ConocoPhillips said on Thursday it has completed the sale of $1.7 billion of noncore Lower 48 assets in July, helping the U.S. oil producer reach its $5 billion asset disposition target ahead of schedule. Here are some details: * Asset sales have become a key step for large shale producers looking to streamline operations, strengthen balance sheets and boost shareholder payouts while prioritizing returns over production growth. * The company disclosed the sale while reporting [Read more]
Saudi Arabia cuts September Arab Light price to Asia to six-year low
Saudi Arabia has slightly lowered the official selling price for its flagship Arab Light crude oil to Asia in September, a pricing document reviewed by Reuters showed on Thursday. State oil company Saudi Aramco set the OSP for Arab Light to Asia at $2 a barrel below the Oman/Dubai average for September, the document showed. That marks the lowest level since June 2020 and compares with minus $1.50 a barrel in the previous month, when the kingdom cut the price by the biggest amount in more than [Read more]
Shale producer APA beats second-quarter profit estimates
Oil and gas producer APA beat Wall Street estimates for second-quarter profit on Wednesday, helped by higher oil prices. The U.S.-Israeli conflict with Iran, now in its sixth month, has raised concerns about disruptions to Middle East oil supplies and shipping through the Strait of Hormuz, pushing benchmark Brent crude prices up 19.2% from a year earlier to average at $89.62 a barrel during the quarter. The Houston, Texas-based company said its realized price for each barrel of oil [Read more]
Occidental quarterly profit soars to highest since 2022 on oil rally
U.S. shale producer Occidental Petroleum reported its highest quarterly profit since 2022, surpassing Wall Street expectations on Wednesday, helped by higher oil prices and production. Benchmark Brent crude prices averaged 19.2% higher at $89.62 per barrel in the quarter from a year earlier as the conflict in the Middle East, now in its sixth month, disrupted energy supplies and shipping through the crucial Strait of Hormuz. Occidental said it realized $96.78 for every barrel of oil [Read more]
Deal to reopen Hormuz?
As mediators shuttle drafts between Tehran and Washington, the shape of a possible Hormuz deal is becoming clearer even as its timing remains anything but certain. Yet despite President Donald Trump's upbeat talk of negotiations "moving along nicely" and a strait reopening "very soon", negotiators are still haggling. With one regional source warning that "the devil is in the details" and another noting that a single Trump post could upend the process, the pace of diplomacy remains as volatile as [Read more]
US upstream oil and gas second-quarter dealmaking dives on volatility
Dealmaking in the U.S. upstream oil and gas sector shrank fourfold to $9 billion in the second quarter of this year as volatile oil prices tempered investor confidence, analytics firm Enverus said on Wednesday. "Crude volatility tied to the Iran conflict and a softening gas outlook likely widened the bid-ask spread and complicated valuations, which pushed announced value to one of its lowest quarterly totals in years," said Andrew Dittmar, principal analyst at Enverus Intelligence [Read more]
Suncor not ready to speed output growth, CEO says, despite government’s pro-oil stance
Suncor Energy is not yet willing to accelerate plans for production increases, the company's CEO said on Wednesday, despite large-scale policy reforms promised by the federal and Alberta governments in an effort to spur growth in Canada's oil industry. The comments underline uncertainty around whether the federal government's friendlier stance toward the energy sector will translate into increased company investment and higher output in Canada, the world's fourth-largest oil producer. Suncor's [Read more]
Iran and Oman reach understanding on coordinates of route through Hormuz, Iran ministry says
Iran and Oman have reached an understanding on the geographic coordinates for a shipping route through the Strait of Hormuz, and a joint announcement is being finalised, provided certain third parties did not interfere, Iran's Foreign Ministry spokesperson Esmaeil Baghaei said on Wednesday. Baghaei added that any such agreement between Iran and Oman would not, by itself, guarantee security in the strategic waterway. The proposed deal between Iran and Oman would give Tehran control over [Read more]
US crude inventories rise as refinery runs ease and imports climb, EIA says
U.S. crude stocks rose as refineries eased processing slightly and imports edged higher, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 2.5 million barrels to 407 million barrels in the week ended July 31, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.5 million-barrel draw. Total crude stocks, including commercial and barrels held in the U.S. government's Strategic Petroleum Reserves, eased to 711.8 million [Read more]
Mexico’s Sheinbaum weighs pilot fracking projects to boost gas production, sources say
Mexican President Claudia Sheinbaum is evaluating potential pilot fracking projects in the northern states of Coahuila and Tamaulipas that could help boost domestic gas production, according to four sources familiar with the discussions. Mexico already produces a small amount of crude oil and gas through fracking, but the government and state company Pemex are evaluating a much broader rollout as the country seeks to reduce its reliance on U.S. gas imports. Hydraulic fracturing is a [Read more]
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