Civitas Resources announced two major updates on Aug. 6: the reinstatement of a capital return program and a leadership transition that places Board Chair Wouter van Kempen in the role of interim CEO.
ConocoPhillips has signed an agreement to sell its assets in the Anadarko basin for $1.3 billion, a move that pushes the company past its $2 billion divestiture goal ahead of schedule and reinforces its strategy to optimize its Lower 48 portfolio.
Yinson Production has completed the buy-out of the project loan tied to FPSO Atlanta from Brava Energia S.A., paying a total of approximately $257.4 million in cash, including $255.5 million in principal and $1.9 million in accrued interest.
Russia’s crude oil and condensate exports have declined slightly since 2022, but the bigger shift has come in where those barrels are going, according to new analysis released by the U.S. Energy Information Administration (EIA) on Aug. 7.
Tullow now expects output of 40,000-45,000 barrels of oil equivalent per day (boepd) for the year, down from 50,000-55,000 boepd projected earlier. It reported an average production of 40.6 kboepd in the first half, excluding Gabon.
In a later statement, India’s foreign ministry said that oil import decisions were “based on market factors and done with the overall objective of ensuring the energy security of 1.4bn people of India”. A spokesperson for the ministry said that “It is therefore extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest. We reiterate that these actions are unfair, unjustified and unreasonable.”
Chinese coal purchases for the first half of 2025 were down by 11% from a year ago, to 221.7 million tons. Imports for the full year are set to be between 50 million tons and 100 million tons lower compared to 2024, the local industry association, China Coal Transportation and Distribution Association, said last month. Factors affecting imports include the real estate sector crisis, weaker industrial growth, and the increase in domestic production.
The tariff would aim to reshape the global semiconductor supply chain by incentivizing onshore production. Notable companies such as Apple, already committing over $100 billion in additional U.S. investments (bringing their total pledge to $500 billion), are being touted as major beneficiaries of this carve?out. Major chipmakers like TSMC—with its new Arizona fab—and Samsung, as well as SK Hynix, are also expected to qualify for exemptions given their current or planned production footprints in the U.S.
The total U.S. rig count dropped by two week on week and now stands at 540, according to Baker Hughes’ latest North America rotary rig count, which was released on August 1. Of the total U.S. rig count of 540, 525 rigs are categorized as land rigs, 13 are categorized as offshore rigs, and two are categorized as inland water rigs, the count revealed. The total U.S. rig count is made up of 410 oil rigs, 124 gas rigs, and six miscellaneous rigs, according to Baker Hughes’ count, which highlighted that the U.S. total comprises 471 horizontal rigs, 54 directional rigs, and 15 vertical rigs.
“The Argos expansion underpins our commitment to investing in America, growing our US offshore energy production safely and efficiently,” Andy Krieger, BP’s senior vice president for the Gulf of America and Canada, said. “This project also kicks off a period of significant growth for BP in the Gulf of America, which will continue to play a critical role in delivering secure and reliable energy the world needs today and tomorrow”.