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Josh Owens

Josh Owens

Josh Owens is the Content Director at Oilprice.com. An International Relations and Politics graduate from the University of Edinburgh, Josh specialized in Middle East and…

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Impressive Earnings Send Oil Stocks Higher

Earnings Oil Stocks

Oil majors have reported massive profits in the second quarter, with oil stocks across the board climbing as investor confidence grows. 

Oilprice Alert: This month's Intelligent Investor column, now available for Global Energy Alert members, compares two of the most promising Canadian oil stocks on the market. If you're an investor in the energy space then now is the time to sign up for Global Energy Alert.

Friday, July 29th, 2022 

The overall sentiment in oil markets has been greatly buoyed by bumper Q2 profitsposted by the likes of ExxonMobil, Chevron, and Shell – and this time around, thanks to falling gasoline prices in the US, there have been no accusations of making more money than God. With all leading oil majors promising either to maintain or intensify share buybacks over the upcoming period, oil stocks have seen a much-needed surge this week. As well as improving confidence, rumors of OPEC+ keeping September production targets unchanged have helped push oil prices higher, with the front-month ICE Brent contract moving up to $110 per barrel. 

The Fight for the Nord Stream 1 Turbine Rages On. The Nord Stream 1 turbine, a point of contention between Germany and Russia (Siemens Energy vs Gazprom), is still yet to reach its destination amidst a customs spat, with Gazprom cutting NS1 throughput to a mere 20% of capacity.

US Climate Bill Roars Back to Life. Following a surreptitiously negotiated Schumer-Manchin deal that guarantees the continuation of oil lease sales, the prospects for a $370 billion climate bill have become much rosier as Democrats in the US Senate seek to vote on it as soon as next week. 

Industry Expects Cautious OPEC+ Moves. According to media reports, OPEC+ countries are expected to keep their oil production targets unchanged for September 2022 as they get together next week for their upcoming ministerial meeting, brushing aside U.S. calls for more output. 

PEMEX Enjoys Rare Profit Season. CEO of Mexican state oil company PEMEX, the world’s most indebted oil firm ($121.8 billion), said its H1 profits rose to an unprecedented $12.7 billion thanks to an average crude price of $105 per barrel and that for the first time in many years PEMEX is set to see an annual profit.

Coal Demand to Hit Record High This Year. The International Energy Agency forecasts that coal demand will rise to 8 billion tons this year, a 0.7% increase year-on-year, matching a record high set in 2013 and paving the way for further hikes next year hit an all-time high.  

Ivory Coast Upgrade Boosts its Upstream Allure. Thanks to a successful second exploration well drilled next to the Baleine discovery in offshore Ivory Coast, the largest oil find of 2021, the resource estimate of the field was increased to 2.5 billion barrels, up 0.5 billion barrels compared to previous appraisals. 

Flooding Disrupts Operations at UAE’s Fujairah Hub. Exceptional rainfall, the highest level in nearly three decades, has forced UAE national oil company ADNOC to shut down operations at the Fujairah terminal as the military rescued more than 800 personnel amidst flash floods.

African Countries Push Hard for Trans-Saharan Gas Pipeline. The governments of Nigeria, Niger, and Algeria have signed a memorandum of understanding on the construction of the long-mooted Trans-Saharan gas pipeline, a $13 billion project first proposed in the early 1980s and expected to transport 30 bcm of Nigerian gas to Europe. 

Shell Moves Away from European Upstream. Oil major Shell (LON:SHEL) is looking to invest in new upstream ventures in regions where there is support for development, an implicit jab towards mounting opposition to fossil projects in Europe, CEO Ben van Beurden said countries like Suriname or Namibia are very high on the priority list. 


Germany to Introduce Gas Solidarity Tax. The German government is set to imposea levy on all gas consumers that would come into effect from October 01 and last until the end of September 2024, meaning an average German household could face additional energy costs of up to €1000 per year.

Major Nigeria Oil Pipeline Dries Up Amidst Theft. According to Bloomberg, the 180,000 b/d Trans-Niger oil pipeline operated by Shell and feeding into the Bonny Light export terminal has stopped transporting crude since mid-June amid widespread theft, with there being illegal taps into it in at least 150 places. 

Congo Licensing an Environmental Catastrophe in Waiting. The Democratic Republic of Congo launched this week the licensing of 30 oil and gas blocks sprawling across the country’s vast peatlands, drilling in which could trigger a regional climate disaster by releasing billions of tons of carbon. 

PDVSA Poisons Environment Again. According to media reports, an ongoing oil leak from Platform G of the Pedernales shallow-water field in eastern Venezuela, a project abandoned as the field lacks electricity, has been poisoning the waters of the Orinoco River, one of the country’s most environmentally sensitive areas. 

Petrobras Finds Gas in Offshore Colombia. Whilst Colombia’s onshore drilling has been mired in shale controversies, Petrobras (NYSE:PBR) recorded another gas find in the offshore deep-water block of Tayrona, with the recently spudded Uchuva-1 well.

By Josh Owens for Oilprice.com 

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