The transaction to acquire Trailstone, expected to be completed in third quarter 2024, will strengthen Engelhart’s position in the energy transition, the company said in its announcement. 

Analysts with Norway’s Equinor argue that increased levels of geopolitical conflict and outright wars “have made the energy transition more fragmented,” despite U.S. LNG creating an energy security blanket for Europe and elsewhere.

Here’s a roundup of the latest E&P headlines, including a decline in global drilling activity and new contract awards.

Private equity investment firm KKR & Co. Inc. is among energy-related firms joining the S&P 500 as their market capitalization grows.

BP and Worley’s collaboration plans to save an initial estimated $40 million over two years across BP’s sites where Worley holds a service contract.

TGS and the National Oil Company of Liberia plan to reprocess over 24,700 km in the Liberia and Harper basins.

Oceaneering International Inc. will supply steel tube and thermoplastic electro-hydraulic umbilicals and associated subsea distribution hardware to projects offshore Brazil.

Testing of the Mountain Valley Pipeline for leaks and strength is complete.

Stratas Advisors says the latest EIA report illustrates that U.S. production growth has stagnated with U.S. oil production remaining at 13.1 MMbbl/d, which is unchanged from the previous 12 weeks.

President Joe Biden’s administration said on June 6 it has increased purchasing of crude oil to replenish the Strategic Petroleum Reserve.