Corporate & Deals

ConocoPhillips reported Q2 2026 net income of $3.9 billion, or $3.23 per share, more than double the $2.0 billion a year earlier. The gain was driven by a 36% rise in average realized oil and gas prices. CFO Andy O'Brien was named president and CEO effective Sept. 1, succeeding Ryan Lance who becomes executive chair. Read →

ConocoPhillips announced Ryan Lance will retire as CEO after 14 years and become executive chair. CFO Andy O'Brien succeeds him as president and CEO effective Sept. 1. Konnie Haynes-Welsh was appointed CFO. Read →

Williams Cos. agreed to acquire Momentum Midstream LLC from EnCap Flatrock Midstream for up to $5.5 billion, including $3.5 billion cash/debt and $2 billion in stock. The deal expands Williams' natural gas infrastructure connecting Haynesville to Gulf Coast LNG and power demand. Read →

Ratio Petroleum raised its all-cash takeover offer for Pharos Energy to about £146.4 million ($197 million), outbidding Serica Energy's £145.7 million bid. Pharos board withdrew support for Serica and now recommends Ratio's improved offer of 32.8 pence per share. Read →

ADNOC Logistics & Services agreed to acquire 11 tankers (six VLCCs and five VLGCs) for about $1.3 billion. Nine vessels come from the secondary market and two are newbuild resales; deliveries begin in Q3 2026 to support growing crude and LPG exports. Read →

Harbour Energy raised its 2026 free cash flow outlook to $1.8 billion from $1.4 billion and narrowed production guidance upward to 490,000-500,000 boepd after record first-half output above 500,000 boepd. The UK North Sea producer cited higher oil and European natural gas prices and will start returning at least $800 million to shareholders with a $250 million buyback. Shares rose nearly 7%. Read →

Occidental Petroleum posted adjusted profit of $2.40 per share for Q2, its highest since Q3 2022 and above estimates of $1.84, on higher oil prices and 2.4% production growth to 1.43 million boepd. Realized oil prices averaged $96.78 per barrel versus $63.76 a year earlier amid Middle East supply disruptions. Larger peers Chevron and ExxonMobil also reported strong results. Read →

Maurel & Prom reported first-half net income of $191 million, up 78%, on higher crude prices with working-interest production averaging 37,890 boepd. The French producer raised its dividend 15% and expects Venezuela crude exports to normalize in H2 2026. It separately agreed to buy Gran Tierra Energy's Colombia and Ecuador assets for $1.33 billion. Read →

Gran Tierra Energy agreed to sell its Colombia and Ecuador oil operations, which produced about 29,000 bpd in H1 2026, to Maurel & Prom for $1.33 billion including debt. The deal expands Maurel & Prom's presence in Colombia and marks its entry into Ecuador. Gran Tierra expects net cash proceeds of about $315 million after adjustments. Read →

Devon Energy reported net income of $1.91 billion for Q2 2026, more than doubling year-over-year and its highest since Q2 2022. Production rose to 1.36 million boepd following the May close of its $58 billion Coterra acquisition. Higher realized oil prices near $88 per barrel drove the beat on adjusted EPS of $1.57 versus estimates of $1.39. Read →

Suncor posted adjusted operating earnings of C$3.23 per share, beating estimates of C$3.07. Oil sands earnings jumped to C$2.59 billion and refining/marketing to C$2.07 billion from higher crude realizations and margins. The company will raise monthly share repurchases to C$500 million from August. Read →

BP CEO Meg O'Neill said multiple buyers have approached the North Sea business shortly after it was put up for sale. Repeated UK policy shifts on oil and gas and a focus on strengthening the balance sheet drove the divestment. The company targets $20 billion in asset sales by end-2027. Read →

Pemex reported Q2 net profit of 18.02 billion pesos ($1.03 billion), down 69.7% year-over-year. Production averaged 1.66 million bpd, missing the 1.8 million bpd target amid mature field challenges. The firm restructured 255 billion pesos of supplier debt under an eight-year plan while holding $77.5 billion in financial debt. Read →

Williams Companies agreed to acquire Momentum Midstream for up to $5.5 billion, adding over 4,000 miles of Haynesville pipelines and 6 Bcf/d gathering capacity. The deal raises its 2026 adjusted EBITDA guidance to $8.3-8.5 billion and includes expansion projects. It positions Williams to capture rising Gulf Coast LNG and power demand with fee-based contracts. Read →

Chevron will pay most employees a bonus equal to half a month's base pay after its record quarterly profit, driven by high oil prices from the Iran conflict and Hess deal synergies. CEO Mike Wirth credited staff for cost cuts and safe operations. The move comes as President Trump criticizes oil companies for high profits and urges lower gasoline prices. Read →

