Oil & Gas Exploration & Production

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.

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.

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.

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.

World Kinect declared a quarterly dividend of $0.23 per share, unchanged from the prior payout. The dividend carries a forward yield of 2.59%. It is payable Oct. 16 to shareholders of record on Sept. 28, with the ex-dividend date also set for Sept. 28.

Evolution Petroleum reported a fourth-quarter rebound in revenue and adjusted EBITDA as production rose 3% sequentially to 6,901 barrels of oil equivalent per day and total revenue climbed 20% to $24.2 million. Adjusted EBITDA more than doubled to $6.5 million from $3.1 million in the prior quarter, while net income came in at $4.6 million, or $0.13 per diluted share, reversing a net loss of $8.9 million in the fiscal third quarter. The company completed an approximately $16 million acquisition of mineral and royalty interests in the Permian Midland Basin, adding about 3,420 net royalty acres and more than 200 BOE per day of current production across five Texas counties. Post-acquisition liquidity stood at approximately $19 million as of Aug. 20, and the borrowing base was temporarily increased to $73 million from $65 million through Oct. 20. The board declared its 52nd consecutive quarterly dividend of $0.12 per share and budgeted fiscal 2027 capital spending of $4 million to $6 million, excluding potential Chaveroo development.

Chord Energy said Wednesday it agreed to sell its entire non-operated Marcellus natural gas position to POSCO International for $550M, saying the assets became non-core following the Enerplus transaction. The Marcellus assets include 32K net acres and trailing 12-month production of 121M cf/day of 100% residue gas, and the sale price represents roughly 6x adjusted EBITDA based on gross proceeds of $550M and $3.50/MMBtu Henry Hub pricing. Chord said its portfolio will be concentrated exclusively in the Williston Basin following the sale's completion. The company expects the divestiture to reduce annual capital expenditures by $25M, increase oil weighting by 4-5 percentage points, and result in a further decline in net leverage to remain well below peer levels.

Banpu Public Company Limited, or BANPU, informed the Stock Exchange of Thailand that BKV Corporation, a subsidiary of BANPU listed on the New York Stock Exchange, completed its acquisition of new upstream, midstream and carbon capture and storage assets in the Barnett natural gas field in Texas, United States, on 15 September 2026, after all conditions precedent to closing were fully satisfied. The transaction was funded from the company's cash and borrowings under a revolving credit facility, while 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% is liquid hydrocarbon production, along with proved and producing reserves of approximately 0.35 trillion cubic feet equivalent, covering concession areas of approximately 117,000 acres, mostly in Montague County, Texas, and approximately 1,000 existing producing natural gas wells. On the CCS side, the assets can capture approximately 100,000 tonnes of carbon dioxide per year, and include a carbon dioxide pipeline and underground injection wells operated by the company. The midstream infrastructure comprises 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. BANPU stated that this acquisition will add high-quality assets to its portfolio and strengthen BKV's position in the Barnett natural gas field, as well as support BKV's U.S. Closed-Loop Gas strategy by expanding its operating footprint and increasing production capacity, which will help meet energy demand in the Dallas-Fort Worth area and the U.S. Gulf Coast region. BANPU confirmed that the transaction is not a connected transaction and does not fall under the requirement to report the acquisition of assets of a listed company under the notification of the Capital Market Supervisory Board.

Banpu Public Company Limited, or BANPU, informed the Stock Exchange of Thailand that BKV Corporation, a subsidiary listed on the New York Stock Exchange, has completed its acquisition of natural gas assets in the Barnett Shale in Texas, United States, on September 15, 2026. The transaction value was not disclosed under the terms of the asset purchase agreement, and BKV used cash together with borrowings under a revolving credit facility to pay the price. The acquired assets cover natural gas production, midstream operations, and carbon capture and storage, or CCS. They have gas production capacity of about 65 million cubic feet equivalent per day, of which more than 50% is liquid hydrocarbons, along with proved and producing reserves of approximately 0.35 trillion cubic feet equivalent. The concession area covers roughly 117,000 acres, mostly in Montague County, and about 1,000 natural gas wells that are already in operation. On the CCS side, the assets have the capacity to capture about 100,000 tons of carbon dioxide per year, including a CO₂ pipeline and underground injection wells operated by the company. The midstream infrastructure includes a natural gas processing plant with capacity of 180 million cubic feet per day, about 340 miles of natural gas pipelines, roughly 225 miles of water management infrastructure, and two saltwater disposal wells. BANPU said the acquisition will strengthen BKV in the Barnett Shale and support its U.S. Closed-Loop Gas strategy by integrating the new assets with existing operations to improve operating efficiency and shared use of infrastructure. The additional natural gas volumes will also help meet energy demand in the Dallas-Fort Worth area and the U.S. Gulf Coast region.

