Dive Brief: Xcel Energy is focused on conversations at the state and federal level about wildfire, trade and tariff policies after the company’s earnings declined during the first quarter of 2025, Chairman, President and CEO Bob Frenzel said during a Thursday earnings call. Although first-quarter electric and natural gas sales increased year over year, the company also saw its operating costs surge, driven in part by higher nuclear outage amortization costs and increased insurance premiums, according to CFO Brian Van Abel. Xcel Energy expects its costs to increase another 2% to 3% as a result of recent tariffs, which Frenzel described as “manageable.” However, he expressed concern about the impact of tariffs on battery and energy storage prices — technologies he said are necessary to meet surging electric demand. Dive Insight: Leaders from Xcel Energy have spent a lot of time engaging with Washington in recent months, Frenzel told investors on Thursday’s call. “We’re in an unprecedented period of electric demand growth and believe that we need a broad scope of energy resources to meet those needs,” Frenzel said. He listed a half-dozen trends driving increased electric load, including electric vehicle adoption and data center expansion. “The infrastructure to serve this demand growth needs to be thoughtfully planned,” he said Top of mind, Frenzel said, is advocating for the preservation of tech-neutral tax credits for wind, solar, nuclear and energy storage projects. But the company is also paying close attention to trade policy, he said. While company projections put the current cost of tariffs the Trump administration has imposed to date at a “manageable” 2% to 3%, Frenzel said he is concerned about tariffs’ potential future impacts to battery storage projects in particular. Although Xcel Energy only has one “significant” battery storage project in its current capital plan, Frenzel said he

ORLEN SA said it has signed an agreement to supply Ukraine’s Naftogaz with 3.5 million cubic feet (100,000 cubic meters) of natural gas. ORLEN said it plans to import liquefied natural gas (LNG) from the USA, regasify it at the Świnoujście terminal, and then transport it through the Polish transmission system to the Ukrainian border. The agreement marks the third contract under the two companies’ long-term collaboration framework, bringing the total contracted volume of US-sourced gas supplied to Ukraine to 300,000 cubic meters, the company said in a news release. “The latest agreement with Naftogaz highlights ORLEN’s growing importance as a natural gas supplier in the region. Our partnership contributes significantly to strengthening Ukraine’s energy security through ORLEN’s diversified gas supply portfolio and the efficient utilisation of Polish transmission infrastructure. We remain committed to further supporting Ukraine by ensuring access to stable and diversified gas sources,” Robert Soszyński, Vice President of the ORLEN Management Board for Operations, said. “This supply further strengthens the energy partnership between our companies and supports the delivery of a reliable resource to Ukrainian consumers. As we prepare for the next heating season, such contracts remain a key element of our strategy to diversify supply and bolster the country’s energy resilience,” Roman Chumak, Acting Chairman of the Board at Naftogaz of Ukraine, said. In March, ORLEN signed the second contract with Naftogaz for the additional supply of about 100 million cubic meters of natural gas. Ammonia Study Launched Earlier in the month, ORLEN said it launched a market study and dialogue with potential suppliers of low-carbon and renewable ammonia, targeting to produce fertilizers while reducing emissions at the Anwil plant in Włocławek. The company is also exploring the potential of using renewable ammonia as a source of hydrogen for the production of synthetic aviation fuels, the

A major power cut hit Spain and Portugal on Monday, including their capitals, knocking out subway networks, phone lines, traffic lights and ATM machines. Spanish generator Red Electrica said the incident had affected the Iberian peninsula and is being assessed. Such a widespread outage is rare. The countries have a combined population of more 50 million people, but it was not immediately clear how many were affected. Spain’s public broadcaster, RTVE, said a major power outage hit several regions of the country just after midday local time, leaving its newsroom, Spain’s parliament in Madrid and subway stations across the country in the dark. A graph on Spain’s electricity network website showing demand across the country indicated a steep drop at around 12.15pm from 27,500MW to near 15,000MW. A couple of hours later, Spain’s electricity network operator said it was recovering power in the north and south of the peninsula, which would help to progressively restore the electricity supply nationwide. In Portugal, a country of some 10.6 million people, the outage hit the capital, Lisbon, and surrounding areas, as well as northern and southern parts of the country. Portugal’s government said the incident appeared to stem from problems outside the country, an official told national news agency Lusa. “It looks like it was a problem with the distribution network, apparently in Spain. It’s still being ascertained,” Cabinet Minister Leitao Amaro was quoted as saying. Portuguese distributor E-Redes said the outage was due to “a problem with the European electricity system”, according to Portuguese newspaper Expresso. The company said it was compelled to cut power in specific areas to stabilise the network, according to Expresso. E-Redes said parts of France also were affected. Several Lisbon subway cars were evacuated, reports said. Also in Portugal, courts stopped work and ATMs and electronic payment

