Corporate & Deals

ExxonMobil and partners will spend $1 billion on the Usan Infill Project offshore Nigeria, expected to add 40,000 barrels per day of oil production. The Nigerian Upstream Petroleum Regulatory Commission confirmed the investment marks ExxonMobil's return to drilling in the country since 2016. The move boosts deepwater output in Africa's largest oil producer. Read →

Turkey and Iraq will sign a one-year extension of their crude oil pipeline agreement within days, Turkish Energy Minister Alparslan Bayraktar said. The deal keeps flows open from Iraq to Turkey's Ceyhan port after flows resumed late last year. The extension supports continued exports amid regional tensions. Read →

New BP CEO Meg O'Neill, in a LinkedIn post marking her 100th day, said the company must be deliberate on investments, simplify its portfolio, cut costs and tighten capital spending while refocusing on core oil and gas after its renewables push. The move signals continued strategy reset under new leadership including board changes. It matters for oil and gas as BP signals disciplined upstream spending amid portfolio optimization. Read →

Trilogy Metals posted a Q2 net loss of $6.3 million, widened by non-cash derivative adjustments and higher JV losses, with $38.8 million cash. The Arctic copper-zinc project entered the FAST-41 federal permitting program and Section 404 permitting began, with a funded 5,400-meter 2026 drilling program underway. The $35.6 million DOW strategic investment deadline extended to July 31. It matters for copper and critical minerals as expedited U.S. permitting advances a high-grade domestic deposit. Read →

TotalEnergies CEO Patrick Pouyanne said he will discuss signing an offshore exploration contract for Mediterranean Block 3 with Syrian officials, building on a May MoU with partners QatarEnergy and ConocoPhillips. Onshore activities remain off the table due to insecurity. It matters for oil and gas as a major signals renewed exploration interest in Syria amid post-conflict opportunities. Read →

Trans Mountain Corporation reached a settlement with oil shippers covering the substantial majority of contracted volumes after 18 months of negotiations. The agreement resolves a tolling dispute on the Canadian government-owned pipeline and has been submitted to the Canada Energy Regulator for approval. It clears a hurdle for potential equity sale and further expansions. Read →

ExxonMobil signaled that oil price changes from the U.S.-Iran conflict will boost its Q2 upstream earnings by $3.5 billion to $3.9 billion. Geopolitical tensions have injected a risk premium into oil markets, with Brent recently climbing sharply. The update highlights the direct earnings sensitivity for major producers amid supply disruption fears. Read →

Australia's competition regulator ordered a second-phase review of the proposed Subsea7-Saipem merger over concerns it could reduce competition in offshore oil and gas services. The deal has faced opposition from ExxonMobil and other operators. The in-depth inquiry will examine competitive effects in subsea infrastructure markets. Read →

BP agreed to sell its 37.2% non-operated interest in the Bay du Nord offshore oil project off Newfoundland and Labrador to operator Equinor. The move continues BP's upstream portfolio simplification to focus on higher-return assets; financial terms were undisclosed. Read →

Shell raised its Q2 integrated gas production guidance to 610,000-650,000 boed and said gas trading results will be significantly higher than Q1. The update signals resilience in trading amid volatility ahead of full earnings later this month. Read →

Energy Fuels agreed to buy Vacuumschmelze (VAC) from Ara Partners in a $1.9 billion cash-and-stock deal, creating a mine-to-magnet rare earths platform. The acquisition strengthens non-Chinese supply of permanent magnets for defense, aerospace and renewables. Read →

Alcoa agreed to acquire South32’s bauxite, alumina and aluminum operations in Australia, Brazil and South Africa in a cash-and-stock deal valued at up to $5.6 billion. The transaction gives Alcoa greater scale and integration across its aluminum supply chain. It is one of the largest deals in the global aluminum sector in recent years. Read →

Dyno Nobel sold its 769,000 t/yr Phosphate Hill MAP/DAP plant in Queensland to Mayfair for a nominal A$1, completing its exit from fertilizers. The deal includes A$160 million in government loans to support upgrades amid higher sulfur costs. The plant is Australia’s only domestic MAP/DAP facility. Read →

Genesis Minerals offered A$5.6 billion (US$3.9 billion) for Vault Minerals, trumping an agreed all-stock merger with Regis Resources. Vault’s board deemed the Genesis proposal superior and gave Regis a matching right. The bid values Vault at a 15.7% premium to its prior close. Read →

