upstream – Oil & Gas 360

bp reports $7.8 billion cash flow, strong upstream performance and six project startups in Q3 2025

November 4, 2025

(World Oil)– bp plc reported operating cash flow of $7.8 billion and underlying replacement cost profit of $2.2 billion for the third quarter of 2025, reflecting stronger upstream performance and improved refining margins across its global portfolio. Chief Executive Officer Murray Auchincloss said bp delivered “another quarter of good performance across the business,” highlighting continued operational strength, cost reductions, and accelerated

ExxonMobil ramps up global output with early Yellowtail startup and Permian gains

October 31, 2025

(World Oil)– ExxonMobil reported third-quarter 2025 earnings of $7.5 billion, highlighting record upstream performance across its global portfolio, led by major gains in the Permian basin and offshore Guyana. Companywide production averaged 4.8 million boe per day, up 139,000 boed from the prior quarter. ExxonMobil’s Permian production hit a record 1.7 MMboed, while Guyana output exceeded 700,000 boed, marking another

Chevron beats estimates as Hess acquisition drives oil production growth

October 31, 2025

(World Oil)– Chevron Corporation reported record oil and gas production in the third quarter of 2025, driven by the integration of Hess Corporation assets and strong performance from core upstream regions including the Permian basin, Gulf of America, Kazakhstan, and Guyana. The company’s global production rose 21% year-over-year to 4.1 million boe per day, its highest on record. The acquisition

Shell earnings rise on record deepwater output, LNG strength

October 30, 2025

(World Oil)– Shell plc reported strong third-quarter 2025 results, underpinned by record production from its deepwater assets in Brazil and the Gulf of America, as well as robust performance across its LNG and Marketing divisions. Adjusted earnings reached $5.4 billion, while cash flow from operations (CFFO) totaled $12.2 billion, reflecting higher volumes and stronger trading and optimization results compared to

Upstream oil and gas dealmaking down in third quarter as oil prices stayed low

October 22, 2025

(Investing) – HOUSTON-Persistently weak crude prices pressured merger and acquisition activity in the U.S. upstream oil and gas sector in the third quarter, analytics firm Enverus said on Wednesday. Dealmaking fell for the third straight quarter as U.S. crude futures averaged around $65 a barrel during the July through September period, around the level producers say they need to profitably drill.

Chevron, Anadarko join consortium to explore offshore Peru’s Trujillo basin

September 19, 2025

(World Oil)– Chevron, Anadarko, and investment fund Westlawn have formalized a new partnership to advance hydrocarbon exploration offshore Peru, marking a significant step in revitalizing the nation’s upstream sector. The three companies signed amended license agreements with Perupetro for Blocks Z-61, Z-62, and Z-63 in the Trujillo basin, an offshore area covering 6,018 km² some 50 nautical miles off the coasts of Lambayeque and La

ADNOC looks to purchase U.S. natural gas fields as part of expansion strategy

March 7, 2025

(World Oil) – (Bloomberg) – The United Arab Emirates’ biggest oil company is seeking to buy its first natural gas producing fields in the U.S. to deepen its presence in the country, according to people familiar with the matter. Abu Dhabi National Oil Co. wants the deals to complement its recent acquisitions of chemical plants and liquefied natural gas export

BP hikes oil and gas investment to $10 billion a year in strategy reset

February 27, 2025

(Oil Price) – BP is increasing its investment in upstream oil and gas to $10 billion per year while slashing spending on clean energy by more than $5 billion a year in the highly anticipated strategy reset announced on Wednesday. BP’s stock has been underperforming its UK-based peer, Shell, and other major international oil firms in recent years. The BP board has been

US energy mergers may slow in 2025 as deal sizes shrink, says Enverus

January 21, 2025

(Investing) – The pace of U.S. upstream public-to-public mergers could slow in 2025 from their recent average of five per year along with a fall in deal sizes, according to a report from energy analytics firm Enverus that was released on Tuesday. The consolidation trend in the U.S. energy sector, which triggered deals amounting to $250 billion in 2023, stretched into

Oil and gas upstream M&A deal value hits highest Q1 levels since 2017

February 27, 2024

Nasdaq An ongoing consolidation in the U.S. shale industry has driven up global M&A deal value in the oil and gas exploration sector to its highest first-quarter level in seven years, industry experts said. Deals worth more than $55 billion have been announced in the first two months of 2024, according to analytics firm Enverus, as publicly traded companies take

Enverus: Permian returns to center of M&A activity as upstream activity “boomed” with $24 billion deals

July 26, 2023

World Oil CALGARY, Alberta — Enverus Intelligence Research (EIR), a subsidiary of Enverus, is releasing its summary of Q2 203 upstream merger and acquisition (M&A) activity. In Q2, U.S. upstream M&A boomed with $24 billion transacted in 20 deals, with the Permian returning to its usual position as the center of M&A activity. One notable exception to this Permian-centric quarter

Japan to boost investment role in upstream LNG projects

April 15, 2022

Nasdaq TOKYO – Japan plans to step up its investment role in upstream projects for liquefied natural gas (LNG), to spur new development and boost fuel offtake by its companies, the industry minister said on Friday. Investment in new LNG development worldwide has dropped significantly as a global trend toward decarbonisation grows, although demand, especially in Asia, had risen, even

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