The explorers and producers — they hunt for new oil and gas fields and pump the fuel out, but leave refining and selling to others.
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Venture Global Signs 20-Year LNG Deal With ConocoPhillips as RBC Cuts Q3 EBITDA Estimate
Venture Global has signed a new long-term LNG sales deal with ConocoPhillips while drawing a cut to its Q3 adjusted EBITDA estimate from RBC Capital Markets. The Sales and Purchase Agreement commits ConocoPhillips to buy 1.0 million tonnes per annum of LNG from 2030 for 20 years. RBC Capital Markets reduced its Q3 adjusted EBITDA estimate for Venture Global, citing basis differential headwinds, while maintaining a positive view on the stock. Venture Global shares trade at US$13.16, having pulled back around 14% on a 1 month share price basis after an 87% year to date share price return, with a 1 year total shareholder return of about 40%. The most followed narrative pegs fair value at about $16.67 per share, implying the stock is 21% undervalued, though that view could fray if Calcasieu Pass arbitration outcomes absorb more cash than expected or if LNG pricing weakens faster than analysts currently model.
Venture Global Signs 20 Year LNG Supply Deal With ConocoPhillips
Venture Global signed a 20 year LNG Sales and Purchase Agreement with ConocoPhillips, securing long term offtake volumes. The contract covers LNG supply from Venture Global's portfolio, linking a US exporter with a major integrated energy producer, and no pricing or volume details were disclosed in the announcement, keeping commercial terms confidential between the two parties. The deal includes a 1.0 MTPA, 20 year LNG offtake with ConocoPhillips, reinforcing the part of the Venture Global story that leans on long term SPAs to tame cash flow swings and pointing to a portfolio style book of contracted volumes similar to what players like Cheniere or Shell have used to underpin their LNG positions. Venture Global operates LNG production, shipping and regasification assets across the US and Europe, so a long-term offtake like this fits directly into its role as a large-scale supplier in the global gas trade for integrated energy companies and utilities. The same announcement also brushes up against flagged risks around leverage and earnings quality, since adding another long dated commitment can help support future project financing, yet analysts already point to debt coverage and non cash earnings as pressure points.
VG · Demand · Positive Venture Global secured a 20-year 1.0 MTPA LNG SPA with ConocoPhillips, adding long-term contracted offtake volumes.
COP · Demand · Positive ConocoPhillips signed a 20-year 1.0 MTPA LNG offtake deal with Venture Global, securing long-term supply for its integrated energy portfolio.
ConocoPhillips Reviews $7 Billion Offer for European Assets as Analysts Turn Bullish
ConocoPhillips confirmed it is reviewing an unsolicited offer of up to US$7.00 billion for certain European assets, a relatively small portion of its portfolio. The company said the review reflects a focus on portfolio discipline rather than any large-scale reshaping of its business, and any sale would sit alongside its existing growth drivers in LNG and long-life conventional projects. Separately, analysts remain upbeat on ConocoPhillips' near-term earnings prospects, citing a positive Earnings ESP of 17.36% and a Zacks Rank #1 (Strong Buy) ahead of its next earnings release previously expected on November 5, 2026. The company's narrative projects $68.0 billion in revenue and $11.4 billion in earnings by 2029, requiring 1.8% yearly revenue growth and about a $2.1 billion earnings increase from $9.3 billion today. The most bearish analysts had assumed revenue would slip to about US$62,000,000,000 by 2029 and earnings to about US$9,900,000,000.
COP · Capital · Neutral ConocoPhillips is reviewing a US$7.0 billion unsolicited offer for certain European assets, a portfolio-discipline move rather than a reshaping of the business.
BKV Signs 1,200 MW Texas Gas Power Equipment Deal Backed by Hyperscaler
BKV Corporation announced that a wholly owned subsidiary signed an equipment supply contract with a Tier 1 supplier for approximately 1,200 megawatts of natural gas-fired power generation equipment for a prospective Texas project. The deal is backed by a cost-reimbursement backstop agreement with an investment-grade hyperscaler covering about 90% of payments through March 31, 2027. The hyperscaler, expected to be the long-term offtaker, materially reduces BKV's early project funding exposure while allowing the company to exit the contract by March 31, 2027 if no final offtake deal is reached. The arrangement reinforces BKV's integrated gas, power and carbon capture model in ERCOT, where data center demand is in focus, and highlights the near-term catalyst of signing firm PPAs. BKV's narrative projects $1.6 billion revenue and $144.1 million earnings by 2029, requiring 18.1% yearly revenue growth and a $153.7 million earnings decrease from $297.8 million today.
BKV · Demand · Positive BKV signed a 1,200 MW gas power equipment contract with a hyperscaler as expected long-term offtaker, signaling concrete end-customer demand for its power.
Gran Tierra Energy stockholders approve $1.33B sale of Colombian and Ecuadorian businesses to Maurel & Prom
Gran Tierra Energy stockholders approved the sale of the company's Colombian and Ecuadorian businesses to Maurel & Prom for approximately $1.33B. Gran Tierra expects to receive about $315M in net cash proceeds from the deal, including $250M at closing and $65M payable 364 days later. The transaction still requires regulatory approvals in Colombia and Ecuador, with closing targeted for December 31, 2026. Gran Tierra expects to be debt-free after the sale and plans to use part of the proceeds for a share repurchase, subject to completion of the sale and board approval. GTE stock traded about 3% higher at roughly $10.90 in the after-hours session.
GTE · Capital · Positive Stockholders approved the $1.33B sale of its Colombian and Ecuadorian businesses, yielding ~$315M net cash, debt-free status, and a planned share repurchase.
MAU.PA · Capital · Positive Maurel & Prom is acquiring Gran Tierra's Colombian and Ecuadorian businesses for ~$1.33B, expanding its asset base.
Moody's Lifts Crescent Energy Outlook to Positive After $3.85 Billion Eagle Ford Deal
Moody's Ratings has revised its outlook on Crescent Energy Co to positive from stable while affirming the company's Ba3 Corporate Family Rating, a move that followed immediately on Crescent's $3.85 billion all-cash acquisition of Eagle Ford Basin assets from Devon Energy Corporation. To finance the purchase, Crescent secured a $2 billion bridge facility commitment alongside a $1 billion primary equity offering. Moody's Vice President Jonathan Teitel said the positive outlook reflects both the enhanced operational scale in the Eagle Ford and expectations that robust, hedge-supported free cash flow will enable substantial debt reduction over the next 12 to 18 months. The Devon transaction positions Crescent to expand production to approximately 400 thousand barrels of oil equivalent per day, pushing its operating footprint well past similarly rated exploration and production peers, though Moody's cautioned the acquisition appears fully valued and materially increases near-term debt loads, interrupting the company's recent deleveraging momentum. Crescent has locked in substantial commodity hedges for 2027 at higher crude prices, and Moody's expects the Houston-based producer to refinance its temporary bridge commitments with long-term capital, preserving a liquidity profile that currently includes SGL-1 top-tier liquidity and $2 billion in committed credit facility availability. Upgrades over the next year to 18 months will hinge on executing post-acquisition debt reduction, maintaining conservative financial policies, and sustaining retained cash flow relative to total debt above 50%.