Continental agreed to sell its ContiTech plastics and rubber division to Lone Star Funds for €4 billion plus up to €250 million in performance payments. The divestment lets Continental become a pure-play tire maker and fund a special dividend or buyback. The deal is expected to close by year-end subject to approvals. Read →

Australia’s competition regulator ordered a second-phase review of the proposed Subsea7-Saipem merger, citing reduced competition in offshore oil and gas services. ExxonMobil opposed the deal. The review adds uncertainty to a major energy-services consolidation. Read →

Syngenta Group appointed Hengde Qin, current COO and Head of Seeds and former China business head, as CEO effective August 1, 2026. He succeeds Jeff Rowe, who steps down after nearly 10 years and returns to the U.S. The move follows a board succession process at the major ag-tech firm. Read →

Presidio Production Company closed its acquisition of the Canyon Creek assets in the Arkoma Basin for about $83 million from Vortus-controlled sellers. The deal, its first in the basin and second as a public company, adds 21 MMcfe/d net production and supports an expected dividend hike to $1.50 per share annualized. Read →

Enterprise Products Partners said co-CEO A.J. 'Jim' Teague will retire January 4, 2027, after 28 years. Co-CEO W. Randall 'Randy' Fowler will become sole CEO; Teague will aid transition. The midstream giant has grown massively under his leadership. Read →

Alliance Resource Partners closed its previously announced $206.2 million acquisition of interests in AllDale Minerals III and IV. The deal expands ARLP's oil & gas royalties platform, with effective date April 1, 2026, and post-closing adjustments. Read →

Energy sector profits are forecast to surge 109.3% in Q2, powering overall STOXX 600 earnings growth of 14.5% versus 5.5% ex-energy. The outlook highlights oil and gas groups' outsized role in European blue-chip results amid volatile commodity prices. Read →

Adani Group and Abu Dhabi’s International Holding Company signed an MoU for a 50:50 joint venture to build an integrated aluminium complex in Odisha with 4 MTPA alumina, 2 MTPA aluminium and 1 MTPA downstream capacity plus captive power. The $11.5 billion project, India’s largest foreign investment in metals, will create 53,500 jobs and expand domestic supply for infrastructure and renewables. Read →

Martin Marietta Materials agreed to acquire Lhoist North America in a $13.5 billion cash-and-stock deal, adding over 2 billion tons of limestone reserves and 20 quarries plus 45 terminals across the Sun Belt. The transaction positions Martin Marietta as the leading U.S. lime and limestone producer serving steel, construction and agriculture markets and is expected to close in H2 2026. Read →

Alcoa entered a definitive agreement to acquire South32’s interests in bauxite mines, alumina refineries and aluminium smelters in Australia, South Africa and Brazil for approximately $4.1 billion cash and stock, assuming $1.2 billion in rehabilitation liabilities. Key assets include Worsley in Western Australia and Hillside in South Africa; the deal strengthens Alcoa’s upstream aluminium position with estimated $900 million synergies. Read →

S&P Global Ratings affirmed Talos Energy’s ‘B’ issuer credit rating and assigned ‘B+’ to proposed second-lien notes following the company’s announced acquisition. The agency cited strong projected credit metrics under current commodity price assumptions despite the added leverage from the transaction. Read →

South32 agreed to sell most of its bauxite, alumina and aluminium operations in Australia, Brazil and South Africa to Alcoa in a deal with up to $5.6 billion enterprise value. The transaction lets South32 exit low-margin aluminium to focus on copper and base metals under new CEO Matthew Daley, with a planned $500 million special dividend to shareholders. Read →

ExxonMobil and QatarEnergy signed a Declaration of Marketability with Cyprus for the Glaucus and Pegasus offshore gas fields, estimated at 8-9 tcf combined. The milestone advances development plans, with a final investment decision targeted around 2029 and first production around 2033, likely via tie-back to Egypt. Read →

QatarEnergy Marketing increased its July Qatar Sulphur Price by $85 per tonne to $890/t fob Ras Laffan/Mesaieed. The hike reflects persistent market tightness from prior delivery delays and outages despite some recovery in Hormuz traffic. Read →

President Trump issued an emergency proclamation suspending anti-dumping and countervailing duties on certain Moroccan phosphate fertilizer imports for up to eight months. The step aims to ease US farmer costs amid global supply disruptions from Middle East conflicts, potentially cutting prices by around 22 percent. Read →

