2025-08-07 21:34
LONDON, Aug 7 (Reuters) - Britain could offer households located near new electricity pylons a discount of up to 250 pounds ($334) a year on their bills, the government said on Thursday, as it seeks to encourage acceptance of infrastructure needed to upgrade the grid. Britain plans to largely decarbonise its electricity sector by 2030 which will require many new renewable power projects and infrastructure, including pylons to connect them to the grid. Sign up here. “As we build the infrastructure, we need to deliver homegrown, affordable energy, communities must be given a stake,” Minister for Energy Consumers Miatta Fahnbulleh said in a statement. Around twice as much new transmission network infrastructure will be needed by 2030 as has been built in the last decade, the government said, but in many regions, communities have opposed large pylon projects that critics say blight the landscape. Under the proposed scheme, households near new pylons could save up to 2,500 pounds over 10 years, via a 125 pound discount on bills every six months. Britain's energy regulator Ofgem on Thursday also set out tougher requirements for suppliers to install or fix broken smart meters. From 2026 suppliers would need to pay compensation to customers if they have to wait more than six weeks for an installation appointment, or if they are too slow in fixing problems with installed equipment. ($1 = 0.7483 pounds) https://www.reuters.com/sustainability/boards-policy-regulation/uk-give-financial-incentives-households-near-new-electricity-pylons-2025-08-07/
2025-08-07 21:24
Aug 7 (Reuters) - EOG Resources (EOG.N) , opens new tab on Thursday beat second-quarter profit estimates and raised its annual production forecast as the U.S. energy producer closed its $5.6 billion Encino deal. The company projected 2025 total production to average 1.224 million barrels of oil equivalent per day (boepd), up from its prior expectations of 1.1 million to 1.14 million boepd. Sign up here. "The expansion of our portfolio through the Encino acquisition, our entry into Bahrain and the UAE, as well as strong exploration progress across our domestic portfolio and in Trinidad, has significantly enhanced our industry-leading asset base," CEO Ezra Yacob said in a statement. For the full year, EOG expects total capital expenditure to range from $6.2 billion to $6.4 billion, higher than its previous forecast of $5.8 billion to $6.2 billion. In May, EOG agreed to acquire Encino Acquisition Partners to boost its presence in the Utica and Marcellus region, one of the most prolific natural gas basins in the world. EOG also topped estimates for second-quarter profit on Thursday, as a rise in output helped it offset a drop in crude prices. Brent crude fell nearly 20% on average in the quarter from a year earlier, dragged down by tepid global demand signals, mounting OPEC+ supply, and pressure from U.S. trade policies. While prices briefly spiked above $80 a barrel in June following Israeli strikes on Iranian nuclear facilities, they soon retreated to around $67 as geopolitical risk premiums faded and market focus shifted back to weak fundamentals. EOG said benchmark U.S. crude prices stood at $63.71 per barrel, down from last year's $80.55. The company's total quarterly production stood at 1.13 million boepd, compared with last year's 1.047 million boepd. The Houston-based company posted an adjusted income of $2.32 per share for the quarter ended June 30, compared with analysts' estimates of $2.21, according to data complied by LSEG. https://www.reuters.com/business/energy/eog-resources-raises-annual-production-forecast-encino-deal-profit-beats-2025-08-07/
2025-08-07 21:24
Aug 7 (Reuters) - Argentina's state-controlled energy company YPF (YPFDm.BA) , opens new tab on Thursday reported a nearly 90% plunge in second-quarter net profit to $58 million, dragged down by lower fuel prices. Revenues also dropped 6% to $4.64 billion, hit by weaker Brent-linked prices for refined products, especially local fuels, and lower seasonal demand for naphtha. Sign up here. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) – a key measure of profitability – came in at $1.12 billion for the April-June period, down 7% from a year earlier. Analysts polled by LSEG had on average expected an adjusted EBITDA of $1.17 billion from revenues of $4.49 billion. https://www.reuters.com/business/energy/argentinas-ypf-posts-90-net-profit-drop-second-quarter-2025-08-07/
