trump looking to 'keep Exxon out' of Venezuela oil plans
U.S. President Donald Trump is considering blocking ExxonMobil (NYSE: XOM) from being included in new plans for Venezuela's oil industry. Late last week Trump called a meeting of around 17 oil executives at the White House to discuss an overhaul of oil in Venezuela, which comes after weeks of escalating conflict, with U.S. forces seizing Venezuelan oil tankers and most recently the nation's leader; President Nicolas Maduro. At the meeting, Trump encouraged the assembled oil execs to invest US$100 billion in this revitalisation plan, however ExxonMobil CEO, Darren Woods, was not convinced. Woods told Trump that Venezuela as it currently stands is “uninvestable” and would need a “significant changes” in laws before it could be considered a viable investment opportunity. Later in the weekend, before boarding Air Force One, Trump told reporters that he “didn’t like Exxon’s response”. “I’ll probably be inclined to keep Exxon out. I didn’t like their response," he said. "They’re playing too cute.”
Energy
Big oil eyes Venezuela but calls it uninvestable, for now
The United States may have removed Venezuela’s long-time leader in a dramatic overnight raid, but ‘Big Oil’ is in no rush to follow to President Donald Trump into the troubled South American nation. Despite Trump’s push for a US$100 billion energy revival, America’s largest oil companies delivered a blunt message at the White House: Venezuela’s vast oil reserves mean little without sweeping legal, financial and security reforms. Exxon Mobil CEO Darren Woods stunned observers by saying the company is prepared to consider a return to Venezuela nearly two decades after its assets were nationalised. However, that was where the enthusiasm stopped with Woods making it clear that in its current form the country was simply not investable. Speaking during a hastily-arranged White House meeting days after Nicolás Maduro was ousted from power, Woods said Exxon would only move forward if Venezuela rewrote its rulebook. Durable legal protections, reform of the hydrocarbons law and credible security guarantees would be required before capital flowed back in. Exxon, ConocoPhillips and Chevron were once cornerstone partners of state oil company PDVSA (Petróleos de Venezuela SA), helping develop the Orinoco Belt, which is now V
Energy
Wind developers move to challenge lease suspensions
Multiple energy developers have announced legal action against the Trump administration's suspension of leases for their United States wind projects. Norwegian energy group Equinor confirmed last Friday it had filed an injunction in the U.S. District Court for the District of Columbia and Danish wind power developer, Ørsted, announced it was also taking legal action again the Trump administration after its U.S. based project Revolution was similarly suspended, saying that the suspension of the lease “violates applicable law”. Three other leases for similar large scale, offshore wind projects were suspended at the same time by the Department of the Interior, 10 days ago. The Revolution project is worth $5 billion and was underway off the coast of Rhode Island, before Ørsted's lease was suspended by the White House, citing national security risks. In a statement, Equinor said that it viewed the suspensions to be “unlawful and threatens the progress of ongoing work with significant implications for the project.” “The preliminary injunction filing is necessary to allow the project to continue as planned during this critical period of execution and avoid additional commercial and financing impacts that are likely to occu

Energy
Trump halts major US offshore wind projects
The Trump administration has halted Coastal Virginia Offshore Wind, the largest offshore wind project in the United States, along with four other projects under construction off the East Coast, dealing a significant blow to the United States wind industry. Shares in Dominion Energy, the utility developing the Virginia-based project, closed 3.7% lower following the announcement. The administration also paused leases for Vineyard Wind 1 off Massachusetts, Revolution Wind off Rhode Island, Sunrise Wind near Long Island and New England, and Empire Wind 1 south of Long Island. Interior Secretary Doug Burgum said the leases were paused due to national security concerns raised by the Pentagon. Shares of Denmark’s Orsted, which is developing the Revolution and Sunrise projects, slumped 12.7%, while U.S.-listed shares of Norway’s Equinor, the developer of Empire Wind 1, fell about 1%. Coastal Virginia Offshore Wind is a 176-turbine project expected to supply power to more than 600,000 homes, according to Dominion. The project was scheduled for completion next year. Dominion said the development is critical to U.S. national security and to meeting Virginia’s rapidly rising energy demand. Northern Virginia is the world’s la
Energy
Woodside CEO Meg O'Neill departs for BP
In a major leadership shake-up for the global energy sector, Woodside Energy (ASX: WDS) has announced the resignation of its CEO and MD Meg O’Neill, departing the Australian energy giant to take the helm as the new CEO of London-based oil and gas supermajor BP. Woodside chair Richard Goyder congratulated Ms O’Neill on her appointment as BP CEO and thanked her for her significant contributions to Woodside. The board has appointed exec VP and COO Liz Westcott as acting CEO as an executive search gets underway. “The Board’s appointment of Meg as CEO in 2021 set the foundation for Woodside’s transformational growth over recent years. This strong business performance has been translated into approximately $11 billion in dividends paid to shareholders since 2022, and a growth trajectory which is expected to deliver significant value," Mr Goyder said. “Meg leaves Woodside in a strong position, having led the company through the merger with BHP Petroleum, final investment decision on the Scarborough Energy Project, startup of the Sangomar Project, final investment decision for the Louisiana LNG Project, the Beaumont New Ammonia acquisition, introduction of a number of high quality partners in those projects and continued high
Energy
Shell may buy Gulf of Mexico producer LLOG
Shell is reportedly in advanced talks to buy Gulf of Mexico oil producer LLOG Exploration Offshore for over US$3 billion, as it seeks to further strengthen its portfolio in the region. While a deal is not yet guaranteed, according to Reuters, an agreement could be finalised by the end of the year. Louisiana-based LLOG began exploring a potential sale in October. Production at Shell’s Gulf assets has surged in recent months. Last quarter, the company reported “strong operational performance driven by record production in Brazil and 20-year highs in the Gulf of America [Gulf of Mexico]”. LLOG produces about 30,000 barrels of oil equivalent per day, and acquired around 236,000 acres in the deepwater Gulf area last year. Shell also plans to sell a 20% stake in its Gato do Mato oilfield cluster in Brazil, Bloomberg reportedly separately today. Gato do Mato is set to begin production in 2029, with a capacity of 120,000 barrels per day. Shell acquired TotalEnergies’ stake in Gato do Mato earlier in 2025 through an asset swap, and reportedly aims to raise funds for the cluster’s development while remaining as operator. Shell’s (LSE: SHEL) share price closed at UK£2,734.50, down from its previous close at £2,750.00. It
Energy
NextEra building gas-powered data centre with Exxon
NextEra Energy is working with Exxon Mobil to build a natural gas-powered data centre for a big tech customer, it said as it mints deals with Meta and Google. NextEra said today that it had reached around 2.5 gigawatts in clean energy contracts with Meta, and will develop three new data centre campuses with Google Cloud. Its oil-powered data centre will be pitched to hyperscalers, the companies training artificial intelligence models with large data centres. The project “combines Exxon’s carbon capture and sequestration expertise with [NextEra subsidiary] Energy Resources’ development expertise to pursue construction on an initial 1.2-GW plant,” NextEra CEO John Ketchum said in a presentation to investors. “As one of America's largest energy infrastructure builders, NextEra Energy Resources is powering America's technology growth with new energy infrastructure,” said NextEra Energy Resources CEO Brian Bolster. “The company has actively engaged with hyperscalers to support their data centre operations and further drive America's leadership.” The data centre would be marketed to a potential hyperscaler customer in the first quarter of 2026. The companies have secured 2,500 acres of buildable land for the facility. It