Energy

Marathon Petroleum shares are up 7.3% after analyst upgrades and an earnings beat, with the stock outperforming both the Oils-Energy sector and the broader market over the past month. The company reported US$52,337 million in revenue and US$5,138 million in net income in its Q2 2026 results, and it is set to discuss its third-quarter results on a now-completed November 3, 2026 conference call. A narrative projection for Marathon Petroleum forecasts $137.9 billion in revenue and $5.2 billion in earnings by 2029, implying revenue declining by 3.6% per year and an earnings decrease of $3.3 billion from $8.5 billion today. That forecast yields a $324.56 fair value, a 24% downside to the current price, while some of the most optimistic analysts had once assumed revenue could reach about US$198.8 billion and earnings US$7.6 billion. The recent analyst upgrades and share price outperformance highlight earnings momentum as the key short-term catalyst, though they do not materially change the core risk that future demand for refined products could structurally weaken over time.

TD Cowen upgraded Targa Resources to Buy from Hold and raised its price target to $350 from $275, sending the oil and gas infrastructure company's shares up 3.3% in Friday's trading. Analyst Jason Gabelman cited expected Permian Basin wet gas growth and peer-leading EBITDA growth, saying Targa has grown its Permian gas processing volumes faster than underlying robust Permian gas growth, a trend he expects to continue on producer activity and expanding gas-to-oil ratios. He forecast 17 new processing plants through 2030 and two plants per year beyond 2030, underpinned by maintained market share and Targa's relationship with Permian-growth leader Exxon. Gabelman also sees Targa's free cash flow yield improving to greater than 10% in 2028 from 6% in 2026, versus peer FCF yield of 8.5% in 2030, supported by EBITDA growth from new processing plants and completion of the large Speedway NGL pipeline capital project, which he said could push the market toward a 2030 valuation methodology rather than 2027 EBITDA.

ExxonMobil expects the share of production from its advantaged assets, including the Permian Basin, Guyana and LNG, to keep growing, reaching roughly 65% of upstream production under its 2030 plan, up from 59% in the 2026 year-to-date period. The company had previously cautioned that its Middle East production would be affected if the Strait of Hormuz remains closed for a full quarter, but its longer-term production outlook remains bright, with West Texas Intermediate hovering close to the $100 per barrel mark amid continued shipping disruptions through the Strait of Hormuz. On refining, management said in its latest earnings call that it expects elevated refining margins to persist, as market tightness is projected to take time to normalize even after conflicts end, and ExxonMobil intends to maximize throughput across its refining system to capture stronger margins. Refining markets have tightened further since the start of the conflict in the Middle East due to damage to refining infrastructure there, attacks on Russian refining facilities and lower Chinese exports. Shares of ExxonMobil have gained 47.4% over the past year compared with the industry's growth of 49.3%, and the stock trades at a trailing 12-month enterprise value to EBITDA of 9.11X, above the broader industry average of 5.87X.

Chevron has secured updated agreements in Venezuela, committing over US$7.0b to expand its Orinoco Belt footprint as global oil market buffers tighten and geopolitical risks keep crude prices elevated. The company's share price has climbed 21.85% over the past 90 days and 35.71% year to date, contributing to a 1-year total shareholder return of 38.45%. Chevron closed at $211.57, while the most followed narrative pegs fair value at $221.21 using a 7.24% discount rate, implying the stock is 4.4% undervalued. Record production growth, especially in the Permian and from the Hess acquisition in Guyana and the Bakken, positions Chevron to meet rising energy demand. Still, heavy dependence on long-lived oil projects and execution risk in places like Venezuela could quickly undermine the current undervaluation story.

