Exxon had nine functional companies that operated relatively independently from one another when Woods took over in 2017, creating layers of bureaucracy and duplication of support services. The company now has three main divisions — production, refining and low-carbon — all of which share services like engineering, IT and project management.
Venezuelan and Shell officials had been pushing to ready gas exports to Trinidad by 2026 after receiving a waiver from the US in 2022 to allow work on the Dragon project. But the US revoked that license in April, two weeks ahead of Persad-Bissessar’s inauguration.
TotalEnergies SE said it has won the rights to build and operate France’s biggest offshore wind farm, which will generate six terawatt hours a year, enough to power over one million French households.
Marine shipping and logistics company KNOT Offshore Partners LP reported revenues, operating income, and net income of $87.1 million, $22.2 million, and $6.8 million, respectively, for the three months ended June 30, 2025.
Southern Australian states are heavily reliant on the gas produced in Queensland. Earlier this year, they prompted the government to try and force producers to set aside a certain amount of the energy commodity for the domestic market. Big Oil immediately responded with warnings that this could discourage further investment in the country’s gas industry, which is necessary to boost supply for the future.
Occidental was earlier this year named among the top 10 shale operators, with 1.22 million barrels of oil equivalent in daily production. This placed it third after Exxon and sector independent Expand Energy.
The sovereign wealth funds of Gulf petrostates continue to be the top state investors globally despite weaker oil prices this year. The share of sovereign wealth fund investments from the Middle East and North Africa in the global total was 40% for the first nine months of the year, cementing the funds’ leadership.
TotalEnergies SE has agreed to sell a 50% stake in a 1.4-GW U.S. solar portfolio to KKR & Co., in a deal valuing the assets at $1.25 billion, including debt. The French major will receive about $950 million in cash at closing, with refinancing of the projects underway.
LLOG Exploration Offshore has brought the Salamanca Floating Production Unit (FPU) online in the deepwater U.S. Gulf of Mexico, achieving first oil from the Leon field in Keathley Canyon Block 689. The facility, located in 6,400 ft of water, marks the first reuse of a former Gulf production unit repurposed for new development.
“Most firms will suspend share repurchases altogether if oil prices fall below $50 per barrel, whilst protecting base dividends at all costs. Companies will also build flexibility into their investment programmes to rapidly cut spend in response to low prices,” it added.