The Trump administration on Monday proposed looser rules for oil and gas drilling operations on federal lands, including a dramatic cut to clean-up costs for abandoned wells. The moves are aligned with President Donald Trump's goal to reduce regulations for businesses and make it easier to invest in production of domestic fossil fuels. "These targeted updates cut through the red tape that has historically deterred investment, ensuring our public lands remain a reliable engine for economic [Read more]
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Oil stocks in US Strategic Petroleum Reserve fall to lowest since 1983
Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell to 331.2 million barrels last week, the lowest level since June 1983, according to data from the Department of Energy, as supplies continued to tighten in the fallout of the U.S.-Iran war. Inventories in the government's emergency stash fell by 9.05 million barrels, the third steepest draw on record. The drawdowns are a part of a U.S. agreement to release 172 million barrels from the facility to help push down fuel [Read more]
ExxonMobil Announces Planned Effective Date for Move to Texas
SPRING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation today announced that its redomiciliation from New Jersey to Texas is expected to become effective on July 1, 2026. As part of this change, ExxonMobil Holdings Corporation will become the publicly traded parent company, replacing Exxon Mobil Corporation of New Jersey. Shares will continue to trade on the New York Stock Exchange under the ticker symbol “XOM,” and shareholders are not required to take any action. Shareholders approved [Read more]
US authorizes Iranian oil sales amid talks on final peace deal
The United States authorized Iranian oil sales on Monday, easing decades-old sanctions as it pushes toward a final peace deal with Tehran in return for commitments on nuclear inspections and free transit through the Strait of Hormuz. The general license, announced by the Treasury Department, allows the sale of crude oil and petrochemical and petroleum products of Iranian origin through August 21. The license says Iranian oil can be imported into the U.S. when necessary to complete its [Read more]
Keyera Announces Closing of $1.0 Billion Senior Notes and $604 Million Bought-Deal Equity Offerings and Exercise of Over-Allotment Option
/Not for distribution to U.S. newswire services or for dissemination in the United States./ CALGARY, AB, June 22, 2026 /CNW/ - Keyera Corp. ("Keyera" or the "Company") (TSX: KEY) today announced that it has completed its previously announced offering (the "Note Offering") of $1.0 billion aggregate principal amount of senior unsecured notes (the "Notes") and bought deal public offering (the "Equity Offering" and together with the Note Offering, the "Offerings") of [Read more]
Chevron Signs 20-Year Power Agreement with Microsoft for West Texas Data Center
HOUSTON--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today announced that Energy Forge One LLC, a wholly owned subsidiary, has signed an agreement with Microsoft Corp. (NASDAQ: MSFT) to develop a co-located power facility in West Texas that will provide dedicated electricity to a Microsoft-operated data center under a 20-year power purchase agreement. Chevron and Engine No. 1 have been collaborating on the development, known as Project Kilby (“Kilby”). Kilby is expected to deliver [Read more]
Goldman Sachs says EV surge may cut oil demand by late 2027
Goldman Sachs said accelerating electric vehicle adoption following a Hormuz-related oil supply shock could trim global oil demand by up to 0.32 million barrels per day by late 2027. Global EV car sales penetration increased 3.4 percentage points, the bank said in a note, to reach 26.1% last month — its second-highest level ever. Here are the key details: * Goldman estimates a global oil demand hit of about 0.13 million bpd by December 2027 under its "Temporary Acceleration" scenario, [Read more]
Oil tanker traffic picks up through Hormuz
Two crude tankers with just under 2 million barrels of oil sailed through the Strait of Hormuz on Monday, ship tracking data showed, in a sign that traffic was picking up following weaker flows on Sunday due to concerns over passage through the waterway. Separately, two supertankers, which can carry a maximum of 4 million barrels of crude, sailed into the Gulf through the strait on Monday with one of the vessels showing the Iraqi port of Basra as its destination, according to separate [Read more]
Chevron signs power supply deal with Microsoft for Texas data center
Chevron said on Monday it has signed an agreement with Microsoft to develop a co-located facility that would provide natural-gas fired power to the technology giant's data center in West Texas. Technology companies, including Microsoft, are rushing to secure electricity supply for their rapidly expanding data centers that would supportAI services such as ChatGPT and Copilot. Chevron said the co-located facility, known as project Kilby, would provide dedicated electricity to Microsoft's [Read more]
Saudi Arabia’s April crude exports extend fall to lowest on record, JODI data shows
Crude oil exports from Saudi Arabia fell for a second straight month in April to a record low, according to Joint Organizations Data Initiative (JODI) data released on Monday, as the Iran war disrupted shipments from the Gulf region. Exports fell to about 3.990 million barrels per day in April from 4.974 million bpd in March. The JODI data for Saudi Arabia's crude oil exports and output extends back to 2002, the earliest period for which data is available. The country's crude oil [Read more]
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