CERAWEEK

Amazon's overall business lost money in the first quarter, but the loss would have been even steeper were it not for the fast-growing cloud segment.

Amazon on Wednesday added a 5% fuel and inflation surcharge to fees it charges U.S. third-party sellers who use its storage and shipping services.

Energy industry executives gathered in Houston at a pivotal time, as Russia's war on Ukraine brings energy security and the shift to renewables to the fore.

Many people are sending KPRC2 Investigates questions about gas prices and asking how the oil supply works. We took those questions to the industry’s top experts. We found answers at CERAWeek, the largest energy conference in the world, currently in downtown Houston at the Hilton Americas and George R Brown Convention Center.

Amazon reported better-than-expected revenue in its cloud computing division and showed that its ad business is approaching $10 billion a quarter.

Amazon Web Services again accelerated revenue growth, even as it continues to lead the public-cloud infrastructure business.

Speaking at CERAWeek, Jennifer Granholm also said outfitting oil and gas workers with skills needed in the clean energy future is a major priority for the Biden administration. Newly confirmed U.S. Secretary of Energy Jennifer Granholm on Wednesday said Texas would benefit from connecting its power grid with neighboring states. The energy secretary also addressed concerns by the oil and gas industry that the Biden administration's focus on clean energy and away from fossil fuels will cost it jobs. Granholm said making sure oil and gas workers are not left behind by the energy transition will be a major priority for the administration, including with the creation of a jobs office within the Department of Energy. Subscribe to Today in Houston Fill out the form below to subscribe our new daily editorial newsletter from the HPM Newsroom.

The annual energy conference in Houston was canceled last year due to the pandemic. The international energy conference CERAWeek by IHS Markit kicked off Monday, and for the first time, it’s not being held in Houston. Last March, CERAWeek was the first major event in Houston that was canceled as the coronavirus started to become a global pandemic. Founded as Cambridge Energy Research Associates in 1983, the CERAWeek conference each year attracts global political and business leaders, who discuss energy, the global economy and geopolitics. Many of the conversations during the conference are led by IHS Markit Vice Chairman Daniel Yergin, who founded CERAWeek.

On Monday’s show: Industry analyst Daniel Yergin talks about this year’s CERAWeek conference and the future of the energy industry, and listeners share their pet peeves about life in Houston. On Monday’s Houston Matters: The annual energy conference CERAWeek kicks off today. Daniel Yergin, the event’s chairman and an energy industry analyst, talks about the future of the energy industry and this year’s conference. Also this hour: We offer you your monthly chance to complain — err share — your pet peeves about life in Greater Houston. Subscribe to Today in Houston Fill out the form below to subscribe our new daily editorial newsletter from the HPM Newsroom.

The full impact of the global pandemic on Houston's oil and gas industry is becoming more clear, as companies release their final earnings reports for 2020. ExxonMobil, which has its main campus in Houston, reported a stunning $20 billion in losses in the fourth quarter alone. Houston-based ConocoPhillips lost more than $700 million in the fourth quarter for a total loss of $2.7 billion in 2020. University of Houston Energy Fellow Ed Hirs said as long as there's consumer demand for things like gasoline, companies will just move oil and gas production to other countries. In 2020, CERAWeek, put on by the firm IHS Markit, was one of the first major events in Houston canceled due to COVID-19.

ATTA KENARE | AFP | Getty ImagesABU DHABI, United Arab Emirates — Outgoing U.S. Energy Secretary Dan Brouillette is looking for alternative methods to transport Middle East oil and gas to ensure regional energy security. The energy secretary visited Abu Dhabi this week to meet with ministers from the United Arab Emirates, Bahrain and Israel. As Brouillette leaves his post, Gulf leaders are questioning how Joe Biden will engage with the region on issues like Iran. Bypassing the Strait of HormuzThe Middle East holds over half the world's proven oil reserves, but exporting it through the narrow Strait of Hormuz can often prove difficult. The UAE and Saudi Arabia have long sought to find alternative routes to bypass the Strait, including through pipelines.

Amazon's market-leading cloud business crossed $10 billion in revenue for the first time in the first quarter. At $10.22 billion, Amazon Web Services revenue grew 33% on an annualized basis, the company said in a statement on Thursday. 2 cloud infrastructure provider, doesn't disclose revenue, although it said on Wednesday that revenue from the Azure cloud grew 59% in the quarter. Operating income from AWS totaled $3.08 billion, which was up 38% and above the $2.96 billion FactSet consensus estimate. AWS came close to the $10 billion mark in the fourth quarter, when it delivered $9.95 billion in revenue.

Andy Jassy, CEO of Amazon Web Services, speaks at the 2019 CERAWeek by IHS Markit conference in Houston, Texas, on March 11, 2019. Aaron M. Sprecher | Bloomberg | Getty ImagesAmazon's cloud business picked up $9.95 billion in revenue in the fourth quarter, growing faster than analysts had expected. Amazon Web Services revenue grew 34.0% in the quarter from a year earlier, Amazon said in a statement Thursday. Analysts polled by FactSet had predicted $9.81 billion in AWS revenue, or a 32% growth rate. Revenue growth was down sequentially from 34.7% in the previous quarter.

Rick Perry, U.S. secretary of energy, speaks during the 2019 CERAWeek by IHS Markit conference in Houston, Texas, on Wednesday, March 13, 2019. Energy Secretary Rick Perry, who will be leaving his post by year's end , said Friday that he is not sure whether he will comply with a subpoena from House Democrats conducting an impeachment inquiry into President Donald Trump. But Perry, who revealed a day earlier that he would be stepping down as Energy secretary, told CNBC's "Squawk on the Street" that he would follow the advice of administration lawyers. The White House has rejected the impeachment inquiry as a "witch hunt" and is refusing to comply with its proceedings. Some current and former officials have opted to testify regardless of the messages from the Trump administration.