Exploration & Production News
Latest exploration & production coverage from Oil Authority and industry sources
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Devon Energy Targets 1.38 Million Boe Per Day After Coterra Merger, Deploying $4.9 Billion in 2026
Devon Energy sets 1.38 million boe per day target for 2026 after Coterra merger, backed by $4.9 billion in capital and 70% free cash flow returns.
Nigeria Crude Oil Output Hits 1.56 Million Bpd Six-Year High as NNPC Targets 2 Million Bpd by 2027
Nigeria crude oil hit 1.56 million bpd in June, a six-year high since April 2020. NNPC targets 2 million bpd by 2027 to offset Hormuz supply gaps.
Alberta Clearwater Formation Hits 230,000 bpd as Tamarack Valley Goes Pure-Play After C$804M Asset Sale
Clearwater hit 230,000 bpd as Tamarack Valley sold C$804M in assets to go pure-play, with Alberta posting its strongest drilling start since 2014.
Alberta Capital Spending Hits Nine-Year High of C$30.9 Billion as Canada's 2025 Crude Output Breaks Record at 5.35 Million bpd
Canada averaged 5.35 million bpd of crude in 2025, a new record, while Trans Mountain moved 761,000 bpd as Alberta capital spending hit a nine-year high.
Permian Basin at 48% of US Crude Output as ExxonMobil-Pioneer Integration Lifts Production to Record 13.6 Million bpd
The Permian Basin's 6.6 million bpd accounts for 48% of the US crude record from 2025, with EIA projecting 14 million bpd by 2027 despite softer prices.
Eni and Vitol Target 150,000 bpd at Baleine With $4 Billion Phase 3 as World Bank Commits $875 Million to Ivory Coast Gas
Eni plans to lift Baleine field output 150 percent to 150,000 bpd with a $4 billion Phase 3 expansion as World Bank commits $875M to Ivory Coast gas.
Devon Energy Sets 500,000 Bpd Oil Target and $4.9 Billion Capital Plan After Coterra Merger
The Devon-Coterra merger closed May 7. The combined company now runs 31 rigs targeting 500,000 bpd of oil at sub-$40 Delaware breakeven costs.
US Crude Output Hits Record 13.934 Million Bpd in April as Permian Basin Powers Surge Past EIA Forecast
EIA data released June 30 confirms US crude output hit a record 13.934 million bpd in April, beating the agency's own 2026 average forecast by 234,000 bpd.
Karachaganak Field Loses 65,000 Barrels Daily After Drone Strike Shuts Russian Processing Plant
Kazakhstan's Karachaganak oil field has shed roughly 65,000 bbl/day after a Ukrainian drone struck the Russian Orenburg processing plant on June 24, 2026.
TotalEnergies and BP Each Take 10% Stakes in ADNOC's 1.5 Bcf/day Bab Gas Cap Concession
TotalEnergies and BP took 10% stakes each in ADNOC's Bab Gas Cap Concession, a 1.5 Bcf/day Abu Dhabi gas project aligned with the 2028 Ruwais LNG terminal.
Ukrainian Drone Hits Orenburg Gas Plant, Cutting Karachaganak Output 25% and Costing Shell, Eni and Chevron $3.6 Million Per Day
Ukraine's drone struck Russia's Orenburg gas plant Thursday, forcing a 25% output cut at Kazakhstan's Karachaganak field, operated by Shell, Eni, and Chevron.
ADNOC Wins World's Largest Gas Cap Concession; BP and TotalEnergies Each Take 10% in Abu Dhabi's 1.5 Bcf/d Project
Abu Dhabi awarded the world's largest gas cap concession to ADNOC and partners. BP and TotalEnergies each take 10% in the 1.5 Bcf/day Bab field project.
IPC's Blackrod SAGD Achieves First Oil on Budget, Alberta's First New Oil Sands Greenfield in a Decade
IPC's Blackrod SAGD project achieved first oil May 31 on a $855M budget, marking Alberta's first new greenfield oil sands development in a decade.
Murphy Oil's Block CI-709 Subsidiary Strikes Light Oil at Deepwater Bubale-1X Offshore Côte d'Ivoire
Murphy Oil confirmed high-quality light oil at Bubale-1X in Block CI-709, 7,795 feet deep offshore Côte d'Ivoire, capping a three-well deepwater campaign.
Kuwait Oil Company Ramps Output From 573,000 to 2 Million Bpd as KPC CEO Sets One-Week Recovery Target
Kuwait Oil Company targets a 248% production ramp from 573,000 bpd to 2 million bpd within a week, per KPC CEO, as Hormuz tanker access resumes.
Suncor Sets Q1 Record at 875,000 bpd as WTI Falls 32% From $115 Peak, Testing Alberta Oil Sands Margins
Suncor hit 875,000 bpd Q1 production at $115 WTI, but a 32% price retreat now tests Alberta oil sands economics as WCS holds near $64 per barrel.