CRGY · Capital · Positive Moody's revised Crescent's outlook to positive after its $3.85B Eagle Ford acquisition, citing enhanced scale and expected debt reduction.
DVN · Capital · Neutral Devon is the seller of the $3.85B Eagle Ford assets to Crescent, mentioned only as the counterparty.
Shell to acquire 30% stake in Bay du Nord oil project as Equinor keeps 70%
Shell said Friday it agreed to acquire a 30% non-operated interest in the Bay du Nord project offshore Newfoundland and Labrador in Canada, while Equinor will retain a 70% interest and remain the operator; financial terms were not disclosed. Shell said the transaction provides an attractive entry point, expected returns above its hurdle rate, and exposure to an established resource base with potential longer-term growth. Bay du Nord is a phased subsea development tied back to a floating production, storage and offloading vessel, with planned gross production capacity of 160K-175K boe/day and first oil anticipated in 2031, and it is currently finalizing the front-end engineering and design. Equinor said the deal supports the continued maturation of Bay du Nord towards an investment decision currently targeted for early 2027.
Shell Partially Restarts Qatar Pearl GTL Plant After War Damage
Shell plc has partially restarted operations at its Pearl gas-to-liquids facility in Qatar, marking an initial recovery step after the Iran war damaged the plant in March 2026. The restart will let Shell build limited inventories of finished products, though shipments remain dependent on regional security and safe maritime routes, and repairs to Train 2, one of the facility's two processing units, are still underway with completion expected in the first quarter of 2027. Pearl GTL, based in Ras Laffan Industrial City, has a capacity of 140,000 barrels of oil equivalent per day and converts North Field natural gas into gasoil, kerosene, base oils, naphtha and normal paraffins. Separately, QatarEnergy has begun returning Pearl-GTL naphtha cargoes to the market, issuing a spot tender offering as much as 50,000 metric tons of naphtha across four grades on a free-on-board basis from Ras Laffan, and Haldia Petrochemicals in India received 50,000 metric tons of naphtha for the current quarter. QatarEnergy's previous naphtha tender, which also included Pearl-GTL material, was awarded at a discount of $150 to Middle East benchmark quotations on a free-on-board basis, a figure that relates to the earlier tender and not the latest offering. The partial restart does not mean the facility has returned to normal production, and the pace of further recovery will depend on the repair schedule, operating conditions and the ability to transport products to customers.
SHEL.LSE · Supply · Positive Shell partially restarted its war-damaged Pearl GTL plant, an initial recovery of its own production capacity.
QatarEnergy · Supply · Positive QatarEnergy began returning Pearl-GTL naphtha cargoes to market via a spot tender of up to 50,000 tons.
Haldia Petrochemicals · Supply · Neutral Haldia Petrochemicals received 50,000 tons of naphtha, but the article does not specify it came from the restarted Pearl-GTL supply.
Devon Energy Earns Zacks Rank #3 as Q1 EPS Estimate Rises 5.7%
Devon Energy is expected to post earnings of $1.20 per share for the current quarter, a change of +15.4% from the year-ago quarter, with the Zacks Consensus Estimate up +5.7% over the last 30 days. For the current fiscal year, the consensus earnings estimate of $5.35 points to a change of +36.5% from the prior year and has risen +2.1% over the last 30 days, while the next fiscal year's estimate of $5.28 indicates a change of -1.3% and has moved +4.8% over the past month. The consensus sales estimate of $7.3 billion for the current quarter points to a year-over-year change of +68.5%, with $25.96 billion and $28.03 billion expected for the current and next fiscal years, changes of +51% and +8% respectively. Devon Energy reported revenues of $7.42 billion in the last reported quarter, a year-over-year change of +73.1%, with EPS of $1.57 versus $0.84 a year ago, beating the Zacks Consensus Estimate of $6.3 billion by +17.76% on revenue and by +20.77% on EPS. The recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Devon Energy, and the stock carries a Zacks Value Style Score of B, indicating it is trading at a discount to its peers.
DVN · Capital · Positive Q1 EPS estimate rose 5.7% over 30 days and Devon earned a Zacks Rank #3 (Hold) with a Value score of B, an analyst/valuation-driven event.
Shell to Acquire 30% Non-Operated Interest in Bay du Nord Project
Shell Canada Energy, an affiliate of Shell plc, has reached an agreement with Equinor to acquire a 30% non-operated interest in the Bay du Nord project offshore Newfoundland and Labrador, Canada. Equinor will retain a 70% interest and remain as the operator of the project. The concept is a phased subsea development tied back to a floating production, storage and offloading vessel, with gross production capacity planned to be 160-175 kboe/d and first oil anticipated in 2031. The project remains pre-FID, and any future investment decision will be subject to Shell's investment criteria and will need to compete for capital within its portfolio. Shell said the transaction provides an attractive entry point with expected returns above its hurdle rate and exposure to an established resource base with potential longer-term growth.
SHEL.LSE · Capital · Positive Shell agrees to acquire a 30% non-operated interest in Bay du Nord, an entry point with expected returns above its hurdle rate.
Shell Canada Energy · Capital · Positive Shell Canada Energy is the affiliate acquiring the 30% non-operated interest in the Bay du Nord project.
EQNR · Capital · Neutral Equinor sells down 30% of Bay du Nord but retains 70% and operatorship; project remains pre-FID, so impact is mixed.
Devon Energy to Sell Eagle Ford Acreage to Crescent Energy for US$4.2b
Devon Energy has agreed to sell its Eagle Ford shale acreage to Crescent Energy for US$4.2b in cash, reshaping its portfolio around higher-return, longer-duration assets. The roughly 90,000 net acres are described as non-core, and management aims to lower its corporate breakeven, with net proceeds earmarked for faster share repurchases and debt reduction. Closing is expected around year end 2026, and investors will watch for any updated capital return framework. The deal headlines a morning in which US stocks are set for a softer open as inflation expectations push higher again, with median US inflation expectations for the year ahead at 3.9% for September 2026, the highest since May 2023, and Fed minutes showing most officials see a likely need for another 25 bps hike to a range of 3.75% to 4% by year end. Mortgage applications are down 4.2% and the average 30 year fixed rate sits around 7.49%, keeping pressure on borrowing costs for households and companies. Elsewhere, Vertiv reported quarterly sales up 24% and lifted its annual forecasts on AI data center demand, while CoreWeave faces a tougher backdrop for data center IPOs after an expected postponement of Nvidia backed Firmus Grid's Australian listing.
