2025-07-22 22:54
July 22 (Reuters) - Enphase Energy (ENPH.O) , opens new tab forecast third-quarter revenue below Wall Street estimates on Tuesday and said President Donald Trump's import tariffs had impacted its gross margin, sending the solar inverter maker's shares down more than 7% after hours. U.S. trade officials in April finalized steep tariffs on most solar cells imported from Southeast Asia, after American manufacturers complained that companies from the region were flooding the market with unfairly cheap goods. Sign up here. Renewable energy companies such as Enphase are also facing significant uncertainty as Trump pushes to repeal or modify tax credits for solar and wind energy projects. The Senate's massive budget bill that passed this month will make it harder to develop wind and solar energy projects. The legislation sharply reduces access to a 30% tax credit for solar and wind power projects that had been set to run until 2032, and which developers had relied on for future projects. Enphase Energy now expects third-quarter revenue of between $330 million and $370 million, with the midpoint coming in below analysts' expectations of $369.7 million, according to data compiled by LSEG. The company also forecast third-quarter gross margin of between 41% and 44%, lower than the 46.9% reported in the second quarter. However, it beat second-quarter profit estimates as the company benefited from strong structural demand in the broader solar industry. It posted an adjusted profit of 69 cents per share for the quarter ended June 30, compared with estimates of 62 cents. https://www.reuters.com/business/energy/enphase-energy-forecasts-third-quarter-revenue-below-estimates-shares-fall-2025-07-22/
2025-07-22 22:47
WASHINGTON, July 22 (Reuters) - U.S. Energy Secretary Chris Wright said on Fox News on Tuesday that sanctioning Russian oil to end the Ukraine war is a "very real possibility." President Donald Trump said this month that Washington could put 100% tariffs on buyers of Russian oil and impose other sanctions if Moscow does not agree to a major peace agreement with Ukraine, a deadline that ends in early September. Sign up here. "It is huge pressure on Russia," Wright said in an interview on Fox News' "Special Report with Bret Baier." "That's the biggest pressure you can put on them," Wright said. The U.S. is the world's top producer of oil and gas, a position Wright said means the U.S. can take action that was previously unthinkable. "We're able to do things that we couldn't do before," he said. Despite that position, the Trump administration has not yet put major oil sanctions on Russia, preferring to impose them on OPEC producer Iran since the president took office for a second time in January. https://www.reuters.com/business/energy/us-energy-chief-says-sanctioning-russian-oil-end-ukraine-war-possibility-2025-07-22/
2025-07-22 22:16
LNG carrier would be built in Korea, flagged in US Deal lands as US works to revive shipbuilding New US rules would require transport on US-built ships July 22 (Reuters) - Hanwha Shipping, a U.S. subsidiary of Korean shipbuilder Hanwha Ocean (042660.KS) , opens new tab, on Tuesday said it ordered a liquefied natural gas carrier valued at roughly $252 million from its own Pennsylvania-based unit Hanwha Philly Shipyard. Under the agreement, the ship will be built in Korea and flagged in the United States. It is slated for delivery in the first half of 2028. Sign up here. The deal comes as the United States works to revive domestic shipbuilding and expand its fleet of commercial and military vessels. Hanwha Systems (272210.KS) , opens new tab and Hanwha Ocean bought Philly Shipyard for $100 million in December. "This agreement looks to be a 'first step' in building out U.S. shipyard capacity," said Jefferies shipping analyst Omar Nokta, who noted that the U.S. is the largest LNG exporter with a market share of nearly 25%. Hanwha Shipping said the deal was the first U.S. order for a domestic-flagged LNG carrier in nearly 50 years. The agreement "reinforces Hanwha's global leadership in LNG carrier construction, which we are eager to replicate in the U.S.," said Ryan Lynch, CEO of Houston-based Hanwha Shipping. Most of the vessel will be built at Hanwha Ocean's plant in Geoje, South Korea, the companies said. Workers from Philly Shipyard will travel to Geoje for training, a Hanwha Shipping spokesperson said. Philly Shipyard will oversee regulatory compliance and safety certifications required for the ship's U.S. registry. Earlier this year, the United States Trade Representative said LNG producers would be required to transport 1% of their exports on U.S.-built ships starting in April 2029. That percentage would escalate to 15% in April 2047 and beyond. Hanwha Ocean said the contract is valued at 348 billion South Korean won ($252.03 million) and has an option for an additional vessel. ($1 = 1,380.8100 won) https://www.reuters.com/business/energy/hanwha-entities-build-us-flagged-lng-carrier-2025-07-22/
2025-07-22 21:53