Yongan Futures, Orient Futures and Guotai Junan Futures are preparing LME membership applications. The move would increase Chinese control over clearing of industrial metals trades on the world’s largest exchange. Guotai Junan is already advancing its bid while others prepare UK entities. Read →

Australia’s mining and energy export earnings will fall over the next two years due to trade barriers, weaker bulk commodity prices and soft global demand. Iron ore and LNG prices face pressure from rising global supply. The government report highlights ongoing risks to resources revenue. Read →

EDF signed an agreement to sell its EDF Power Solutions operations and assets in the U.S. and Canada to KKR. The unit includes 5.6 GW of renewable assets. The sale helps EDF raise cash for its French nuclear fleet maintenance and new reactor builds. Read →

Energy Fuels agreed to acquire German magnet producer Vacuumschmelze (VAC) from Ara Partners for $1.9 billion in cash and stock. The deal creates a major non-Chinese rare earths-to-magnets supply chain for defense, auto and renewables. Ara Partners will hold roughly 20% of Energy Fuels post-deal. Read →

ExxonMobil is discussing potential acquisitions of Asia-Pacific LNG producers such as Australia's Woodside Energy. Renewables growth and battery storage advances undermine the long-term case for such LNG deals. Any purchase risks disappointing returns for the $574 billion major. Read →

Brandon Craig becomes BHP CEO on July 1, confronting threatened iron ore strikes, Jansen project cost blowouts and potential uranium moves. The miner eyes M&A activity while shares retreat from records, highlighting pressures on major commodity producers. Read →

BP takes a 10% stake in the world's largest gas cap development project alongside ADNOC (60%) and other partners. The deal advances UAE gas self-sufficiency and LNG export capacity with significant capex ahead. Read →

WTI crude traded as low as $69.63 a barrel as more tankers moved through the Strait of Hormuz. Cushing inventories hit 12-year lows, pressuring producer margins amid recovering flows. Read →

WTI and Brent benchmarks slid to multi-month lows as shipping through the Strait of Hormuz normalized post-conflict. The price drop eases input costs for downstream commodity users but squeezes upstream revenues. Read →

Crude held near $74 after the U.S.-Iran interim agreement reopened the Strait of Hormuz to traffic. Prices fell about 4% on the day as supply concerns eased for global energy markets. Read →

Silvercorp's updated NI 43-101 report for the Gaocheng Ag-Pb-Zn mine in China shows Measured & Indicated resources up 59% to 18.3 Mt and Proven & Probable reserves up 25% to 6.2 Mt. Contained metals rose modestly despite grade dilution from new data and mining. Life-of-mine production is set to rise to 370 ktpa by 2029 with post-tax NPV of $101M. Read →

Murphy Oil reported a discovery at the Bubale-1X well in Block CI-709, encountering 100 feet of net oil pay across two reservoirs with high-quality light oil. The well, drilled to 20,548 feet in deep water, completes Murphy's three-well campaign in the country. Evaluation continues with another well planned for H2 2026. Read →

Petrobras board approved $1.2 billion capex for a HEFA plant producing up to 15,000 bpd of bio jet fuel and renewable diesel at its Presidente Bernardes refinery. Construction starts this year with operations targeted for 2030. The project advances Petrobras' 2026-2030 strategic plan into lower-carbon fuels while preserving core oil output. Read →

An independent SGS audit of First Quantum's Cobre Panama copper mine found 88% overall compliance with environmental, legal and operational rules. Deficiencies remain in biodiversity and tailings management. The report gives Panama data for a potential negotiated restart of one of the world's largest copper operations shut since late 2023. Read →

EnQuest expects to complete its $84 million purchase of Harbour Energy's Vietnam interests, including 53% stakes in Chim Sao and Dua fields, within one to two months. CEO Amjad Bseisu said the firm will drill infill wells to raise output. The deal expands EnQuest beyond the North Sea into Southeast Asian oil and gas. Read →

Rosneft CEO Igor Sechin told the St. Petersburg forum that OPEC+ could advance its entire planned production increase by about one year. He called the earlier hikes far-sighted amid Iran-Israel tensions and said no long-term oil glut is expected. Putin echoed high-demand views without calling for intervention. Read →

BHP revised Jansen Stage 2 potash project total investment to $6.9 billion from $4.9 billion, pushing first production to late FY2031. The company will record a $2.3 billion impairment on the broader Jansen asset base at June 30. Group FY2027 capex guidance stays at $11 billion as BHP advances the Tier-1 potash asset. Read →