SM Energy is drawing heavy investor attention, with the Zacks Consensus Estimate for the current quarter now at $1.90 per share, up 5.4% over the last 30 days and implying a 42.9% increase from the year-ago quarter. For the current fiscal year, the consensus earnings estimate of $7.48 points to a 38% change from the prior year and has risen 3.8% over the past month, while the next fiscal year's estimate of $8.24 indicates a 10.1% change and has moved up 1.5% over the past month. Revenue forecasts are also climbing: the current-quarter consensus sales estimate of $1.98 billion implies a 143.4% year-over-year change, with current and next fiscal year estimates of $7.47 billion and $7.6 billion indicating changes of 137% and 1.7%, respectively. In its last reported quarter, SM Energy posted revenues of $2.5 billion, a 215.3% year-over-year change and a 24.54% surprise versus the Zacks Consensus Estimate of $2.01 billion, while EPS of $2.19 compared with $1.5 a year ago and delivered a 13.47% surprise. The company beat consensus EPS estimates in each of the trailing four quarters and topped consensus revenue estimates twice over that period, and it carries a Zacks Rank #3 (Hold) along with a Zacks Value Style Score of A.

Mr. Bandit Thammaprachit, Chief Operating Officer of the Upstream Petroleum and Natural Gas Business Group at PTT Public Company Limited, or PTT, disclosed that amid the energy transition, natural gas continues to play an important role both as a transition fuel and a destination fuel, especially in Asia, where energy demand is still trending upward, driven by the power sector, the industrial sector, and new sources of demand such as data centers and AI. He also noted that LNG procurement models are shifting from a point-to-point LNG system to a connected flexible network that links supply sources, shipping routes, infrastructure, and destination markets together. PTT therefore places importance on developing both gas and LNG infrastructure and its LNG portfolio in parallel, with two key approaches: first, developing infrastructure to be more connected and flexible, moving from having capacity to having connectivity and flexibility through enhanced storage, reload, re-export, break-bulk, and ship-to-ship capabilities, as well as a virtual inventory approach; and second, building a diversified and flexible LNG portfolio by spreading diversity across supply sources, regions, sellers, contract types, transportation, and destination markets, while balancing long-term contracts that serve as the foundation of supply security with short-term and spot market procurement. Through the development of connected infrastructure alongside a flexible LNG portfolio, PTT aims to elevate Thailand's potential to become the region's physical LNG delivery hub, in order to strengthen the security and flexibility of the Thai energy system.

TotalEnergies has entered into a partnership agreement with Global Infrastructure Partners, a part of BlackRock, covering its interests in some oil and gas infrastructure assets in Africa. Under the deal, GIP will make a US$1.8 billion capital contribution, and TotalEnergies will pay GIP a throughput-based tariff over a period of up to 15 years. Chief Financial Officer Jean-Pierre Sbraire said the agreement strengthens the company's relationship with GIP and crystallizes the value of some of its midstream infrastructure assets in Africa. TotalEnergies is a global integrated energy company with more than 100,000 employees active in about 120 countries.

PTT Group co-hosted the global energy conference and exhibition Gastech 2026, hosted in Thailand, with PTT Group executives taking the stage to present their vision covering natural gas and LNG, energy security, and sustainability. Dr. Kongkrapan Intarajang, Chief Executive Officer and President of PTT Public Company Limited, or PTT, said in a panel discussion titled "LNG in the age of electrification" that the energy transition must balance energy security, affordable prices for the public, and sustainability, with natural gas and LNG regarded as destination fuels that will play a role in the long-term energy system, serving demand from the industrial sector, rising electricity use, as well as AI and data centers. Mr. Bandit Thammaprasitjit, Chief Operating Officer of the Upstream Petroleum and Gas Business Group at PTT, said that PTT aims to develop natural gas and LNG infrastructure from LNG receiving, storage, and regasification to gas pipeline systems and connections with downstream markets, while building a diversified and flexible LNG portfolio and seeking to extend Thailand's potential to become the region's physical LNG delivery hub. Meanwhile, Mr. Jaturong Worawitsurawatthana, Senior Executive Vice President of the International Trading Business Unit at PTT, noted that energy security does not depend solely on the volume of LNG supply, but also on buyers' ability to access LNG at appropriate price levels, and that long-term contracts should be more flexible in terms of volume, delivery schedules, destinations, and price structures. Mr. Rattakorn Kampanatsanyakorn, Senior Executive Vice President of Corporate Sustainability at PTT, disclosed that PTT is developing I-SPARK in the Map Ta Phut area of Rayong Province, which is expected to attract more than 5 billion US dollars in investment, generate more than 3 billion US dollars in economic value, create more than 13,000 new jobs, and help reduce carbon dioxide emissions by approximately 9 million tons per year by 2035, supporting the goal of net zero emissions by 2050.

