News Highlights: Top Energy News of the Day - Tuesday at 4 AM ET

BP to Book Up to $2 Billion Impairment 
 

BP expects to book an impairment of up to $2 billion for the second quarter, and warned that its oil-trading earnings will take a hit of up to $700 million from lower refining margins.

 
Europe's Elections Give Hope to Solar, Wind, and Nuclear Energy. Oil? Not So Much. 
 

The U.K. Labour Party has vowed to increase taxes on fossil fuel producers.

 
Oil ends lower as Beryl weakens and Israel-Hamas cease-fire talks ease supply worries 
 

Oil futures settled at their lowest level in over a week on Monday as the storm in the Gulf of Mexico known as Beryl weakened, posing less of a threat to energy infrastructure in the region, and as apparent progress toward an Israel-Hamas cease-fire deal eased supply worries.

 
Devon Energy Nabs Williston Basin Driller in $5 Billion Deal 
 

Devon Energy agreed to acquire Grayson Mill Energy, a oil-and-gas producer in the Williston Basin, in a cash-and-stock deal valued at $5 billion.

 
China Outspends the U.S. on Fusion in the Race for Energy's Holy Grail 
 

China wants to dominate commercial fusion, a long-dreamed-of clean energy source that is attracting new investment.

 
Energy & Utilities Roundup: Market Talk 
 

Gain insight on Exxon Mobil, oil and natural gas futures, European power-producers and more in the latest Market Talks covering Energy and Utilities.

 
Hurricane Beryl Causes Oil Giants to Evacuate Gulf of Mexico Platforms 
 

Beryl made landfall on Mexico's Yucatán Peninsula on Friday. Shell, Chevron, and Exxon Mobil have evacuated personnel from projects in the Gulf.

 
Shell to Take Impairment Hit of Up to $2 Billion 
 

Shell expects to book up to $2 billion in post-tax impairments after delaying construction of a major biofuels plant as European energy majors grapple with weak market conditions, while trading in its core gas division is set to fall on quarter.

 
Exxon Slips on Chance of Weak Earnings 
 

The company released a few details about its coming quarterly report in a government filing.

 
U.S. Crude Oil Inventories Fall More Than Expected 
 

Government data showed crude-oil inventories fell by 12.2 million barrels last week, much greater than the decline of 1.1 million barrels that analysts expected. Gasoline and distillate fuels fell too, as refineries raised their capacity use.

(END) Dow Jones Newswires

July 09, 2024 04:15 ET (08:15 GMT)

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