Weatherford International plc said it has signed a strategic memorandum of understanding (MoU) with Abu Dhabi-based artificial intelligence firm AIQ. The collaboration aims to integrate Weatherford’s software and hardware solutions with AIQ’s AI-driven systems, Weatherford said in a news release. The combination will enable operators to “optimize their production workflows, reduce downtime, and significantly enhance operational efficiency across global oil and gas facilities,” the company added. Weatherford President and CEO Girish Saligram said, “We are excited to partner with AIQ to bring innovative, AI-driven solutions to the oil and gas industry. This strategic partnership allows us to deliver cutting-edge technologies that empower our customers to maximize their operational efficiency, enhance automation, and reduce costs. By combining our strengths, we are leading the way in helping operators modernize their workflows and achieve greater success in today’s rapidly evolving energy landscape”. Magzhan Kenesbai, Acting Managing Director of AIQ, said, “This partnership marks another step in AIQ’s mission to build partnerships that accelerate the deployment of impactful AI systems across the energy value chain. By integrating our advanced AI-driven tools with Weatherford’s energy-specific technology, we are driving greater efficiencies to the industry through the development of scalable, automated applications. Together, we are set to empower operators to optimize their workflows, reduce downtime, and achieve unparalleled operational excellence”. Further, Weatherford’s Universal Normalizer will work with AIQ’s capabilities to harmonize multi-asset data, combining operational and financial analysis into a unified, API-supported data model. The combination will “drive smarter decision-making and streamline operations across facilities,” the company said. New CFO Named Meanwhile, Weatherford appointed Anuj Dhruv as Chief Financial Officer of the company. Saligram said, “I am pleased to welcome Anuj to Weatherford. With fresh perspective and proven expertise, Anuj will enhance our leadership team and help position Weatherford to lead confidently through the next phase

Schlumberger Ltd. (SLB) has reported $797 million in net income for the first quarter (Q1), down about a fourth from the prior three-month period and Q1 2024 as revenue fell 9 percent sequentially and 3 percent year-on-year to $8.49 billion. Net earnings excluding charges and credits landed at $988 million or $0.72 per share. That dropped 25 percent quarter-on-quarter and 9 percent year-on-year, missing the Zacks Consensus Estimate of $0.74, based on brokerage analysts’ projections. SLB’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) declined 15 percent quarter-on-quarter and 2 percent year-on-year. Adjusted EBITDA margin was 23.8 percent. “First-quarter adjusted EBITDA margin was slightly up year on year despite softer revenue as we continued to navigate the evolving market dynamics”, chief executive Olivier Le Peuch said in an online statement. “Higher activity in parts of the Middle East, North Africa, Argentina and offshore U.S., along with strong growth in our data center infrastructure solutions and digital businesses in North America, were more than offset by a sharper-than-expected slowdown in Mexico, a slow start to the year in Saudi Arabia and offshore Africa, and steep decline in Russia”, Le Peuch added. “The expansion of our accretive margin digital business and the strength of our Production Systems division, combined with our cost reduction initiatives, have driven another consecutive quarter of year-on-year adjusted EBITDA margin growth. “These results demonstrate SLB’s resilience in changing market conditions. We are continuously exercising cost discipline and aligning our resources with activity levels, leveraging our global reach and industry-leading innovation capabilities, expanding our differentiated digital offerings, and strategically diversifying the portfolio beyond oil and gas”. Revenue from the Well Construction division decreased quarter-on-quarter and year-on-year both in North America and outside the region to $2.98 billion. Production Systems revenue totaled $2.94 billion. International revenue from the division was down 12 percent quarter-on-quarter but stable year-on-year. Revenue in North America

The UK’s offshore energy network heats our homes, powers hospitals and fuels industry. As global threats evolve, so must our approach to protecting the infrastructure that makes all of this possible. On Wednesday 30th April, Offshore Energies UK will host its first Offshore Energy Security and Resilience Conference in Aberdeen. The event has been in development for some time and will bring together industry leaders, defence policy experts, the security services and academia. Recent global events have made it more relevant than ever. Fast-moving developments across the US, Europe and Ukraine show how important this conversation has become. The UK is navigating an increasingly complex world. The government’s Strategic Defence Review is examining growing risks to critical infrastructure, including undersea gas pipelines and data cables. At the same time, the Prime Minister has pledged to invest 2.5% of GDP in defence by 2027. The North Sea remains a strategic national asset. It is home to the people, platforms, pipelines and turbines that keep the UK’s energy system running. Protecting this infrastructure as global dynamics shift is firmly in the national interest. This strategic importance rests on two key factors. The first is geography. The North Sea stretches from Scotland to Norway and serves as a gateway for international vessels, including those from Russia, into European waters. The second is energy. Nearly nine in ten homes still rely on oil and gas for heating, and these fuels meet around three-quarters of our total energy needs. About 40% of the gas we use comes directly from North Sea waters. Offshore wind, meanwhile, is central to the government’s plan for a low-carbon electricity grid by 2030. Much of the gas we import also arrives via pipelines that run along the seabed. These are often little more than a metre wide, yet they are