Shell, TotalEnergies, Eni, Exxon and other shareholders in Kazakhstan's Kashagan oilfield have started arbitration proceedings against a 2023 environmental fine worth around $4.6 billion, a Shell spokesperson said, the latest in a growing web of complex legal disputes in the country's hydrocarbon industry. In early 2023, Kazakhstan's government fined the consortium known as NCOC 2.3 trillion tenge - then worth $5.4 billion - for ecological violations related to an inspection the year before [Read more]
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Middle East oil exports push tanker costs to 6-year-high amid threat of US-Iran war
The cost of shipping oil has surged to the highest in six years, fuelled by a wave of crude exports from the Middle East as traders accelerate charters ahead of possible military conflict between the U.S. and Iran, industry sources said. The cost of hiring a very large crude carrier (VLCC) to carry up to 2 million barrels from the Middle East to China has more than tripled from the start of the year to over $170,000 a day on Tuesday, the highest since April 2020, LSEG data showed. Middle [Read more]
Oil rises to near seven-month high on US–Iran tensions, trade policy
Oil prices rose on Tuesday, nearing seven-month highs, with traders assessing geopolitical risks ahead of another round of U.S.-Iran nuclear talks, while U.S. trade policy uncertainty added to broader concerns. Brent crude futures rose 59 cents, or 0.8%, to $72.08 a barrel by 0424 GMT, while U.S. crude futures climbed 57 cents, or 0.9%, to $66.88 a barrel. Brent is trading at its highest since July 31, while WTI is at its firmest since August 1. "At this stage, geopolitics is clearly [Read more]
Whitecap Resources reports $307.2M Q4 profit, up from $233.8M last year
CALGARY - Whitecap Resources Inc. reported net income of $307.2 million in the fourth quarter, up from $233.8 million during the same period the previous year. The company says its net income amounted to 25 cents per share during the quarter, down from 40 cents during the prior-year quarter. Petroleum and natural gas revenue for the period ended Dec. 31 reached $1.67 billion, up year over year from $926.1 million. Whitecap says it reached a record quarterly production of 379,606 barrels [Read more]
North Dakota operators likely to keep crude output steady this year, regulator says
Crude output is expected to be relatively steady in North Dakota in February, the third-largest U.S. oil-producing state, a state regulator said on Monday, with little change expected in drilling activity. Operators are likely to hold their drilling rig count, an indicator of future output, near current operational levels of 26 for the year, said Nathan Anderson, director of the North Dakota Department of Mineral Resources. Oil production in North Dakota fell by 76,000 barrels per day to 1.12 [Read more]
Ovintiv Reports Fourth Quarter and Year-End 2025 Financial and Operating Results
Strategic Transformation Complete, Driving Increased Shareholder Returns Highlights: Full Year 2025 Generated cash from operating activities of $3.7 billion, Non-GAAP Cash Flow of $3.8 billion and Non-GAAP Free Cash Flow of $1.6 billion after capital expenditures of $2.1 billion Produced average total volumes of 615 thousand barrels of oil equivalent per day ("MBOE/d"), including 209 thousand barrels per day ("Mbbls/d") of oil and condensate, 95 Mbbls/d of other NGLs (C2 to [Read more]
Whitecap Delivers Record 2025 Results, Exceeds Guidance and Successfully Integrates Veren
CALGARY, AB , Feb. 23, 2026 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and audited financial results for the three months and year ended December 31, 2025 and year end 2025 reserves. Selected financial and operating information is outlined below and should be read with Whitecap's audited annual consolidated financial statements and related management's discussion and analysis for the three months and year [Read more]
Letter to Stockholders Issued by Diamondback Energy, Inc.
MIDLAND, Texas, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Diamondback Stockholders, This letter is meant to be a supplement to our earnings release and is being furnished to the Securities and Exchange Commission (SEC) and released to our stockholders simultaneously with our earnings release. Please see the information regarding forward-looking statements and non-GAAP financial information included at the end of this letter. Before we begin, I would like to thank all the American oilfield [Read more]
Diamondback Energy, Inc. Announces Fourth Quarter and Full Year 2025 Financial and Operating Results; Increases Base Dividend
MIDLAND, Texas, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback,” “we,” “our” or the “Company”) today announced financial and operating results for the fourth quarter and full year ended December 31, 2025. FOURTH QUARTER 2025 HIGHLIGHTS Average oil production of 512.8 MBO/d (969.1 MBOE/d) Net cash provided by operating activities of $2.3 billion; Operating Cash Flow Before Working Capital Changes1 of $1.9 billion Cash capital expenditures of [Read more]
North Dakota oil production down 76,000 bpd in December vs November to 1,122,000 bpd – state regulator
Oil production in North Dakota fell 76,000 barrels-per-day (bpd) to 1,122,000 bpd in December, monthly data from the state Industrial Commission showed. The data was released on the North Dakota Industrial Commission's monthly index report page and has been rounded to the nearest 5,000 barrels. It may differ slightly from the commission's general statistics report, also available on its website. [Read more]
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