The Federal Trade Commission last week gave the green light to Exxon’s acquisition of Pioneer Natural Resources. There was one condition attached to the approval of the $60-billion deal: that Scott Sheffield, the former CEO of Pioneer, does not join the combined company’s board. The FTC alleged that Sheffield had colluded with OPEC and OPEC+ members...

French prosecutors have opened an investigation into supermajor TotalEnergies for possible involuntary manslaughter for failing to protect its subcontractors during a deadly attack in Mozambique close to a planned LNG project. TotalEnergies holds a 26.5% stake in the Mozambique LNG project, which was put on hold in 2021 following Islamist militant attacks...

By John Kemp, senior energy analyst at Reuters Saudi Arabia and its allies in OPEC? are likely to keep oil production unchanged for a further three months when ministers review output allocations on June 1. The tightening of petroleum supplies and depletion of inventories widely anticipated at the start of the year has failed to materialise so far....

Shell is preparing to divest from downstream operations in South Africa as a result of an internal portfolio review, Shell said in a statement on Monday reported by Reuters and confirmed in an interview with the Daily Maverick just hours later.  Shell holds a majority share in Shell Downstream SA (SDSA), which was formed by the merger agreement between...

By Mish Shedlock of MishTalk The lie of the day is from the EPA: Carbon capture will pay for itself (thanks to IRA subsidies). No, it won’t even with subsidies. Expect blackouts and a higher price for electricity. Suite of Standards to Raise Costs, Reduce Output Let’s take a dive into the EPA news release Biden-Harris Administration Finalizes Suite...

One of the recent positives for bonds and non-energy stocks could have run its course after Saudi Arabia raised the price of its flagship crude to Asia for a third consecutive month, according to Bloomberg markets live reporter Garfield Reynolds Over the weekend, state-owned Saudi Aramco raised the June official selling price of Arab Light crude for...