BHP Group flagged a $2.3 billion impairment on its Jansen potash project in Canada after raising the Stage 2 expansion cost estimate to $6.9 billion from $4.9 billion due to overruns and delays. First output is now expected in late fiscal 2031. The charge reflects higher capital intensity across the potash asset base and will pressure BHP shares while highlighting execution risks in fertilizer supply growth. Read →

BHP announced another cost overrun on the Jansen potash mine expansion in Saskatchewan, lifting the Stage 2 investment to $6.9 billion. The company will book an approximately $2.3 billion impairment charge as higher costs and labor needs delay first production. Group capex guidance for FY2027 remains at $11 billion. Read →

BHP shares fell sharply after the miner disclosed cost overruns and a $2.3 billion charge on its Jansen Stage 2 potash project. The investment estimate rose to $6.9 billion from $4.9 billion with first output pushed to FY2031. The hit comes as BHP maintains its broader group capex outlook. Read →

BHP warned of cost overruns at Jansen Stage 2 in Canada and said it will book a $2.3 billion impairment. The Stage 2 estimate rose to $6.9 billion from $4.9 billion due to higher costs and labor hours, delaying first production. The company kept its FY2027 group capex forecast at $11 billion. Read →

BHP said the Jansen Stage 2 expansion will now cost $6.9 billion after repeated overruns. The company will take a $2.3 billion writedown on the potash project in Canada. The update marks the latest setback for BHP's entry into the fertilizer market. Read →

Shell suspended its $3 billion share repurchase program through July 14 due to securities rules tied to its pending $16.4 billion acquisition of Canadian producer ARC Resources. The pause allows unpurchased shares to roll into the rest of 2026 buybacks pending board approval. ARC's July 14 shareholder vote is required for the deal, Shell's largest since the 2016 BG acquisition. Read →

Exxon Mobil is in early-stage internal evaluations of potential acquisition targets including Australia's Woodside Energy Group to expand its LNG position. Woodside shares rose 6% on the report while Exxon shares gained modestly. Woodside and Exxon declined to comment on the speculation. Read →

Japan's Jera agreed to charter two gas carriers from Mitsui OSK Lines to transport low-carbon ammonia from the US Blue Point project in Louisiana to its Hekinan power station. The deal advances Japan's first large-scale low-carbon ammonia supply chain for power generation. MOL confirmed the long-term time charter agreements. Read →

Inpex and Australian unions reached an in-principle agreement overnight ending weeks of strikes at the Ichthys LNG facility, with workers resuming duties. The deal includes 3.75% annual pay rises plus improved job security; vessel loadings for Asian markets have restarted. Read →

ConocoPhillips is set to sign a contract this week with Syria's state-owned petroleum company to develop existing gas fields and explore new ones, the first such US major deal with the new government. It builds on a November MoU and targets production revival. Read →

Advantage Energy announced immediate resignation of President and CEO Michael Belenkie amid shareholder calls for tighter financial oversight. Board Chair John Festival was appointed interim CEO while a permanent replacement is sought. The Calgary-based natural gas producer is navigating the leadership transition. Read →

Hong Kong-listed MMG plans to raise about $1.6 billion via an $800 million share placement at a discount and an $800 million zero-coupon convertible bond. Proceeds will repay debt and fund growth projects at its copper and base metals operations. The fundraising follows strong operating cash flow in prior periods. Read →

IFM Global Infrastructure Fund lifted its takeover offer for toll-road operator Atlas Arteria to A$5.10 per share, valuing the company at A$7.40 billion ($5.24 billion), and labeled it best and final. Atlas Arteria urged shareholders to reject the bid, saying it materially undervalues the assets. IFM already holds around 35% of the company. Read →

Exxon Mobil will appoint Alex Volkov, a 30-year veteran, as head of global trading after Tracey Gunnlaugsson retires. Volkov has held roles in LNG, upstream and commercial. The move follows Exxon's $3.9 billion Q1 derivatives loss. Read →

Safe union members at SLB, Halliburton and others began striking over wages; Styrke union reached a deal. No immediate output impact expected from the action affecting about 1,800 workers. Read →

AES Corp shareholders filed two complaints against the planned $33.4 billion sale to a BlackRock GIP and EQT-led consortium. The deal, announced earlier, awaits regulatory and shareholder approvals. Read →

LKAB received an environmental permit for its fossil-free iron sponge plant in northern Sweden under the HYBRIT project. The facility advances low-carbon steelmaking supply for the metals sector. Read →