Data showing some US-headquartered oil and gas firms paid less in taxes to the US than to foreign governments could be a focus in an upcoming Congress tax policy debate. ExxonMobil reported paying nearly $1.2bn to the US in 2023, and $5.6bn to the UAE, according to a first-time ‘Form SD' report filed with the Securities and Exchange Commission. In its own report, Chevron says it paid nearly $1.2bn in the US, against $4bn to Australia. Independent Hess paid $190,000 in the US and $50mn to Malaysia. Industry officials say the data do not provide a comprehensive view of obligations, which can vary from country to country depending on the tax code and their operations. The payment disclosures also do not cover payroll taxes or state and local taxes, for example, and do not say if a company had carryover net operating losses or tax credits that reduced its overall tax bill in the US.
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Oman eyes potential 33pc emissions cut over 2024-35
Oman eyes potential 33pc emissions cut over 2024-35
London, 3 August (Argus) — Oman has released a new climate plan, with an absolute emissions reduction target of up to 33pc over 2024-35, depending on the level of international support received. The country's government committed to an unconditional reduction of 7pc in emissions by 2035, from a 2024 baseline, and an additional 26pc reduction over the same timeframe on a conditional basis. National climate plans submitted by developing countries to UN climate body the UNFCCC are often split into unconditional and conditional actions — the latter reliant on external financial or technical support. Oman estimated its total emissions in 2024 at 93.6mn t/CO2 equivalent (CO2e). It has changed its approach, now using 2024 as its baseline, rather than using a business-as-usual trajectory. Oman plans to reach net zero carbon emissions by 2050. The government plans to reduce emissions by expanding renewable energy, improving energy efficiency and managing land and water resources sustainably to maximise carbon sinks. It aims to ramp up waste-to-energy, address methane from landfill sites and look at "gradual adoption" of carbon capture, use and storage (CCUS) in heavy industry. The government also flagged green hydrogen as a "major diversification pathway". Oman has a green hydrogen production target of at least 1mn t/yr by 2030 and up to 8.5mn t/yr by 2050, according to the plan. But for the time being, Oman's economy "remains heavily dependent on oil and gas exports", the plan noted. The country has a "clear direction toward economic diversification", it said. The government plans to reduce the oil sector's share of GDP to 16pc by 2030 and 8.4pc by 2040. "Oil activities" accounted for 32pc of GDP in the fourth quarter of 2024, according to the country's foreign ministry. Oman, a member of the Opec+ group, produced 923,500 b/d of crude in June . Oman's new plan also set out the estimated investment needed to reach its emission reduction targets — a total of $31bn over 2026-35 to abate 30.4mn t/yr of CO2e across energy, industry, waste and agriculture. Much of the plan also focuses on adaptation — adjusting to the effects of climate change where possible. Water stress and availability is a key area for Oman, and the plan notes a "clear warming trend" in the country — its mean temperature increased by around 0.4°C per decade between 1980 and 2013. The plan is Oman's third nationally determined contribution (NDC) under the Paris climate agreement. Signatories to the Paris agreement are required to submit NDCs every five years, rising in ambition each time. While countries reach decisions at Cops, the NDCs are the chief route for the implementation of climate action. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
WTI tumbles after US calls off new attacks
WTI tumbles after US calls off new attacks
Houston, 3 August (Argus) — Benchmark WTI crude futures were down by more than 6pc in morning trading today after US president Donald Trump cancelled plans to launch a new military assault on Iran and announced a new round of talks. September Nymex WTI was trading at about $79.30/bl at 10:30am ET, down from its $84.67/bl settle on 31 July. October Ice Brent futures were also down in early trading. Trump has been threatening an escalation in the Iran war in response to an apparent surprise attack on 28 July against US bases in the region. But progress on the "perimeters of a deal" prompted Iran and other Middle East countries to ask the US to hold off any attack to provide more time for negotiations, Trump said in a social media post on 1 August. "I have agreed, for the future benefit of the WORLD and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a DEAL," Trump said. "The Country of Israel joins me in this commitment." Iran, meanwhile, has denied holding talks with the US. "We are not currently negotiating with the US," Iran's foreign ministry spokesman Esmail Baghaei said Monday. Baghaie said that Iran was currently holding bilateral negotiations with Oman to determine a safe shipping route through the strait of Hormuz. But he said these discussions themselves would not lead to a reopening of the strait. Oil and gas exports through the strait have plummeted since the start of the US-Iran war on 28 February. The interim peace deal between the two sides in mid-June — which saw transits through the waterway briefly rise — collapsed in early July due to disagreements over control of the strait. This sparked weeks of military attacks between the US and Iran, during which Iran and its proxies have launched drone and missile attacks on oil infrastructure in neighbouring countries. Meanwhile, the Opec+ core group of seven countries agreed on Sunday to raise collective production targets by a further 188,000 b/d starting in September, completing — at least on paper — the phased unwinding of the 1.65mn b/d voluntary production cuts first announced in 2023. The seven countries participating in the voluntary cuts — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — reiterated their commitment to compensate for past overproduction. But quota increases over the past months have not translated into additional physical supply because of disruptions to exports resulting from the conflict between the US and Iran. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Low Rhine levels tighten German oil product supply
