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Energy
Origin Energy profits plummet amid low gas prices
Origin Energy profits plummeted last half amid low gas prices, though its Energy Markets segment’s earnings continued to rise. Statutory profit was A$557 million, down from $1.02 billion year-over-year and below Visible Alpha estimates of $574.81 million. "Origin's first half results are solid, allowing an upgrade to full-year guidance for Energy Markets. Retail performance continued to strengthen, grid-scale batteries added further portfolio flexibility, gas production was steady, and cost management remained disciplined as commodity prices softened,” said CEO Frank Calabria. "We have delivered more than 10 consecutive halves of customer growth, further building on Origin's leading retail position, reflecting the strength of our brand and customer solutions, including a refreshed suite of battery products and continued enhancements in customer experience.” Underlying EBITDA sank from $1.93 billion to $1.59 billion year-over-year. Underlying profit dropped from $924 million to $593 million. Its Energy Markets segment reported underlying EBITDA of $860 million, rising $122 million, which Origin credited to higher electricity gross profit and cost to serve savings. It added 96,000 new customer accounts. Integrated
Energy
AGL narrows FY26 outlook after H1 profit drop
AGL Energy has narrowed its 2026 guidance after the results of its latest earnings report for the first half of this year. The H1-26 report saw a drastic fall in statutory profit, down to $94 million, a drop of 42%. Earnings per share came out ahead of estimates of $0.44‬, landing at $0.53‬. Revenue was posted at $‪‪7.04 billion, ahead of estimates of ‪‪$6.92. The power producer also tightened its guidance for the year, narrowing its expected underlying EBITDA from a range of $1.92-$2.22 billion to $2.02-$2.18 billion, and its underlying net profit guidance from $500-$700 million to $580-$680 million. AGL also announced today it had struck a $115 mil deal with Aussie Broadband, with the internet giant acquiring AGL's telco portion of the business. AGL will continue to promote services under their brand name, but Aussie Broadband will supply the services and customer experience. Shares in AGL jumped by 11.8% after, to the highest point since December, and Aussie Broadband also enjoyed a boost, up to 14.8%. AGL Energy (AGL: ASX) closed higher on Wednesday, up 11.8% at $9.89.
Energy
BP halts share buybacks, targets cost-cutting
BP has suspended its share buybacks as it pursues cost-cutting measures, while profits last quarter were in line with estimates. Its underlying replacement cost profit was US$1.54 billion, falling from $2.21 billion in the previous quarter but up from $1.17 billion one year ago. This matched LSEG estimates. “2025 was a year of strong underlying financial results, strong operational performance, and meaningful strategic progress. We have made progress against our four primary targets - growing cash flow and returns, reducing costs, and strengthening the balance sheet - but know there is more work to be done, and we are clear on the urgency to deliver,” said interim CEO Carol Howle. “With a continued emphasis on capital discipline and returns, we are reducing capital expenditure for 2026 to the lower end of the guidance range, while continuing to drive down our cost base.” The company will halt share buybacks and allocate its excess cash towards strengthening its balance sheet, BP said. Its most recent share buyback, announced in November, was $750 million. It increased its cost reduction target to $5.5-6.5 billion by the end of 2027, rising from $5 billion. Woodside Energy CEO Meg O'Neill will begin as BP's CEO from
Energy
Oil drillers combine as Transocean buys Valaris
Transocean will acquire Valaris for US$5.8 billion (A$8.219 billion) in stock, combining two major drilling contractors as the offshore drilling industry expands. The combined company would have an enterprise value of around $17 billion and a market capitalisation of $12.3 billion, according to Transocean and Valaris. Its fleet would include 73 oil rigs. “This transaction creates a very attractive investment in the offshore drilling industry, differentiated by the best fleet, proven people, leading technologies, and unequalled customer service,” said Transocean CEO Keelan Adamson. “The powerful combination is well-timed to capitalise on an emerging, multi-year offshore drilling upcycle. Investors and our global customers will benefit from our expanded fleet of best-in-class, high-specification rigs.” The companies’ combined backlog is around $10 billion. The acquisition comes amid a surge in offshore drilling activity, with the global market valued at $43.78 billion in 2025 and forecast to reach $87.50 billion by 2034. Valaris investors will receive 15.235 shares in Transocean for each Valaris share. The acquisition is set to close in 2026’s second half. The transaction will aid in reducing Transocean’s debt, Ada
Energy
ConocoPhillips struggling against lower oil prices for Q4
ConocoPhillips has posted lower-than-expected results for its fourth quarter and overall 2025 outlook, with oil prices falling as production increased. Production for the fourth quarter was 2,320 barrels of oil-equivalent per day (MBOED), up by 137 from Q4 the year before, but struggled against a 19% decrease in the company's average realised price, which dropped to US$42.46. Adjusted earnings per share for the Texas-based petroleum industry giant came in at $1.02, which fell below the Zacks Consensus Estimate of $1.08. The bottom line decreased from the prior-year level of $1.98. Total revenue for the quarter was posted at US$14.19 billion, a decline from US$14.74 billion a year earlier. “Looking ahead, we’re focused on driving a $1 billion reduction in our capital and costs in 2026, while returning 45% of our CFO to shareholders," said Ryan Lance, chairman and chief executive officer. At the time of reporting, ConocoPhillips (NYSE: COP) was trading down 2.43%, to US$104.98 and maintains a market cap of US$129.73 billion.

