** A Utah couple living in a 27,000 square foot mansion have been arrested on federal charges of running a $300 million money-laundering scheme and allegedly smuggling crude oil from Mexico.
** U.S. President Donald Trump said all purchases of Iranian oil or petrochemical products must stop and any country or person buying any from the country would be immediately subject to secondary sanctions.
** Exxon Mobil’s first quarter profit slumped to the lowest level in years, stung by weaker crude prices and higher costs. The oil and gas giant earned $7.71 billion, or $1.76 per share, for the three months ended March 31. It earned $8.22 billion, or $2.06 per share, in the year-ago period.
** Chevron reported its lowest first-quarter profits in years, with per-share adjusted profit falling to $2.18 per share on revenue of $47.61 billion.
** Utah Sen. John Curtis saw his first piece of legislation pass through the U.S. Senate Thursday, a resolution to overturn a Biden-era Environmental Protection Agency rule.
** Hawaii files a lawsuit accusing Chevron, Shell, and other oil companies of exacerbating climate change a day after the Trump administration preemptively sued the state, saying its planned legal challenge threatened “energy independence.”
** The Wyoming Refinery in Newcastle has resumed operations months after an apparent explosion in February forced the facility to remain idle for repairs. The refinery shut down following the Feb. 12 incident, which refinery owner Par Pacific of Houston called an “operational upset.”
World
** The International Chamber of Commerce has scheduled a hearing in Exxon Mobil’s arbitration dispute over rival Chevron’s planned acquisition of oil producer Hess for May 26, according to two sources familiar with the matter. The hearing will take place in London, according to a third source.
** Pemex, Mexico’s heavily indebted state energy company, reported an 11.3% drop in first-quarter production of crude and condensate as falling sales and foreign-exchange losses contributed to a 43.3 billion peso ($2.12 billion) net loss.
** Canada’s gas price average is down over 19 per cent year-over-year, according to data from Kalibrate spanning more than 80 cities nationwide. The decline over the past 12 months at the pumps comes as oil prices booked their biggest monthly drop since 2021 in April.
** General Motors’ Oshawa Assembly plant in Canada, which builds pickup trucks, will cut back to a two-shift schedule from three due to softening demand and trade-related challenges, the company and the union representing workers said on Friday.
** As detailed by PCMag, a report from the South China Morning Post revealed that Tesla halted the sale of the Model S and Model X in China, as the “order now” button for both vehicles became unavailable to Chinese buyers.