Brokers expect PTTEP Q3 2026 net profit of 17.7-20.7 billion baht, up 39-63% on gas prices and PSC contracts
Several brokers estimate the third-quarter 2026 net profit of PTT Exploration and Production Public Company Limited, or PTTEP, in a range of 17,700 to 20,700 million baht, an increase of 39 to 63% year on year, driven by higher gas selling prices following the retroactive adjustment of PSC contracts, even though profit slowed from the previous quarter due to losses on oil price hedging and maintenance shutdowns at gas separation plants. Land and Houses Securities expects net profit of 20,700 million baht, down 24% from the previous quarter but up 63% year on year, and expects normal profit of 23,200 million baht, while maintaining a buy recommendation and viewing a dividend yield of about 6% as still attractive. InnovestX Securities expects net profit of 18,600 million baht, up 47% year on year, normal profit of 21,100 million baht, and gives the highest target price in the group at 185 baht with an OUTPERFORM recommendation, estimating a dividend yield of about 7%. Bualuang Securities expects core profit of 23,236 million baht, up 91% year on year and 7% above its previous estimate, on higher gas selling prices after the retroactive PSC contract adjustment for Block A18, and expects net profit of 20,698 million baht, up 63% year on year. Bualuang also said the average Dubai oil price stood at 93 US dollars per barrel in the third quarter of 2026 after touching 105 US dollars per barrel in the second quarter, and that supply-side risks may keep oil prices elevated through the fourth quarter of 2026.
PTTEP.BK · Capital · Positive Brokers estimate Q3 2026 net profit up 39-63% YoY, with buy/outperform ratings and target prices, driven by higher gas selling prices after retroactive PSC contract adjustment.
5 brokerages rate PTTEP a buy, Q3/69 profit strong, top target 179 baht
Analysts at five securities firms have issued research on PTT Exploration and Production Public Company Limited, or PTTEP, assessing that net profit for the third quarter of 2569 remains strong compared with the same period last year, although it has softened from the previous quarter. Trinity Securities expects third-quarter net profit of about 19 billion baht, up 51% from the same period last year but down 29% from the previous quarter. Yuanta Securities (Thailand) also expects profit of about 19 billion baht. Land and Houses Securities expects net profit of about 20.7 billion baht, down 24% from the previous quarter but up 63% from the same period last year, and excluding hedging losses, normal profit would be about 23.2 billion baht, up as much as 91% from the same period last year. KGI Securities (Thailand) expects net profit of about 20.2 billion baht, up 59% from the same period last year but down 26% from the previous quarter. Krungsri Securities estimates net profit of about 19.6 billion baht, up 54% from the same period last year but down 28% from the previous quarter. The main pressure came from lower sales volumes after maintenance shutdowns at production fields in the Gulf of Thailand, Malaysia and Algeria, which brought volumes to about 523 to 525 KBOED, as well as hedging losses of about 2.5 billion baht. Meanwhile, natural gas selling prices rose to about 6.5 US dollars per million BTU, supported by retroactive price adjustments under production sharing contracts for the MTJDA A18-01, Yadana and Zawtika projects. For the fourth quarter of 2569, all houses see profit recovering on sales volumes returning to about 550 KBOED after the maintenance period. Trinity maintains a buy rating with a target price of 163 baht. Yuanta upgraded its recommendation to buy with a target price of 170 baht. Land and Houses maintains a buy rating with a target price of 164 baht. KGI maintains a neutral rating with a target price of 156 baht. Krungsri maintains a buy rating and raised its target price to 179 baht from 175 baht.
PTTEP.BK · Capital · Positive Five brokerages rate PTTEP a buy with strong Q3/2569 net profit forecasts and target prices up to 179 baht
KGI.BK · Capital · Neutral KGI Securities is one of the five brokerages issuing the PTTEP research, but the article only reports its profit estimate, not a company-specific development for KGI itself
LH.BK · Capital · Neutral Land and Houses Securities is cited only for its PTTEP profit estimate, not for any development at Land and Houses itself
TNITY.BK · Capital · Neutral Trinity Securities is one of the brokerages issuing the PTTEP research, but the article only reports its estimate and buy rating on PTTEP, not a development for Trinity itself
Crescent Energy Prices $12.50 Per Share Offering of 80 Million Class A Shares
Crescent Energy Company announced the pricing of an underwritten public offering of 80,000,000 shares of its Class A common stock at $12.50 per share. Independence Energy Aggregator L.P., an entity affiliated with KKR & Co. Inc. that holds approximately 7.9% of Crescent's Class A common stock, has agreed to purchase 40,000,000 of those shares at the public offering price and on the same terms as the other shares. Crescent intends to use the net proceeds to fund a portion of the cash consideration for its recently announced acquisition of certain Eagle Ford oil and natural gas assets from Devon Energy Production Company, L.P., a subsidiary of Devon Energy Corporation, which is expected to close in the fourth quarter of 2026 or early 2027. The offering is not contingent on the completion of that acquisition, and if it is not completed the proceeds will be used for general corporate purposes, including repayment of indebtedness of the Company's subsidiaries. The Company has granted the underwriters a 30-day option to purchase up to 12,000,000 additional shares, and the offering is expected to close on October 13, 2026.
CNOOC Releases A-Share Interim Dividend Distribution Implementation Announcement, Cash Dividend of RMB 0.81324 Per Share
CNOOC released its 2026 A-share interim dividend distribution implementation announcement on October 9, with a cash dividend of RMB 0.81324 per share, including tax. The record date is October 15, 2026, and the ex-dividend and ex-rights date is October 16, 2026. CNOOC is a constituent stock of the Dividend Quality Index and the Dividend Low Volatility Index. The Dividend Quality Index selects 50 listed company securities with continuous cash dividends, relatively high dividend payout ratios, and strong profitability as index constituents. The ChinaAMC Dividend Quality ETF is the only ETF tracking this index. The Dividend Low Volatility Index selects 50 securities with good liquidity, continuous dividends, moderate dividend payout ratios, positive growth in dividends per share, and high dividend yields with low volatility as index constituents, weighted by dividend yield.
Shell Partially Restarts Pearl GTL Plant in Qatar After Attack Damage
Shell said Thursday it has partially restarted its Pearl gas-to-liquids plant in Qatar, six months after the facility was damaged during attacks on oil and gas infrastructure during the Iran war. The restart will let Shell build a limited amount of product inventory in storage, though the ability to ship product remains subject to the regional security situation. Traders in the market said QatarEnergy issued a spot tender offering up to 50K metric tons of four grades of naphtha, including Pearl GTL, on a free-on-board basis from the Ras Laffan port inside the Strait of Hormuz, according to Reuters. Shell's wholly-owned Pearl GTL, fed from Qatar's North gas field, suffered damage to one of its two processing plants in the March attack, and the company expects repairs to be completed in Q1 2027; at full capacity, Pearl can produce 140K boe/day. The first LNG train under QatarEnergy's North Field East expansion project reportedly will be ready to start operation next month, which would provide a path for Qatar to restore some lost production.
SHEL.LSE · Supply · Positive Shell partially restarted its damaged Pearl GTL plant, allowing it to rebuild product inventory though shipping remains constrained by regional security.
QatarEnergy · Supply · Positive QatarEnergy issued a spot tender for up to 50K tons of naphtha including Pearl GTL grades, and its North Field East LNG train is set to start next month, restoring some lost production.
