Cenovus, a Canadian company, beats its fourth-quarter profit expectations and begins redevelopment at the former MEG site
Cenovus Energy announced on Thursday that it has begun drilling new oil wells at its Christina Lake Oil Sands site in 'northern Alberta,' formerly owned MEG Energy. The plan will increase the company’s production this year as well as by 2027. The Canadian oil sands company…
Occidental Petroleum tops quarterly profit estimates on midstream support
Occidental Petroleum surpassed Wall Street's expectations for the fourth-quarter profit on Wednesday as its?midstream?unit helped offset lower crude?oil?prices. In extended trading, shares of the 'company' rose by nearly 3%. Occidental realized oil prices dropped to $59.22 a barrel in the fourth-quarter…
Texas Pacific Land's core quarterly profit exceeds estimates due to stronger water sales
Texas Pacific Land exceeded Wall Street expectations for the fourth-quarter core profits on Wednesday as higher water sales and production offset lower oil prices. The company generates revenue from fixed fees, such as those for construction materials, water treatment or sourcing services…
Ovintiv sells Anadarko assets to Ovintiv for $3 billion
Ovintiv announced?on Tuesday that it had agreed to sell Anadarko?assets?in Oklahoma to an unnamed buyer for $3 Billion, as?the?company sharpens its?focus?on higher-margin?plays?in?the Permian basin and Canada's Montney. In extended trading, shares of the company increased by nearly 2%.
Venezuela tensions are set to ease, resulting in a rise in the oil production potential of Guyana
Experts in geopolitics and oil said that the tiny oil-producing country of Guyana, which is already one of the fastest-growing economies in the world, has a window for expansion due to the ongoing U.S. activities in Venezuela. The growth potential of the oil and…
ConocoPhillips aims to cut costs by $1 billion in 2026. Profits miss on lower oil prices
ConocoPhillips announced on Thursday that it plans to reduce capital and operating costs by $1 billion by 2026. This comes after the U.S. energy producer missed Wall Street's?estimates? for its fourth-quarter profits due to lower crude prices. Falling oil prices have put pressure on the industry to reduce spending…
Shell misses profit expectations, but keeps buyback pace
Shell's fourth-quarter profits missed expectations on Thursday, with an 11% decline to the lowest levels since early 2021 due to lower oil prices. However, it kept its massive share buyback program. Oil majors are used to large buybacks. However, lower gas and oil prices…
Equinor sold around 30% of its US Gas on the spot market during January's price spike
Equinor, a Norwegian company, sold 30% of its U.S. natural gas assets in January on a'spot basis,' capitalizing on a chilly snap which boosted demand and prices. A January Arctic blast sent U.S. heat demand skyrocketing and frozen oil and gas wells. This cut gas production to a 2-year low…
Equinor Divests Onshore Argentinian Assests in $1.1b Deal
Norwegian oil group Equinor has agreed to sell its onshore business in Argentina's Vaca Muerta basin to Vista Energy for $1.1 billion, it said on Monday, while keeping its offshore assets in the South American nation.Half the payment, or $550 million, will be made in cash upon closing of the transaction, while the rest was
Carlyle's energy investment list as it targets Lukoil assets valued at $22 billion
Analysts initially estimated that the Carlyle Group would acquire most of Lukoil’s foreign assets at $22 billion. The Office of Foreign Assets Control (the U.S. agency responsible for sanctions) has yet to approve the sale. The?U.S. The?U.S. Treasury had given…
Gas producer Energean warns of possible $356 Million hit due to Cassiopea Reserve downgrade
Energean flagged on Tuesday a potential 300?million euros ($356?millions) impairment of its 2025 results?related to its minority stake in Eni's?Cassiopea?gasfield in Italy. Energean expects that the reserves at Cassiopea will be reduced by 3-4 million barrels due to lower performance than Eni initially expected.
Brava, a Brazilian company, buys Petronas stakes in offshore fields worth $450 million
The Brazilian oil company Brava 'Energia announced Friday that it had acquired the Petronas stakes in Malaysia. In two offshore fields, the company has invested $450 million. This is part of a new strategy outlined by its incoming CEO. Brava has purchased Petronas…
Viaro Energy's purchase of Shell and Exxon UK gas assets fails
Shell and Exxon Mobil halted the sale of natural-gas assets in Britain's Southern North Sea to a British oil producer, Viaro Energy. Shell announced this in a Wednesday statement. Shell stated that the conditions required to close the deal were not met because of changes in market and commercial conditions.
BP warns of up to $5 billion in impairments due to energy transition and weak oil trading
BP said that it expects to book between $4 and $5 billion of impairments during the fourth quarter. These are mainly related its energy transformation businesses. It also noted a weak oil trading. Under the new leadership, Chair Albert Manifold has said that BP’s portfolio needs to be simplified.
Harbour Energy, UK, enters Gulf of Mexico LLOG market with $3.2 billion deal
Harbour Energy, a North Sea-focused company, announced on Monday that it will purchase deepwater oil exploration and production firm LLOG Exploration at a price of $3.2 billion. This marks its entry into the U.S. Gulf of Mexico. In a press release, Harbour said…
Japan's JAPEX purchases US tight oil assets and gas assets for $1.3 billion
Japan Petroleum Exploration Co. (JAPEX), which owns tight oil and natural gas assets in the U.S.A., announced on Thursday that it had 'decided' to purchase the entire equity stake?in Verdad Resources Intermediate Holdings LLC (VRIH) for $1.3 billion. JAPEX will…
Shell In Advanced Discussions to Buy LLOG Exploration for Over $3B
Shell is in advanced discussions to buy LLOG Exploration offshore in a deal valued at more than $3 billion. This would increase the oil major's portfolio of upstream oil and gas producers by acquiring one of the biggest privately owned oil and natural gas producers in the U.S. Gulf.
Exxon predicts increased earnings and oil production by 2030
Tuesday, Exxon Mobil announced that it would target a $25 billion?earnings increase from 2024-2030. The company will also?increase its oil and gas production. Exxon's earnings forecast represents a $5-billion increase over its previous plan. However, Exxon plans…
Shell is ready to invest in Italy more if drilling rights are unlocked
Shell is willing to increase its investment in Italy to boost the hydrocarbon production. The head of Shell's Italian division said this on Wednesday. He urged the government to permit new drilling. Shell spends approximately 500 million euros (578 million dollars)…
Chevron aims to increase cash flow by 10% annually through 2030 and cut costs even more.
Chevron announced on Wednesday its plans to increase oil and gas production and grow free cash flow annually by more than 10 percent through 2030, all while reducing costs and capital spending. Chevron announced its new guidance on Wednesday at their investor day.