ENI Subsidiary Var Energi Sanctions Seven Balder Wells at $30 Breakeven Targeting 86 MMboe via Jotun FPSO
Var Energi, 63% owned by ENI, sanctioned seven Balder North Sea wells tied to the Jotun FPSO with a $30/boe breakeven and more than 35% IRR.
IPC's Blackrod Phase 1 Achieved First Oil in Alberta, Delivering 30,000-bopd SAGD Capacity Within an $855 Million Budget
Alberta's largest greenfield SAGD project in a decade hit first oil May 31. IPC's Blackrod Phase 1 cost $855M, targets 30,000 bopd, with WCS at $68/barrel.
Equinor Targets 2.3 MMboed by 2030, Doubles 2026 Buyback to $3B as NCS Projects Break Even Below $35
Equinor doubled its 2026 buyback to $3B and raised NCS production guidance to 1.35 MMboed by 2030, with shelf projects breaking even below $35 per barrel.
Big Four Alberta Oil Sands Operators Face WCS Near $62 as WTI Falls to $75.78, Erasing the Hormuz Premium
CNRL, Cenovus, Suncor and Imperial Oil face WCS near $62 after WTI fell to $75.78 on Monday, wiping out four months of Hormuz war premium gains.
Americas Crude Tanker Shipments Surge 40 Percent as Hormuz Closure Shifted 4 Million bpd of Oil Trade
Americas crude tanker shipments hit 14.5 million bpd in May 2026, up 40% from a year ago, as the Hormuz closure redirected global oil flows west.
Nigeria Crude Output Reaches 1,530,354 Bpd in May, Ending 10-Month OPEC Quota Shortfall
Nigeria crude output reached 1,530,354 bpd in May 2026, ending a 10-month compliance shortfall below its 1.5 million bpd OPEC quota, per NUPRC.
Devon Energy's 500,000-Bpd Oil Guidance Carries a $1.1B Revenue Fork as Goldman Splits Q4 Brent at $90 Versus $115
Devon Energy set a 500,000 bpd oil target after its $58B Coterra merger, but Goldman Sachs splits Q4 Brent at $90 or $115, creating a $1.1B revenue fork.
Alberta Oil Sands SCO Margins Reach $76 per Barrel as Gulf Heavy Crude Disappears Behind the Hormuz Blockade
CNRL and Suncor oil sands prices sit well above AER's $56 per barrel 2026 WCS forecast as the Hormuz blockade removes Gulf heavy crude from markets.
ANWR Coastal Plain Opens 690,000-Acre Sealed Bids as Alaska Agencies Lead After Industry Skipped 2025 Sale
The Interior Department opened ANWR coastal plain sealed bids Friday for 690,000 acres, the first Alaska oil sale after January 2025 drew zero bids.
Iraq Orders Kurdistan Oil Restart as Monthly Revenue Falls 71% and Baghdad Targets Tripled Ceyhan Pipeline Output
Iraq ordered Kurdistan oil firms to restart June 4 after drone attacks cut national output from 4.3 to 1.4 million barrels per day and monthly revenue by 71%.
Canadian Natural Resources Q1 2026: Jackfish Sets SAGD Record and Horizon SCO Hits 106% Utilization With C$4.4 Billion Funds Flow
Canadian Natural Resources hit record SAGD output in Q1 2026 as Jackfish exceeded nameplate by 14,000 bpd and adjusted funds flow reached C$4.4 billion.
Six Alberta Wildfires Threaten 500,000 Barrels Per Day of Oil Sands Output at Cenovus, Canadian Natural Resources, and ConocoPhillips
Six wildfires near Lac la Biche, Alberta threaten 500,000 barrels of daily oil sands output at Cenovus, Canadian Natural Resources, and ConocoPhillips sites.
TotalEnergies Raises 2025 Dividend 5.6% to EUR 3.40 Per Share, Guides 3 Billion to 6 Billion Dollar 2026 Buyback at Paris AGM
TotalEnergies shareholders approved EUR 3.40 per share in 2025 dividends at their May 29 Paris AGM, up 5.6%, with buybacks up to $6B confirmed for 2026.
Rystad Energy Puts Cumulative Upstream AI Value at $500 Billion Through 2030; Equinor Reports $130 Million Saved in 2025
Rystad Energy estimates AI will generate $500 billion for E&P operators through 2030. Equinor saved $130 million via AI in 2025; ADNOC, $500 million in 2023.
Cenovus Q1 Upstream Output Hits Record 972,100 BOE Per Day as CEO McKenzie Warns Carbon Deadlock Is Stalling Greenfield Growth
Cenovus Q1 upstream production hit 972,100 BOE/d as CEO Jon McKenzie warned carbon policy is freezing new oil sands greenfield growth across Canada.
Canadian Natural Resources Posts CAD 2.4 Billion Q1 Adjusted Earnings as Jackfish Thermal Hits Record Output
CNQ beat Q1 2026 forecasts by 11%, posting CAD 2.4 billion in adjusted earnings and record Jackfish output while returning CAD 1.5 billion to shareholders.
