Exploration & Production

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Occidental Scraps New Oil Hedges as Iran War Fuels Price Volatility

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, Shale, US News / By

(Reuters) – U.S. shale producer Occidental Petroleum will not add more oil hedges this year after volatility in crude prices following the Iran war led to lower realized prices. Speaking on a post-earnings conference call on Wednesday, Chief Financial Officer Sunil Mathew said derivative-related losses had a partial impact on Occidental’s first-quarter profit, which still …

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Canada’s Cenovus Profit Soars 83% as MEG Deal Boosts Output, Raises Dividend

CDN and International News, Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, Oilsands / By

(Reuters) – Cenovus Energy  on Wednesday posted an 83% jump in first-quarter profit, driven by higher crude prices, strong refining margins and increased production ​following its acquisition of MEG Energy. The Canadian oil and gas ‌producer also said it would raise its quarterly base dividend by 10% to 22 Canadian cents per share starting in the …

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Exxon Using AI for Faster Analysis of Guyana’s Oil Fields, VP of Exploration Says

Artificial Intelligence, Energy Topics & Technology, Exploration & Production, Latest, US News / By

(Reuters) – Exxon Mobil is using artificial intelligence and new technology to interpret seismic data from Guyana in days rather than months, John Ardill, the company’s vice president of exploration, said on Tuesday. High-performance computing and AI-driven algorithms have accelerated seismic imaging, Ardill said at the Offshore Technology Conference in Houston. “We’re using what was …

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Marathon Petroleum Profit Beats Estimates as Iran War Drives Refining Margins

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, US News / By

May 5 (Reuters) – Marathon Petroleum (MPC.N) on Tuesday beat Wall Street estimates for first-quarter profit, benefiting from stronger refining margins amid ​tighter global supply driven by the Middle East war. Its shares rose ‌2.8% in early trading, with the stock up 60% so far this year. The company approved an additional $5 billion share …

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Duke Energy Tops Profit, Revenue Estimates on Rate Recovery, Weather Boost

Energy Topics & Technology, Exploration & Production, Latest, US News / By

May 5 (Reuters) – Utility Duke Energy (DUK.N) exceeded Wall Street expectations for first-quarter profit and revenue on Tuesday, supported by the recovery of rate-based ​infrastructure investments and favorable weather. Energy companies are pushing to ‌increase customer electricity rates in 2026 to help pay for infrastructure improvements, as power grids are strained by extreme weather …

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Norway Offers up to 70 New Oil and Gas Drilling Permits

CDN and International News, Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Natural Gas, Oil / By

OSLO, May 5 (Reuters) – Norway’s ​government said on Tuesday it is offering ‌70 new blocks for energy companies to explore for oil and gas in its annual licensing round as the ​country seeks to extend the life of ​its petroleum industry. The new blocks include 38 areas ⁠in the Barents Sea, 10 areas in …

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Diamondback Boosts Annual Production Outlook as Oil Prices Rally

Energy Topics & Technology, Exploration & Production, Latest, US News / By

May 4 (Reuters) – U.S. shale producer Diamondback Energy (FANG.O) raised its annual production forecast on Monday, after beating ​Wall Street expectations for first-quarter profit on a ‌rally in oil prices. The first quarter was marked by geopolitical uncertainty and extreme volatility in oil prices, which have surged more than ​87% this year after the …

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Permian Landowner EagleRock Eyes $2.6 billion Valuation in US IPO

Energy Topics & Technology, Exploration & Production, Finance, Latest, Oil, US News / By

  Land management company EagleRock is targeting a valuation of up to $2.6 billion in its initial public offering in the United States, as it seeks to tap renewed investor interest in the energy sector. The Houston-based company said it was aiming to raise up to $346 million in the IPO by offering 17.3 million …

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Chevron’s Upstream Strength Lifts First-Quarter Earnings Past Estimate

Energy Topics & Technology, Exploration & Production, Latest, US News / By

By Sheila Dang Downstream segment swings to loss, mainly from timing effects Upstream earnings grow 4% year-on-year CFO says $1 billion in timing effects to unwind in Q2 HOUSTON, May 1 (Reuters) – Chevron (CVX.N) exceeded Wall Street estimates for its first-quarter earnings on Friday, as elevated oil prices linked to the ​U.S.-Israeli war on …

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Exxon Net Income Falls, Output Hit by Iran War

Energy Topics & Technology, Exploration & Production, Latest, US News / By

By Sheila Dang Exxon profit hit by Middle East disruptions U.S.-Iran conflict hits output, volumes could fall further in second quarter Oil majors show uneven hits from U.S.-Iran war CFO says paper losses from hedging to unwind in a ‘few months’ HOUSTON, May 1 (Reuters) – Exxon Mobil (XOM.N) beat estimates for adjusted earnings on …

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