2025-08-07 21:17
LIMA, Aug 7 (Reuters) - State-run Petroperu is working on a framework agreement with its counterpart Petroecuador to connect oil wells in Ecuador with Peru's northern pipeline, its chairman said on Thursday. The agreement, which is being drafted by Peru's Ministry of Energy and Mines, would include investment and execution commitments for an approximately 60-kilometer (37-mile) connection line in an Amazonian region on the countries' shared border. Sign up here. "The exact investment for this connection and how it will be financed have yet to be defined," Petroperu Chairman Alejandro Narvaez said. Speaking at a conference with the foreign press, the executive stated that the project, after a development period, would allow Ecuadorean crude to reach the newly expanded 95,000 barrel-per-day Talara refinery in northern Peru via the pipeline. The Peruvian oil company, which is navigating a crisis after the larger-than-planned investment in Talara, expects to post a profit of $103 million next year, recovering from an estimated loss of $223 million for 2025. Petroperu CEO Oscar Vera, speaking at the same conference, said Petroecuador would likely make the majority of the investment. "It is of greater interest to them, because it is very costly for Petroecuador to transport crude using their current methods," Vera said. Petroecuador did not immediately respond to a request for comment. Peru's 1,100-kilometer pipeline, which has suffered frequent attacks from local communities that have halted its activities, is currently operational but is not in service as it has no active transport contracts with area producers. Separately, Petroperu announced earlier this week that it had exported approximately 137,500 barrels of commercial jet fuel to Ecuador from Talara. https://www.reuters.com/business/energy/perus-petroperu-eyes-pipeline-link-ecuador-oil-2025-08-07/
2025-08-07 21:17
MP reports record production of NdPr, the two most in-demand rare earths Prepayments from Apple deal will fund majority of capital investments Stock up 8% after the bell Aug 7 (Reuters) - MP Materials (MP.N) , opens new tab posted a smaller-than-expected second-quarter loss Thursday, as the U.S. rare earths miner benefited from higher production amid booming demand, sending its shares up 8% after the bell. The company - which operates the only U.S. rare earths mine in Mountain Pass, California - has been in the spotlight as President Donald Trump's administration ramps up efforts to build out a domestic supply to reduce dependence on China. Sign up here. The push has powered a more than four-fold increase in the company's stock so far this year. MP Materials said quarterly rare earths concentrate production at the mine increased nearly 45% to 13,145 metric tons, while production for neodymium and praseodymium (NdPr) — the two most in-demand rare earths — jumped nearly 120% to 597 metric tons. Current-quarter production of NdPr oxide is expected to rise 10% to 20% sequentially, founder and Chief Operating Officer Michael Rosenthal said on a post-earnings call. Rare earths refer to a group of 17 metals used in a wide range of products including consumer electronics, electric vehicles, aircraft engines and military applications. Last month, the company signed a multibillion-dollar deal with the U.S. government to boost output of rare earth magnets. The agreement guarantees a floor price of $110 per kilogram for NdPr, nearly twice the current Chinese market level. The price floor had long been sought by U.S. critical minerals companies who have complained about China's market manipulations. The deal, which would make the Pentagon the company's biggest shareholder, was followed by a $500 million deal with Apple (AAPL.O) , opens new tab for the supply of rare earth magnets to the iPhone maker. Prepayments from the Apple deal will fund a majority of the capital investments required to expand the Independence rare earths mine located in Texas, CEO James Litinsky said on the call. The Las Vegas-based company posted an adjusted loss of 13 cents per share, compared with analysts' expectations of 19 cents loss per share, according to data compiled by LSEG. https://www.reuters.com/business/mp-materials-posts-smaller-loss-rare-earths-production-surges-2025-08-07/
