24 Feb Energy Price, news updates and expert commentary 24/02/26
(Oilandgaspress) The daily rate for hiring a very large crude carrier (VLCC) capable of shipping 2 million barrels of crude jumped to as much as $170,000 on Tuesday, tripling since the beginning of 2026. Supertanker rates to ship crude on the key Middle East-to-China route have surged to a six-year high as Persian Gulf supply to India soars and traders rush shipments to precede a potential U.S. military campaign in Iran, according to industry data and sources Reuters reported . Related News
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $65.85 | Down |
| Crude Oil (Brent) | USD/bbl | $71.01 | Down |
| Bonny Light 24/02/26 CBN | USD/bbl | $73.35 | Down |
| Dubai | USD/bbl | $68.38 | Down |
| Natural Gas | USD/MMBtu | $2.97 | Down |
| Murban | USD/bbl | $70.68 | Down |
| OPEC basket 23/02/26 OPEC | USD/bbl | $66.55 | Down |
| At press time February 24, 2026 |
More than 385,954 homes and businesses across the U.S. were without power as of Tuesday morning, according to PowerOutage.us. The hardest-hit utilities included Eversource Energy in Massachusetts, where 230,774 of its nearly 3 million customers were without power, followed by National Grid with more than 39,000 of its customers affected.
The total number of power outages in Massachusetts stands at 254,117.
The storm has made travel along the East Coast difficult. Airlines cancelled thousands of flights, and officials urged people to stay off the roads.Related News
Woodside Energy Group reported a net profit after tax (NPAT) of $2,718 million (24% lower from 2024) and underlying NPAT of $2,649 million (8% lower from 2024).
Woodsider eported record production of 198.8 million barrels of oil equivalent (MMboe), or 545 Mboe/day, for the full year 2025. The result was underpinned by outstanding production performance at Sangomar, producing at nameplate capacity for most of the year, and world-class reliability at Pluto LNG and NWS Project assets. The Directors have determined a final dividend of US 59 cents per share (cps), which brings the full-year fully franked dividend to US 112 cps and maintains payout ratio at the top of the range at 80%. The value of the full-year dividend is $2.1 billion. Related News
Diamondback Energy, Inc. announced financial and operating results for the fourth quarter and full year ended December 31, 2025.
HIGHLIGHTS: Average oil production of 512.8 MBO/d (969.1 MBOE/d)
Net cash provided by operating activities of $2.3 billion; Operating Cash Flow Before Working Capital Changes1 of $1.9 billion
Cash capital expenditures of $943 million
Free Cash Flow1 of $1.0 billion; Adjusted Free Cash Flow1 of $1.2 billion
Repurchased 2.90 million shares of common stock for approximately $434 million at a weighted average price of $149.50 per share excluding excise tax; includes $305 million for the repurchase of 2.00 million shares from SGF FANG Holdings, LP (“SGF”)
Total return of capital of $734 million from stock repurchases and the declared Q4 2025 base dividend; represents 62% of Adjusted Free Cash Flow
Increased annual base dividend by 5% to $4.20 per share; declared Q4 2025 base cash dividend of $1.05 per share payable on March 12, 2026; implies a 2.4% annualized yield based on February 20, 2026 closing share price of $176.01
Repurchased $203 million in senior notes due 2051 & 2052 at 82.3% of par (~$167 million)
Redeemed $950 million of principal on $1.5 billion term loan due 2027 ($550 million currently outstanding)
Consolidated total debt and net debt as of December 31, 2025 of $14.7 billion and $14.6 billion, down 11% and 8% quarter over quarter, respectively Related News
Repsol posts adjusted net income of €2.568 billion
Repsol reported a net income of €1.899 billion in 2025, an increase of 8% compared to the previous year. Adjusted net income stood at €2.568 billion, 15% lower than in 2024.
The results were influenced by a challenging global backdrop, marked by geopolitical and economic uncertainty and volatility in the energy markets – driving a 14.5% decline in average Brent prices to $69 per barrel – as well as the impact of the general blackout that occurred in Spain on April 28.