Banpu Public Company Limited, or BANPU, disclosed that BKV Corporation, a subsidiary listed on the New York Stock Exchange, has completed the acquisition of new assets related to upstream, midstream and carbon capture and storage businesses in the Barnett natural gas field, finalised on 15 September 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 natural gas operations of approximately 65 million cubic feet equivalent per day, of which more than 50 percent is liquid hydrocarbon production, proved and producing reserves of approximately 0.35 trillion cubic feet equivalent, a concession area of approximately 117,000 acres, mostly in Montague County, Texas, and approximately 1,000 existing operated natural gas wells. The CCS project can capture approximately 100,000 tonnes of carbon dioxide per year, and includes a CO2 pipeline and underground injection wells operated by the company. The midstream infrastructure comprises 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. The 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.

Banpu Public Company Limited, or BANPU, informed the Stock Exchange of Thailand that BKV Corporation, a subsidiary listed on the New York Stock Exchange, has completed its acquisition of upstream, midstream, and carbon capture and storage assets in the Barnett natural gas field in Texas, United States, on September 15, 2026, after all conditions precedent to closing were fully satisfied, using BKV 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, proved and producing reserves of approximately 0.35 trillion cubic feet equivalent, and roughly 117,000 acres of leasehold, mostly in the Montague area of Texas, along with approximately 1,000 existing natural gas wells, a CCS project capable of capturing approximately 100,000 tonnes of carbon dioxide per year including CO2 pipelines and company-operated underground injection wells, and midstream infrastructure consisting of a natural gas processing plant with capacity of 180 million cubic feet per day, approximately 340 miles of natural gas pipelines, approximately 225 miles of water management infrastructure, and two saltwater disposal wells. The acquisition supports the U.S. Closed-Loop Gas strategy in the United States and is expected to enhance operational efficiency, leverage shared infrastructure, and increase natural gas volumes to serve energy demand in the Dallas-Fort Worth area and the Gulf Coast region.

BKV Corporation, the New York Stock Exchange-listed subsidiary of Banpu, or BANPU, completed its acquisition of new assets in the upstream, midstream and carbon capture and storage businesses in the Barnett Shale natural gas field on September 15, 2026, after all closing conditions were satisfied. The disclosure was made by Sinon Vongkusolkit, Chief Executive Officer of Banpu Public Company Limited. The purchase was funded with BKV's cash and borrowings under a revolving credit facility, and the company did not disclose the transaction value in line with the asset purchase agreement. The acquired assets comprise natural gas production operations of approximately 65 million cubic feet equivalent per day, of which more than 50% is liquids-rich hydrocarbon production, along with proved developed producing reserves of approximately 0.35 trillion cubic feet equivalent, covering roughly 117,000 acres of leasehold and about 1,000 operating gas wells. They also include a CCS project capturing approximately 100,000 tonnes of CO2 per year, a CO2 pipeline and underground injection wells, as well as midstream infrastructure including a gas processing plant with capacity of 180 million cubic feet per day, about 340 miles of gas pipelines, roughly 225 miles of water management infrastructure and two saltwater disposal wells. The deal supports BKV's U.S. Closed-Loop Gas strategy and is expected to enhance operational efficiency and shared use of infrastructure, while increasing natural gas volumes to meet energy demand in the Dallas-Fort Worth area and the U.S. Gulf Coast.