Marathon Petroleum closed the most recent trading day at $421.96, up 1.94% and outpacing the S&P 500's 1.14% gain. The refiner's shares have appreciated 14.74% over the past month, beating the Oils-Energy sector's 1.41% gain and the S&P 500's 2.85% loss. Ahead of its upcoming earnings release, the company is predicted to post an EPS of $23.15, a 669.1% increase from the year-ago quarter, on revenue of $32.84 billion, down 8.39%. For the full year, the Zacks Consensus Estimates anticipate earnings of $59.15 per share and revenue of $154.8 billion, shifts of +452.8% and +14.48% respectively. Over the past month the Zacks Consensus EPS estimate has risen 26.78%, and Marathon Petroleum currently holds a Zacks Rank of #1 (Strong Buy).

Elroy Air announced that Bristow Group Inc. has expanded its early delivery reservations for the Chaparral autonomous cargo aircraft, reserving 10 additional early delivery positions for a total of 15. Bristow previously secured early delivery slots for five Chaparral drones and announced a pre-order agreement for up to 100 Chaparral drones. The announcement follows the first autonomous, uncrewed flight demonstrations conducted in Houma, Louisiana, as part of the Federal Aviation Administration's and the U.S. Department of Transportation's eVTOL Integration Pilot Program, in collaboration with government and industry partners. Bristow Executive Vice President and Chief Transformation Officer David Stepanek said the Louisiana demonstrations gave the company a chance to explore how Chaparral could support a range of transportation and logistics missions, adding that Bristow sees potential applications across commercial, government services, and special mission operations. Elroy Air CEO Dr. Andrew Clare said the company was proud to have partnered with Bristow over the last few years and appreciated Bristow's continued confidence in the platform. The Chaparral is an uncrewed, autonomous VTOL aircraft that carries 500+ pounds of cargo, requires no runways or fixed infrastructure, and has a hybrid-electric powertrain with range of up to 450 miles. Kratos Defense & Security Solutions, the exclusive U.S. manufacturer of Chaparral, will produce the aircraft at its expanding Sacramento, California facility, with the first production aircraft planned for late 2026.

Shell warned that the global energy market is running through its remaining cushions after losing roughly 36 million metric tons of LNG and 1.6 billion barrels of crude oil and condensates since the Middle East conflict began. The company's chief economist said weaker Chinese demand, inventory drawdowns, flexible shipping, spare pipeline capacity and rising production from the Americas helped soften the first wave of disruption, but that protection is thinning. Even if key energy routes reopen, damaged infrastructure and supply-chain bottlenecks could keep the market tight well into 2027, while Europe heads toward winter with unusually low gas inventories. Shell's LNG portfolio, shipping reach and global trading network could gain strategic value in that environment, though high prices cut both ways, as Asian buyers have already shifted toward coal, nuclear power and domestic gas. Shell's U.S. shares were nearly flat at $95.51, a 15.21% premium to a GF Value estimate of $82.90.

ExxonMobil has entered preliminary talks with Venezuelan authorities about a potential re-entry into the country's oil sector, while also taking part in newly announced US Vietnam trade agreements that include energy cooperation with Vietnamese partners. Management is assessing Venezuela alongside wider Latin American options as it weighs long-term upstream opportunities in the region. The Venezuela discussions would add long-life upstream sources alongside Guyana and the Permian Basin, though they also sharpen exposure to regulatory and contract uncertainty in politically complex regions. The Vietnam agreements extend ExxonMobil's LNG and gas value chain into a growing Asian demand hub, with potential integration with projects such as Golden Pass LNG. The company operates a global oil and gas portfolio spanning exploration and production of crude and natural gas across the US, Canada, and a wide set of international basins.

