US shale producers SM Energy and Civitas will merge in a $12.8 billion deal
Nov. 3 - SM Energy announced on Monday that it will merge with Civitas Resources in a deal worth about $12.8 billion including debt. This will create one of the biggest independent U.S. producers who will have a dominant position within the Permian basin. The sale is a sign of a rebound in the dealmaking activity in the shale sector as companies look to scale up in order to combat volatility in energy and equity markets. Investors prefer steady returns and disciplined spending over rapid growth on an uncertain oil markets. Civitas shareholders get 1.45 SM Energy shares for every Civitas share. This gives them 52% ownership in the combined company.
BP CEO predicts that non-OPEC+ oil supplies could decrease by April
BP Chief Executive Murray Auchincloss stated on Monday that oil supply growth outside OPEC+ may decline by April while demand remains strong. Auchincloss stated that "there is a supply rise outside of OPEC+." "We believe that will end in February, March and April. Auchincloss, who spoke at the ADIPEC Energy Conference in Abu Dhabi, said that future oil prices will be determined by three factors: OPEC+ decision, Chinese stockpiling, and the impact on sanctions. He said, "It is a very serious sanctions environment at the moment which dampens supply." He remains confident about the long-term growth of demand despite short-term uncertainty.
QatarEnergy CEO: LNG production from North Field expansion will start in the second half of 2026
QatarEnergy's CEO, who is one of the largest liquefied gas producers in the world, said on Monday that its massive North Field expansion will produce the first LNG by the second half 2026. In May, the state-owned firm announced that the first production of the field would start in mid-2026. According to CEO Saad Al-Kaabi, the project was originally scheduled for the end this year. Al-Kaabi said that any delays were due to COVID restrictions imposed earlier in the decade and not geopolitical tensions. Kaabi, speaking in an interview at the ADIPEC annual energy conference, said: "I still see myself somewhere around mid-2026. "It's looking quite positive.
Auto stocks rise as European shares soar in focus of earnings season
European stocks rose on Monday, as investors digested the latest round of earnings reports. Auto shares also gained amid optimism that Dutch chipmaker Nexperia will resume China shipments. The pan-European STOXX 600 index rose 0.4%, to 574.11 by 0910 GMT. This is a rebound from the one-week-low hit last week. After a White House announcement that Nexperia news will be announced soon, auto stocks like Renault, Mercedes Benz, and Aumovio each gained more than 3.3%. Nexperia was recently taken over by the Dutch government, owned and operated by Chinese company Wingtech. This prompted Beijing, to stop Nexperia from leaving China.
ExxonMobil warns EU laws could force ExxonMobil to leave Europe
Woods is one of a growing group of energy producers who are urging European legislators to revise Corporate Sustainability Due Diligence, which mandates that companies operating in the EU identify and address risks related to human rights and the environment across their supply chain. Woods said on the sidelines at the ADIPEC conference in Abu Dhabi that it would be impossible for us to remain in Europe if we couldn't succeed there. The directive is intended to provide investors with greater visibility of risks throughout the value chain, and hold companies responsible for any harm they may cause, even if it occurs outside Europe.
European shares stable as earnings season comes into focus; Italy's Campari falls
European stocks were steady on Monday, as new corporate earnings reports arrived, including those from the LNG company GTT, and Dutch firm PostNL. However, shares in drinks manufacturer Campari fell following a probe into tax evasion. As of 0812 GMT the pan-European STOXX 600 Index remained at 572.29, close to its more than one-week-old low. The shares of GTT rose 4.3% as the French LNG containment systems specialist raised its revenue and core earnings estimates for this year. Oil and Gas Index led the sectoral gains, with a 1.1% increase. The energy sector also saw a boost from BP's 1.7% rise after the UK firm announced plans to sell stakes of its U.S.
Eni and Petronas combine Indonesian and Malaysian assets in joint venture
Eni, the Italian energy company, and Petronas, Malaysia's state-owned energy company announced on Monday that they had signed an agreement for a joint venture to combine their upstream oil assets and gas assets located in Indonesia and Malaysia. NewCo will manage 19 assets in Indonesia and Malaysia. It plans to invest $15 billion over the next five-year period to develop and explore about 3 billion barrels in discovered reserves. The agreement was signed in Abu Dhabi at ADIPEC. This move is part Eni's "satellite strategy" under which it has created several spinoffs around specific businesses, and supported their growth so that they become independent.
ExxonMobil warns EU laws could lead to Exodus from Europe
ExxonMobil, the U.S. energy company, will be unable to do business in Europe if the EU does not loosen a law on sustainability that penalises companies with fines up to 5% of their global revenue. Woods has joined a chorus of energy producers outraged by the EU's law that requires businesses doing business within the EU to fix any human rights or environmental problems in their supply chain. Woods said on the sidelines the ADIPEC conference in Abu Dhabi that it would be impossible for us to remain in Europe if we couldn't become a successful business.
ConocoPhillips launches natural gas drilling offshore eastern Australia
ConocoPhillips, a U.S.-based independent company, has begun drilling its first exploration hole as part of a larger campaign to search for natural gas off the eastern Australian coast, 3D Energi its junior partner said on Monday. 3D Energi announced in a filing with the ASX that work began on the Essington-1 oil well over the weekend. It will take 32 days for the drilling to reach 2,650 metres (8.694 feet). The company stated that this is the first well in the Otway Exploration Drilling Program for the development of new gas for Australia’s eastern domestic market. Eastern and southern Australia will face a shortage of gas before the end decade.
