U.S. energy firms this week added oil and natural gas rigs for the first time in 12 weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by seven, its biggest weekly increase since December, to 544 in the week to July 18. Despite this week's rig increase, Baker Hughes said the total count was still down 42 rigs, or 7% below this time last year. Baker Hughes said oil rigs fell by two to 422 [Read more]
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Saturn Oil & Gas Inc. Announces Release Date for Q2 2025 Results and Provides Conference Call / Webcast Details
Calgary, Alberta--(Newsfile Corp. - July 18, 2025) - Saturn Oil & Gas Inc. (TSX: SOIL) (OTCQX: OILSF) ("Saturn" or the "Company"), a light oil-weighted producer focused on unlocking value through the development of our assets in Saskatchewan and Alberta, confirms that the Company intends to report our Q2 2025 financial results on Wednesday, July 30, 2025, after market close. A conference call and webcast will be held on Thursday, July 31, 2025, at 8:00 am MT (10:00 am ET) for interested [Read more]
Biggest oil and gas sector deals since start of the century
U.S. oil and gas major Chevron completed its $53 billion acquisition of Hess on Friday, after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the biggest oil discovery in decades. Chevron's acquisition of Hess will secure the company a 30% stake in Guyana's prolific Stabroek Block, making it one of the biggest deals in the oil and gas industry. Mergers and acquisitions in the shale industry have drawn increased antitrust scrutiny, with the U.S. [Read more]
What’s in the EU’s 18th sanctions package against Russia?
Following are details of the European Union's 18th sanctions package against Russia over its war in Ukraine, approved on Friday and aimed at dealing further blows to Russia's oil and energy industry. OIL PRICE CAP Central to the package is a lower price cap on Russian oil - a move designed to shrink Moscow's energy revenues without disrupting global markets by severing Russian supply entirely. The EU will impose a moving price cap on Russian crude at 15% below its average market price, [Read more]
ExxonMobil Responds to International Chamber of Commerce Arbitration Ruling
SPRING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM) released a statement today following a ruling by the International Chamber of Commerce (ICC) Tribunal related to its contractual dispute with Hess Corporation over interests in the Stabroek Block offshore Guyana: STATEMENT: We disagree with the ICC panel’s interpretation but respect the arbitration and dispute resolution process. As we’ve said before, ExxonMobil and CNOOC are aligned that we had a duty to ensure contract [Read more]
Chevron Completes Acquisition of Hess Corporation
Creates premier integrated oil & gas company Combines world-class assets, people and capabilities Drives industry-leading free cash flow growth and shareholder returns HOUSTON--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) announced today that it has completed its acquisition of Hess Corporation (NYSE: HES) following the satisfaction of all necessary closing conditions, including a favorable arbitration outcome regarding Hess’ offshore Guyana asset. The combined company has one [Read more]
Exxon vs. Chevron battle sets stage for oil industry’s race for prize assets: Bousso
(The opinions expressed here are those of the author, a columnist for Reuters.) *Chevron wins legal dispute over Hess's stake in Guyana's Stabroek oil block *Exxon-Chevron rivalry shapes U.S. energy sector, competing for dominance in shale oil *Oil firms face dwindling reserves, limited options for building reserves amid cost control By Ron Bousso LONDON, July 18 - The high-stakes clash between Exxon Mobil and Chevron over a prized South American oilfield may be a sign of what’s [Read more]
Chevron wins Exxon battle over Guyana oilfield
Chevron will proceed with its $53 billion acquisition of Hess, after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades. Shares of Chevron were up 3.6% in premarket trading, with Hess gaining nearly 7.4%. Exxon shares were up 0.3%. CNBC first reported the arbitration outcome. An Exxon Mobil spokesperson confirmed to Reuters that Chevron prevailed in the mediation over Guyana oil assets. Chevron and Hess did not [Read more]
CES Energy Solutions Corp. announces renewal of normal course issuer bid
CALGARY, AB, July 18, 2025 /CNW/ - CES Energy Solutions Corp. ("CES" or the "Corporation") (TSX: CEU) (OTC: CESDF) is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted CES' notice of its intention to implement a normal course issuer bid ("NCIB"). The NCIB effectively renews the previous NCIB which will terminate on July 18, 2025, when, pursuant to the Corporation's Automatic Securities Purchase Plan instructions, the maximum number of issued and outstanding common [Read more]
Oil extends gain on Iraq outages, tight market supports
Oil prices extended gains on Friday, underpinned by supply concerns following drone attacks on northern Iraqi oilfields and tight market fundamentals amid healthy summer demand. Brent crude futures climbed 29 cents, or 0.40%, to $69.81 a barrel as of 0451 GMT, U.S. West Texas Intermediate crude futures advanced 27 cents, or 0.42%, to $67.81 a barrel. Four days of drone attacks on oilfields in Iraqi Kurdistan that shut down half the region's output have supported prices, pushing both [Read more]
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