BKV Corporation, a subsidiary of Banpu listed on the New York Stock Exchange, has completed its acquisition of new upstream, midstream and carbon capture and storage assets in the Barnett Shale natural gas field as of September 15, 2026, after all closing conditions were met. The disclosure was made by Sinon Vongkusolkit, Chief Executive Officer of Banpu Public Company Limited, or BANPU. The purchase was funded with BKV's cash and borrowings under a revolving credit facility, and the company did not disclose the transaction value in accordance with 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% is liquid hydrocarbon production, along with proved developed producing reserves of approximately 0.35 trillion cubic feet equivalent, covering roughly 117,000 acres of concession area and about 1,000 producing gas wells. They also include a CCS project capturing approximately 100,000 tonnes of CO₂ per year, along with a CO₂ pipeline and underground injection wells, as well as midstream infrastructure including a gas processing plant with a capacity of 180 MMcf/d, approximately 340 miles of gas pipelines, about 225 miles of water management infrastructure and two saltwater disposal wells. The deal supports BKV's U.S. Closed-Loop Gas strategy and is expected to enhance operational efficiency and shared use of infrastructure, while increasing natural gas volumes to meet energy demand in the Dallas-Fort Worth and Gulf Coast areas of the United States.

Banpu Public Company Limited, or BANPU, informed the Stock Exchange of Thailand that BKV Corporation, a subsidiary listed on the New York Stock Exchange, completed the acquisition of new assets related to the 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 satisfied. The transaction was funded with cash from BKV 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, with a low production decline rate. Proved and producing reserves total approximately 0.35 trillion cubic feet equivalent, covering concession areas of approximately 117,000 acres, mostly in Montague County, Texas, with approximately 1,000 existing producing natural gas wells. The deal also includes a CCS project capable of capturing approximately 100,000 tonnes of carbon dioxide per year, including a CO2 pipeline and underground injection wells operated by the company, as well as midstream infrastructure consisting of 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. The 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.

Shell plc announced on September 10 that it had agreed to sell its interest in RISEC Holdings to Constellation Energy Corporation for $715 million. RISEC owns the Rhode Island State Energy Center, a 609 MW natural gas electric generation facility serving the New England power market. At the same time, Shell will acquire 100% equity in Hunlock Creek Generating, which owns 169 MW of natural gas-fired generation capacity in Pennsylvania. Both transactions are expected to close in the first quarter of 2027, subject to regulatory approvals. Constellation said the RISEC acquisition is expected to be immediately accretive to its operating earnings and to generate returns above its 10% unlevered return threshold, and that the deal will not impact its plans to execute $5 billion in authorized share repurchases by the end of 2027.

Venture Global announced on September 14 that it signed a sales and purchase agreement with China Gas Holdings for 0.5 million tons per annum of LNG starting in 2030, raising China Gas's total long-term commitments with the American exporter to 2.5 mtpa. The deal adds 0.5 mtpa of contracted volumes for two decades, giving Venture Global greater visibility on revenue and cash flows as it expands its Louisiana portfolio. The agreement lands ahead of Chinese President Xi Jinping's expected visit to Washington later this month; China bought as much as $6.2 billion worth of American LNG shipments in 2021 before halting imports in March 2025 after Beijing's tariffs on American energy products raised costs. Venture Global is building out capacity, with its Plaquemines project expected to complete phase 1 by the fourth quarter of 2026 and phase two by mid-2027, and its CP2 project expected to start production in the second half of 2027. The company noted the new contract does not begin until 2030 and will have little direct effect on near-term earnings and cash flows, while China's total LNG imports fell to a three-year low of 68.43 million tons in 2025 and Beijing has retained a 15% levy on US LNG.

PTT Exploration and Production Public Company Limited, or PTTEP, has informed the Stock Exchange of Thailand that its subsidiary, PTTEP International Limited, has been granted the rights to explore and produce petroleum with a 100% investment stake in onshore exploration blocks L1/66 and L3/66, located in northeastern Thailand near the Sin Phu Horm project, which the company operates and which is currently producing. The exploration blocks cover areas of 3,223.51 square kilometres and 3,918.22 square kilometres respectively. A concession agreement will be signed in due course. The award of these rights is in line with the company's strategic plan, which focuses on investment to strengthen energy security for Thailand.

PTT Exploration and Production Public Company Limited, or PTTEP, has informed the Stock Exchange of Thailand that its subsidiary, PTTEP International Limited, has been granted petroleum exploration and production rights with a 100 percent investment share in onshore exploration blocks L1/66 and L3/66, located in northeastern Thailand near the Sin Phu Horm project, which the company operates and which is currently producing. The exploration blocks cover areas of 3,223.51 square kilometres and 3,918.22 square kilometres respectively, totalling more than 7,000 square kilometres. A concession agreement will be signed next. The award of these rights is in line with the company's strategic plan, which focuses on investment to strengthen energy security for Thailand.