ExxonMobil is nearing a deal to invest in Venezuelan oil fields in the Orinoco Belt, according to reports from The Wall Street Journal and WTVB, returning to a country it exited after Hugo Chavez's government nationalized foreign oil assets in 2007. The fields under discussion carry geological estimates of more than 50 billion barrels of oil, a figure that describes oil in the reservoir rather than Exxon's booked reserves or production. Separately, Harold Hamm's Continental Resources signed a memorandum of understanding with Venezuela's state oil company Petroleos de Venezuela on September 16, 2026 covering the Ayacucho 2 Block in the Orinoco Belt, an area with an estimated 30 billion barrels of oil reserves, marking the Oklahoma independent's first move into the country. President Trump has said the United States secured a 65 billion barrel agreement with Venezuela, a claim that does not reconcile with either company's disclosures. Exxon shares traded at $162.01 as of 12:10 p.m. ET on September 17, 2026, down 0.80% on the session, but remain up 37.31% year to date and 45.33% over the past year.

Norwegian oil company DNO has agreed revised terms for its proposed takeover of UK-listed Capricorn Energy, raising its offer to $5.214 in cash per share and valuing the company at $396m, or £294m. Capricorn's directors intend to unanimously recommend that shareholders support the deal. The revised proposal replaces an earlier structure that offered $4.224 in cash per share plus a proposed special dividend of $0.99, with shareholders now receiving the full acquisition value directly in cash from DNO's Bidco subsidiary; the companies said the new arrangement provides greater certainty of value because it does not depend on Capricorn declaring and paying the proposed dividend before the transaction becomes effective, and Capricorn's board no longer expects to declare and pay a dividend equivalent to that amount. The revised cash consideration is equivalent to £3.88 per share, a premium of roughly 46% to Capricorn's closing share price of £2.66 on 10 March 2026, the day before the offer period began, and 61% above the company's three-month volume-weighted average price of £2.41. DNO's proposal increases the implied value of Capricorn by around $36m compared with the acquisition value under the earlier offer from Genel Energy on a constant-currency basis, an increase of $0.474 per Capricorn share and a premium of around 10% to the value of the Genel proposal; Capricorn had agreed to DNO's original proposal earlier this month, leading Genel to withdraw from the takeover process. Bidco plans to fund the cash consideration and associated fees from existing cash resources, and its financial adviser Lambert Energy has said sufficient funds are available to meet the revised offer. The scheme document is expected to be published by 29 September 2026, and the transaction, which remains subject to conditions, is expected to become effective during the fourth quarter of 2026 or the first quarter of 2027, with shareholders able to elect to receive the cash consideration in sterling subject to exchange rate movements and any applicable transaction costs.

Vitesse Energy has completed a $26 million acquisition of non-operated oil and gas assets in Colorado's Denver-Julesburg Basin, buying the properties from Chevron-operated acreage. The company paid an initial unadjusted purchase price of $26 million, funded through cash on hand and borrowings under its revolving credit facility, with customary purchase price adjustments still applicable. The assets, located primarily in Weld County, Colorado, and operated entirely by Chevron, are expected to generate approximately 900 barrels of oil equivalent per day over the next 12 months, with oil accounting for 28% of production on a two-stream basis. The deal closed on Sept. 15, 2026, with an effective date of June 1, 2026, and Vitesse expects it to be immediately accretive on a per-share basis to earnings, operating cash flow, free cash flow and net asset value. Vitesse has also entered into commodity derivative contracts covering a significant portion of the acquired production through 2030 to support underwritten returns and cash-flow visibility.

ConocoPhillips has sold 43,000 net acres in South Texas for $1.2 billion, part of the company's ongoing asset pruning after its Marathon Oil acquisition. NGP-backed Ensign Natural Resources II bought the Eagle Ford position in a July transaction. For mineral owners underneath those acres, the operator may change while the royalty checks keep coming. Under Social Security Administration guidance, nonoperating oil and gas royalties generally do not count as earnings under the retirement earnings test, so a mineral owner can collect royalties and early benefits at the same time, while a working interest that shares in well development costs is treated as a business and can be subject to the test. Royalties remain taxable ordinary income and can push up to 85% of Social Security benefits into taxable income above the $34,000 threshold for single filers.

