Oil prices jumped about 6% on Monday as Iran stepped up attacks on the United Arab Emirates and ships in the Middle East Gulf over the past 24 hours, the most serious escalation since a U.S.-Iran ceasefire came into force in early April. Brent futures rose $6.27, or 5.8%, to settle at $114.44 per barrel, while U.S. West Texas Intermediate (WTI) crude rose $4.48, or 4.4%, to settle at $106.42. Iran hit several ships in the Strait of Hormuz on Monday and set a UAE oil port ablaze, as President [Read more]
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Chevron CEO says physical shortages in oil supply to begin appearing
Chevron Chairman and CEO Mike Wirth said on Monday that physical shortages in oil supply would begin appearing around the world because of the closure of the Strait of Hormuz, through which 20% of global crude supply passes. Economies will begin shrinking, first in Asia, as demand adjusts to reduced supply with the strait still closed because of the U.S.-Israeli war with Iran, Wirth said during a discussion sponsored by the Milken Institute. "We will start to see physical shortages," Wirth [Read more]
Diamondback boosts annual production outlook as oil prices rally
U.S. shale producer Diamondback Energy raised its annual production forecast on Monday, after beating Wall Street expectations for first-quarter profit on a rally in oil prices. The first quarter was marked by geopolitical uncertainty and extreme volatility in oil prices, which have surged more than 87% this year after the U.S.-Israeli war on Iran disrupted supply chains and damaged key energy infrastructure. Although Diamondback's operations are based in the U.S., the company benefits [Read more]
Devon Energy and Coterra Energy Shareholders Approve Merger
OKLAHOMA CITY and HOUSTON, May 04, 2026 (GLOBE NEWSWIRE) -- Devon Energy Corporation (“Devon”) (NYSE: DVN) and Coterra Energy Inc. (“Coterra”) (NYSE: CTRA) today announced that shareholders of both companies approved all proposals required to complete the previously announced all-stock merger between Devon and Coterra. The merger is expected to close on or around May 7, 2026. At the special meeting of Devon shareholders held today, more than 76 percent of the shares of Devon common stock were [Read more]
Gibson Energy Declares Dividend
All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta, May 04, 2026 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (TSX:GEI) (“Gibson”, or the “Company”) announced today that its Board of Directors has approved a quarterly dividend of $0.45 per common share, payable on July 17, 2026, to shareholders of record at the close of business on June 29, 2026. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, [Read more]
Gibson Energy Reports First Quarter 2026 Results and Advances Infrastructure Strategy Through Chauvin Acquisition and Sanctioning of Hardisty Connection Project
All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta, May 04, 2026 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (TSX:GEI) ("Gibson" or the "Company") announced today its financial and operating results for the three months ended March 31, 2026. Key Highlights: Expanded core infrastructure footprint with the $400 million Chauvin acquisition, strengthening the long-term growth platform, and sanctioned the Hardisty Connection growth project, which will enhance and [Read more]
Letter to Stockholders Issued by Diamondback Energy, Inc.
MIDLAND, Texas, May 04, 2026 (GLOBE NEWSWIRE) -- Diamondback Stockholders, This letter is meant to be a supplement to our earnings release and is being furnished to the Securities and Exchange Commission (SEC) and released to our stockholders simultaneously with our earnings release. Please see the information regarding forward-looking statements and non-GAAP financial information included at the end of this letter. Macro Update and Activity Plan Over the last year, we have spent more time [Read more]
Diamondback Energy, Inc. Announces First Quarter 2026 Financial and Operating Results; Increases Base Dividend and Production Guidance
MIDLAND, Texas, May 04, 2026 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback,” “we,” “our” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2026. FIRST QUARTER 2026 HIGHLIGHTS Average oil production of 521.0 MBO/d (979.4 MBOE/d) Net cash provided by operating activities of $1.8 billion; Operating Cash Flow Before Working Capital Changes1 of $2.6 billion Cash capital expenditures of $933 million Free [Read more]
US Justice Dept sues to block Minnesota’s climate change lawsuit
The U.S. Justice Department filed a lawsuit on Monday to block Minnesota from moving forward with a long-running lawsuit seeking to hold Exxon Mobil and other oil industry participants responsible for harms caused by climate change. The lawsuit marked the latest in a series of cases President Donald Trump's administration has filed that have sought to prevent Democratic-led states from enforcing laws or pursuing lawsuits that target fossil fuel companies over climate change. Judges have [Read more]
Goldman says global oil stocks approaching eight-year low, depletion speed a concern
Global oil stocks are approaching their lowest level in eight years, Goldman Sachs said on Monday, warning that the speed of depletion was becoming a concern as supplies through the Strait of Hormuz remained restricted. Oil prices jumped about 6% on Monday after Iran hit several ships in the Strait of Hormuz and set a UAE oil port ablaze, as President Donald Trump's attempt to use the U.S. Navy to free up shipping provoked the biggest escalation since a ceasefire was declared four weeks [Read more]
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