By Reuters Staff
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April 30 (Reuters) - Top U.S. oil producer Exxon Mobil Corp on Friday posted its first profit in five quarters, as higher oil and gas prices offset costs from a deep freeze in February.
Net income attributable to Exxon was $2.73 billion, or 64 cents per share, in the first quarter, compared with a loss of $610 million, or 14 cents per share, a year earlier.
Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila
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HOUSTON, April 30 (Reuters) - Chevron Corp’s first-quarter profit fell 29% compared with the same period a year ago as gains from oil and gas prices were undercut by weaker refining margins, production losses and the impact of an asset sale that benefited results last year.
Oil companies are generally enjoying a recovery in energy prices, up at least a third this year, after the pandemic hammered demand at the start of 2020. Chevron and its peers slashed spending, paving the way for several firms to post sharply better results.
But as European rivals topped forecasts, Chevron’s earnings declined on winter storm production losses, weaker margins and the absence of asset and tax items that benefited year-ago profit.
By Reuters Staff
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CAIRO (Reuters) -Egypt has signed a $7.5 billion deal to construct a petrochemical complex in the Ain Sokhna industrial zone, the government said on Wednesday.
The 3.56 million square meter facility is the latest part of the country’s efforts to try to develop an energy hub in the eastern Mediterranean.
The deal, between the Red Sea National Refining and Petrochemicals Company and the Suez Canal Economic Zone’s development company, aims to produce value-added petroleum products in order to fill Egypt’s domestic needs and enable exports.
The products include polyethylene, polypropylene, polyester, bunker fuel and other petroleum and chemical products, the statement said.
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MOSCOW, April 27 (Reuters) - Russian oil exporters may suspend supplies to Belarus’s Naftan refinery after the United States tightened sanctions on Belarus over alleged human rights violations and abuses, four sources familiar with the matter told Reuters.
Washington last week revoked authorisations for certain U.S. transactions with nine sanctioned Belarusian state-owned enterprises, including Naftan and its owner Belneftekhim.
While not directly affected by the move, Russian companies are concerned they could be penalised if they continue dealing with the Belarusian businesses.
Apart from loans, Russia supports its neighbour and fellow former member of the Soviet Union with oil supplies on beneficial terms.