ExxonMobil plans to invest roughly $20 billion in lower-emission projects between 2025 and 2030, and management expects newer business segments including carbon capture and storage, lithium, carbon materials, and Proxxima products to generate more than $1 billion in annual earnings by 2030, with roughly $13 billion in potential annual earnings by 2040 assuming supportive policies and sufficient market development. The company already holds contracts covering roughly 9 million metric tons of CO2 annually from industrial customers, and its first commercial carbon capture projects are now operating, which should give management enough commercial activity by 2027 to offer investors better visibility into what carbon capture can contribute financially. The bet is framed against a shifting oil demand picture: more than 20 million electric cars were sold globally in 2025, about one-quarter of all new-car sales, and the International Energy Agency expects EVs to approach 29% of global car sales in 2026, with the existing EV fleet displacing roughly 1.7 million barrels of oil demand per day in 2025 and potentially around 5 million barrels per day by 2030. ExxonMobil is also developing carbon-capture-enabled data center projects that would use natural gas to generate electricity while capturing the resulting emissions. The prediction is that 2027 is when ExxonMobil's low-carbon investments start showing up more clearly in guidance.

Marathon Petroleum and Valero Energy have each surged more than 150% year to date, yet both now trade above their consensus analyst price targets, prompting a Hold plurality rating on each. Marathon is up 157.1% to $413.20 and Valero is up 152.4% to $404.84, against consensus targets of $370.17 and $355.47 respectively. The rally was driven by crack spreads that roughly doubled in 2026 after Ukrainian drone strikes knocked out more than 2.8 million barrels of Russian refining capacity, with Marathon management estimating over 9 million barrels per day of global capacity was down, roughly 4 million barrels per day above historical norms. The two refiners delivered combined profits of around $8.8 billion in the second quarter of 2026, but analysts already model a steep 2027 earnings drop, to $33.95 for Marathon and $31.21 for Valero, making the 13x and 14x forward P/E multiples look like peak-cycle value traps. Marathon's majority stake in MPLX supports 12.5% annual distribution growth in 2026 and 2027, while Valero benefits from a reopened gasoline arbitrage that has left net U.S. gasoline imports down about 400,000 barrels a day; Valero returned $2.6 billion to shareholders in the second quarter and Marathon returned over $2.8 billion with $6.1 billion remaining on its buyback authorization.

Matlantis announced that ENEOS Holdings Corporation is using its Matlantis PFP machine learning potential with NVIDIA ALCHEMI to accelerate the discovery of new catalyst materials. By combining PFP with NVIDIA ALCHEMI, ENEOS HD evaluated approximately 100 million candidate structures for oxygen evolution reaction catalysts, identifying priority candidates for synthesis and experimental validation. The effort reduced a discovery process that traditionally took years to just a few months. PFP is a general-purpose machine learning interatomic potential supporting all 96 chemical elements, while NVIDIA ALCHEMI provides an accelerated computing platform for scaling computational workflows across chemistry and materials science. Takeshi Ibuka, General Manager of the AI Innovation Department at ENEOS Holdings Corporation, said the work demonstrates how large-scale computational screening can fundamentally change the way materials are discovered and developed. Matlantis President and CEO Daisuke Okanohara and Dion Harris, senior director of HPC, Cloud and AI Infrastructure at NVIDIA, also commented on the collaboration.

South Bow Corp. reported second-quarter 2026 revenue of $546 million and net income of $134 million, or $0.64 a share, as disrupted global crude flows drove shippers to its US Gulf Coast system. Throughput on the US Gulf Coast segment of the Keystone Pipeline System averaged roughly 800,000 barrels per day, up from 709,000 bbl/d in the first quarter and 760,000 bbl/d a year earlier, lifting normalized EBITDA to $280 million, a 9% increase from the first quarter, and distributable cash flow to $175 million, up 4% sequentially. The board declared a quarterly dividend of $0.50 a share, payable October 15, to shareholders of record as of September 29, and management raised full-year guidance to $1.04 billion in normalized EBITDA and $665 million in distributable cash flow. An open season closed with 20-year binding commitments from nine customers for 465,000 bbl/d of firm transportation service from Hardisty, Alta., to US delivery points. South Bow warned that third-quarter normalized EBITDA will land about 10% below the second quarter's $280 million as declining crude inventories at Cushing, Okla., tighten pricing differentials, and it raised growth capital spending guidance to approximately $80 million, largely for $65 million of pre-final investment decision costs tied to the proposed Prairie Connector and Liberty Bridge Pipeline projects, with a final investment decision not targeted until mid-2027.

