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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Texas halts data center approvals, orders audit
Texas halts data center approvals, orders audit
Houston, 4 August (Argus) — Texas governor Greg Abbott (R) has halted approvals for new data center projects seeking to connect to the state's power grid until regulators complete an audit of the facilities, directing the Public Utility Commission of Texas (PUCT) and the Electric Reliability Council of Texas (ERCOT) to expand its review of all projects advancing through the interconnection process. Under the order made Monday, regulators must collect information on power consumption, water use, on-site generation plans, tax incentives, ownership structures and potential impacts on local communities. Projects that fail to comply with the review must be denied connection to the Texas grid. The order comes as opposition to data center development spreads across Texas and pressure mounts on Abbott to take a tougher stance on the industry. Local governments across the state have pursued moratoriums and proposed new restrictions on data centers, while elected officials from both parties have called for greater scrutiny of facilities' effect on the grid, water supplies and rural communities. Against that backdrop, Abbott's directive expands an ongoing effort by ERCOT and the PUCT to vet large-load projects, broadening the review beyond grid planning to include resource consumption, incentives and local impacts. ERCOT is currently considering approximately 474GW of requests to connect to the Texas grid, more than five times the state's record peak electricity demand, Abbot said. Roughly 90pc of those requests are associated with data centers, according to the governor. "That unprecedented load growth could endanger the reliability and stability of the Texas electric grid," Abbott wrote in the directive. The review is necessary in part because some data centers failed to comply with a state survey measuring water and power usage, he said. He also cited concerns raised during legislative hearings and public meetings regarding the sector's impact on local communities and critical infrastructure. The Data Center Coalition, which represents major data center operators, said it supports the review if it helps distinguish legitimate projects from speculative proposals. "We are hopeful this directive from the Governor will help separate those who are responsible water and energy stewards from those who are not," said Dan Diorio, the group's executive vice president of state policy and government affairs. "With billions of dollars in investment and hundreds of thousands of jobs on the line, we urge the PUCT and ERCOT to move swiftly." Behind the hype Texas officials have been struggling to determine how much of the state's projected load growth is genuine and how much reflects speculative filings, duplicate applications and so-called "ghost load" requests. Regulators have warned that inflated interconnection queues make it difficult to forecast future demand and risk prompting unnecessary spending on generation and transmission infrastructure, potentially saddling consumers with the cost of investments that ultimately prove unnecessary. In an effort to streamline the process, the state launched Batch Zero , which was developed to help separate credible projects from speculative proposals by imposing stricter requirements on large-load customers. Under the framework, projects seeking 75MW or more that meet certain financial commitments are grouped into a single system-wide study intended to identify which projects are prepared to move forward and what transmission infrastructure may be required to serve them. In a notice to market participants Monday, ERCOT said it was pausing the process and would not issue the 7 August classifications scheduled under the study, delaying a key milestone that would have informed developers whether their projects had been selected for evaluation in the first batch. "ERCOT is reviewing governor Abbott's letter concerning data centers and will work with the Public Utility Commission of Texas to implement the governor's directive, including postponement of the Batch Zero transmission planning study," the grid operator said. ERCOT said it would consult with the commission on next steps before the PUCT's 20 August open meeting. By Jasmina Kelemen Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Aramco profit up, export capacity unmoved: Update
Aramco profit up, export capacity unmoved: Update
Updates throughout London, 4 August (Argus) — State-controlled Saudi Aramco posted robust second quarter results today, as higher oil prices offset most of the impact of output losses resulting from the US-Iran war. The firm said attempts by Yemen's Houthi rebels to disrupt shipping in the Red Sea have not affected its export capacity. Aramco reported an adjusted net income of $33.39bn in the second quarter, up by $8.2bn on the same period last year and down by $411mn on the first quarter, and exceeding the $31.59bn median of analysts' forecasts. Aramco's total hydrocarbons production fell to 9.463mn boe/d in the second quarter from 12.780mn b/d of oil equivalent (boe/d) in the second quarter of last year and 12.614mn boe/d in the first quarter as it was forced to shut in much of its oil output due to the effective closure of the strait of Hormuz. The US-Iran war