Exploration & Production News
Latest exploration & production coverage from Oil Authority and industry sources
Oil Authority Analysis118 articles
ExxonMobil Proposes $80 Billion Kashagan West Venture With KazMunayGas Targeting 600,000 Bpd From Kazakhstan Caspian Reserves
ExxonMobil proposed an $80 billion Kashagan West venture with KazMunayGas targeting 600,000 bpd, pending resolution of Kazakhstan's $150 billion arbitration.
Libya NOC Targets 2 Million Bpd Output Record as ENI Mellitah Gas Resumes and Waha Concession Expands
Libya's NOC targets 2 million bpd by 2030, a production level never reached, as ENI's Mellitah gas complex resumes and Waha output holds at 1.4 million bpd.
Devon Energy Q2 Adjusted EPS Tops Estimates at $1.57 as Coterra Merger Adds 750,000 Net Delaware Basin Acres to Portfolio
Devon Energy Q2 adjusted EPS came in at $1.57, beating estimates by 21 percent, in the first full quarter after the $58B Coterra merger closed on May 7.
Chevron Q2 Earnings Hit $12.1 Billion as Hess Integration Delivers $1.5 Billion in Run-Rate Synergies, 50 Percent Above Target
Chevron Q2 net income reached $12.1B, highest in six years, as Hess synergies hit $1.5B and US output topped 2 million BOE per day for the first time.
ExxonMobil Reports $14.7 Billion Adjusted Q2 Earnings as Pioneer Integration Drives Free Cash Flow to $17.2 Billion
ExxonMobil earned $14.7 billion adjusted in the second quarter on $17.2 billion free cash flow, with Pioneer integration reshaping its Permian Basin position.
Suncor, CNR, and Imperial Oil Post C$10.4 Billion in Q2 Earnings as Oil Sands Sets Production Records
Suncor, CNR, and Imperial Oil reported C$10.4 billion in Q2 net earnings as Alberta oil sands hit production records with WCS trading $13 below WTI.
ConocoPhillips Names Andy O'Brien CEO as Q2 Adjusted EPS Hits $3.24 on 2,248 MBOED Output
ConocoPhillips named Andy O'Brien CEO effective September 1 as Q2 adjusted EPS reached $3.24 on $3.9 billion in earnings and 2,248 MBOED production.
Equinor Posts $11.48 Billion Q2 Adjusted Earnings as Troll TWIN Gas Value Rises and BP Divests Bay du Nord Stake
Equinor's Q2 2026 adjusted operating income reached $11.48 billion as surging TTF adds $536 million to its Troll TWIN project economics since June approval.
BP Q2 2026 Underlying Profit Surges 143% to $5.7 Billion While Castrol Sale to Stonepeak Advances
BP's Q2 underlying profit surged 143% to $5.7 billion, with Castrol generating $775 million in H1 alone before its $6 billion sale to Stonepeak closes.
ExxonMobil Posts $14.5 Billion Q2 Net Income as Permian Hits Record 1.8 Million Boe Per Day and Guyana Whiptail Enters Subsea Phase
ExxonMobil earned $14.5 billion in Q2 2026, powered by record Permian output of 1.8 million boe/d and Guyana Whiptail entering subsea construction.
Saudi Aramco Earns $33.4 Billion in Q2 as East-West Pipeline Routes Around Hormuz Crisis
Saudi Aramco posted $33.4 billion in Q2 adjusted net income and declared a $21.9 billion dividend as its East-West pipeline bypassed Hormuz disruptions.
Saudi Aramco Q2 Adjusted Net Income Hits $33.4 Billion as Hormuz Conflict Drives 33% Year-on-Year Profit Surge
Saudi Aramco Q2 profit surged 33% to $33.4B, but a $21.9B base dividend against $12.3B in free cash flow raises questions as Brent falls to $80 per barrel.
Shell Q2 Adjusted Earnings Hit $9.8 Billion as LNG Canada Reaches Full Capacity Ahead of ARC Resources Close
Shell posted $9.8B in second-quarter adjusted earnings, up 128% year-on-year, as LNG Canada hit full capacity and a $16.4B ARC Resources deal nears close.
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.