05 Aug Energy, Oil and gas, News ,commentary and analysis | IOC’s post strong quarterly earnings
(Oilandgaspress) 05/08/26, The Iran war has tightened global fuel supplies, pushing refining margins to record highs as disruptions in the Strait of Hormuz, reduced Asian refining, and export restrictions squeezed diesel, gasoline, and jet fuel markets. Major oil companies including Shell, TotalEnergies, ExxonMobil, and Chevron posted their strongest quarterly earnings in years. Six of Europe’s largest oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than last year. Profits at BP more than doubled to $3.9 billion in the second quarter.
Saudi Aramco reported a 44% year-on-year increase in second-quarter net profit that reached $32.69 billion, driven by higher crude oil, refined products and chemicals prices.
Exxon Mobil on Friday reported that its second quarter profits doubled to $14.5 billion, boosted by record diesel production. Exxon Mobil brought in $116 billion in revenue, up 42%.
Chevron nearly quadrupled its profits to $12 billion and revenue jumped 56% to more than $70 billion. As high oil prices have driven up the cost of gasoline, jet fuel and diesel, which has led to higher shipping costs. Related News
Cuba is currently pulling off one of the fastest solar revolutions on the planet, with help from China, according to data from the energy think tank Ember. Imports of Chinese solar panels and batteries have soared over the past year and, with Chinese investment, Cuba has built dozens of solar parks.
The country is still heavily dependent on fossil fuels, but some experts believe the intense US pressure — with threats to take “control” of the island — may hasten Cuba’s path toward clean energy. More renewables mean less dependence on fuel imports, helping “remove this lever of coercion,” said Kevin Cashman, an economist with the Transition Security Project, a US-UK research organization…Related News
Qatar says efforts to reach a “short term resolution” between the US and Iran that would prevent further escalation and restart direct talks are at an advanced stage, with draft language circulating between the two sides through regional mediators. Qatar says US-Iran mediation is at an advanced stage, but no direct talks are expected at the moment, as Doha calls for the return to free navigation through Hormuz. Related News
PTTEP announced its operational progress for the first half of 2026, maintaining natural gas production at full capacity to help mitigating energy crisis arising from the ongoing Middle East conflict and to safeguard the country’s energy security. During the period, the company contributed over THB 27,700 million to the government to support national development and deliver continuous shareholder return, with an approved interim dividend of THB 4.50 per share. On the sustainability front, PTTEP pioneered Thailand’s first “Total Wellhead Platform Reuse” at the Jakrawan K wellhead platform (JKWK) in the Funan field of the G1/61 Project.
By relocating and reinstalling the topside, jacket, and selected pile sections within the same field, the project demonstrates PTTEP’s commitment to circular economy principles. Enabled by engineering excellence and advanced technologies, the initiative maximizes resource utilization, accelerates project execution, reduces costs, and contributes to lower greenhouse gas (GHG) emissions. PTTEP signed a Memorandum of Agreement (MOA) with the Department of Fisheries (DOF) and the Department of Mineral Fuels (DMF) to repurpose retired wellhead platform jackets into artificial reefs in the Gulf of Thailand. Related News
PTT Exploration and Production Public Company Limited (PTTEP) organized the “Give Grow Green” volunteer activity at Vachirabenjatas (Rot Fai) Park in Bangkok, where more than 60 PTTEP employee volunteers gained hands-on experience in tree planting, from learning proper techniques to planting over 300 trees of various species. This contribution helps expand urban green spaces and provide a pleasant, shaded environment for park visitors, while also encouraging employees to create shared value for society.
Beyond this volunteer activity, PTTEP continues its reforestation efforts across Thailand, which play an important role in tackling climate change. Related News
PTTEP has successfully achieved Thailand’s first “Total Wellhead Platform Reuse” by redeploying an entire decommissioned petroleum wellhead platform as a complete structure. The initiative demonstrates a tangible approach to maximize the value of existing assets while reducing execution timelines, optimizing costs and lowering greenhouse gas emissions, in line with the circular economy principles and the company’s sustainability commitments.Related News
TANAKA PRECIOUS METAL TECHNOLOGIES Co., Ltd. announced the development of the MOC1-30 series methane oxidation catalyst which has excellent resistance to sulfur (S) and maintains high purification performance over an extended period of time.
The product is designed to remove methane (CH4) from the exhaust emissions of gas engines powered by fuels such as natural gas and city gas. Since methane has a greenhouse effect approximately 25 times greater than carbon dioxide (CO2), reducing these emissions have become a growing priority worldwide. This methane oxidation catalyst addresses the long-standing challenge of sulfur-induced catalyst deactivation and maintains more than 80% methane conversion even after 1,000 hours of continuous operation at an inlet gas temperature of 350℃. Related News
Iran has reportedly warned that actions by Donald Trump could “ignite the spark of World War 3” following US warnings that it was Tehran’s “last chance” for a deal, particularly concerning the Strait of Hormuz. Mohsen Rezaei, a military adviser to Iran’s supreme leader, cautioned that American vessels and forces would face serious risks if the naval blockade against Iranian ports continued, reiterating that Iran would not permit a second corridor in the Strait of Hormuz. Related News
During the period from 27 to 31 July 2026, Eni acquired on the Euronext Milan no. 4,971,860 shares (equal to 0.16% of the share capital), at a weighted average price per share equal to 23.1302 euro, for a total consideration of 114,999,943.97 euro, within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 6 May 2026, for the purpose of paying to the Shareholders an additional remuneration compared to the distribution of dividends, resolved by the same Shareholders’ Meeting. Related News
Enviromena, one of the UK’s largest independent power producers, has warned that delays to over 1GW of their self-developed solar and energy storage projects are undermining the Government’s repeated commitments to cut household energy bills, strengthen energy security, create long term jobs and drive economic growth through clean energy. The company has written to senior executives across the UK’s electricity system and network operators, as well as Government ministers, calling for urgent intervention to ensure that connection reforms deliver on their original objective: prioritising projects that are genuinely ready to generate electricity.Related News
Octopus Energy and Santander launched the UK’s first mortgage from a high-street bank designed specifically for Octopus Zero Bills homes.
The new mortgage is available on selected newbuild homes eligible for a guaranteed 10 years of no home energy bills thanks to Octopus’ world-first Zero Bills energy tariff, helping more people access homes that are cheaper to run from day one.
Launched in 2022, Octopus’ Zero Bills allows customers to move into homes packed with cutting-edge green tech – including a heat pump, battery and solar panels – with no home energy bills for at least 5-10 years, guaranteed. Santander’s Zero Bills mortgage recognises that Zero Bills homeowners have lower monthly outgoings, as they are guaranteed not to pay a penny for their home energy bills. This means eligible buyers could borrow up to £30k more than they would for a similar home with typical home energy costs.. Related News
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