Corporate & Deals

Devon Energy forecast 2026 production averaging 1.38 million barrels of oil equivalent per day following its May completion of the all-stock merger with Coterra Energy. The combined entity plans $4.9 billion in capital spending, with over 60% directed to the Permian Basin, and will return up to 70% of free cash flow to shareholders. The update underscores scale in U.S. shale following industry consolidation. Read →

Dangote Petroleum Refinery is raising about $1 billion via private placement at a roughly $39.1 billion valuation to support operations and a future public listing. The move follows the 650,000 bpd facility reaching full capacity and precedes a potential IPO later in 2026. It provides fresh capital for Africa's largest refinery amid expansion plans. Read →

S&P Global reported Q1 2026 metals and mining M&A deal value rose 63% quarter-over-quarter to $26.28 billion, the second-highest quarterly total on record. Deal count fell sharply, with 30 company acquisitions versus fewer asset deals. Large transactions in steel, gold and copper drove the value surge, reflecting strategic supply security focus. Read →

ZincFive agreed to go public via merger with Spark I Acquisition Corp, a SparkLabs-backed SPAC, at a $600 million pre-money valuation. The nickel-zinc battery maker for data centers doubled revenue to $69 million last year and holds an $81 million order backlog. Proceeds will expand production capacity. Read →

Mordechai Gutnick stepped down from the USA Rare Earth board with a stake valued above $350 million following the company's acquisition of Brazil's Serra Verde rare earths assets. The exit ties to board changes adding directors from the acquired firm. The transaction bolsters U.S. efforts to build non-Chinese rare earth supply chains. Read →

U.S. oilfield services firm SLB signed a long-term agreement with Venezuela's state oil company PDVSA to modernize operations using AI. The pact targets efficiency gains in a sanctioned sector facing production challenges. Read →

Shell CEO Wael Sawan stated restoring crude oil market balance amid heavy inventory drawdowns will take close to a year or longer. He highlighted ongoing system stress from supply deficits and production disruptions. Read →

Aluminium recycler CMR Green Technologies stock jumped almost 40% on its NSE/BSE debut, valuing the firm at around $578 million. Investors bought into the company's dominant position in India's non-ferrous metals recycling sector. The strong listing highlights investor appetite for metals-related plays. Read →

Cenovus Energy CEO Jon McKenzie stated a proposed 1 million bpd Alberta-to-BC Pacific coast pipeline cannot secure private financing under current Canadian regulations. He cited the industrial carbon pricing system as making oil sands output uncompetitive. The remarks highlight regulatory barriers to expanding Canadian crude export capacity. Read →

Myriad Uranium Corp acquired mineral leases and claims covering 5,600 acres in Arizona's historically significant uranium district, including 23 breccia pipe targets with REE potential. The Wate Pipe holds a historical resource estimate of 1.12 million lbs eU3O8. The deal expands the junior miner's exposure to critical uranium and rare earth assets. Read →

State-owned SAIL and NMDC are in talks to acquire coking coal assets in Russia to secure critical steelmaking inputs. The move reflects New Delhi's push for diversified raw material supplies amid global competition for resources. Read →

Ukrzaliznytsia seeks at least a 45% freight tariff increase to cut losses and restructure debt after Russian attacks. Steel union UkrMetalurgProm warns of facility closures, GDP damage and 300,000 job losses in the sector. Read →

Vale CEO Gustavo Pimenta said iron ore and metals demand shows no war-related destruction, with margins expanding as conflict disrupts flows. The top producer is prioritizing existing assets over acquisitions. Read →

Technip Energies, with JGC and Samsung Heavy Industries, secured the EPCIC contract for Eni's Coral Norte floating LNG project offshore Mozambique. The award advances Mozambique's LNG development by the Eni-led venture. Read →

Trafigura informed Chinese smelters it will not ship zinc concentrates from Cuba's Castellanos mine due to U.S. sanctions tightening fuel supplies. The trading house's action highlights sanctions pressure on Cuban mining exports. Read →

South African fertiliser and explosives firm Omnia Holdings reported headline EPS of 8.49 rand, up 21% year-over-year for the year ended March 31. CEO Seelan Gobalsamy said the company shifted ammonia purchases away from the Middle East due to Iran-related disruptions, securing alternative global supplies. The firm raised its ordinary dividend to 4.70 rand per share and paid a special dividend of 2.80 rand. Read →

Eni and Petronas established the 50-50 Searah joint venture to combine 19 gas assets across Indonesia and Malaysia. The JV starts with over 300,000 boe/d production, targeting more than 500,000 boe/d within three years, backed by a $6 billion credit facility and plans for over $20 billion in investments over five years. It forms part of Eni's satellite strategy to develop assets with partners. Read →

U.S. ingredients maker Ingredion reached agreement to acquire U.K. rival Tate & Lyle for £2.7 billion ($3.6 billion) in cash at 595 pence per share. The offer represents a 59% premium to the pre-deal price, with Tate & Lyle boards unanimously recommending acceptance. The deal creates a larger global player in food and beverage ingredients. Read →

BP's board unanimously removed Chair Albert Manifold with immediate effect after serious concerns over governance standards, oversight and conduct. Ian Tyler was appointed interim chair. The abrupt exit follows Manifold's appointment less than a year earlier and adds to recent leadership changes at the oil major. Read →

Cargill is in exclusive talks to sell its metals trading unit to Macquarie Group. The move would allow the agribusiness giant to sharpen focus on core food and agriculture operations. Five sources confirmed the discussions, which remain unannounced. Read →

Norwegian oil companies and three labor unions reached a wage agreement, preventing a planned strike by nearly 8% of offshore workers. The deal averts potential initial output cuts of 45,500 barrels of oil equivalent per day. Negotiations had extended past a midnight deadline. Read →

South African utility Eskom signed a long-term LNG supply agreement with Zululand Energy Terminal. The deal supports Eskom's planned 3,000 MW gas-to-power project in Richards Bay. It marks progress for South Africa's first LNG import terminal. Read →

Trafigura reported net profit of USD 4.1 billion for the six months ended March 31, 2026. Broad contributions came from oil, metals, gas and power divisions in a demanding environment. The result exceeds the group's full-year 2025 profit. Read →

TransAlta agreed to acquire two natural gas peaking facilities totaling 318 MW near Denver from Blackstone for about $1 billion. The plants are fully contracted under long-term tolling agreements. The deal includes a concurrent $350 million equity offering. Read →