Diamondback Energy posted Q2 adjusted EPS of $6.48, beating estimates, and raised its 2026 production forecast above 1 million boepd from 972,000. Elevated oil prices from Middle East supply issues boosted results. The company also doubled its share buyback authorization to $16 billion. Read →

The owner of SuKarne is exploring a sale that could value the company above $2 billion, working with Rabobank and BBVA. The firm accounts for nearly 75% of Mexico's meat exports and spans cattle feeding, processing and distribution across proteins. No deal is assured as the process remains private. Read →

Brent crude for October slid as much as 7.3% to $81.55 per barrel after Trump called off strikes on Iran for talks starting Monday. A small OPEC+ quota increase for September also weighed on prices. The moves follow a more than 20% oil price jump last month amid U.S.-Iran tensions. Read →

Pemex sealed the Krem-1 natural gas well in Las Choapas, Veracruz, ending a nearly five-month uncontrolled fire and flow. The company will now focus on environmental remediation, community compensation, and health services in affected areas. The incident had raised pollution and health concerns for local communities and farmland. Read →

Pemex completed closure of the Krem-1 exploratory natural gas well in Veracruz nearly five months after a March accident ignited a persistent fire. Operations now shift to site cleanup and community support programs. The prolonged incident had drawn environmental scrutiny and local health complaints. Read →

Shell agreed to sell its BG Cyprus unit, which holds a 35% stake in the Aphrodite gas field offshore Cyprus, to Hungary's MOL Group for up to $720 million including milestones. The exit supports Shell's focus on strengthening its integrated LNG value chain through disciplined capital allocation. The deal highlights portfolio optimization amid ongoing regional energy dynamics. Read →

ADNOC Logistics & Services acquired five VLCCs from Frontline for about $590 million to expand its fleet amid Red Sea and Strait of Hormuz disruptions. The UAE producer also bought three VLGCs and ordered more vessels while chartering additional tankers to secure crude movements. The moves aim to control more of the supply chain as geopolitical tensions tighten tanker availability. Read →

Shell operated its refineries at 102% of capacity in Q2 to maximize jet fuel and diesel output amid elevated prices from Middle East conflict. Trading desks benefited from volatility including impacts around the Strait of Hormuz. The strategy contributed to the surge in overall profits reported alongside the earnings release. Read →

ExxonMobil, Chevron and other majors are competing for prime Venezuelan oil fields but talks have hit an impasse seven months after US-backed change in leadership. No major investment deals have materialized despite administration hopes for quick production restarts. The stalled progress limits near-term supply additions from the key OPEC member. Read →

Rio Tinto reported first-half 2026 profit after tax of $6.7 billion, up 47% year-on-year, with underlying earnings of $6.9 billion. Underlying EBITDA rose 28% to $14.8 billion and free cash flow surged 75% to $3.8 billion, supported by 3% higher copper-equivalent production and productivity gains. The company declared a $3.4 billion interim dividend, up 43%, while advancing copper, lithium and iron ore growth projects. Read →

Antero Resources reported second-quarter 2026 results and announced completion of $315 million in strategic acquisitions adding 125 MMcfe/d net production and 15 net drilling locations in its Marcellus core. The deals expand the company's West Virginia footprint following the prior HG Energy acquisition. Management highlighted integration progress and maintained full-year production guidance. Read →

National Fuel Gas Company released its fiscal third-quarter 2026 earnings after market close on July 29. The natural gas utility and producer reported results covering its exploration, midstream and utility segments. A conference call to discuss the figures is scheduled for July 30. Read →

Comstock Resources reported Q2 2026 natural gas and oil sales of $331.6 million including hedging gains, with production of 113.1 Bcfe up 16% sequentially. Net income available to the company was $8.8 million or $0.03 per share. The company highlighted prior midstream equity placement proceeds used to retire debt and preferred equity. Read →

Criterium Energy released a preliminary Q2 2026 operational update noting realized oil prices averaging US$106 per barrel with a premium to benchmarks. The small producer highlighted ongoing gas development progress in its Indonesian assets. The release focuses on production metrics and near-term project advancement. Read →

Chinese independent refiners purchased most September-loading ESPO Blend Russian crude at $1-3 per barrel discount to Brent. Teapots in Shandong are also in talks for Iranian crude cargoes amid disruptions from the Iran conflict and Houthi threats. The moves underscore China's shift to secure alternative supplies as Middle East exports face blockades. Read →