Low Rhine levels tighten German oil product supply
Hamburg, 3 August (Argus) — Low water levels on the river Rhine are tightening oil product supply in western Germany by restricting barge deliveries from the Amsterdam-Rotterdam-Antwerp (ARA) hub and cutting off some inland tank farms. Water levels at the key bottleneck near Kaub fell below 0.3m last week. At this level, most barges cannot pass , limiting deliveries from ARA to tank farms along the Upper Rhine and the Main. Traders said last week that oil product supply along the Rhine had become scarce. Motor fuel supply is particularly tight. Germany is typically a net exporter of gasoline, but Rhine restrictions are also limiting movements of blending components needed for gasoline production. This is adding to pressure on finished product availability in inland markets. The restrictions are also creating a regional price split. Suppliers at the Miro consortium's 310,000 b/d Karlsruhe refinery in southwestern Germany are facing rising oversupply, because the refinery usually loads some product on barges for delivery either upstream to Switzerland or downstream towards ARA. Both routes are currently constrained. Sellers in western Germany are raising prices in response to scarce supply, while sellers around Karlsruhe are cutting prices to clear trapped volumes, widening regional price differentials within Germany. Heating oil demand remains subdued, limiting some of the wider impact. Traders reported almost 40pc fewer traded heating oil volumes in July than in June, after higher national prices curbed buying. Ice gasoil futures rose in early July following a flare-up in US-Iran hostilities. Despite weaker spot trade, privately owned heating oil tank fill levels have risen slightly. Stocks reached a national average of 46.8pc on 30 July, up by 2.3 percentage points from a historic low on 17 May, Argus MDX data show. Warm weather is reducing heating oil consumption, but households are still putting more product into tanks than they are withdrawing, allowing stocks to recover gradually. By Natalie Müller Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Oil services see growing overseas momentum despite war
Oil services see growing overseas momentum despite war
New York, 3 August (Argus) — The world's largest oil field services firms hope to build on recent gains in international markets, even as the Middle East war clouds short-term outlooks. SLB and Halliburton cite growing confidence regarding overseas opportunities, buoyed by contract wins across multiple jurisdictions, with offshore projects emerging as a key driver of growth. That push is also being supported by a growing conviction that disruption stemming from the US-Iran conflict will lend urgency to efforts to bolster energy security for years to come, as countries seek to replenish commercial and strategic reserves, diversify supplies and develop their own resources. While prospects for a recovery in the Middle East have been dimmed by the latest escalation, after an initial peace deal unravelled, the region is shaping up to be a major source of production growth once tensions ease. There is an urgency on the part of national oil companies to get back to work, Melius Research analyst James West says. "The labour forces are localised, the equipment hasn't been damaged, so it's all ready to go as soon as we get the all-clear," he says. "The resurgence in the Middle East is going to be strong." Baker Hughes expects the overall hit from Mideast Gulf disruption to be modest, but it does see some increases in "logistics and inflationary pressures" at its regional facilities this quarter. Activity resumed in several Middle East countries last quarter, although operations in Iraq remain bogged down by security challenges, according to SLB. "While uncertainty persists, we continue to work closely for our customers to gradually restore activity," chief executive officer Olivier Le Peuch says. "That said, returning to full activity will take time, and the pace of recovery will vary by country, customer and operating environment." Final investment decisions for long-cycle projects are expected to increase by 30pc this year, according to SLB, citing third-party forecasts. "This will support higher exploration spending and upstream [capital expenditure] growth across the product markets during the second half of 2026, led by Africa," says Le Peuch, who expects "a more meaningful impact in 2027". Baker Hughes says upstream customers remain focused on maximising output from existing assets while retaining the flexibility to respond to changing market conditions. Shale going global While there are signs that the key North American onshore market is stabilising, there was some disappointment among investors as to the pace of the recovery. That may reflect the effects of US shale sector consolidation that has concentrated ownership in the hands of the biggest operators, which are generally less responsive than smaller firms to short-term oil price swings. Halliburton has doubled down on a returns-focused strategy, with its willingness to redeploy shale equipment to international markets setting a high bar for reactivating fleets in North America. "Halliburton is taking the view that shale is globalising, and so their equipment is going to be needed in the Vaca Muerta in Argentina, probably the UAE, and in Australia and other areas where shale is proliferating," Melius' West argues. These markets offer better growth prospects than North America's maturing shale sector. Recent efforts by services firms to branch out into power markets and data centres are also paying off. For example, Baker Hughes is expanding its gas turbine and generator capacity after orders with its unit that covers power systems and LNG doubled on the year in the second quarter. "Power markets are definitely now a new earnings line for the oil services industry," West says. "They're all in that market now — it's growing, it's visible, it's real." By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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