TotalEnergies' U.S. Shift, Sinopec Profit Decline: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

POWER
TotalEnergies to Abandon U.S. Offshore Wind to Pursue Fossil Fuel Projects - The United States and French energy major TotalEnergies said on Monday they would redirect nearly $1 billion from offshore wind leases to U.S. oil and natural gas production. The U.S. will reimburse Total around $1 billion that the company paid in lease purchases for offshore wind, and TotalEnergies has pledged not to develop any new offshore wind projects in the country, a U.S. Department of the Interior statement said. Total will invest $928 million in 2026 in the development of four trains at the Rio Grande liquefied natural gas (LNG) plant in Texas, and in the development of upstream conventional oil in the U.S. Gulf and shale gas production, the statement said. Following those investments, the U.S. will reimburse the company for the two offshore wind leases acquired under the Biden administration in 2022. (Reuters)

EARNINGS
China's Sinopec Reports 2025 Profit Decline - China Petroleum & Chemical Corporation, known as Sinopec, reported a 36.8% decline in 2025 net profit on Sunday, citing rising substitution by new energy sources and weak petrochemical margins, according to the company's filing. The world's largest oil refiner by capacity posted net income attributable to shareholders of 31.8 billion yuan (US$4.62 billion), based on Chinese accounting standards, in a filing to the Shanghai stock exchange. (Reuters)

CRUDE OIL
U.S. Allows 30-Day Sale of Iranian Crude Oil at Sea - The Trump administration waived sanctions on the purchase of Iranian oil at sea for 30 days on Friday in its latest attempt to ease oil prices that have been driven up by the U.S.-Israeli war on Iran. The waiver will bring some 140 million barrels of oil to global markets and help relieve pressure on energy supply, Treasury Secretary Scott Bessent posted on X. This is the third time the Treasury Department has temporarily waived sanctions on oil from U.S. adversaries in a little more than two weeks. The U.S. previously eased sanctions on Russian oil. (Reuters)

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Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).