Repsol made progress in its strategic priorities, consolidating shareholder remuneration, strengthening its asset portfolio, maintaining financial discipline, and developing profitable low-carbon initiatives.
The company paid a gross dividend of €0.975 per share in 2025, 8.3% higher than in 2024.
Total shareholder remuneration stood at around €1.8 billion, in the higher range of the commitment made for the 2024-2027 period.
In 2026, Repsol expects to allocate around €1.9 billion euros, in total. Related News
Horse Powertrain, via its Horse Technologies division, and Repsol have unveiled a next-generation hybrid powertrain that achieves ultra-high efficiency and low fuel consumption.
The HORSE H12 Concept engine introduces enhancements to the combustion system and reductions in internal losses, achieving 44.2% peak brake thermal efficiency (BTE) while reducing vehicle fuel consumption by 40% (in comparison with 2023 average passenger car new registration in Europe)1 to below 3.3 liters per 100 kilometers, according to standardized European testing (WLTP).
Maximizing efficiency directly results in lower fuel consumption and lower CO2 emissions in equal proportions. When using the 100% renewable fuel, a mid-sized car equipped with the HORSE H12 Concept powertrain and driving an average of 12,500 kilometers per year, will emit 1.77 tons of CO₂ per year less than a vehicle with a traditional fuel and combustion engine.1, 2
The hybrid powertrain system incorporates the HORSE H12 Concept engine, an evolution of the HR12 engine that includes an innovative combustion system designed at a 17:1 compression ratio, a new-generation exhaust gas recirculation system (EGR), an optimized turbocharger, a highenergy ignition system, and an improved hybrid gearbox with optimized energy management, as well as reduced internal friction enabled by new Repsol lubricants. Related News
Eni is set to approve in March the development of the Geng North and Gendalo-Gendang gas projects in the Kutei basin, Djoko Siswanto, the head of the Indonesian regulator SKK Migas, said, as carried by Reuters. Related News
The UK risks losing its status as a leading manufacturing nation unless energy costs are brought under control, business leaders have warned. A new report from the Confederation of British Industry (CBI) and Energy UK found that around 40% of firms have reduced investment, as electricity prices remain significantly higher than before Russia’s invasion of Ukraine. Business electricity costs are still around 70% above pre-war levels, while gas prices are roughly 60% higher. The survey underpinning the report showed almost 90% of companies have seen energy bills rise over the past five years.
Without a reduction in costs, the groups said, the risk of job losses, production cuts, plant closures and offshoring will increase.. Related News
A study by car retailer, Motorpoint – tracked attitudes over the past 12 months and found persistent misconceptions among petrol and diesel drivers. Only 36% believe charging an electric vehicle costs less than fuel, while 41% think electric cars are well made and safe to drive, compared with 76% of existing electric vehicle owners.
Petrol and diesel drivers are also 2.5 times more likely to worry about battery lifespan. More than a third of drivers, 35%, still say they do not know enough about driving electric, highlighting a barrier to wider adoption and slower progress towards lower-carbon transport.
According to the research, addressing misinformation could accelerate the shift away from fossil fuels and help cut household transport emissions… Related News
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Submit your Releases or contact us now!, victor@oilandgaspress.com
OilandGasPress.com is a website that provides news, updates, and information related to the oil and gas industry. It covers a wide range of topics, including exploration, production, refining, transportation, distribution, and automotive market trends within the global energy sector. Visitors to the site can find articles, press releases, reports, and other resources relevant to professionals and enthusiasts interested in the energy, oil and gas industry.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
“Stay informed with Oilandgaspress.com—your independent source for global energy, oil, gas, EV, and automotive industry news and analysis.”
Follow us: on Twitter | Instagram
Your Daily Source for Oil, Gas, Renewables & EV Market Insights :
latest oil and gas updates
Sorry, the comment form is closed at this time.