- Massive Western oil companies greater than double income to $219 bln
- Surge in income permits them to scale back debt
- Spending rises, local weather targets pushed again
World
Big Oil doubles profits in blockbuster 2022
LONDON, Feb 8 (Reuters) – Massive Oil greater than doubled its income in 2022 to $219 billion, smashing earlier data in a yr of risky power costs the place Russia’s invasion of Ukraine reshaped world power markets and, in some instances, the business’s local weather ambitions.
The revenue surge gave the oil firms scope to extend spending on oil and fuel initiatives, and an opportunity for some to rethink power transition methods to fulfill new calls for for safety of provide.
The mixed $219 billion in income allowed BP (BP.L), Chevron (CVX.N), Equinor (EQNR.OL), Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA) to bathe shareholders with money.
The highest Western oil firms paid out a document $110 billion in dividends and share repurchases to buyers in 2022, spurring outraged calls on governments to impose windfall taxes on the business to assist shoppers with surging power prices.
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Norway’s Equinor on Wednesday reported a doubling of adjusted working revenue in 2022 to $74.9 billion on the again of a surge in European pure fuel costs and because it grew to become Europe’s largest fuel provider after Russia’s Gazprom (GAZP.MM) minimize deliveries amid the West’s assist for Ukraine.
Oil firms final yr additionally pulled out of Russia, a significant power producer, main to large writedowns, together with BP’s $24 billion exit from its 19.75% stake in Kremlin-controlled oil large Rosneft (ROSN.MM).
LOW DEBT
The sharp rise in oil and fuel costs, falling debt ranges and the abrupt drop in Russian provides to Europe additionally drove boards to extend spending on fossil gasoline manufacturing as governments prioritised safety of provide.
TotalEnergies Chief Govt Patrick Pouyanne stated after the French firm reported document income of $36.2 billion on Wednesday that the worldwide backdrop remained very beneficial for power firms, with the stress-free of COVID-19 measures in China pushing up demand for 2023.
“We would not be shocked to see oil again to $100 a barrel,” Pouyanne stated. Benchmark oil costs are at present close to $85 a barrel.
European firms which have outlined plans to scale back or gradual oil and fuel investments and construct giant renewables and low-carbon companies to chop greenhouse fuel emissions adjusted their methods.
None have been extra stark than BP Chief Govt Bernard Looney’s transfer to row again on plans to scale back the British firm’s oil and fuel output and carbon emissions by 2030.
“We’d like decrease carbon power, however we additionally want safe power, and we’d like reasonably priced power. And that is what governments and society all over the world are asking for,” Looney stated on Tuesday.
BP’s shares hit their highest in three and a half years on Wednesday, constructing on a 7.6% achieve a day earlier following the outcomes and shift in technique.
Bernstein analyst Oswald Clint known as BP “a lesson in pragmatism, prioritisation and efficiency”, score it “outperform”.
“Pragmatism takes precedence this week as a world quick power along with governments begging for extra from firms like BP causes a response. BP will lean extra into oil & fuel for the rest of this decade,” Clint stated in a be aware.
Reporting by Ron Bousso. Enhancing by Jane Merriman
Our Requirements: The Thomson Reuters Belief Rules.
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World
Italian state railways plans 1.3 bln euro investment in solar plant
Italian state railways Ferrovie dello Stato plans to invest 1.3 billion euros ($1.36 billion) in a photovoltaic plant with an initial 1 gigawatt (GW) capacity that would cover 19% of its energy needs by 2029, the CEO said in a newspaper interview.
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Christmas in Puerto Rico is a 45-day celebration with caroling, festive decorations, family feasts and more
Christmas, Navidad in Puerto Rico, extends far beyond Dec. 25.
The island proudly proclaims itself as having the “longest holiday season in the world,” according to the website Discover Puerto Rico.
On average, the holiday festivities in Puerto Rico last about 45 days, per the source, commencing right after Thanksgiving, and stretching all the way through mid-January.
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The holiday season in Puerto Rico is full of rich traditions beloved by families.
One tradition those who visit Puerto Rico will immediately notice during the holiday season is decorations.
In Puerto Rico, decorations are typically put up by Thanksgiving, and kept up until the season concludes in mid-January, with opportune picture moments at every corner.
Parrandas, Christmas caroling, is a holiday staple.
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Carolers choose houses of family and friends to visit, typically starting around 10 p.m., performing aguinaldos (traditional Christmas songs), with not only their voices, but often with instruments as well, according to Discover Puerto Rico.
The group you begin caroling with is likely not the same group you end with.
In Puerto Rico, when carolers visit a house, they’ll often stop inside for conversation, food and drink before moving to the next residence.
Usually, the residences of the house visited will join the group for the next house, according to Discover Puerto Rico.
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A night of serenading loved ones can last quite a while, often stretching into the early morning hours of the following day, according to the source.
The biggest day of the holiday season in Puerto Rico actually isn’t Christmas, but instead, the night before.
In Puerto Rico, Dec. 24 is Nochebuena. On that day, loved ones gather for the exchange of gifts, caroling and a large feast.
Many families will also attend a midnight Mass on the day, known as Misa de Gallo.
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After Christmas passes, the festivities go on in Puerto Rico.
Another big event in the holiday lineup is Three Kings Day on Jan. 6, a holiday that “commemorates the visit that the Three Wise Men paid to Jesus after his birth,” according to Discover Puerto Rico.
On the eve of the day, children fill up a shoebox with grass to be left for camels to munch on while the Three Kings leave behind gifts for them, according to PuertoRico.com.
For a particularly festive Three Kings Day, Juana Díaz is the place to go, as it hosts the largest celebration in Puerto Rico for the holiday. In Juana Díaz, there is an annual festival and parade in honor of Three Kings Day that brings together over 25,000 people every year, according to Discover Puerto Rico.
Then, eight days later is Octavitas, a post-holiday celebration where families get together and celebrate one last time for the season.
The end of the holiday season is marked with the San Sebastián Street Festival.
This festival, spanning over multiple days, takes place in Old San Juan, and is filled with live music, dancing, shopping and parades.
World
Small plane crashes into Brazil town popular with tourists, killing 10
Twin-engine plane crashed in largely residential neighborhood of Gramado shortly after takeoff, authorities say.
A small plane has crashed into a tourist hotspot in southern Brazil, killing all 10 people on board and injuring more than a dozen people on the ground, officials have said.
The twin-engine Piper PA-42-1000 hit the chimney of a home and the second floor of a different house before crashing into a shop in a largely residential neighbourhood of Gramado shortly after takeoff from Canela, Brazil’s Civil Defense agency said on Sunday.
Rio Grande do Sul Governor Eduardo Leite told a news conference that the aircraft’s owner and pilot, Luiz Claudio Galeazzi, was killed along with nine members of his family.
Leite said that 17 people on the ground were injured, 12 of whom were still receiving treatment in hospital.
Galeazzi’s company, Galeazzi & Associados, confirmed that its CEO and Galeazzi’s wife and three daughters had died in the crash.
“Luiz Galeazzi will be forever remembered for his dedication to his family and for his remarkable career as a leader of Galeazzi & Associados,” the company said in a post on LinkedIn.
“In this moment of immense pain, Galeazzi & Associados is deeply grateful for the expressions of solidarity and affection received from friends, colleagues and the community. We also sympathize with all those affected by the accident in the region.”
Gramado, located in the Serra Gaucha mountains, is a popular destination for vacationers, especially during the Christmas season.
The crash comes a little more than a year after Brazil suffered its worst air disaster in nearly two decades when a twin-engine plane crashed in the southeastern city of Vinhedo, killing all 62 people on board.
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