CALGARY, AB, July 23, 2025 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and unaudited financial results for the three and six months ended June 30, 2025. Selected financial and operating information is outlined below and should be read with Whitecap's unaudited interim consolidated financial statements and related management's discussion and analysis for the three and six months ended June 30, 2025 which are available at [Read more]
News
Chevron cuts 575 jobs in Houston after closing Hess acquisition, filing reveals
Chevron cut 575 positions in the Houston area after it completed its $55 billion merger with Hess, a Texas Workforce Commission filing revealed on Wednesday. According to a Worker Adjustment & Retraining Notification dated July 18, the U.S. energy major laid off the employees when its takeover of Hess was officially completed. The reductions will take effect on September 26, according to the notice. The merger was delayed for over a year but even as the green light for it was [Read more]
US natgas prices fall 5% to 12-week low on near-record output, lagging LNG exports
U.S. natural gas futures fell about 5% to a 12-week low on Wednesday on near-record output, stagnant gas flows to liquefied natural gas (LNG) export plants, and ample amounts of gas in storage. Front-month gas futures for August delivery on the New York Mercantile Exchange fell 17.5 cents, or 5.4%, to settle at $3.077 per million British thermal units, their lowest close since April 25. That price drop put the front-month into technically oversold territory for the first time since [Read more]
US refiners may see Q2 profit recover on stronger diesel margins
Investors are expecting top U.S. refiners to report higher second-quarter profits, bouncing back from losses during the first three months of the year as unseasonably strong diesel margins boost earnings. Fuelmakers have reaped unexpected profits from producing key products in recent months, a respite after earnings slipped from record levels in 2022, when a recovery in demand following the COVID-19 pandemic and Russia's invasion of Ukraine lifted prices. Some forecasting groups had [Read more]
US gas firms EQT, Range boost output plans for 2025
U.S. energy companies EQT and Range Resources expect to produce more natural gas in 2025 to meet rising demand for the fuel without boosting planned spending. Demand for gas to produce power for data centers in the U.S. and for export to the rest of the world as liquefied natural gas is on track to keep hitting record highs in coming years, according to energy analysts. "We believe Range is incredibly well positioned to support these initiatives, being one of the few producers in [Read more]
In rare move, California steps in to find buyer for Valero refinery to avoid closure, sources say
California government officials are trying to find a buyer for Valero Energy's Benicia refinery near San Francisco, three sources familiar with the matter said, an unusual effort as the clock ticks down on the company's planned closure of the facility in April. The rare attempt by a state government to broker the sale of privately-owned infrastructure reflects its growing concerns over protecting fuel supplies in the most populous U.S. state and keeping a lid on prices, where California's [Read more]
Dealmaking in US upstream oil and gas tumbles as volatility rattles investors
Volatility across energy and equity markets spooked investors in the second quarter, slowing the pace of mergers and acquisitions in the U.S. upstream oil and gas sector, analytics firm Enverus said on Wednesday. The slump in dealmaking follows a series of blockbuster takeovers by oil and gas majors in recent years, which culminated in a record $192 billion worth of deals done in 2023. There were $13.5 billion worth of deals disclosed in the quarter ended June 30, marking a 21% drop [Read more]
US crude, gasoline stockpiles fall, distillates build, EIA says
U.S. crude oil and gasoline inventories fell last week, buoyed by stronger demand and exports, while distillate stockpiles rose, the U.S. Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 3.2 million barrels to 419 million barrels in the week ended July 18, the EIA said, double analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 455,000 barrels in the week, the EIA said. U.S. [Read more]
US oil producer Continental Resources drops fraud lawsuit against rival Hess
U.S. shale producer Continental Resources has dropped a lawsuit it filed against rival Hess Corp in May, which alleged it was defrauded out of up to $69 million through a series of deals the well operator conducted with its subsidiaries. Continental said that Hess, which operates hundreds of wells in North Dakota, artificially inflated midstream service fees by entering into agreements with its own subsidiaries. Continental, Hess and Chevron, which closed its acquisition of Hess last week, did [Read more]
US refinery utilization hits to highest in over two years, EIA says
U.S. utilization of refinery operable capacity rose to 95.5% last week, the highest since June 2023, data from the U.S. Energy Information Administration showed on Wednesday. Refinery utilization in the U.S. Gulf Coast region rose in the week ended July 18 to 96.1%, a one-year high, the data showed. (Reporting by Shariq Khan and Scott DiSavino in New York Editing by Marguerita Choy) [Read more]
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