Shell Raises Q3 2026 Production Guidance for Integrated Gas and Upstream
Shell has raised its third quarter 2026 production guidance for its integrated gas and upstream operations. The upgrade comes after a period of strong share price momentum, with a 90-day share price return of 19.96% and a year-to-date gain of 32.20% at a latest share price of £36.48. Bulls argue the guidance upgrade and record refining margins justify the share price surge, while bears point to falling revenue and net income growth. The most followed narrative pegs Shell's fair value at £39.27, a 7.1% undervaluation relative to the latest close, with 211 investors backing that view. The narrative could crack if chemicals margins remain weak or if heavy buybacks start to strain flexibility when conditions become less supportive.
Shell Guides to Higher Integrated Gas Output and $42 Refining Margin in Q3
Shell plc's third-quarter 2026 outlook points to stronger activity across its Integrated Gas business, with production expected to reach 740,000-780,000 barrels of oil equivalent per day, up from 631,000 boe/d in the second quarter. LNG liquefaction volumes, however, are forecast at 7.2-7.6 million tonnes, slightly below the 7.7 million tonnes reported in the second quarter, and the outlook includes the effect of the acquisition of ARC Resources, which was completed on Sept. 2, 2026. Upstream production is expected at 1.74-1.84 million boe/d versus 1.82 million boe/d in the second quarter, alongside about $300 million in exploration well write-offs. In Chemicals and Products, the indicative refining margin is expected to rise sharply to $42 per barrel from $24 per barrel in the prior quarter, while the indicative chemicals margin is projected to decline to $208 per tonne from $270 per tonne and refinery utilization is expected at 93%-97% compared with 102%. Shell also agreed last month to acquire a 30% interest in BP's Conifer prospect in the U.S. Gulf of Mexico and a 50% stake in the Tupinamba exploration block in Brazil's Santos Basin.
NACC takes custody of 'Pao Padej' from Indonesia, sends Rolls-Royce bribery case to court
Niti Praphan Prachuabmoh, Secretary-General of the National Anti-Corruption Commission, disclosed that on 8 October 2026, a delegation from the NACC Office, together with representatives of the Foreign Affairs Division of the Royal Thai Police, travelled to take custody of Pao Padej Worabut, a former executive of PTT Exploration and Production Public Company Limited, or PTTEP, who is an accused in the Rolls-Royce bribery case, from Indonesia, and was scheduled to arrive back in Thailand the same night in order to be detained and brought before the Central Criminal Court for Corruption and Misconduct Cases. Pao Padej is accused of facilitating Rolls-Royce Energy Systems in securing a contract with PTTEP for the purchase of Feed Gas Turbine Compressor equipment for the Arthit production platform, and of demanding and receiving bribes through agent companies in Thailand totalling 300,543 US dollars, or approximately 10 million baht at the value at that time. The case stems from legal action taken against private companies by the United States Department of Justice, before the NACC investigated and resolved to pursue proceedings. During the proceedings, the accused left the Kingdom of Thailand for Malaysia and then travelled on to Indonesia, and the NACC Office coordinated with Malaysia's anti-corruption agency, Indonesia's anti-corruption agency, and Indonesia's immigration office until the Indonesian authorities were able to take him into custody. The NACC's finding of wrongdoing is not yet final, and the accused is presumed innocent until there is a final judgment of the court.
PTTEP.BK · Regulation · Negative Former PTTEP executive taken into custody and sent to court over Rolls-Royce bribery case tied to a PTTEP equipment contract.
Crescent Energy to Buy Devon Energy's Eagle Ford Assets for About $3.85 Billion
Crescent Energy Company has entered into a definitive agreement to acquire Eagle Ford assets from Devon Energy for an estimated net purchase price of approximately $3.85 billion. The acquired assets include approximately 68 Mboe/d of net production and more than 600 Tier 1 net locations normalized to 10,000 feet, directly adjacent to Crescent's existing operations in the Karnes Trough. Crescent said it has identified approximately $140 million in annual synergies across drilling and completions, lease operating expenses and marketing, and expects the deal to be accretive across all key metrics including CFFO, FCF and NAV. The transaction, which also adds Devon-owned minerals to Crescent Royalties, is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions. Crescent has obtained debt financing commitments from JPMorgan Chase Bank, N.A. and RBC Capital Markets, LLC, with KKR Capital Markets advising on the financing, and plans to fund the consideration through cash on hand and a balanced mix of debt and equity.
CRGY · Capital · Positive Crescent agrees to acquire Devon's Eagle Ford assets for ~$3.85B, expected accretive across CFFO, FCF and NAV with $140M synergies.
DVN · Capital · Positive Devon is selling its Eagle Ford assets to Crescent for ~$3.85B net, a divestiture transaction.
Crescent Energy Launches $1 Billion Class A Common Stock Offering
Crescent Energy Company announced the commencement of an underwritten public offering of $1,000,000,000 of its Class A common stock, par value $0.0001 per share. The company intends to use the net proceeds to fund a portion of the cash consideration for its recently announced acquisition of certain Eagle Ford oil and natural gas assets from Devon Energy Production Company, L.P., a subsidiary of Devon Energy Corporation, which is expected to close in the fourth quarter of 2026 or early 2027. The offering is not contingent on the completion of the Devon EF Assets Acquisition, and if that acquisition is not completed, proceeds will be used for general corporate purposes, including repayment of indebtedness of the company's subsidiaries. Crescent expects to grant the underwriters a 30-day option to purchase up to $150,000,000 of additional shares of Class A common stock at the public offering price, less underwriting discounts and commissions. Independence Energy Aggregator L.P., an entity affiliated with KKR & Co. Inc. and a holder of approximately 7.9% of the company's Class A common stock, has indicated an interest in purchasing up to $500,000,000 of shares at the public offering price and on the same terms as the other shares. J.P. Morgan, KKR Capital Markets LLC and Raymond James are serving as joint book-running managers for the offering.
CRGY · Capital · Negative Crescent launches a $1B equity offering, diluting existing shareholders to fund the Devon Eagle Ford acquisition.
DVN · Capital · Positive Devon is selling its Eagle Ford oil and gas assets to Crescent, a divestiture that is the subject of the funding.
KKR · Capital · Neutral KKR affiliate Independence Energy indicated interest in buying up to $500M of the offering, while KKR Capital Markets is a book-runner.
JPM · Capital · Positive J.P. Morgan serves as a joint book-running manager on Crescent's $1B stock offering, earning underwriting fees.
RJF · Capital · Positive Raymond James serves as a joint book-running manager on Crescent's $1B stock offering, earning underwriting fees.
Devon Energy to Sell Eagle Ford Assets to Crescent Energy for $4.2 Billion
Devon Energy Corp. has entered into a definitive agreement to sell its Eagle Ford assets to Crescent Energy Company for total consideration of $4.2 billion in cash, subject to customary closing adjustments. The assets consist of approximately 90,000 net acres in Karnes, DeWitt, and Gonzales Counties, Texas, representing approximately 4% of Devon's total BOE production. The transaction has an effective date of July 1, 2026 and is expected to close around year-end 2026, subject to regulatory approvals and customary closing conditions. Devon said after-tax proceeds will be used to accelerate share repurchases and strengthen the balance sheet through debt reduction, and that the divestiture lengthens its inventory life, lowers its go-forward corporate breakeven and reduces its corporate base production decline rate. RBC Richardson Barr is serving as exclusive financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Devon, which will provide additional details, including the impact on its outlook, with its third-quarter 2026 results on November 5, 2026.