Stone Ridge Energy emerged as top bidder in auction of assets Flywheel Energy to operate assets on behalf of Stone Ridge, source says ConocoPhillips aims to surpass $2 billion divestment target NEW YORK, July 22 (Reuters) - U.S. oil and gas producer ConocoPhillips (COP.N) , opens new tab is in advanced talks to sell assets in Oklahoma to privately owned Stone Ridge Energy for around $1.3 billion, three people familiar with the matter told Reuters on Tuesday. Oklahoma City-based Flywheel Energy, a private oil and gas company backed by Stone Ridge Energy, will operate the assets on its backer's behalf, one of the sources said. Sign up here. The sources cautioned that no deal is guaranteed and talks could still end without an agreement. They also spoke on condition of anonymity to discuss private deliberations. ConocoPhillips declined to comment. Stone Ridge Energy, the energy-focused arm of New York-based Stone Ridge Asset Management, did not immediately respond to a request for comment. Flywheel, which also counts commodities trader Gunvor among its investors, did not immediately respond to requests for comment. Reuters reported in April that ConocoPhillips had hired investment bank Moelis & Co (MC.N) , opens new tab to manage an auction of the assets, which are comprised of operations in the Anadarko basin inherited by the energy producer as part of its $22.5 billion takeover of Marathon Oil last year. As part of the deal, Stone Ridge Energy will acquire 300,000 net acres (121,406 hectares) in the Anadarko shale formation, which produce about 39,000 barrels of oil equivalent per day, of which about half is natural gas. If completed, the asset sale would help ConocoPhillips surpass a target to raise $2 billion from divestments. Conoco set that target after it took on about $5.4 billion of Marathon's debt as part of that acquisition. https://www.reuters.com/legal/litigation/conocophillips-nears-sale-oklahoma-assets-stone-ridge-energy-sources-say-2025-07-22/
2025-07-22 21:32
Baker Hughes wraps up oilfield sector earnings with profit beat, cautious upstream spending outlook Company aims to exceed $1.5 billion data center orders target earlier than expected Gas technology services orders surge 28%, boosting IET revenue July 22 (Reuters) - Oilfield services provider Baker Hughes (BKR.O) , opens new tab surpassed Wall Street expectations for second-quarter profit on Tuesday, helped by robust demand for its natural gas services even as it warned of a drop in spending by oil producers. Baker Hughes joined its U.S. rivals Halliburton (HAL.N) , opens new tab and SLB (SLB.N) , opens new tab in warning of a slowdown in upstream activity and spending, as producers grapple with weakness and volatility in commodity prices. Sign up here. In North America, upstream spending is expected to be down in the low-double digits, Baker Hughes said on Tuesday, while international spending could be down in the high-single digits. However, the Big 3 oilfield services firms are concentrating on pockets of resilience such as LNG infrastructure, power grid upgrades and data center-driven power demand to weather a slower, more uneven recovery. The energy industry is benefiting from an increase in demand for natgas, driven primarily by LNG exports and rising electricity consumption as a result of hotter temperatures, data centers and AI operations. Baker Hughes has been trying to leverage its industrial and energy technology (IET) portfolio to drive growth and expand its presence in the natural gas and LNG sectors. With demand from data centers rapidly accelerating, Baker Hughes said it is well-positioned to "meet or exceed" its three-year target to book $1.5 billion of orders in data center equipment earlier than anticipated. Shares of the company rose over 2% after the bell. Orders in Baker Hughes' gas technology services business jumped 28% during the quarter, lifting revenue in the IET segment to $3.29 billion. However, total revenue fell 3% to $6.91 billion from last year as a slowdown in drilling activity across key markets weighed on demand for its oilfield equipment and technology. The Houston-based company posted an adjusted per-share profit of 63 cents for the three months ended June 30, compared with analysts' estimates of 56 cents apiece, according to data compiled by LSEG. https://www.reuters.com/business/energy/baker-hughes-beats-second-quarter-profit-estimates-strong-demand-natgas-2025-07-22/
2025-07-22 21:29
BRASILIA, July 22 (Reuters) - Brazil's government on Tuesday eased the total spending curbs previously deemed necessary to comply with fiscal rules, after raising its net revenue forecast by 27.1 billion reais ($4.87 billion) this year, according to its latest revenue and expenditure report. The Finance and Planning ministries fully eliminated the spending freeze announced in May to meet this year's fiscal target, which had totaled 20.7 billion reais. Sign up here. The boost was driven mainly by an upward revision of 17.9 billion reais in projected revenue from natural resource exploration. The report also slightly raised to 10.7 billion reais, from 10.6 billion previously, the spending block needed to comply with the cap on expenditure growth under the new fiscal framework approved during the administration of leftist President Luiz Inacio Lula da Silva in 2023. As a result, the total amount of spending curbs - which had stood at 31.3 billion reais when including the now-reversed freeze - fell to 10.7 billion reais. The higher estimate for public revenue follows congressional approval of a measure that clears the way for an extra oil auction involving uncontracted areas in the offshore pre-salt region, a move first reported by Reuters in April. This year's fiscal target is a primary deficit of zero, with a tolerance band of 0.25% of GDP in either direction. That means the government can post a primary deficit of up to 31 billion reais and still remain in compliance with the goal. The government now forecasts a primary deficit of 26.3 billion reais, excluding nearly 50 billion reais in court-ordered payments, which the Supreme Court has ruled should not be included in the fiscal target calculation. ($1 = 5.5681 reais) https://www.reuters.com/world/americas/brazil-eases-2025-spending-curbs-needed-comply-with-fiscal-rules-2025-07-22/