Banpu Public Company Limited, or BANPU, is set to benefit after BKV, in which BANPU holds a 63.3% stake, announced the closing of a transaction to acquire new upstream, midstream and carbon capture and storage assets in the Barnett Shale natural gas field in Texas, United States. The deal was funded with BKV's cash together with borrowings under a revolving credit facility, though the transaction value was not disclosed. The acquired assets have production capacity of about 65 million cubic feet equivalent per day, of which more than 50% is liquid hydrocarbons. Proved and producing reserves stand at approximately 0.35 trillion cubic feet equivalent, covering roughly 117,000 acres, with about 1,000 producing wells, a gas processing plant with capacity of 180 million cubic feet per day, a gas pipeline system of about 340 miles, and a CCS project capable of capturing and storing roughly 100,000 tonnes of carbon dioxide per year. Compared with BKV's current gas production of 978 million cubic feet equivalent per day, this represents about 6.6% of its existing production base. The US gas business accounted for about 24% of total EBITDA in 2025. Asia Plus Securities therefore maintained its fair value for BANPU at 17 baht per share and recommended gradually accumulating the stock on weakness to capture the expected second-half 2026 earnings trend, which is forecast to be better than the first half on seasonal factors.

Cosmo Oil announced on the 17th that it will begin utilizing naphtha co-produced in the SAF manufacturing process together with Maruzen Petrochemical, Ube-Maruzen Polyethylene, and SAFFAIRE SKY ENERGY. At the SAF production facility within Cosmo Oil's Sakai Refinery, naphtha obtained during the production of SAF from waste cooking oil will be utilized as a raw material for chemicals. SAFFAIRE SKY ENERGY will produce the naphtha, Cosmo Oil will supply it, Maruzen Petrochemical will produce basic chemicals, and Ube-Maruzen Polyethylene will produce polyethylene for development into plastic products. The four companies plan to expand supply volumes and develop applications going forward, aiming to contribute to decarbonization in the chemical, textile, and packaging sectors.

The PTT Group will co-host Gastech 2026 from September 14 to 17, 2026, at the BITEC Exhibition and Convention Center in Bangkok, where PTT Group executives will share their vision on the global stage on natural gas, LNG, energy security, and sustainability. Dr. Kongkrapan Intarajang, Chief Executive Officer and President of PTT Public Company Limited, or PTT, speaking on the panel titled LNG in the Age of Electrification: Contracting, Competition & Demand Realities, said that energy security and supply stability are key factors in the era of electrification and the growth of AI and data centers, with PTT operating under the Energy Trilemma principle of energy security, accessible and competitive prices, and sustainability. On infrastructure, the PTT Group operates more than 4,500 kilometers of onshore and offshore natural gas pipelines, connected to both of its LNG terminals, while PTT LNG Company Limited, or PTTLNG, has the capacity to receive, store, and regasify up to 19 million tons of LNG per year and maintains readiness at 100 percent. Meanwhile, PTT Exploration and Production Public Company Limited, or PTTEP, is expanding its investments across 10 countries worldwide. Dr. Buranin Rattanasombat, Chief Operating Officer of the New Business and Sustainability Group at PTT Public Company Limited, or PTT, disclosed that PTT has completed its Master Development Plan for CCS and is conducting seismic surveys together with the government sector and Japan's JICA, aiming to develop the first phase of CCS with a capacity of approximately 5 million tons per year by 2035 before expanding to cross-border services in the future.

BANPU informed the Stock Exchange of Thailand that BKV Corporation, a subsidiary 72.6% held by BANPU and listed on the New York Stock Exchange, completed its acquisition of new assets related to upstream, midstream, and carbon capture and storage businesses in the Barnett natural gas field on September 15, 2026, after all conditions precedent to closing were fully satisfied. The transaction was funded from BKV's cash and borrowings under a revolving credit facility. The value of the transaction was not disclosed under the terms of the asset purchase agreement. The acquired assets comprise producing gas operations of approximately 65 million cubic feet equivalent per day, proved and producing reserves of approximately 0.35 trillion cubic feet equivalent, a CCS project capable of capturing approximately 100,000 tonnes of carbon dioxide per year, and midstream infrastructure such as a gas processing plant with a capacity of 180 million cubic feet equivalent per day and a gas pipeline of approximately 340 miles. Dao Securities said it holds a positive view on the asset purchase plan, which extends the US Closed-Loop Gas strategy to diversify risk away from the coal business, but that there is not yet enough information to assess the worthiness of this investment. It maintained its 2026E net profit forecast at 2.4 billion baht, compared with -2.0 billion baht in 2025, and kept its hold rating with a 2026E target price of 14.80 baht, based on a target PBV of 0.53x.