and the effective closure of the strait of Hormuz has forced most Mideast Gulf countries to curtail their oil and gas output. For Aramco, liquids output posted the biggest decline, falling to 7.57mn b/d in April-June from around 10.48mn b/d a year earlier and 10.56mn b/d in the previous quarter. Gas production fell to 9.92bn ft³/d in the second quarter of this year, from 11.85bn ft³/d a year earlier and 10.51 ft³/d in Jan-March 2026. Saudi Arabia exported most of its oil through the strait of Hormuz before the US-Iran war began. But it has been able to sustain a large part of its exports by diverting crude through its 7mn b/d East-West pipeline to the Red Sea terminal on Yanbu, which bypasses the key waterway. But recent attempts by the Houthis to blockade Saudi maritime trade have put these lifeline exports at risk. Saudi crude exports from Yanbu fell by 470,000 b/d on the month to 3.67mn b/d in July, Kpler data show, with more volumes heading north towards Egypt instead of south through the Bab el-Mandeb strait. Saudi Aramco chief executive Amin Nasser said today that the Bab el-Mandeb events had no impact on the firm's export capability. He said said Aramco continued to capitalise on all available routes from Yanbu, including the Bab el-Mandeb, Egypt's Suez Canal and the 2.5mn b/d Sumed pipeline which facilitates exports from the Egypt's Ain Sukhna port into the Mediterranean. Aramco also confirmed that some of its facilities were targeted in attacks in the second quarter and more recently in July . But while Nasser said these caused some disruptions, the impact was not material to the company's finances or operations. Production capacity intact Naser said that Aramco would be able to bring crude production back to pre-war levels within days and up to its 12mn b/d maximum sustainable production capacity within three weeks. Saudi Arabia produced 10.88mn b/d of crude in Feburary, the last normal month of production before the US-Iran war, according to Argus estimates. He also said that any damage resulting from the conflict would be absorbed by its existing capital expenditure plan for the year of $50bn-55bn. "The current conflicts did not impact whatsoever our activity with regard to our long-term plans," Nasser said. Aramco said it continued to advance projects to maintain its 12mn b/d crude production capacity in the second quarter. This included the 600,000 b/d Zuluf project, which is expected online in 2026, and the 50,000 b/d second phase of the Dammam project, expected in 2027. Higher oil prices helped cushion some of the blow from the company's inability to freely export oil from inside the Mideast Gulf. Aramco sold its crude at an average of $108.1/bl in the second quarter, up from $76.9/bl in the first quarter and $66.7/bl in the same period in 2025. Revenues rose to $139.15bn, from $124.60bn in the first quarter and from $108.6bn a year earlier. Aramco's board kept its base dividend relatively unchanged at $21.9bn in the second quarter, which will be paid in the third quarter. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Oil futures: WTI falls 5pc as US cancels Iran strikes
Oil futures: WTI falls 5pc as US cancels Iran strikes
Houston, 3 August (Argus) — Benchmark WTI crude futures fell by more than 5pc today after President Donald Trump cancelled plans to launch a new US military assault on Iran and insisted that talks with Iran are ongoing, despite denials from Tehran. September Nymex WTI fell by $4.33/bl to $80.34/bl while October Ice Brent fell by $4.16/bl to $83.77/bl. The October Brent-October WTI spread widened by $2.61/bl to $5.87/bl. WTI at the Magellan East Houston terminal was discussed at a prompt 90¢-$1/bl premium bid-ask spread to the Cushing benchmark at 3pm ET, according to the Argus Crude Market Ticker , down slightly from Friday's $1.03/bl volume-weighted average premium. Trump on Sunday said he cancelled plans to launch a major new military assault on Iran, citing progress on a deal with Tehran. He told reporters that the talks would begin in earnest on Monday afternoon. But Iran's foreign ministry on Monday denied holding talks with the US, noting that, instead, Iran and Oman are negotiating over a safe shipping route through Hormuz. Pressed by reporters on Monday to explain the status of diplomacy with Iran, Trump said that the talks with Iran are in fact "going on right now" and added that "we are straight about it but they deny". Trump also suggested that the strait of Hormuz would reopen fully, perhaps as soon as Tuesday. 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 by the US and Iran during which Iran and its proxies 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 US-Iran conflict. Separately, Kazakhstan's energy ministry has denied media reports of a possible complete shutdown of the Caspian Pipeline Consortium (CPC) system. "This scenario is not being considered," it said in a 1 August statement. Loadings of light sour CPC Blend crude have been disrupted by drone attacks on tankers calling at the CPC terminal on Russia's Black Sea coast. At least eight tankers have been targeted by drones at or on route to the terminal since mid-July. Nymex RBOB fell by 25.49¢/USG to $2.9667/USG while Nymex ultra-low sulphur diesel fell by 24.43¢/USG to $3.8772/USG. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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.
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