Teck Resources beat Q2 profit estimates, driven by a 25% rise in copper production and higher prices, posting adjusted EBITDA of $2.2 billion. Profit before taxes reached $1.5 billion versus $125 million a year earlier. Shares rose 4% as the miner highlighted record margins ahead of its merger. Read →

S&P Global agreed to acquire datacenterHawk, a provider of proprietary data center supply/demand and infrastructure intelligence, to bolster its energy and market intelligence units. The deal expands coverage of power markets, grid infrastructure and AI-related demand. It closed alongside a majority stake in African ratings firm Agusto & Co. Read →

Kuwait Petroleum Corp. and Kuwait Oil Co. signed a $16 billion lease-and-leaseback deal for the country’s 13 domestic and export pipelines with a consortium led by Blackstone, Brookfield and KKR. The JV gives KOC 51% and the investors 49% for 20.5 years in exchange for a volume-based tariff, generating $7.85 billion upfront for KOC to fund capex toward 4 million barrels per day capacity by 2035. It marks the largest foreign direct investment in Kuwait’s history. Read →

Nornickel, the world's top palladium producer, is scheduled to announce consolidated production results for the first half of 2026 on July 27. The update will cover nickel, copper, platinum and palladium output amid sanctions and shifting metal prices. It matters as Nornickel supplies a large share of global palladium and nickel used in autos, batteries and electronics. Read →

Rio Tinto reported copper-equivalent production up 3% year-on-year in the first half of 2026 driven by operational performance. CEO Simon Trott highlighted scale and supply-chain strength supporting growth. The results underscore resilience in copper and other metals critical for energy transition amid global demand. Read →

EQT Corporation reported Q2 2026 sales volume of 634 Bcfe, exceeding the high end of guidance. Strong well performance, system optimization and lower curtailments drove the beat. As a major US natural gas producer, the update signals robust Appalachian output supporting domestic supply. Read →

WEC Energy Group will release its Q2 2026 earnings before the market opens on July 29. The utility serves electric and natural gas customers across the Midwest. The report will provide insight into regulated energy demand and infrastructure spending. Read →

Ovintiv reported Q2 net earnings of $456 million and generated $1.3 billion in Non-GAAP cash flow. The company closed the Anadarko asset sale for $2.82 billion, reduced net debt to $2.995 billion and raised full-year 2026 production guidance to 630-645 MBOE/d with unchanged capex. Strong Permian and Montney performance drove 4% expected oil production per share growth. Read →

Kinder Morgan achieved record Q2 net income of $867 million and Adjusted EBITDA of $2,199 million, up 12% year-over-year. Natural gas transport volumes rose 7% and gathering volumes rose 26%, with multiple expansion projects placed in service. The company raised its full-year Adjusted EBITDA outlook more than 5% above budget. Read →

Cleveland-Cliffs reported Q2 revenues of $5.2 billion and adjusted EBITDA of $286 million, more than tripling the prior quarter. Steel shipments reached 4.0 million net tons with improving automotive volumes and pricing. The company guided Q3 adjusted EBITDA to approximately $575 million. Read →

Teck reported Q2 adjusted EBITDA of $2.2 billion, more than triple the year-ago level, driven by higher copper production and record copper prices averaging $6.05 per pound. Adjusted profit attributable to shareholders reached $948 million. Cash flow from operations of $1.7 billion boosted net cash position by $756 million. Read →

NovaGold will acquire Paulson Advisors' 40% interest in Donlin Gold LLC in an all-stock transaction, consolidating 100% ownership of the large Alaska gold project into a new U.S.-domiciled entity valued at about $4.2 billion. Existing NovaGold shareholders will own nearly 65% of the combined company. The deal simplifies project development and financing for one of the world's largest undeveloped gold deposits with 40 million ounces of resources. Read →

Liberty Energy and PowerBridge formed a JV combining Liberty's power generation and management expertise with PowerBridge's digital campus assets to develop a planned 2GW powered data center campus in West Texas. Initial phase targets over 300 MW of generation with first power in Q4 2027. The move expands Liberty's role in large-load power markets for AI and hyperscale customers. Read →

UltraTech Cement reported consolidated net profit of Rs 2,604 crore for Q1 FY27, up 17% YoY, with net sales rising 16% to Rs 24,465 crore. Domestic volumes grew 13.1% and the company highlighted operating efficiencies plus integration of acquired assets including India Cements turnaround. Capacity utilization reached 81% on 200.1 MTPA India capacity. Read →

Teck Resources will release unaudited Q2 2026 financial results before market open on July 23 with a webcast at 8:00 a.m. PT / 11:00 a.m. ET. The mining company, focused on copper, zinc and steelmaking coal, reports amid ongoing metals market volatility and project development updates. Read →

