WASHINGTON, March 27 (Reuters) - The Biden administration has awarded contracts worth $225.6 million to buy 2.8 million barrels of oil for the Strategic Petroleum Reserve (SPR) to Atlantic Trading & Marketing, Macquarie Commodities, and Sunoco Partners Marketing & Terminals, the Energy Department said on Wednesday.
(Reporting by Rami Ayyub and Ismail Shakil)
Exxon Mobil Corp on Friday missed analysts' estimates with a 28% year-on-year drop in first quarter profits as weaker refining margins and lower natural gas prices offset volume gains.
HOUSTON (Reuters) -Exxon Mobil Corp on Friday missed analysts' estimates with a 28% year-on-year drop in first quarter profits as weaker refining margins and lower natural gas prices offset volume gains. Latest results from oil and gas companies including Chevron and TotalEnergies reflect a sharp downturn in natural gas prices after a warmer than usual Northern Hemisphere winter cut demand and pushed up inventories. Exxon, which is in the process of closing a $60 billion deal for top shale oil producer Pioneer Natural Resources, posted lower first-quarter earnings of $8.22 billion, down from an $11.43 billion net profit a year ago.
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TotalEnergies reported higher-than-expected profits in the first three months of the year and said it would buy back $2 billion of shares this quarter.
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