Jaber, UAE's Jaber, says that oil demand will remain above 100 million barrels per day (bpd) beyond 2040.
Sultan Al Jaber said that oil demand would remain at 100 million barrels a day or more beyond 2040. He also warned of headwinds for the near future. "Geopolitics continues to shape news and trade flows. The complexity is constant. Market sentiment is what moves the markets. Volatility, to my mind, is no more a variable. "It is the norm," said he to industry leaders at ADIPEC's opening energy conference. The United Arab Emirates are one of eight OPEC+ nations that have agreed to raise December output targets, but pause the increases in the first three months of next year.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets and individual stocks in France and Benelux. EURAZEO: French Private Equity firm Eurazeo completed the sale of CPK Group, which generated around 240 millions euros in gross proceeds. GTT: French specialist in LNG containment systems GTT reported a nine-month revenue totaling 599.6 millions euros. The company raised its revenue guidance for 2025 to 790-820million euros, and EBITDA to 530-550million euros. INTERPARFUMS SA - French fragrance company Interparfums SA has announced plans to merge with its holding company Interparfums Holding SAS by December 2025.
Qatar will tap the markets to sell two tranches of debt on Monday
Qatar, one the world's largest exporters of natural gas liquefied, will tap into global debt markets on Monday for a conventional and Islamic bond issue in two tranches, according to an official document. The Gulf State released early price indicators for a 3-year issue, at 45 basis point over U.S. Treasuries, and at 55 basis point over Treasuries, for a sale of 10-year Islamic bonds, or sukuk. Both will be of a benchmark size, which is typically $500 million. Qatar's budget deficit in the second quarter 2025 was 757 million riyals (208 million dollars), as spending on public services increased by 5.7% compared to a year ago and revenue fell due to lower oil prices.
Sources say US Gulf producer LLOG Exploration is interested in selling at a $3 billion valuation.
People familiar with the matter have said that LLOG Exploration Offshore has been exploring the possibility of a sale. This could value one the largest privately owned oil and gas producers on the U.S. Gulf Coast at more than 3 billion dollars, including debt. Sources said that the Covington, Louisiana based company has been working with investment banks at Guggenheim Securities to assess buyer interest. A limited number of parties have been contacted over the past few weeks in order to gauge the level of interest. Gerald Boelte founded LLOG in 1976. His family still controls the company. Gerald Boelte died last year.
Baker Hughes reports that US oil and gas drillers have cut back on rigs in the US for the first time in 3 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of rigs for the first time since three weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by four in the week ending October 31 to 546, the lowest level since September. Baker Hughes reported that the total number of rigs is down 39, or 7% from this time last. The report said that oil rigs dropped by six this week to 414, their lowest since September. Gas rigs, on the other hand, rose by four, to 125, which is their highest level since August 2023.
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. crude output increased by 86,000 barrels a day, to a new record of 13.8 million barrels per daily.
Exxon lifts force majeure on LNG project in Mozambique
Exxon Mobil may lift force majeure for a $30 billion liquefied gas project in Mozambique, according to CEO Darren Woods. Woods made the announcement during a Friday earnings call. Woods, who is referring to a French energy company that is developing an adjacent, but related, project, said: "Total has lifted their force majeure. Reports earlier this week stated that Exxon could not make a final decision on the project called Rovuma until TotalEnergies resumes its work following a force majeure lifted by it four years ago, which was caused by an insurgent attack linked to Islamists. TotalEnergies affects Exxon because the two companies share facilities.
US Energy Secretary: There are many opportunities for mutually beneficial energy trade with China
Chris Wright, the U.S. Energy secretary, said that there are many opportunities for a "win/win" energy trade between China & the United States. Donald Trump, the U.S. president and Xi Jinping, the Chinese president, reached a fragile truce on trade in South Korea Thursday. The agreements were on China's purchases of soybeans and exports of rare earths. There is room for a great deal of energy trade between China & the United States. China is the world's largest natural gas importer. The United States is the world's largest natural gas exporter. There's a lot to gain there," Wright told journalists on the sidelines a G7 summit of energy and environment ministers in Toronto.
Cenovus profits jump on record production and refinery strength
Cenovus Energy reported a higher third-quarter profit Friday. This was due to record oil sands output and a near-full utilization of the refinery, which helped offset lower crude prices. The U.S. listed shares of Canadian oil and Gas Producer rose 1.5% during premarket trading. The Calgary-based company's results are coming as it plans a major expansion with its planned acquisition of MEG Energy for about $6 billion. The MEG shareholders' vote on the transaction was postponed to this week in order to provide additional regulatory disclosures.
EUROPE GAS-European gas prices continue to ease on mild and windy weather
The British and Dutch gas contract eased further Friday, after a steep fall the day before, due to forecasts of mild weather and windy conditions in Europe over the next two week. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub fell 0.19 euros to 30.90 Euro per megawatt hour (10.48/mmBtu) at 1010 GMT. It traded earlier at 30,82 euros/MWh - its lowest intraday price since October 1. LSEG data shows that the Dutch day-ahead contracts dropped 0.13 euros to 30.45 euro/MWh. This is its lowest level since July 11, 2024. The British gas front-month price fell 0.62 pence, to 77.13 pence/therm.
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. It has highlighted its impressive portfolio of assets and technologies that it claims can increase oil recovery rates.