Suncor Energy to Sell East Coast Offshore Oil Assets to Ithaca Energy
Suncor Energy agreed to sell key east coast offshore oil assets to Ithaca Energy, exiting production in that region. The divestiture shifts capital deployment toward Suncor's core oil sands projects, and management signalled a tighter focus on those operations. The company paired the asset sale with a stated plan to increase share buybacks as part of its capital return priorities. The deal trims Suncor's exposure to offshore fields including Terra Nova, White Rose and West White Rose, and the clearest early test will be how it deploys the roughly CA$1.55b upfront proceeds and any contingent payments over 2026 to 2028. Suncor Energy operates as an integrated oil and gas producer across Canada, the United States, and other regions, with a CA$113.5 billion market cap.
ITH.LSE · Capital · Positive Ithaca Energy is acquiring Suncor's east coast offshore oil assets including Terra Nova, White Rose and West White Rose, expanding its production portfolio.
SU · Capital · Positive Suncor agreed to sell its east coast offshore oil assets to Ithaca, exiting the region and refocusing capital on core oil sands while planning increased share buybacks.
Shell and Chevron Shut In Gulf of Mexico Platforms Ahead of Storm
Shell and Chevron have begun shutting in production at Gulf of Mexico platforms as a tropical storm that could become a hurricane by the end of the week approaches. Shell is evacuating all personnel from five platforms, including Mars, Olympus, Ursa, Vito, and Appomattox, and halting production there, while Chevron is doing the same at four of its nine offshore platforms in the Gulf and leaving the other five operating normally. BP was also reported to be evacuating staff from offshore platforms in the Gulf. Tropical storm Isaias, which formed offshore Mexico on Wednesday, is expected to make landfall on Saturday and could strengthen into a hurricane by the end of the week, which would make it the first hurricane in a much weaker-than-usual Atlantic hurricane season. Offshore fields in the Gulf of Mexico account for about 15% of U.S. total national oil production and 5% of total natural gas production, and with U.S. refineries already maxed out amid a global fuel crunch that has pushed refining margins and retail fuel prices to record highs, any disruption would aggravate the price problem. The platform shut-ins may also contribute to higher crude oil prices in a week that has seen intensified Iranian attacks on tankers in the Persian Gulf.
CVX · Supply · Negative Chevron is shutting in production at four Gulf of Mexico platforms and evacuating staff ahead of the storm, cutting its output.
SHEL.LSE · Supply · Negative Shell is halting production and evacuating all personnel from five Gulf of Mexico platforms, including Mars and Appomattox.
BRENT · Supply · Positive Storm-driven Gulf of Mexico production shut-ins tighten global crude supply, supporting Brent prices.
WTI · Supply · Positive Gulf platform shut-ins remove ~15% of U.S. oil output, tightening supply and supporting WTI crude prices.
BP.LSE · Supply · Negative BP is reported to be evacuating staff from its Gulf of Mexico offshore platforms ahead of the storm.
Yuanta upgrades PTTEP to Buy with 170 baht target, eyes Q3 profit of 19 billion baht
Yuanta Securities (Thailand) has upgraded PTT Exploration and Production Public Company Limited, or PTTEP, to "Buy" with a fair value of 170.00 baht, expecting third-quarter 2026 net profit of around 18 to 19 billion baht, or an estimated 19.183 billion baht. Although that would be a 29% decline quarter on quarter from a high base in the second quarter of 2026, it still represents outstanding growth of 51% year on year. The company will report its official financial statements on 30 October 2026. The quarter-on-quarter pressure comes from sales volumes expected to fall to 525 thousand barrels of oil equivalent per day, down 8% quarter on quarter, following planned maintenance shutdowns at production fields in the Gulf of Thailand, vessel maintenance in Malaysia, lower nominated gas volumes from PTT, and fewer oil delivery rounds in Algeria. Production costs also rose to 30 US dollars per barrel on maintenance expenses, along with the recognition of about 2.5 billion baht in losses from oil price hedging. However, profit still grows strongly year on year thanks to the signing of a production sharing contract, or PSC, for Block A-18-01 with a 50% stake in the Thailand-Malaysia Joint Development Area, which shifted the gas sales pricing structure to a Brent crude oil basis from the previous HSFO fuel oil basis, effective retroactively from the start of 2026, pushing the gas selling price up to 6.5 US dollars per million British thermal units. The research team maintains its 2026 net profit forecast at 76.710 billion baht, or about 77 billion baht, up 27.3% year on year, assuming an average Dubai crude price of 90 US dollars per barrel, and expects 2027 net profit of 71.620 billion baht on an average crude price assumption of 75 US dollars per barrel. It views PTTEP shares as still lagging the 29% rise in WTI crude, currently trading at a price-to-book value of just 1.0 times, 0.4 standard deviations below the long-term average, while return on equity is as high as 14.8% and the average dividend yield for 2026 to 2027 is above 6%. It expects a 2026 dividend of 9.66 baht, a yield of 6.6%.
BANPU jumps 5% as US subsidiary signs 800-million-dollar equipment contract to build 1,200 MW power plant; Yuanta sets 19-baht target
Shares of Banpu, or BANPU, climbed 4.90% to 15 baht after its US subsidiary BKV Corporation signed an equipment purchase agreement worth 800 million US dollars, or about 26.4 billion baht, to build a large 1,200 MW power plant. The plant is expected to serve a PPA contract with a large data center operator, or hyperscaler, of a size similar to the Temple I & II power plants already operating in the United States with a combined capacity of 1,400 MW. BKV's shares on the US market rose 7.4% overnight and closed at 23.68 US dollars, equivalent to a value of up to 13.60 baht per BANPU share. Yuanta Securities assesses that strong growth in the second half of this year and continuing into 2027 will come from three core businesses: the coal business, where selling prices remain high; the gas business, which is growing with data center demand; and the power business. It expects net profit of 6.514 billion baht this year and 6.744 billion baht next year, with a dividend yield of 5.5-5.7%, a turnaround from a net loss of 1.596 billion baht last year, and recommends a buy with a fair value of 19.00 baht.
BANPU.BK · Demand · Positive Banpu's US subsidiary BKV secured an $800M equipment deal for a 1,200 MW plant tied to a hyperscaler PPA, driving growth expectations.
BANPU.BK · Capital · Positive Yuanta set a 19-baht fair value and buy rating, projecting a turnaround to 6.514B baht net profit and 5.5-5.7% dividend yield.
BKV · Demand · Positive BKV signed an $800M equipment contract to build a 1,200 MW power plant serving a PPA with a hyperscaler data center operator.
