Exploration & Production News
Latest exploration & production coverage from Oil Authority and industry sources
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Eni Posts 3.6 Billion Euro First-Half Profit as Plenitude and Azule Satellites Expand While African LNG Escapes Hormuz Disruption
Eni's first-half 2026 adjusted net profit reached 3.6 billion euros as African LNG from Congo and Mozambique escaped Hormuz supply disruption.
Saturn Oil and Gas Hits Record Q2 Production of 41,000 BOE per Day and Raises 2026 Exit Target to 50,000
Saturn Oil and Gas hit record Q2 production of 41,000 boe/d, raised exit guidance to 50,000 boe/d, and posted CAD 359 million in revenue for the quarter.
Cenovus Energy Sets Record Q2 Oil Sands Output at 786,000 Barrels Per Day as Funds Flow Climbs to $5 Billion
Cenovus Energy set company records in Q2 with oil sands output at 786,000 bpd and adjusted funds flow of $5 billion, raising full-year production guidance.
Imperial Oil Q2 Net Income Rises 131% to C$2.19 Billion as Kearl and Cold Lake Produce 331,000 Barrels Per Day
ExxonMobil's 69.6%-owned Canadian unit posted C$2.19 billion in Q2 net income, up 131%, while Strathcona refinery faces a rail logistics challenge.
Shell Posts $9.8 Billion in Q2 Adjusted Earnings as Upstream Leads All Business Segments
Shell plc posted $9.8 billion in Q2 adjusted earnings, 42% above Q1, with Upstream topping LNG and a $4.2 billion buyback launched for the second half.
Cenovus Posts Record Oil Sands Production and $4.99 Billion Adjusted Funds Flow, Raises Output Guidance
Cenovus hit a quarterly oil sands record at 786,400 BOE/d in Q2 2026, generating $4.99B in adjusted funds flow and lifting its full-year output guidance.
TotalEnergies Q2 2026 Cash Flow Rises 14 Percent to $9.8 Billion Despite 210,000-Barrel Hormuz Production Gap
TotalEnergies posted $6B in Q2 adjusted income and $9.8B in cash flow despite losing 210,000 boe/d to Hormuz disruptions, then approved a UAE gas FID.
Equinor Q2 2026 Adjusted Operating Income Hits USD 11.48 Billion as European Gas at USD 15.79 Per MMBtu Drives Record Cash Flow
Equinor Q2 adjusted income hit $11.48B as European gas fetched $15.79/MMBtu, 5.4 times Henry Hub, with CEO Opedal warning EU storage will miss 80%.
Ovintiv Raises 2026 Output Guidance to 645 MBOE/d as $2.82 Billion Anadarko Sale Cuts Net Debt to $3 Billion
Ovintiv lifted 2026 guidance to 645 MBOE/d and cut net debt 42% after closing its $2.82 billion Anadarko Basin sale, keeping capex unchanged.
Equinor Delivers $11.48 Billion Adjusted Operating Income in Q2 2026 as European Gas Hits $15.80 Per MMBtu and NCS Production Rises 4 Percent
Equinor posted $11.48B in adjusted operating income in Q2 2026, with European gas at $15.80/MMBtu and $97.90/bbl liquids driving $14.75B operating cash flow.
TotalEnergies Raises Interim Dividend to EUR 0.90 Per Share as Cash Flow Growth Supports Returns
TotalEnergies lifted its interim dividend 5.9% to EUR 0.90 per share Thursday as Q2 2026 results confirmed cash flow growth from the oil price surge.
Equinor Net Operating Income Surges 127% to $12.99 Billion on Higher Oil Prices as Norwegian Giant Takes Full Ownership of Bay du Nord
Equinor net operating income surged 127% to $12.99 billion on elevated prices as the Norwegian major takes 100% control of Bay du Nord deepwater field.
Aker BP Posts Record $3.12 Billion Q2 Operating Cash Flow, Reversing Prior-Year $324 Million Net Loss
Aker BP posted record $3.12B Q2 operating cash flow, up 152% year-on-year, reversing a $324M year-ago loss, with BP's 30.5% stake capturing roughly $951M.
OMV and Libya NOC Declare Essar Field Commercial as Libyan Output Hits 13-Year High
OMV and Libya's NOC declare Essar field commercially viable at 195 million barrels, as total Libyan output reaches a 13-year high of 1.49 million bpd.
Aker BP Posts Record $3.1 Billion Quarterly Cash Flow as Brent Tailwind Lifts Norwegian Offshore Margins
Aker BP set a record $3.1B quarterly operating cash flow in Q2 2026, with 383,600 boe/day output and BP plc's 30% stake capturing the Norwegian windfall.
Chevron and Iraq Sign MOUs on West Qurna-2 Operatorship and Kirkuk-Baniyas Pipeline to Bypass Hormuz
Chevron's two-MOU Iraq play covers West Qurna-2's 480,000-bpd output and a Kirkuk-Baniyas pipeline costing up to $8B, aimed at cutting Hormuz exposure.
Clearwater Formation Output Hits 230,000 bpd with AER Drilling Licenses at 12-Year High as Tamarack Valley Goes Pure-Play
AER issued 1,764 Alberta drilling licenses in H1 2026, the most since 2014. Clearwater hit 230,000 bpd as Tamarack Valley shed all non-Clearwater assets.
Aker BP Logs $3.1 Billion Operating Cash Flow in Second Quarter as BP's North Sea Stake Advances Yggdrasil and Valhall
Aker BP hit 383.6 Mboe/d in Q2 2026 with $3.1 billion in cash flow as BP's 31% stake sees Yggdrasil's topside installed and Valhall advancing to hook-up.
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.