SM Energy has fully redeemed and cancelled its 2027 Senior Notes, paying US$416,791,000 to eliminate the 6.625% bond and remove that tranche from its debt structure. The move ends future interest payments tied to the 2027 Senior Notes and changes the company's capital structure, which may influence how creditors and equity holders assess its financial flexibility. SM Energy is a US based independent oil and gas producer with a reported market value of about $9.8b, so shifts in its financing stack can matter for lenders and shareholders gauging long term project funding across its drilling and development portfolio. The redemption fits the company's narrative of using free cash flow to trim debt while still funding capital returns, and it puts pressure on the risk flag that SM Energy carries a high level of debt by concentrating attention on what remains in the capital stack. It also sharpens the question of whether future growth spending in core shale basins will require more borrowing, which would work against the current debt reduction story.

Banpu Public Company Limited, or BANPU, disclosed that BKV Corporation, a subsidiary listed on the New York Stock Exchange, has completed its acquisition of new assets related to upstream, midstream, and carbon capture and storage, or CCS, businesses at the Barnett natural gas field on September 15, 2026, funded by BKV's cash and borrowings under a revolving credit facility. The value of the transaction was not disclosed under the terms of the asset purchase agreement. The acquired assets comprise producing natural gas operations of approximately 65 million cubic feet equivalent per day, of which more than 50 percent is natural gas liquids production, and proved and producing reserves of approximately 0.35 trillion cubic feet equivalent, covering a concession area of approximately 117,000 acres, mostly in Montague County, Texas, with approximately 1,000 existing producing natural gas wells. The CCS project can capture approximately 100,000 tonnes of carbon dioxide per year, while the midstream infrastructure includes a natural gas processing plant with a capacity of 180 million cubic feet per day, approximately 340 miles of natural gas pipelines, approximately 225 miles of water management infrastructure, and 2 saltwater disposal wells. This acquisition supports the U.S. Closed-Loop Gas strategy in the United States and is expected to increase natural gas volumes to serve energy demand in the Dallas-Fort Worth area and the Gulf Coast region.

BKV, a subsidiary of BANPU, has acquired additional upstream, midstream, and CCS assets in the Barnett gas field in the United States. The transaction value has not yet been disclosed under the terms of the purchase agreement. Analysts at Yuanta Securities (Thailand) estimate that the acquisition will add 65 mmcfd of gas production, or about 6% of current output, and increase carbon capture capacity by 100,000 tons per year, or roughly one-third more than at present. Their estimates do not yet include this project, as investment details are still pending. Initially, they expect an upside of about 6% to the gas sales volume assumption and a 2-5% boost to profit estimates on a full-year recognition basis. They maintain a Buy recommendation with a fair value of 19 baht.

ExxonMobil is close to signing a preliminary deal to explore investments in several Venezuelan oil fields, The Wall Street Journal reported Wednesday, which would mark a return to the country nearly two decades after its exit. Exxon could sign a memorandum of understanding with state-run PDVSA as soon as this month to explore a deal to invest in a number of developed and undeveloped fields that collectively contain 50B barrels of oil, according to the report. The company reportedly is interested in retaking control of two giant fields it previously held in the Orinoco Belt, Petrovictoria and Petromonagas, before they were nationalized in the mid-2000s, and securing rights to two additional fields in the nearby Carabobo region. Venezuela has said it has ~300B barrels of oil reserves, which would make its reserves the largest in the world. Exxon rival Chevron signed a deal earlier this month to invest $7B in Venezuela over five years through its joint ventures there, aiming to double its production to 600K bbl/day, and Harold Hamm's Continental Resources signed a preliminary deal Wednesday to explore an undeveloped oil field in the state of Anzoátegui.