The all-stock deal will create NovaGold Corporation, a Delaware company owning 100% of the Donlin Gold project in Alaska, with existing NovaGold shareholders holding 65%. Paulson will receive 35% and the board expands with co-chairs Kaplan and Paulson. The move ends split ownership of the 40 Moz resource project to accelerate development and financing. Read →

State-run ADNOC took final investment decision Tuesday on the $6.2 billion Umm Shaif Gas Cap development with TotalEnergies, Eni and CNPC at its longest-operating offshore field. The move expands ADNOC's natural gas and LNG portfolio amid expectations of rising domestic and international demand from data centers and Asian population growth. Production start is targeted for 2030. Read →

ADNOC approved a $6.2 billion project at the Umm Shaif offshore field to expand natural gas production and LNG exports. The development forms part of ADNOC's strategy targeting 47 million metric tons of LNG capacity per annum by 2035. It aims to secure reliable gas supplies for domestic use and global buyers. Read →

Abu Dhabi National Oil Co. took final investment decision on the $6.2 billion Umm Shaif Gas Cap project with partners TotalEnergies, Eni and China National Petroleum Corp. The development will deliver over 600 million standard cubic feet per day of natural gas and liquids, equal to nearly 10% of UAE daily gas consumption, with first output targeted for 2030. It includes $5.1 billion in offshore EPC packages and a $365 million drilling program for 14 wells by ADNOC Drilling. Read →

Abu Dhabi National Oil Co. approved the $6.2 billion Umm Shaif Gas Cap project with TotalEnergies, Eni and China National Petroleum Corp. to increase natural gas production. Output will equal about 10% of the UAE's current gas consumption and is expected to start in 2030. The move advances ADNOC's strategy to expand LNG and domestic gas supplies. Read →

Lionheart Capital is approaching a $400 million stock-based merger deal via its SPAC Lionheart Holdings to acquire a stake in Venezuela's PetroUrdaneta oil field. The transaction marks one of the first major private investments in Venezuela's oil sector as U.S. sanctions ease. It involves a subsidiary of Swedish firm Keo Capital AB and highlights renewed foreign interest in the country's upstream assets. Read →

ConocoPhillips agreed to acquire a 42% interest in BP Energy Company of Kirkuk Limited, supporting redevelopment of four producing oil fields in northern Iraq's Kirkuk area. The deal covers assets with more than 3 billion barrels of oil equivalent plus exploration upside and is expected to close by end-2026. It forms part of broader U.S. corporate commitments totaling $60 billion to Iraq's economy. Read →

SLB and Liberty Energy agreed to a strategic alliance delivering modular infrastructure and integrated power generation solutions for global data center projects. SLB will provide prefabricated components and project execution while Liberty supplies modular power systems and behind-the-meter controls. The partnership targets accelerated deployment of AI-driven data center capacity worldwide. Read →

BHP guided group copper output to 1.65-1.8 million tonnes in FY27, down from 1.95 million tonnes in FY26, mainly due to lower grades at Escondida. The company sanctioned two Spence processing projects in Chile with first production targeted for FY28 and CY28. It also disclosed a conveyor belt failure at Carrapateena that will cut output and advanced Olympic Dam smelter expansion plans to capture more value in-house. Read →

Iondrive appointed Dr Grant Caffery, former BHP head of innovation, as CEO effective August 1 to advance commercial deployment of its IONSolv metal extraction platform for rare earths and battery materials. The move follows verified high recovery rates from e-waste and progress on a potential US$15 million funding pathway in Oklahoma. Outgoing CEO Lewis Utting shifts to chief strategy and commercial officer. Read →

Trafigura appointed Josh Presley, previously Head of Capital Markets and Advisory at SMBC Group, as Head of Corporate Finance based in Geneva. He will lead development and execution of the group's global funding strategy and stakeholder relationships. Presley brings over 20 years of debt capital markets experience from SMBC, Bank of America and Credit Suisse. Read →

Harbour Energy completed the acquisition of substantially all subsidiaries of Waldorf Energy Partners and Waldorf Production for $163 million. The deal adds production and increases Harbour's stake in the Catcher field to 90% after regulatory approvals and creditor settlements. Effective date is January 1, 2025. Read →

Halliburton and Eni completed the industry's first integrated closed-loop rig automation deployment with managed pressure drilling on a deepwater well offshore Indonesia. The LOGIX platform combined rig automation, well placement and MPD controls, delivering over 15% efficiency gains in narrow-margin conditions. It marks the first such Asia-Pacific application. Read →

