Magnolia Oil & Gas Corporation has posted a net income of $106.6 million for the first quarter, up 9 percent compared to the corresponding quarter in 2024.
The company said production grew by 14 percent year-over-year to 96.5 thousand barrels of oil equivalent per day, including 39.1 thousand barrels per day of oil, which are quarterly production records for the company.
At the end of April, crude oil prices settled at the lowest in four years. The immediate reason was a report that Saudi Arabia was fed up with production cuts and was willing to give cheaper oil for a longer go. The other reason: Trump’s tariffs. Ironically, the tariff fear pressuring prices is related to economic growth prospects. Yet cheap oil is a great fuel for economic growth—which is why oil importers are happy. Exporters, not so much.
Although the ‘No Iranian Energy Act’ was introduced to U.S. lawmakers on April Fools’ Day it is no joke as far as the Americans are concerned and the Iraqis will find little cause for merriment in its contents either. As highlighted by Chairman of the Republican Study Committee, Congressman August Pfluger, this legislation is part of President Donald Trump’s maximum pressure campaign against Iran’s leaders.
Venezuela saw its oil exports slump by nearly 20% in April from March to the lowest level in nine months, after state-owned oil firm PDVSA canceled cargoes for Chevron, Reuters reported on Thursday, citing shipping documents and tanker-tracking data.
Global oil markets are entering a pivotal phase as exploration-driven reserve replacement lags. With only a few bright spots like Namibia and Guyana, estimates suggest that just 25–30% of the oil consumed each year is currently being offset by new discoveries.
Low inventories reported today by the Energy Information Administration (EIA) did nothing to staunch the bleeding, with WTI getting gutted nearly 4% on the day, and Saudi rumors throwing another spanner in the works, while new U.S. economic data suggests more pain is in store for the sector.
Indian Oil Corporation has signed a five-year deal with Trafigura to import 2.5 million tonnes of LNG in a USD 1.3 billion-1.4 billion agreement, Reuters cited chairman A S Sahney as saying on Wednesday.
Shell has increased its working interest in the Ursa platform in the Gulf of Mexico from 45.3884% to 61.3484%, the company said on Thursday.
Shell Offshore and Shell Pipeline Company completed the acquisition of additional interests in the Ursa platform and associated assets, previously held by ConocoPhillips.
Equinor subsidiary Equinor Brasil Energia has entered into agreements to sell its 60% operated interest in Brazil’s Peregrino offshore oilfield to Prio Tigris, a subsidiary of Brazilian independent oil and gas company Prio, for USD 3.5 billion, the Norwegian company announced on Friday.
US oil futures broke a three-day string of losses as equity markets strengthened and President Donald Trump threatened broader sanctions against buyers of Iranian crude.
West Texas Intermediate settled 1.8% higher, at $59.24 a barrel, after Trump said that any nation or person who buys oil or petrochemicals from Iran will be subject to secondary sanctions. It was the biggest one-day increase for US oil futures in more than a week.