ConocoPhillips CEO Ryan Lance told employees on Thursday that one of the reasons he had to cut up to 25% of the workforce was because the U.S. oil and gas producer had become less competitive as it focused on swallowing smaller rivals. Lance was speaking to employees in a town hall meeting a day after he sent employees a video announcing the job cuts as part of a broad restructure focused on cost reductions. Employees watching the hour-long meeting online and in person at the company's [Read more]
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Halliburton reduces workforce as oil activity slumps, sources say
U.S. oilfield services provider Halliburton has been cutting staff in recent weeks, according to two sources familiar with the matter, marking the latest workforce reduction in the U.S. oil industry as it faces rising costs and a period of lower prices and volatility. Global benchmark Brent crude oil prices have dropped more than 10% this year amid uncertainty over global trade policies and as the Organization of the Petroleum Exporting Countries and allies raise output. U.S. oil company [Read more]
India will continue to buy Russian oil despite US tariffs, finance minister says
India will continue to buy Russian oil as it proves economical, its finance minister said on Friday, despite the Trump administration's decision to impose heavy import tariffs on Indian goods due, in part, to its energy purchases from Moscow. As Europe and the U.S. have shunned Russian oil over Moscow's 2022 invasion of Ukraine, India has taken advantage of discounts on Russian output to become the largest buyer of Russian seaborne crude. New Delhi has said its purchases of Russian oil [Read more]
Trump says India and Russia appear “lost” to “deepest, darkest China”
U.S. President Donald Trump on Friday said India and Russia appear to have been "lost" to China, following the Shanghai Cooperation Organisation (SCO) meeting in Beijing this week where their leaders stood alongside Chinese President Xi Jinping. "Looks like we’ve lost India and Russia to deepest, darkest, China. May they have a long and prosperous future together!" Trump wrote in a post on his social media platform. (Reporting by Susan Heavey; Editing by Kevin Liffey) [Read more]
Russia is ready for economic cooperation in Alaska if US makes political decision to go ahead, Putin says
Russia is open to cooperation with the United States in Alaska, but a political decision from Washington is needed to resume economic engagement, President Vladimir Putin told an economic forum in Russia's far eastern city of Vladivostok on Friday. The U.S. has significant resource potential in Alaska, while Russia possesses effective technologies for oil and gas development, Putin said. (Reporting by Vladimir Soldatkin and Olesya Astakhova; Writing by Maxim Rodionov; Editing by Mark [Read more]
Oil heads for first weekly loss in three as supply glut looms
Oil prices extended their decline into a third session on Friday, heading for a weekly loss for the first time in three weeks as supply expectations grow and a surprise build in U.S. crude stocks adds to demand concerns. Brent crude futures fell 10 cents, or 0.15%, to $66.89 a barrel by 0420 GMT, while U.S. West Texas Intermediate crude fell 13 cents, or 0.20%, to $63.35. Brent was down 1.78% and WTI down 1% so far this week. Crude oil remained under pressure amid concerns of rising [Read more]
Japan explores Alaskan LNG purchases as part of $7 bln energy deal, US-Japan statement shows
Japan has confirmed its commitment to an annual $7 billion worth of energy purchases from the United States while exploring their new Alaskan liquefied natural gas (LNG) off-take agreement, a joint statement on the bilateral trade deal showed on Friday. The U.S. will also ensure it applies its lowest tariff rates to Japanese pharmaceuticals and semiconductors, showed the statement, released by Tokyo after President Donald Trump signed an order to lower tariffs on Japanese goods to implement a [Read more]
Strathcona Resources Ltd. Confirms Acquisition of Additional Common Shares of MEG Energy Corp.
CALGARY, AB, Sept. 4, 2025 /CNW Telbec/ - Strathcona Resources Ltd. ("Strathcona") confirmed that it has purchased 6,035,600 common shares ("MEG Shares") of MEG Energy Corp. ("MEG") today for aggregate consideration of approximately $172.7 million, in accordance with applicable securities laws. The average price paid for all MEG Shares purchased by Strathcona since the commencement of the Offer (as defined below) in accordance with applicable securities laws is $28.63 per MEG Share. The [Read more]
Oil prices ease as investors await OPEC+ output decision
Oil prices drifted down in early trading on Friday for the third straight day as investors awaited an OPEC+ meeting this weekend that will consider further output hikes. Brent crude futures fell 23 cents, or 0.3%, to $66.77 a barrel at 0012 GMT, while U.S. West Texas Intermediate crude fell 19 cents, or 0.3%, to $63.29. Eight members of the Organization of the Petroleum Exporting Countries and allies like Russia in OPEC+ will consider further raising production in October at a meeting on [Read more]
Canada’s Strathcona buys more MEG Energy shares, to oppose Cenovus deal
Canadian oil and gas producer Strathcona Resources said on Thursday it has bought additional 6.04 million common shares of rival MEG Energy for about C$172.7 million ($124.99 million). Strathcona now owns or controls about 14.2% of MEG's outstanding shares, strengthening its position as a significant minority shareholder in MEG. On Tuesday, the company had bought additional 6.66 million MEG shares for about C$190.8 million and held about 11.8% of the MEG shares. The highest price paid [Read more]
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