Canadian Natural Resources anticipates higher production and lower expenditure in 2026
Canadian Natural Resources forecast on Friday a modest increase in production by 2026, while reducing total capital expenditures from the levels of this year. This signals a continued focus and disciplined growth. Canada's oil producers have fared better than their global counterparts during the oil slump, thanks to years of investment. They are now among the lowest-cost producers in North America. Canadian Natural, for example, has…
EOG, a producer of shale oil and gas, has topped profit forecasts as production increases
EOG Resources surpassed analysts' expectations for the third quarter profit on Thursday as higher production helped offset a decline in crude prices. Benchmark Brent crude dropped more than 13% from the previous quarter, but the company saw a boost in production as it expanded into the Utica and Marcellus region following its $5.6 Billion deal with Encino Acquisition Partners. EOG's production of 1.3 million barrels per day increased from 1,08 million boepd in the previous quarter.
Atmos Energy expects to earn more in 2026 after a quarterly profit increase
Atmos Energy, the U.S. distributor of natural gas, forecast on Wednesday higher earnings for fiscal year 2026 after posting a 30% increase in its fourth-quarter profits. The utility is ramping up capital expenditures on pipeline safety and technology. In fiscal 2026, the Dallas-based utility expects to earn a profit per share between $8.15 and $8.35, compared with $7.46 this year. According to the U.S. Energy Information Administration’s Short-Term Energy Outlook…
EIA: Oil producers must increase drilling to maintain production
The U.S. Energy Information Administration announced on Tuesday that oil and gas producers would need to increase drilling in order to maintain or increase production due to the rapid decline of existing wells. WHY IT MATTER The U.S. has the largest oil production in the world, reaching a record of 13.8 million barrels a day in August. The weak oil price and increasing costs have forced energy companies to reduce billions of dollars in spending and slow drilling, slowing the growth of production.
Targa Resources beats profit estimates on record Permian volumes, boosts dividend
Targa Resources, the pipeline operator, beat expectations for its third-quarter core profit adjusted on Wednesday. This was boosted by record volumes of natural gas and liquids from the Permian Basin. The company announced that it would increase its dividends by 25%, to $5 per share, in 2026. Midstream companies in the United States, such as Targa, and Kinder Morgan, are benefiting by a boom in oil and natural gas production, as well a rising demand for natgas from LNG export facilities…
EIA data show that US oil and gas production reached a new record high in August.
The Energy Information Administration reported on Friday that U.S. gas and oil production reached record levels in August despite fears of a market surplus. The record U.S. production of oil has been a major factor in the slumping commodity prices that we have seen this year. Brent crude, the global benchmark, traded just above $65, or 14% less than it did at the same time last. This is partly why the OPEC+ has decided to reverse years of severe supply cuts in order to regain market share. The EIA data revealed that the U.S.
Exxon exceeds Q3 profit expectations on higher Guyana and Permian production
Exxon Mobil surpassed Wall Street expectations for the third quarter earnings on Friday. This was due to higher oil and natural gas production in Guyana, and the Permian basin, which helped offset lower oil prices. LSEG data shows that adjusted earnings for the quarter July-September were $8.1 billion or $1.88 a share. This was higher than analysts' expectations of $1.82 a share. Brent crude prices were $68.17 on average in the third quarter of this year, down 13% over the same period a year ago. Exxon is the largest U.S. oil company.
Exxon exceeds Q3 profit expectations on higher Guyana and Permian production
Exxon Mobil surpassed Wall Street expectations for the third quarter earnings on Friday. This was due to higher oil and natural gas production in Guyana, and the Permian basin which helped offset lower oil prices. LSEG data shows that adjusted earnings for the quarter July-September were $8.1 billion or $1.88 a share. This was higher than the consensus analyst estimate of $1.82 a share. Brent crude prices were $68.17 on average in the third quarter of this year, a drop of about 13% compared to the same period a year ago.
PetroChina's net profit for the third quarter is down 3.9% on an annual basis
PetroChina Co Ltd, Asia's biggest oil and gas producer, reported on Thursday that its third quarter net profit fell 3.9% from the previous year due to lower crude oil prices. However, it continued to maintain steady crude production while expanding natural gas output. In a filing to the stock exchange, the company reported that its net profit had fallen to 42.29 billion Yuan ($5.94billion), while revenues rose by 2.3% to reach 719.16 milliards yuan.
China CNOOC's net income for the third quarter of 2014 is down 12% due to lower oil prices
CNOOC Ltd, the Chinese offshore oil-and-gas major, reported on Thursday that its third quarter net income had declined 12.2% from a similar period a year ago as lower oil prices globally offset a strong growth in production. CNOOC reported that its net profit for the period July-September was 32.44 billion Yuan ($4.55billion), in a filing to the Hong Kong Stock Exchange. Sinopec Corp, a domestic rival, reported a flat third-quarter net profit. However, the company's first-nine-month net income dropped by 3%.
