The arbitrators in a legal dispute between Exxon Mobil and Hess have reached a decision related to a major oilfield project in Guyana, according to two sources familiar with the matter. The ruling will determine whether Chevron can move forward with its $53 billion planned acquisition of Hess. The Paris-based International Chamber of Commerce, which is overseeing the arbitration case, is now reviewing the decision before it is released to the parties. It is unclear what the arbitrators [Read more]
News
Barclays raises Brent forecast to $72 per barrel for 2025
Barclays on Thursday said it raised its Brent oil price forecast by $6 to $72 per barrel for 2025 and by $10 to $70 a barrel for 2026 on an improved outlook for demand. "Geopolitical tensions have eased as the U.S.-mediated ceasefire between Israel and Iran continues to hold and the risk premium has evaporated, but price action has been reflecting better-than-expected fundamentals, in our view," said Barclays in a note. Despite an accelerated increase in output from the Organization [Read more]
Clean-energy backers blast US budget bill as a setback
Advocates of clean energy on Thursday decried the final passage of President Donald Trump's tax cut bill by the House of Representatives as a reversal of course on the energy transition, while fossil-fuel interests rejoiced. Trump's fellow Republicans in the House passed the bill 218-214 and it now heads to the president's desk. Trump is expected to sign it on Friday. The legislation sharply cuts access to a 30% tax credit for solar and wind power projects that had been set to run until 2032 [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select to the North American benchmark West Texas Intermediate futures widened on Thursday. WCS for August delivery in Hardisty, Alberta, settled at $10.30 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared with $10.05 a barrel on Wednesday. * Summer and the return of road construction season are a seasonally strong time of year for Canadian heavy crude, which is used by U.S. refiners to produce asphalt. * The WCS discount has [Read more]
US drillers cut oil and gas rigs for 10th week in a row, Baker Hughes says
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a 10th week in a row for the first time since July 2020, energy services firm Baker Hughes said in its closely followed report on Thursday. The oil and gas rig count, an early indicator of future output, fell by eight to 539 in the week to July 3, the lowest since October 2021. Baker Hughes released the report a day earlier than usual on Thursday due to the U.S. July Fourth holiday on Friday. This [Read more]
Venture Global inks 20 year LNG deal with Petronas
U.S. liquefied natural gas (LNG) exporter Venture Global Inc announced on Thursday that Petronas has agreed to buy 1 million metric tons of LNG from its CP2 project, its first new CP2 customer in two years. A mere startup three years ago, Venture Global has quickly moved to become the U.S.' second largest LNG producer and has played a key role in keeping the country the world's top LNG exporter. The Petronas deal will run for 20 years and, according to one person with knowledge of the [Read more]
Trican Well Service buying Iron Horse Energy Services in stock-and-cash deal
CALGARY - Trican Well Service Ltd. has signed a deal to buy Iron Horse Energy Services, a privately owned fracturing and coiled tubing services provider. Under the deal, the company will pay $77.35 million in cash and 33.76 million Trican common shares making the deal worth about $231 million based on Trican's share price on Wednesday. Trican also says it will increase its quarterly base dividend by 10 per cent to 5.5 cents per share from five cents. The acquisition is expected to close [Read more]
US imposes new sanctions targeting Iran oil trade, Hezbollah, Treasury Dept says
The United States imposed sanctions on Thursday against a business network that smuggles Iranian oil disguised as Iraqi oil, as well as sanctions targeting a Hezbollah-controlled financial institution, the Treasury Department said. The network of companies run by Iraqi businessman Salim Ahmed Said has been buying and shipping billions of dollars worth of Iranian oil disguised as, or blended with, Iraqi oil since at least 2020, the department said in statement. "Treasury will continue to [Read more]
Venture Global Announces 20-Year Sales and Purchase Agreement with PETRONAS
ARLINGTON, Va.--(BUSINESS WIRE)--Today, Venture Global, Inc. (NYSE: VG) announced the execution of a new 20-year Sales and Purchase Agreement (SPA) with PETRONAS LNG Ltd. (PLL), a subsidiary of the Malaysian state-owned oil and gas company, PETRONAS. Under the terms of the SPA, PETRONAS will purchase 1 million tonnes per annum (MTPA) of liquefied natural gas (LNG) from Venture Global’s third facility, CP2 LNG, for 20 years. This builds upon Venture Global’s existing agreement with PETRONAS for 1 [Read more]
Pine Cliff Energy Ltd. Declares Monthly Dividend for July 31, 2025
Calgary, Alberta--(Newsfile Corp. - July 3, 2025) - Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) ("Pine Cliff" or the "Company") has declared a regular monthly dividend of $0.00125 per common share to be paid July 31, 2025, to shareholders of record on July 15, 2025. This dividend and future dividends are expected to be designated as non-eligible dividends for Canadian income tax purposes until further notice. About Pine Cliff Pine Cliff is a natural gas and crude oil company with a [Read more]
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