ConocoPhillips must sharpen its focus on capital discipline and investment priorities in order to regain its competitiveness against peers as oil prices and revenues fall, investors and analysts said, after the company announced last week it would lay off up to 25% of staff to cut costs. The third-largest U.S. oil producer joins majors Chevron and BP, and the world's largest oil service providers SLB and Halliburton, in cutting staff as increased output from OPEC+ and economic uncertainty due to [Read more]
News
Barclays cuts 2026 Brent forecast on OPEC+ supply increase expectations
Barclays on Monday lowered its Brent crude oil price forecast for 2026 by $4 to $66 a barrel, citing expectations that OPEC+ will fully unwind voluntary production cuts by September next year. The bank said OPEC+'s weekend decision to raise October production targets by 137,000 barrels per day (bpd) was "the group initiating the unwind of its initial voluntary adjustments that came into effect in May 2023." At this pace, the bank noted, OPEC+ would complete the full rollback of 1.66 million [Read more]
Saudi Power Play
Hello Power Up readers, It’s a real pleasure to welcome you to the revamped Power Up newsletter from Reuters Open Interest (ROI). Power Up will continue to bring you the latest news and analysis about what’s shaping energy markets, covering everything from oil and gas to renewables and power, but it will now feature more keen insights and commentary from Reuters and the ROI team. Whether you're an industry professional or simply energy-curious, Power Up is your go-to guide to understand one of [Read more]
Strathcona Resources Ltd. Announces Amended and Extended Offer to Acquire MEG Energy Corp.
CALGARY, AB, Sept. 8, 2025 /CNW/ - Strathcona Resources Ltd. ("Strathcona") today announced a variation and extension of its previously announced take-over bid (as varied, the "Amended Offer") for MEG Energy Corp. (TSX: MEG) ("MEG"). Under the terms of the Amended Offer, Strathcona is offering to acquire all of the issued and outstanding common shares of MEG ("MEG Shares") not already owned by Strathcona or its affiliates for 0.80 of a common share of Strathcona ("Strathcona Share") per MEG [Read more]
Saturn Oil & Gas Announces Corporate Update Highlighted by Increased 2025 Forecast Production, Reduced Capital Expenditures, Strategic Tuck-In Activity and Appointment of Independent Board Member, Lynn Peterson
Year-to-date asset outperformance, opportunistic tuck-in acquisitions and land expansion in southeast Saskatchewan drove capital expenditure reduction and increased 2025 forecast production, with no impact to previously guided leverage metrics 2025 exit production forecast at 43,000 to 44,000 boe/d(1), a 12% increase over the midpoint of original annual production guidance of 38,000 to 40,000 boe/d(1), while forecast 2025 annual average production per share increases 8% over previous [Read more]
Obsidian Energy Announces Second Half Capital Program Update
Initial results from H2 2025 drilling program above internal expectations Commencement of water injection on pilots in both the Bluesky and Clearwater formations at Peace River Record seven-day production average in Peace River of ~14,500 boe/d Calgary, Alberta--(Newsfile Corp. - September 8, 2025) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to provide an operational update on our second half 2025 capital [Read more]
Lycos Energy Inc. Announces Resumption of Drilling Operations and Participation at Peters & Co. Limited Annual Fall Energy Conference
Calgary, Alberta--(Newsfile Corp. - September 8, 2025) - Lycos Energy Inc. (TSXV: LCX) ("Lycos" or the "Company") is pleased to announce that it is scheduled to attend and present at the Peters & Co. Limited 29th Annual Energy Conference in Toronto, Ontario from September 9th - 11th, 2025, as well as the resumption of drilling operations. An updated corporate presentation has been posted to the Company's website at www.lycosenergy.com. Operations Update Lycos is excited to confirm the [Read more]
Japan hires Wood Mackenzie to assess Trump-backed Alaska LNG project, sources say
Japan has hired energy consultancy Wood Mackenzie to assess a proposed 800-mile Alaska gas pipeline and LNG plant in a sign it is weighing support for the $44 billion project touted by U.S. President Donald Trump, two sources with knowledge of the matter said. The assessment could help assuage lingering concerns among potential Japanese off-takers and investors about a project that has languished for decades due to cost and logistical challenges, said one of the sources, requesting anonymity [Read more]
Kremlin says sanctions will never force Russia to change course
The Kremlin said on Monday that no sanctions will ever be able to force Russia to change course on Ukraine, just hours after both the United States and European Union indicated they were considering additional sanctions. The West has imposed thousands of different sanctions on Russia over the 2022 war in Ukraine and the 2014 annexation of Crimea in a bid to sink Russia's $2.2 trillion economy and undermine support for President Vladimir Putin. Putin says the Russian economy, which has [Read more]
China oil demand to peak in 2027, up 100,000 bpd this year, state researcher says
China's total oil demand including all products is set to peak in 2027, with a rise of about 100,000 barrels per day this year driven by increased volumes from the petrochemicals sector, a state oil researcher said on Monday. Surging usage of electric vehicles in China, the world's biggest oil importer, is eroding fuel demand, with use of EVs poised to replace at least 25 million metric tons of gasoline (582,000 barrels per day) this year, the researcher said. The country's independent [Read more]
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