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A Tough Earnings Season For Big Oil

Politics, Geopolitics & Conflict

The beginning of this week saw a drone attack in the center of Moscow, near the Russian Defense Ministry building, just a day after Ukraine said it would retaliate for Russia’s missile attack on the Black Sea port of Odesa. There were no casualties in the Moscow drone attack and it caused no serious damage, according to Russian reports, but was likely intended as a show of force (and prestige) on the part of Kyiv.

Further to our warning about the fragility of peace in Libya, the UN’s Libya mission clearly is on edge, warning all parties against “unilateral” actions over the creation of a new interim government (to pave the way for elections that appear impossible with the oil revenue issue unresolved).

It is now more than 100 days since fighting between the military and a paramilitary faction erupted in Sudan, with violence now resurfacing in Darfur (in a repeat of the ethnic slaughter of two decades ago). With each passing day, Sudan comes closer to all-out civil war and failed-state status.

Deals, Mergers & Acquisitions

TC Energy Corp, a Canadian pipeline giant, will sell a 40% stake in 2 pipelines—Columbia Gas Transmission and Columbia Gulf Transmission—to Global Infrastructure Partners for some ~$5 billion. The company has also announced plans to spin off its pipeline business.

Saudi Aramco has completed its $3.4-billion purchase of a 10% stake in China’s…

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