Energy
Shell quarterly profits drop amid low oil prices
Oil major Shell fell below earnings estimates last quarter amid low oil prices, while its production increased. Adjusted earnings were US$3.26 billion, down from the previous quarter’s $5.43 billion and under LSEG estimates of $3.53 billion. This is its lowest quarterly profit since 2021. “2025 was a year of accelerated momentum, with strong operational and financial performance across Shell. We generated free cash flow of $26 billion, made significant progress in focusing our portfolio and reached $5 billion of cost savings since 2022, with more to come,” said Shell CEO Wael Sawan. “In Q4, despite lower earnings in a softer macro, cash delivery remained solid and today we announce a 4% increase in our dividend and $3.5 billion share buyback, making this the 17th consecutive quarter of at least $3 billion of buybacks.” Oil prices fell by 19% in 2025, driven by a glut in supply as OPEC+ nations increased their output. This was the first time oil prices had reported three consecutive years of losses. Integrated gas production increased from 934,000 barrels of oil equivalent per day to 948,000 barrels. The company expects 920,000-980,000 per day in 2026’s first quarter. Upstream production increased from 1.83 millio
Energy
Venezuelan oil exports increase following US takeover
Venezuelan oil exports have increased to 800,000 barrels per day (bpd) in January from 498,000 bpd in December, according to data reported by Reuters. This rise follows the U.S. capture of Venezuelan leader Nicolas Maduro and the ending of an oil blockade, which has let traders carry most exports. Washington imposed an oil embargo on the U.S.-sanctioned ‌country in December to pressure Maduro and seized seven tankers. The blockade forced Venezuela’s state-run energy company PDVSA to cut output in early January as it led to the accumulation of more than 40 million barrels of crude oil and fuel in onshore tanks and vessels to not be exported. Stocks, oil production, processing and shipments from the OPEC member have accelerated following the U.S. Treasury Department extending the first licenses to traders like Trafigura and Vito to begin exporting in January. The U.S. has also regained its position as the main destination of Venezuela’s crude oil, with 284,000 bps exported there, and 220,000 shipped by Chevron, up from the 99,000 from December. China was the top destination for Venezuelan oil up until December, with more than 70% of all exports. In January, China received 156,000 bpd, last month, and there were
Energy
ExxonMobil beats estimates despite falling oil prices
ExxonMobil beat earnings and revenue estimates last quarter, despite oil prices falling sharply across 2025. Earnings per share were US$1.71, down slightly from $1.72 one year ago and above LSEG estimates of $1.68. Revenue was $82.31 billion, falling from $83.43 billion and passing estimates of $81.43 billion. "ExxonMobil is a fundamentally stronger company than it was just a few years ago, and our 2025 results demonstrate that," said ExxonMobil CEO Darren Woods. "Our transformation is delivering a more resilient, lower-cost, technology-led business with structurally stronger earnings power, grounded in advantaged assets, disciplined capital allocation, and execution excellence.” Brent crude prices were down 19% across 2025 amid a glut in supply. While the company said weaker crude prices impacted its earnings, this was partly offset by advantaged volume growth, higher refining margins, and cost-cutting. Net production last quarter was 4.99 million oil-equivalent barrels per day, rising from 4.77 million in the prior quarter. Across 2025, it reported 4.74 million barrels per day, its highest level in over 40 years. Its assets in the United States’ Permian Basin produced 1.8 million barrels per day during the quar
Energy
Chevron beats profit view on record Permian oil flows
Unprecedented upstream throughput propelled Chevron past analyst earnings projections for the fourth quarter, insulating the United States supermajor against a steep deterioration in crude markers, though top-line revenue succumbed to the bearish pricing environment. Adjusted earnings of US$3.0 billion, or $1.52 per share, outpaced the $1.45 consensus forecast, fuelled by robust flows from the Permian Basin and the newly consolidated Hess portfolio. However, revenue for Q4 slipped to $46.87 billion, missing street expectations of $47.15 billion, as the company grappled with lower realisations that weighed on the broader sector. Reported net income dipped to $2.8 billion ($1.39 per share), retreating from $3.2 billion in the prior-year period, as foreign exchange headwinds and weaker refining margins in the chemicals sub-segment squeezed netbacks.Permian and TCO drive operational alphaChevron’s “higher volume, lower cost” mantra appears to be bearing fruit, with worldwide net liftings striking a peak of 4.05 million barrels of oil equivalent per day (mmboe/d) in the fourth quarter - a 20.7% vault from the previous year. This expansion was anchored by the acquisition of Hess, which injected 261,000 boe/d, alongside a lan