Turkmenistan will maintain its gas production next year
Turkmengaz, the state-owned energy company, said that Turkmenistan's natural gas production will remain at 80 billion cubic meters in 2025-2026. Maksat Babaev, speaking at the Turkmenistan annual oil and gas convention's press conference, said that this year's production of gas was 80 billion cubic meters. We plan to continue in this area next year. Separately Guvanch AGAJANOV, the head of the state oil company Turkmenneft told reporters the country will produce over 8 million tons in 2025.
Japan claims that replacing LNG from Sakhalin-2 in Russia would be expensive.
Japan's Industry Minister said that replacing the liquefied natural gas from Russia's Sakhalin-2 Project would be expensive and lead to higher electricity rates. Scott Bessent, U.S. Treasury secretary, has urged Tokyo, ahead of U.S. president Donald Trump's trip to Japan next Monday, to cease its Russian energy purchases. These mainly include LNG, which accounts for 9% or Japan's fuel imports. Ryosei Takazawa, 64-year old trade veteran…
EQT anticipates that the 2026 natgas output will be in line with the 2025 exit rate
EQT Corp, a U.S. energy company, said Wednesday that it expected to maintain natural-gas production in 2026 at levels comparable with its exit rate for 2025. This is due to lower sales forecasts for the current quarter. At midday, shares of the Pennsylvania-based firm were down 3.8%. The company anticipates a total sales volume between 550 and 600 billion cubic foot equivalents (Bcfe) for the fourth quarter. This is lower than the 634 Bcfe of the third quarter.
China's daily oil refineries processing rate reaches two-year high
China's crude throughput rose 6.8% in September compared to a year ago, according to official data released on Monday. The country's refineries also increased their utilization rates. According to the National Bureau of Statistics (NBS), the world's second largest oil consumer processed approximately 15.26 million barrels of crude per day in September. According to records, the daily processing rate has been at its highest level since September 2023.
In its third-quarter trading report, Total highlights higher sales and rising refining profit margins.
TotalEnergies, a French oil company, expects to see an increase in its third-quarter earnings as increased upstream production and improved crude refining margins will offset lower oil prices. The group announced this on Wednesday. In a trading update, it stated that despite a $10 drop in the price of oil per barrel year-on-year the results and cash flows from the business segments would increase in the range of 0-5% due to the accretive growth in hydrocarbon production and the improved results in the downstream.
OMV reduces investment targets and cuts back on spending for renewables until 2030
Austria's OMV announced on Monday that it would cut sustainable investments, and reduce its target for organic capital expenditures yearly by 1 billion euro ($1.2 billion). This was also to reflect Borealis' deconsolidation following a merger. The group has set a new organic capital spending goal of 2.8 billion euro per year. This is down from its previous projections of 3.8 billion euro. The oil, gas and chemicals group has set its new organic capital expenditures goal at 2.8 billion euros per year…
US LNG exports record second consecutive month
According to preliminary data, U.S. exports of LNG reached a new record in September, surpassing their previous record set in August at 9.3 million MT. According to LSEG, the increase was fueled primarily by sales to Europe, Asia and other parts of the world. This occurred despite unexpected shutdowns at Cheniere Energy’s Sabine Pass facility in Texas and a planned maintenance at Berkshire Hathaway’s Cove Point Plant. The U.S. exports the most LNG in the world, and its level can have a significant impact on global markets.
US Crude Oil Production Hits Record, says EIA
The Energy Information Administration reported on Tuesday that U.S. crude production reached a new monthly record of 13,64 million barrels of oil per day in the month July. This is up 109,000 barrels per days from June's previous record.The EIA reported that the oil output of Texas, the top producer, rose to 5,8 million barrels per day (bpd) in July. This was the highest level since October 2024. New Mexico, the second largest producer…
Exxon Mobil eyes South Africa as a top LNG destination
Exxon Mobil has its eye on projects in South Africa, which it considers to be a top destination in the world for liquefied gas (LNG), said a senior gas executive at an African Energy Conference in Cape Town. The U.S. has the highest natural gas production and is the largest LNG exporter in the world. With several new projects expected to come online, this could lead to a gas glut by the year 2030. The electricity minister previously stated that South Africa is in talks with Qatar…
Russia expects the new Sakhalin-3 project to begin operations in 2028
Russian news agencies reported on Thursday that the country is expecting to begin natural gas production in 2028 at the new Sakhalin-3 Project in the Pacific Ocean to supply gas to China as well as for domestic use. Valery Limarenko said that Gazprom, the Russian energy giant, and regional authorities were working together on a plan for a refinery to be built in southern Sakhalin, to produce jet-fuel, diesel, and naphtha using gas condensate.