Chevron will sign MOUs Friday with Iraq to advance its entry into West Qurna 2, which produces about 460,000 bpd, and Nassiriya fields. The deals progress commercial terms toward Chevron taking over operations, previously handled by Lukoil. Iraq's push for U.S. partnerships includes pipeline studies to bypass the Strait of Hormuz. Read →

Standard Nuclear shares fell 10% to open at $13.50 in NYSE debut, valuing the Oak Ridge firm at $2.17 billion after slashing its IPO size. It raised $150 million selling 10 million shares at $15 each. The debut reflects investor caution on nuclear supply chain valuations despite AI-driven power demand and U.S. policy support. Read →

SunCoke Energy will release Q2 2026 financial results before market open on July 30, with an earnings call at 11:00 am ET. The coke producer supplies blast furnaces for steel and cast iron under long-term contracts. Results will cover operations in the U.S. and Brazil plus industrial services. Read →

Lundin Mining expects Q2 2026 revenue to rise by about $79 million pre-tax from provisional pricing adjustments on prior concentrate sales. It also flags realized losses of roughly $12 million on gold collar contracts. Full Q2 operations and financial results are due after market close on August 5. Read →

Trafigura has abandoned a proposed 2,000 MW transmission line to export Angolan hydropower to DRC and Zambian copper and cobalt mines. The trader signed a 2024 non-binding agreement with ProMarks and Angola but has now withdrawn. Other projects by Meridia Energy and HYDRO-LINK are advancing to supply the mining region. Read →

BP reached an agreement to sell minority interests in more than 10 companies from its BP Ventures portfolio to Verdane. The company will retain a small number of investments. The deal supports portfolio simplification and is expected to close by Q2 2027. Read →

ARC Resources shareholders voted in favor of Shell's $16.4 billion acquisition of the Canadian natural gas producer. The deal gives Shell a larger North American gas position. Regulatory approvals remain, with the transaction expected in the second half of 2026. Read →

Indonesia’s PT Barito Renewables Energy made a non-binding cash offer for Energy Development Corp. (EDC), backed by First Gen, valuing equity at more than $5 billion or up to $7 billion including debt. The deal would expand Barito’s geothermal footprint into the Philippines. It signals aggressive consolidation in renewables amid energy transition pressures. Read →

BP expects stronger oil and gas prices plus robust trading and refining margins to lift Q2 earnings by $1.8-2.1 billion in upstream and $1.2-1.4 billion in products versus Q1. It flags around $1 billion in impairments mainly on transition businesses. Oil trading results should edge higher after an exceptionally strong Q1. Read →

BP previewed slightly higher Q2 oil trading results after an exceptionally strong prior quarter, benefiting from the Iran-related price rally. The update also pointed to lower net debt. It underscores trading desks capitalizing on volatility in physical oil markets. Read →

Aker BP reported record operating cash flow of $3.1 billion in Q2 2026, with EBITDA rising to $3.35 billion from $2.22 billion a year earlier, beating consensus. Higher energy prices from Middle East tensions drove the gains despite elevated project costs. The Norwegian producer highlighted robust performance in its upstream portfolio. Read →

Shell initiated tendering for drilling services at the offshore Dragon gas field in Venezuela, targeting four wells from Q2 2027 with first gas in 2029. The 4.2 TCF project would supply Atlantic LNG in Trinidad. It marks a concrete step forward after sanctions-related delays, expanding Shell’s regional gas footprint. Read →

UK gilt yields rose to their highest level since May as surging oil prices added to inflationary pressures. Higher energy input costs pressure downstream margins for refiners and agribusinesses reliant on fuel and feedstock pricing. Read →

Market participants now price in sustained disruption through the Strait of Hormuz following US-Iran escalation. This structural shift supports higher realized prices and capex decisions for Gulf producers and global trading houses. Read →

FireFox Gold announced expansion of its diamond drill program at Mustajärvi and start of drilling at the Sarvi project in Finland. The moves advance resource definition for the junior gold explorer amid elevated precious-metals prices. Read →

Italian energy contractor Saipem's merger with Norwegian peer Subsea 7 faces a full EU antitrust investigation over competition concerns. The European Commission is expected to launch the in-depth review by July 22. The deal targets subsea services in oil and gas, raising regulatory hurdles for sector consolidation. Read →

U.S. energy firms added rigs for the fourth consecutive week, with the total oil and gas rig count rising by one to 581. This marks the first such streak since early June and lifts the count 44 rigs, or 8%, above year-ago levels. The increase signals sustained drilling activity in oil and gas. Read →