BANPU jumps 5% after BKV signs $800 million equipment deal to build a 1,200 MW power plant feeding US data centers
BANPU shares rose 4.90% to 15.00 baht at 11:22 a.m. on October 8, 2026, on trading value of 633.76 million baht, after its US subsidiary BKV Corporation announced the signing of an equipment purchase agreement worth about 800 million US dollars to build a large power plant with a generating capacity of roughly 1,200 megawatts. The plant is expected to serve a power purchase agreement with a large hyperscale data center operator. The project is similar in size to the Temple I and Temple II plants that BKV already operates in the United States, which have a combined capacity of about 1,400 megawatts. BKV shares rose 7.4% in overnight trading, and based on the latest closing price of 23.68 dollars per share, that is equivalent to about 13.60 baht per BANPU share. Yuanta Securities Thailand therefore maintained its buy recommendation on BANPU with a fair value of 19 baht.
BKV · Demand · Positive BKV signed an ~$800M equipment deal to build a 1,200 MW plant serving a power purchase agreement with a hyperscale data center operator.
BANPU.BK · Demand · Positive BANPU's US subsidiary BKV secured the equipment deal and data-center power contract, driving the parent's shares up 4.9%.
BANPU.BK · Capital · Positive Yuanta Securities maintained its buy rating on BANPU with a 19 baht fair value after the BKV announcement.
KGI raises PTTEP profit forecasts for 2026-2027 on oil prices
KGI Securities has raised its profit forecast for PTTEP for 2026 by 6% to 79.2 billion baht, from 74.6 billion baht previously, and lifted its 2027 forecast by 2% to 83.1 billion baht, from 81.4 billion baht previously, citing higher crude oil prices. It raised its assumption for Dubai crude in 2026 to 90 US dollars per barrel from 85 US dollars per barrel, while keeping its 2027 assumption at 75 US dollars per barrel. It also raised its assumption for PTTEP's average selling price this year by a further 3%. For third-quarter 2026 operating trends, KGI expects net profit of 20.2 billion baht, up 59% year-on-year but down 26% quarter-on-quarter. The decline from the previous quarter is due to an expected loss of 2.5 billion baht from oil price hedging, a reversal from a hedging gain of 4.1 billion baht in the second quarter of 2026, as well as lower sales volumes. KGI maintains a hold rating on PTTEP with a 2027 target price of 156 baht. PTTEP shares are trading at 148.50 baht, up 1.50 baht or 1.02%, with turnover of 676.85 million baht.
Brokers expect PTTEP Q3 2026 profit at 23 billion baht, top buy target 190 baht
Several analysts expect PTT Exploration and Production Public Company Limited, or PTTEP, to post normalised profit of approximately 23 billion baht in the third quarter of 2026, down from 24.5 billion baht in the second quarter of 2026 but up significantly from 12.2 billion baht in the third quarter of 2025. Global Securities said in an analysis dated 7 October 2026 that the main pressure comes from sales volume, which is expected to fall to about 525,000 barrels of oil equivalent per day from 573,000 barrels of oil equivalent per day in the previous quarter, due to maintenance shutdowns at production fields in the Gulf of Thailand, as well as lower sales volumes from projects in Malaysia and Algeria. The average selling price is expected at about 52.2 dollars per barrel of oil equivalent, slightly down from 52.9 dollars in the previous quarter, while unit cost is expected to hold steady at about 30 dollars per barrel of oil equivalent. Net profit for the third quarter of 2026 is expected at about 20.3 billion baht after being hit by hedging losses. Global Securities maintained a buy recommendation with a target price of 190 baht and expects sales volume in the fourth quarter of 2026 to recover to about 548,000 barrels of oil equivalent per day. Kiatnakin Phatra Securities estimated normalised profit for the third quarter of 2026 at about 20.9 billion baht and expects normalised profit for the first nine months of 2026 at about 65 billion baht, or roughly 85% of its full-year profit forecast, while maintaining a buy recommendation with a target price of 155 baht. Land and Houses Securities expects normalised profit for the third quarter of 2026 at about 20.07 billion baht and maintained a buy recommendation with a target price of 164 baht. KGI Securities (Thailand) estimated net profit for the third quarter of 2026 at about 20.2 billion baht, up roughly 59% from the same period a year earlier but down about 26% from the previous quarter, while maintaining a hold recommendation with a target price of 156 baht. DAOL Securities (Thailand) said in an analysis dated 8 October 2026 that net profit for the third quarter of 2026 is likely to come in at about 19.3 billion baht, up roughly 52% from the same period a year earlier but down about 29% from the previous quarter, while maintaining a buy recommendation with a target price of 180 baht. Overall, most analysts still see that although PTTEP's third-quarter 2026 results will slow from the previous quarter on sales volume and hedging losses, profit will still grow strongly from a year earlier, while the fourth-quarter outlook has a chance to recover on higher sales volume and remains supported by high oil and natural gas prices.
PTTEP.BK · Capital · Positive Analysts expect PTTEP's Q3 2026 normalised profit to jump to ~23 billion baht from 12.2 billion a year earlier, with buy ratings and target prices up to 190 baht
PTTEP.BK · Supply · Negative Q3 sales volume is seen falling to ~525,000 boe/d from 573,000 boe/d due to maintenance shutdowns in the Gulf of Thailand and lower volumes from Malaysia and Algeria
KGI.BK · Capital · Neutral KGI Securities is cited only as one of several brokers estimating PTTEP's Q3 2026 profit; no company-specific development for KGI itself
KKP.BK · Capital · Neutral Kiatnakin Phatra Securities is mentioned only for its PTTEP profit estimate and buy rating; no news specific to the bank itself
LH.BK · Capital · Neutral Land and Houses Securities appears only as a broker giving a PTTEP profit estimate and target price; no company-specific development
KGI Securities (Thailand) estimates that PTTEP will post a net profit of 20.2 billion baht in the third quarter of 2026, up 59% from a year earlier but down 26% from the previous quarter. The year-on-year increase is supported by an expected 21% rise in average selling price to 52.2 US dollars per barrel of oil equivalent, tracking higher Dubai crude prices. However, third-quarter 2026 profit is likely to decline from the second quarter of 2026 because the company is expected to record a loss of 2.5 billion baht from oil price hedging, compared with a gain of 4.1 billion baht in the previous quarter, along with an expected 8% drop in sales volume to 525 KBOED due to maintenance shutdowns at several projects and a repair halt of the FPSO at the Kikeh project in Malaysia. At the same time, KGI has raised its PTTEP profit forecasts by 6% to 79.2 billion baht for 2026 and by 2% to 83.1 billion baht for 2027, after revising its assumption for Dubai crude prices in 2026 to 90 US dollars per barrel. It maintains a hold rating and a 2027 target price of 156 baht, noting that the share price may be pressured in the short term by the quarter-on-quarter decline in third-quarter 2026 profit, while investors still need to monitor the conflict situation in the Middle East and negotiations between the United States and Iran, which could directly affect global oil supply and prices.
PTTEP.BK · Capital · Positive KGI estimates PTTEP's Q3 2026 net profit at 20.2 billion baht, up 59% year-on-year, and raised its 2026-2027 profit forecasts.
