Chevron is laying the groundwork to swiftly close its planned acquisition of smaller oil producer Hess, according to two sources and an industry analyst, including by preparing a severance program for some Hess workers. The preparations come as both companies await a decision in a legal challenge from larger rival Exxon Mobil that will make or break the $53 billion deal. Completing the Hess acquisition is key to Chevron CEO Mike Wirth's strategy. Chevron would gain Hess' 30% interest in the [Read more]
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Spartan Delta Corp. announces operations update
CALGARY, AB, July 7, 2025 /CNW/ - Spartan Delta Corp. ("Spartan" or the "Company") (TSX: SDE) is pleased to provide an operations update on its first half of 2025. OPERATIONS UPDATE Spartan continues to execute on its corporate strategy by significantly growing corporate liquids production as it develops its West Shale Basin Duvernay (the "Duvernay") asset, while generating Free Funds Flow from its liquid-rich natural gas asset in the Deep Basin. In the first half of 2025 the Company ran a [Read more]
Petronas ships its first LNG cargo to Japan from its new facility in Canada
Malaysia's state energy firm Petronas on Monday said it has successfully shipped its first liquefied natural gas (LNG) cargo to Japan from its newly operational LNG facility in Kitimat, Canada. Petronas has a 25% stake in the Kitimat LNG plant in British Columbia on Canada's west coast. The shipment departed for Japan aboard the 174,000-cubic metre Puteri Sejinjang LNG vessel, but the company didn't specify how much LNG it was delivering. (Reporting by Ashley Tang; Editing by David [Read more]
US Gulf Coast fuel oil imports at record low as refiners opt for heavier crude
Fuel oil imports into the refinery hub on the U.S. Gulf Coast hit a record low in June as tighter global supplies prompted refiners to run more heavy, sour crude. When refineries run a heavier, sourer crude slate, they produce more heavy residue, which is either processed in a secondary unit to produce higher value products like gasoline or diesel. Gulf Coast-bound fuel oil imports hit a record low at 213,000 barrels per day in June, down from 233,000 bpd on the month, according to ship [Read more]
OPEC+ set to complete big oil output cut unwinding in Sept, sources say
OPEC+ oil producers are set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the United Arab Emirates' move to a larger quota, five sources said. The group, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pump more to help keep [Read more]
International Petroleum Corporation Announces Results of Normal Course Issuer Bid
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 76,000 IPC common shares (ISIN: CA46016U1084) during the period of July 1 to 4, 2025 under IPC’s normal course issuer bid / share repurchase program (NCIB). TORONTO, July 07, 2025 (GLOBE NEWSWIRE) -- IPC’s NCIB, announced on December 3, 2024, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission [Read more]
Goldman Sachs expects OPEC+ members to increase oil production by 550,000 bpd in September
Goldman Sachs said it expects a group of eight OPEC+ members to lift oil production quotas by 550,000 barrels per day in September, which would complete the unwinding of 2.2 million bpd of voluntary cuts, as they look to normalize spare capacity amid resilient global oil demand. The forecast published on Sunday came after OPEC+ agreed on Saturday to increase production by 548,000 bpd in August, further accelerating output at its first meeting since oil prices spiked and retreated following [Read more]
Carney says new oil pipeline proposal in Canada is highly likely
A new oil pipeline to the British Columbia coast is highly likely to be included on a list of projects deemed to be of national importance to the Canadian government, Prime Minister Mark Carney told the Calgary Herald newspaper in an interview published on Sunday. "I would think given the scale of the economic opportunity, the resources we have, the expertise we have, that it is highly, highly likely that we will have an oil pipeline that is a proposal for one of these projects of national [Read more]
Russia says low global oil stockpiles prompted OPEC+ to hike output
Low global oil stockpiles were a major motivating factor in prompting OPEC+ members to raise production by 548,000 barrels per day in August at the group's meeting on Saturday, the Russian government said in a statement. The group, which pumps about half of the world's oil, has been curtailing production since 2022 to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pumped more to help keep gasoline prices [Read more]
Discount on Western Canada Select unchanged
The discount on Western Canada Select to the North American benchmark West Texas Intermediate futures was unchanged on Friday. WCS for August delivery in Hardisty, Alberta, settled at $10.30 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, flat on Thursday's trade. Trading volumes were thin due to the U.S. Independence Day holiday. * 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. [Read more]
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