EQT Corporation will acquire the upstream and midstream assets of Olympus Energy for USD 1.8 billion to strengthen its footprint in the USA’s Marcellus and Utica shale regions, the company said on Wednesday.
Oil prices may decline further this year as new production swells and demand remains capped by China’s faltering growth, the head of the International Energy Agency said.
While crude futures have recovered over the past two weeks to trade near $68 a barrel on London, they remain roughly 9% below levels traded before President Donald Trump announced a blizzard of tariffs on China and other nations on April 2.
OPEC+’s audacious bid to punish its oil-quota cheats prompted a renewed plunge in crude on Wednesday, as growing tensions with Kazakhstan stoked fears of an escalating price war.
Oil markets have been jittery since early April, when the producers’ group led by Saudi Arabia stunned traders by accelerating the revival in its output. This was an apparent effort to discipline over-producing members by driving down prices, yet Kazakhstan — the greatest offender — has continued to pump as usual at its biggest fields.
Vantage Drilling International has received a conditional letter of award for the Platinum Explorer deepwater drillship with a 90-day validity period. The contract value is circa $80 million with an anticipated 260 days required to render the campaign, inclusive of mobilization time, paid-for contract preparation time and demobilization time.
Oil markets are bracing for the next big external shock as Trump’s trade war with China continues to escalate and talks of a potential nuclear deal with Iran threaten to bring fresh supply to markets.
AIQ and Weatherford have signed a strategic collaboration agreement to integrate AIQ’s artificial intelligence systems with Weatherford’s digital oilfield technologies, the companies said on Tuesday.
The partnership aims to enhance efficiency in global energy operations. It will bring together AIQ’s AI platforms with Weatherford’s Modern Edge suite, Unified Data Model and WFRD Software Launchpad. The integration is designed to modernise workflows, reduce downtime and cut operational costs across energy facilities worldwide.
Paris-listed Vallourec has secured a contract with Dutch offshore contractor Allseas to supply line pipes for the Petrobras-operated Buzios 10 offshore project in Brazil, Vallourec announced on Tuesday.
Halliburton Co., the world’s largest provider of hydraulic fracturing services, fell sharply after warning investors that tariffs will impact a wide swath of the company’s business units.
The dominant North American oil field services provider told investors Tuesday on a conference call that tariffs will have an impact of 2 to 3 cents per share during the second quarter, with 60% of the hit affecting its completions-and-production unit, which houses the fracing business. The rest of the tariffs impact will be to its drilling and evaluation segment.
Crescent Energy has closed the sale of its non-operated Permian basin assets to a private buyer for $83 million in cash, the company announced Tuesday. The assets are located in Reeves County, Texas and had projected full-year 2025 production of approximately 3 Mboe/d (~35% oil).
Oil rose as the potential for the U.S. to curtail Iranian flows added to a rebound driven by broader markets.
West Texas Intermediate advanced about 2% to settle near $64 a barrel, recouping most of the previous day’s losses, which were driven by U.S. President Donald Trump’s public rebuke of the Federal Reserve.