PTTEP.BK · Supply · Negative Q3 2026 sales volume is expected to fall 8% to 525 KBOED due to maintenance shutdowns and the FPSO repair halt at the Kikeh project.
KGI.BK · Capital · Neutral KGI Securities is the analyst issuing the PTTEP profit forecast and hold rating, but the article reports no development affecting KGI itself.
Yuanta upgrades PTTEP to Buy with 170 baht target, expects 3Q26 profit of 1.9 billion baht
Yuanta Securities upgraded PTTEP to "Buy" with a fair value of 170.00 baht, expecting third-quarter 2026 net profit of 1.9 billion baht, down 29% from the previous quarter but up 51% year on year. The decline reflects lower expected sales volumes of 525 kboed, higher production costs of US$30 per boe, and recognition of about 2.5 billion baht in losses on oil price hedging. However, profit is still supported by the signing of the A-18-01 production sharing contract with a 50% stake in the Thailand-Malaysia Joint Development Area, which restructured the gas sales price to reference Brent crude retroactively from the start of 2026, expected to lift the gas sales price to US$6.5 per mmbtu, as well as the gas sales price contract adjustment round in Myanmar and lower depreciation. Yuanta maintained its 2026 and 2027 profit forecasts at 77 billion baht and 72 billion baht respectively, based on oil price assumptions of US$90 per barrel and US$75 per barrel respectively, and expects the company to report 3Q26 results on October 30. PTTEP shares have risen 10% since the start of the second half of 2026, still a laggard compared with WTI crude, which is up 29%. The stock currently trades at a PBV of 1.0 times, or 0.4 standard deviations below its long-term average, with a high ROE of 14.8% and low DER of 0.2 times, and offers an average dividend yield above 6% for 2026-2027.
PTTEP.BK · Capital · Positive Yuanta upgraded PTTEP to Buy with a 170 baht fair value, citing 3Q26 profit up 51% YoY and 2026-27 forecasts of 77/72 billion baht.
Asia Plus Expects PTTEP Q3 2026 Profit to Plunge 26% to 20 Billion Baht
Analysts at Asia Plus Securities expect PTTEP's net profit for the third quarter of 2026 to come in at around 20 billion baht, down 26.4% from the previous quarter, pressured by a 9.4% quarter-on-quarter decline in core profit and by special items that swung to a net expense of about 2.1 billion baht this period, versus net special income of 2.8 billion baht in the prior period. The swing was driven mainly by a reversal to a loss of about 2.5 billion baht on oil price hedging, compared with a gain of 3.1 billion baht on oil price hedging in the previous period. On a core basis alone, profit is expected at around 22 billion baht, pressured by petroleum sales volumes forecast to fall to about 525,000 barrels per day from 573,000 barrels per day, as gas nominations in the Gulf of Thailand decline following maintenance shutdowns at PTT's gas separation plant, along with maintenance shutdown plans across several projects. The Malaysia SABA-K project also remains shut in, continuing from the second quarter of 2026, because repairs to the floating production, storage and offloading unit, or FPSO, are not yet complete, with completion initially expected in 2027. The average selling price of products is expected to fall 2.1% from the previous quarter to about 51.8 dollars per barrel. Net profit for the nine months of 2026 is expected to account for 76.9% of the full-year 2026 net profit forecast, with a fair value estimate of 170 baht per share.
PTTEP.BK · Capital · Negative Asia Plus expects PTTEP's Q3 2026 net profit to plunge 26.4% on hedging losses and lower core profit.
PTTEP.BK · Supply · Negative Petroleum sales volumes are forecast to fall to ~525,000 bpd from 573,000 bpd due to maintenance shutdowns and the shut-in Malaysia SABA-K FPSO.
PTT.BK · Supply · Negative Maintenance shutdowns at PTT's gas separation plant cut gas nominations in the Gulf of Thailand, reducing PTTEP's petroleum sales volumes.
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Oil & Gas Exploration & Production▲
Shell Expects Record Third-Quarter Refining Margins
Shell, the British oil major, said on the 7th that it expects refining margins in the third quarter of 2026 to reach $42 per barrel, far above the previous quarter's $24 and a record high. The company attributed this to fuel supply tightness and rising prices caused by the war between the United States and Israel and Iran, and the Middle East conflict is seen as a revenue booster worth billions of dollars for the major oil companies. Shell raised its third-quarter integrated gas production forecast to 740,000 to 780,000 barrels of oil equivalent per day, up from its previous estimate of 570,000 to 630,000 barrels of oil equivalent per day. That figure includes production from Canada's ARC Resources, whose acquisition Shell completed on September 2 for $16.4 billion. Liquefied natural gas production is expected at around 7.2 million to 7.6 million tons, while upstream production is seen at 1.74 million to 1.84 million barrels of oil equivalent per day. Meanwhile, the chemicals and products division's refinery utilization rate is expected to fall below the prior quarter, as the Rhineland refinery was affected by low water levels on the Rhine. Analysts at RBC noted that the upstream production forecast exceeded market expectations and that the trading division is also operating at a high level, supporting cash flow generation, and commented that overall cash flow looks stronger than market expectations.
SHEL.LSE · Supply · Positive Shell expects record Q3 refining margins of $42/bbl driven by fuel supply tightness from the Middle East conflict, boosting revenue.
SHEL.LSE · Capital · Positive Shell raised its integrated gas production forecast and completed the $16.4B ARC Resources acquisition, with RBC noting stronger-than-expected cash flow.
Shell refining margins hit record $42 per barrel as wars disrupt fuel supply
Shell said Wednesday that its refining margins surged 75 percent in the third quarter compared with the second, as the Middle East and Ukraine wars hit supplies. The margins, which reflect the spread between the price of crude oil and the fuels derived from it, reached $42 per barrel in the July-September period, up from $24 per barrel between April and June, the British energy giant said in a trading statement ahead of full third-quarter earnings. According to Bloomberg, that $42 level is far above the previous record set in 2022 following Russia's invasion of Ukraine. Kathleen Brooks, research director at trading group XTB, described the move as an unprecedented widening of the refining spread, with pump prices, particularly for diesel, hitting record highs. While crude oil volumes from the Middle East have recently risen, production and export of refined products in the region remain heavily disrupted, and Ukrainian drone strikes on Russian energy infrastructure have prompted Russia to ban exports of certain products, notably gasoline and diesel. Shell's share price was up 0.6 percent in London midday deals, outperforming the FTSE 100 stocks index, which was down 0.6 percent.
Shell Refining Margin Hits Record $42 a Barrel on Fuel Crunch
Shell expects its indicative refining margin for the third quarter to have jumped to $42 per barrel, up from $24 per barrel in the second quarter, a record high that the UK-based major disclosed on Wednesday in its third quarter 2026 update note ahead of full results on October 29. The surge comes as global refining margins have soared on limited fuel flows from the Middle East and Russia's ban on diesel exports, which have compounded a global fuel crunch and taken an estimated 7-8 million barrels per day of refined petroleum products off the market. Shell's refinery utilization rate fell from 102% in the second quarter to an estimated 93% to 97% in the third quarter, as low water levels on the Rhine River hit utilization at the Rheinland refinery in Germany. Trading in the gas and fuel divisions is expected to be in line with the second quarter, while gas production guidance was lifted to 740,000 to 780,000 barrels of oil equivalent per day from 631,000 boe/d, including the completed acquisition of Canadian producer ARC Resources. Separately, Norway's Equinor guided on Wednesday for higher-than-expected earnings in its marketing, midstream, and processing division, citing unusually strong European refining margins and optimization in third-party LNG trading to push profits above the $400-million guidance.
