Energy

Bloomberg Neptune Energy Group Ltd.’s chief warned that the UK’s windfall tax on oil and gas profits will threaten long-term investment in the sector, but have limited impact on the firm itself. The government in May slapped a 25% windfall tax on producers’ profits to fund aid to the poorest households amid a cost-of-living crisis. The levy — which will …

  Bloomberg A closure of the Rhine River could disrupt the daily trade of hundreds of thousands of barrels of oil products, piling yet more pressure on Europe’s energy-supply chain. The water level at Kaub, west of Frankfurt, is forecast to drop below a critical 40-centimeter mark (under 16 inches), and to 33 centimeters. At that point, it becomes uneconomical …

  Bloomberg Thyssenkrupp AG lowered its full-year profit forecast after rising interest rates triggered a writedown at the German company’s steel division. The engineering giant said it now sees net income in the high triple-digit million-euro range for 2022, below its previous projection of at least 1 billion euros ($1.03 billion). Thyssenkrupp made some progress improving operating profitability. Adjusted earnings …

  Bloomberg Glencore Plc will return an additional $4.45 billion to shareholders in dividends and share buybacks after first-half profit more than doubled to a record thanks to surging coal prices. Glencore, the world’s top coal shipper, has been one of the biggest winners from the global energy crunch as demand surges for fossil fuels. The company’s sprawling trading business …

  Bloomberg Shell Plc has given the vast majority of its employees a bonus equivalent to 8% of their annual salary as earnings surge to historic highs. “In recognition of the contribution our people have made to Shell’s strong operational performance against a recent challenging backdrop, our Executive Committee has decided to make a Special Recognition Award of 8% of …

  Bloomberg Electricite de France SA said it’s likely to extend cuts to nuclear generation as scorching weather pushes up river temperatures, bringing the energy crisis in the European Union’s second-largest economy into sharp focus. Europe’s biggest producer of atomic energy, usually a net exporter of power for most of the year, is importing now. The nuclear issues are not …

  Bloomberg Uniper SE warned it may have to cut output at two key coal-fired power plants in Germany as the company struggles to get fuel supplies along the Rhine River, exacerbating an energy crunch that has threatened to push the continent’s largest economies into recession. Water levels on the Rhine have fallen so low that the river may effectively …

  Bloomberg India plans to order consumers to use cleaner fuels and aims to establish a carbon market under legislation to bolster the country’s push to hit net-zero greenhouse gas emissions by 2070. The world’s third-biggest emitter will seek to mandate the use of a minimum share of non-fossil fuel sources including biomass, ethanol, green hydrogen and ammonia, both for …

  Bloomberg Eni SpA is planning a second liquefied natural gas production vessel offshore Mozambique that could be built in less than four years to help Europe diversify supplies of the fuel, according to a company executive. The Italian oil and gas producer’s potential project would complement its $7-billion Coral-Sul FLNG platform moored off Mozambique’s northern coast that’s scheduled to …

  Bloomberg Vitol Group, the world’s largest independent oil trading company, posted a record profit of $4.2 billion last year as it benefited from soaring energy prices. Those earnings allowed it to hand a record $3 billion to its executives and senior staff through share buybacks during the course of the year, according to the company’s audited annual accounts, seen …