Iraq April Crude Output Falls 60 Percent to 1.4 Million Barrels Per Day as Hormuz Blockade Strands Basra
Iraq averaged just 1.4 million barrels per day in April 2026, a 60 percent drop from January levels, as the Hormuz blockade stranded Basra exports.
Suncor Posts Record Q1 Production of 875,200 bpd and $2.1 Billion Profit as WCS Faces Pressure at $90 WTI
Suncor set a Q1 upstream record of 875,200 bpd and earned $2.1B net, but WCS at $84 and WTI's 7% crash to $90 will compress Q2 crude margins.
Eni Restarts 35 Bbbl Venezuela Junin-5 Field
Eni and PDVSA sign restart agreement for 35 billion barrel Junin-5 Orinoco field, first major Italian return to Venezuela under OFAC GL-50A framework.
ADNOC Greenlights $55B Spend After OPEC Exit
ADNOC will award $55B over two years after the UAE's May 1 OPEC exit, targeting 5M bpd by 2027 and unlocking 1.35M bpd of frozen quota headroom.
Devon Pays $2.6B for Delaware Basin Lease Win
Devon Energy wins 16,300 net Delaware Basin acres in a $2.6 billion BLM lease sale, adding 400 drilling locations as WTI holds above $101 a barrel.
Norway April Output Hits 2.158 MMb/d on Sodir Beat
Norway's April oil output hit 2.158 million barrels per day, beating Sodir's forecast by 6.7% as Equinor's Eirin gas field came online for Europe.
Suncor Q1 Profit Hits $2.1B, Fort Hills Record
Suncor posts record Q1 upstream output of 875,200 bbl/d and $2.1 billion net income as Fort Hills hits 187,000 bpd and refining touches 97% use.
Permian Resources Raises Oil Target to 192.5 MBO/d
Permian Resources lifts 2026 oil guidance to 192,500 bbl/d after $513 million Q1 free cash flow. D&C costs cut 6 percent to $685 per lateral foot.
Canadian Natural Q1 Output Hits 1.64M BOE/d
Canadian Natural posted Q1 2026 sales of $12.4B and net earnings of $1.35B as output climbed 4% to 1.64M BOE/d, with oil sands costs steady at $23.73/bbl.
Diamondback Lifts Output to 520 MBO/d, Capex $3.9B
Diamondback raises 2026 oil guide to 520 MBO/d and capex to $3.9B as Permian production hits 979 MBOE/d. Viper Energy adds royalty firepower.
Prairie Operating Lifts DJ Basin Output to 23,200 BOE/d on $83.4 Million Q1 Revenue, Hedges Cap Upside at $62.86 Against $101.17 WTI
Prairie Operating posts $83.4M Q1 revenue and 23,200 BOE/d DJ Basin output, but legacy hedges cap oil at $62.86 even as WTI settles at $101.17 Thursday.
ADNOC Plans $55B Awards After UAE Exits OPEC
ADNOC plots $55B over two years to lift UAE crude capacity to 5M BPD, freed from OPEC quotas after May 1 exit. Saudi rivalry escalates as Hormuz drags.
Tourmaline Hits Record 666,089 BOE/d in Q1 2026 With $657 Million Profit, AECO Hedges Triple Realized Gas Price to $3.59 Per Mcf
Tourmaline hits record 666,089 BOE/d in Q1 2026, posts $657 million profit and 88% EPS beat as hedges triple AECO realized gas to $3.59 per Mcf.
ExxonMobil Q1 2026 Profit $4.18 Billion as Pioneer Synergies Hit $4 Billion and Guyana Sets 900,000 BPD Record, Qatar LNG Outage Trims Beat
ExxonMobil Q1 2026 profit $4.18 billion as Permian production hit 1.7M BOED and Guyana set a 900,000 BPD record, while Qatar LNG outage cut into the beat.
Chevron Q1 2026 Production Hits 3.86 Million BOED on Hess Synergies as Refining Loss Drags Profit to 5-Year Low of $2.2 Billion
Chevron Q1 2026 production hit 3.86 million BOED, up 15% on Hess integration, but a refining loss dragged profit to a 5-year low of $2.2 billion.
Basra Oil Company Targets 3.4 Million BPD Recovery Within One Week as Ceasefire Opens Hormuz Window, Rumaila Field Collapsed to 30 Percent Capacity
Iraq's Basra Oil Company says it can restore 3.4 million BPD within one week if Hormuz stays open. Rumaila field has collapsed 70 percent to 400,000 BPD.
BP CEO Meg O'Neill Unveils Upstream-Downstream Restructuring, Reversing 2020 Green Pivot Under Elliott Management Pressure
BP CEO Meg O'Neill is simplifying the oil major into two units, reversing its 2020 green pivot as Elliott Management pushes a back-to-basics reset.
Permian Basin Oil Output Hits 7.12 Million BPD as Baker Hughes US Rig Count Drops to 545, Down 7 Percent Year Over Year
The Permian Basin hit 7.12 million BPD this week, 54.8% of US output, as Baker Hughes US rigs fell to 545, down 7% from a year ago. WTI near $91.