SHEL.LSE · Capital · Positive Shell expects a record indicative refining margin of $42/bbl in Q3, up from $24/bbl, and lifted gas production guidance to 740,000-780,000 boe/d.
EQNR · Capital · Positive Equinor guided for higher-than-expected earnings in its marketing, midstream and processing division on unusually strong European refining margins and LNG trading optimization.
BKV Signs Equipment Supply Contract Backed by Investment-Grade Hyperscaler
BKV Corporation announced that a wholly owned subsidiary has executed an equipment supply contract with a Tier 1 Supplier for natural gas-fired power generation equipment for its prospective power generation project in Texas, backed by a backstop agreement with a leading investment-grade hyperscaler that is also the intended off-taker. Under the backstop agreement, the hyperscaler has agreed to reimburse a portion of BKV's costs associated with the equipment and related project work, covering approximately 90% of the payments owed by BKV through March 31, 2027 under the equipment supply contract. The agreement supports procurement of long-lead-time equipment including gas turbines, reheat steam turbines, reheat heat recovery steam generators and a plant distributed control system, along with related auxiliary equipment and services. If BKV and the investment-grade hyperscaler have not reached mutually agreeable offtake arrangements by March 31, 2027, BKV may terminate the equipment supply contract at that time and have no further payment obligations thereunder. The equipment supply contract provides for approximately 1,200 megawatts of power generation equipment, with deliveries beginning in September 2028, supporting BKV's power growth strategy and closed-loop platform spanning natural gas production, power generation and carbon capture.
BKV · Demand · Positive BKV signed an equipment supply contract for 1,200 MW of gas-fired power generation backed by an investment-grade hyperscaler that is the intended off-taker, advancing its power growth strategy.
Shell Signals Another Earnings Beat as Refining Margins Near Double
Shell said on Wednesday it expects its indicative refining margin to leap to $42 per barrel, nearly double the $24 per barrel recorded in the previous quarter, setting the energy giant up for a bumper quarter in its products division. The company will release its full third-quarter results at the end of October, and Garry White, chief investment commentator at Raymond James, said the update suggests another strong set of results is in prospect and that a further earnings beat could be on the cards in the September quarter. The margin expansion follows G7 leaders agreeing to release a 100m emergency supply of diesel and oil in a bid to stave off a brewing supply crisis, with diesel prices smashing the 200p a litre mark in Britain for the first time ever last week. The surge in refining profitability will help offset softer performance in Shell's chemicals division and absorb roughly $2.5bn in expected cash outflows tied to German emissions certificate payments, though summer heatwaves across western Europe led to low water levels on the Rhine River and forced Shell to curtail processing at its flagship Rheinland refinery in Germany, pushing overall refinery utilisation down to between 93 per cent and 97 per cent compared to 102 per cent in the second quarter. Elsewhere, Shell reported a boost in gas production following the completed acquisition of ARC Resources, raising its integrated gas production outlook to 740,000–780,000 barrels of oil equivalent per day, after revealing the $16.4bn deal for the Canadian shale producer in April.
SHEL.LSE · Capital · Positive Shell expects indicative refining margin to nearly double to $42/bbl, setting up a bumper quarter and possible earnings beat.
SHEL.LSE · Supply · Positive G7 emergency release of 100m barrels of diesel/oil amid a brewing supply crisis is driving the refining margin surge.
Galliford Try Wins Spot on Oxford's £1.6 Billion Inspire Framework
Galliford Try Holdings PLC has landed a spot on the University of Oxford's new construction framework, the Oxford Inspire framework, which is worth up to £1.6 billion over eight years. Quantum Blockchain Technologies PLC has secured a US patent for its ASIC Ultra Boost Bitcoin mining technology and is now pushing towards licensing deals with hardware manufacturers. Futura Medical PLC reported strong results from its latest Eroxon Intense home user test, showing a bigger improvement than the previous study ahead of a 2027 launch. Helix Exploration PLC recorded its highest-ever helium readings at the Ollie #1 well in Montana, with the well coming in ahead of schedule and under budget. 88 Energy Ltd has received multiple bids for a farm-out of its South Prudhoe Project in Alaska and is now working to pick a partner ahead of its planned Augusta-1 well, while Powerhouse Energy Group PLC has signed a letter of intent for a new waste-to-energy research centre in Antigua focused on tackling the region's sargassum seaweed problem.
Shell Lifts Q3 Integrated Gas Output Forecast, Sees Stronger Refining Margins
Shell PLC raised its third-quarter integrated gas production forecast to 740,000 to 780,000 barrels of oil equivalent per day, up from its previous guidance of 570,000 to 630,000 boepd. The British energy major produced 631,000 boepd in the second quarter, partly reflecting the acquisition of ARC Resources. Shell also forecast an indicative refining margin of $42 a barrel for the quarter, up sharply from $24 a barrel in the second quarter, while its indicative chemicals margin is expected to fall to $208 a tonne from $270 a tonne. The company warned that weaker chemicals margins and higher cash outflows could weigh on its results. Shell is due to report third-quarter results on Oct. 29.
Shell Guides to Higher Q3 Gas Production and Refining Margins, $300M Write-Off
Shell said Wednesday it expects about $300M in third-quarter upstream exploration well write-offs, alongside higher integrated gas production and refining margins. Upstream production is forecast at 1.735 million to 1.835 million barrels of oil equivalent a day, while integrated gas production is expected to rise to 740,000-780,000 boe/d and LNG liquefaction volumes are forecast at 7.2-7.6 million tonnes. In the second quarter, the European oil and gas major produced 631,000 boed, compared with over 900,000 boed before the US and Israel started a war on Iran in February. Shell's indicative refining margin is expected to rise to $42 a barrel in Q3'26 from $24 a barrel in Q2'26, with Trading & Optimisation expected to remain in line with the previous quarter. The update follows CEO Wael Sawan's Tuesday remark that oil flows from the Middle East have rebounded to roughly 80% of pre-war volumes, and last month's agreement to farm into two BP offshore exploration projects, taking a 30% interest in BP's Conifer prospect in the U.S. Gulf and a 50% stake in the Tupinamba block in Brazil's Santos Basin, with financial terms not disclosed.
SHEL.LSE · Capital · Positive Shell guides to higher Q3 integrated gas production and refining margins, though partly offset by ~$300M upstream exploration write-offs.
NATGAS · Supply · Positive Shell forecasts higher integrated gas production (740,000-780,000 boe/d) and LNG liquefaction volumes, signaling increased gas supply.
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