2025-08-07 21:04
Dow, S&P 500 end lower European shares supported by Ukraine ceasefire expectations Sterling rises after 'hawkish' BoE rate cut NEW YORK/LONDON, Aug 7 (Reuters) - Major Wall Street indexes were mixed on Thursday, with the Dow and S&P 500 ending lower, as European stocks closed at a one-week high on strong financial stocks and hopes of a Ukraine ceasefire. U.S. President Donald Trump tapped Council of Economic Advisers Chairman Stephen Miran to serve as a Federal Reserve governor. Sign up here. Oil prices ended down for a sixth straight session after the Kremlin said Russian President Vladimir Putin would meet with Trump, who is seeking a breakthrough to end the Ukraine war. Prices of gold, seen as a safe haven in volatile times, extended gains to a two-week high. U.S. Treasury yields were modestly higher following a soft auction of 30-year bonds, the latest in a string of sales showing lackluster demand. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 3.03 points, or 0.32%, to 936.26. The Dow Jones Industrial Average (.DJI) , opens new tab fell 0.51% to 43,968.64 and the S&P 500 (.SPX) , opens new tab declined 0.08% to 6,340.00 as shares of Eli Lilly (LLY.N) , opens new tab dropped after data from its oral weight loss drug disappointed. The Nasdaq Composite (.IXIC) , opens new tab gained 0.35% to 21,242.70. "(There) are persistent risks to the downside. Downside surprises in official data are increasing," Capital.com analyst Kyle Rodda wrote in a note. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." Earlier, shares were under pressure from a report that Federal Reserve Governor Christopher Waller was Trump's top candidate to become the central bank chair, raising concerns over the Fed's independence. Higher U.S. tariffs on imports from dozens of countries kicked in on Thursday, raising the average U.S. import duty to the highest in a century. European shares logged their biggest daily rise in over two weeks on Thursday, boosted by financial stocks as investors weighed mixed corporate earnings and U.S. tariffs. The pan-European STOXX 600 index (.STOXX) , opens new tab closed at a one-week high. Plans for a meeting between Trump and Putin over the war in Ukraine also helped sentiment in European equities and underpinned the euro. A ceasefire "would be an extra positive," said Emmanuel Cau, Barclays head of European equity strategy. The Bank of England cut interest rates, but four of its nine policymakers, worried about inflation, voted to keep rates unchanged. The split vote suggested the BoE's run of rate cuts might be nearing an end. Sterling strengthened 0.67% to $1.3444. "The vote split is clearly a lot more hawkish than I was expecting," said Dominic Bunning, head of G10 FX strategy at Nomura. Japanese shares earlier hit a record high. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab closed up 1.03%, as Japan's Nikkei (.N225) , opens new tab gained 0.65%. Taiwan's stock benchmark (.TWII) , opens new tab jumped as much as 2.6% to a more than one-year peak. Shares in chipmaker TSMC (2330.TW) , opens new tab, which this year announced additional investment in its U.S. production facilities and so is expected to be relatively unscathed by the U.S. tariff on imported chips, soared to a record high. The dollar index , which measures the greenback against a basket of currencies, fell 0.14%, with the euro up 0.07% at $1.1667. The yield on benchmark U.S. 10-year notes rose 1 basis points to 4.242%, and the 30-year bond yield advanced 1.1 basis points to 4.8221%. In commodities, spot gold rose 0.93% to $3,399.67 an ounce and touched its highest since July 23. U.S. gold futures settled 0.6% higher at $3,453.70 an ounce. Global oil prices wiped out earlier gains, with both benchmarks touching eight-week lows after Trump's comments on progress in talks with Moscow. Brent crude futures settled down 46 cents, or 0.7%, at $66.43 a barrel. U.S. crude futures fell 47 cents, or 0.7%, to $63.88. https://www.reuters.com/world/china/global-markets-wrapup-8-2025-08-07/