PTT Exploration and Production Public Company Limited, or PTTEP, announced through the Stock Exchange of Thailand that its subsidiary, PTTEP International Limited, has been granted the rights to explore and produce petroleum in onshore exploration blocks L1/66 and L3/66 under the Ministry of Energy's 25th bidding round, with a 100% investment stake. Both blocks are located in northeastern Thailand, near the Sin Phu Horm project, which PTTEP operates and which is currently in production. Block L1/66 covers an area of 3,223.51 square kilometres, while block L3/66 covers 3,918.22 square kilometres, for a combined area of approximately 7,141.73 square kilometres. The company will proceed to sign the concession agreements. PTTEP stated that the award of these rights aligns with its strategic plan, which focuses on investment to strengthen energy security for Thailand.

Shell closed at $98.95, up 2.59% from the previous session, outpacing a 0.45% decline in the S&P 500, a 0.63% drop in the Dow and a 0.78% fall in the Nasdaq. Ahead of its upcoming earnings release, analysts expect Shell to post earnings of $2.85 per share, a 53.23% year-over-year increase, on revenue of $88.96 billion, up 26.34% from the same quarter last year. For the full year, the Zacks Consensus Estimates anticipate earnings of $10.84 per share and revenue of $382.93 billion, shifts of +72.06% and +39.89% respectively from last year. Over the last 30 days the Zacks Consensus EPS estimate has risen 4.58%, and Shell currently carries a Zacks Rank of #3 (Hold). The stock trades at a Forward P/E of 8.9, in line with its industry average, and a PEG ratio of 0.82 versus an industry average of 0.68.

Imperial Petroleum Inc. reported record quarterly revenue of $87.1 million for its second quarter, a 139.9% year-over-year increase. The company's adjusted EBITDA for the quarter stood at $41.7 million, while adjusted net income of $35.3 million grew about 163% compared with Q2 FY25, and operating income jumped 307.3% to a near-record $33.4 million. Adjusted EPS came in at $0.76, almost double the prior-year quarter, helped by a 6.9 vessel rise in average fleet size and higher drybulk and tanker rates. Fleet operational utilization fell to 73.5% from 83.1% a year earlier, while vessel operating expenses rose to $14.4 million from $8.4 million, voyage expenses climbed to $22.1 million from $10.7 million, and drydocking expenses reached $7.5 million from $1.7 million as six vessels drydocked versus two a year ago. The company ended the quarter with no debt and cash and cash equivalents, including time deposits, of $245.2 million as of June 30, 2026, up from $179.1 million at the end of 2025, and said its cash base had risen further to approximately $260 million as of the September 10 results release.

The Cabinet meeting on 15 September 2026 resolved to approve the results of the selection of petroleum concessionaires for the 25th onshore exploration blocks, covering areas in the Northeast and Central regions of Thailand. PTTEP International Limited, part of PTT Exploration and Production Public Company Limited, or PTTEP, was awarded the onshore exploration concessions L1/66 and L3/66. Meanwhile, Pan Orient Energy (Siam) Limited together with CanAsia Energy Corp. was awarded the onshore exploration concession L8/66. Warakorn Phrahmobol, Director-General of the Department of Mineral Fuels, disclosed that the Ministry of Energy opened applications for petroleum exploration and production rights for the 25th onshore exploration blocks under the concession system in late 2024, with petroleum operators both domestic and foreign submitting a total of 8 applications from 5 companies, covering 4 exploration blocks. This approval will lead to domestic petroleum exploration and production, increasing the chance of discovering new petroleum sources and reducing dependence on energy imports, especially for exploration blocks L1/66 and L3/66. If petroleum is discovered and can be developed commercially, they will be important energy sources supporting power generation at the Nam Phong power plant, the main power plant in the Northeast. As for the next step, the Department of Mineral Fuels will hold a concession signing ceremony between the Ministry of Energy and the winning companies. The auction results for onshore exploration block L6/66 are in the process of being submitted to the Cabinet for further consideration.

Shell plc has signed a new multi-year sale and purchase agreement to supply liquefied natural gas to MET International, the trading and wholesale arm of Swiss-based MET Group, drawing on Shell's U.S. LNG portfolio. The deal builds on a 10-year free-on-board LNG purchase agreement the two companies signed in July 2024 and a memorandum of understanding signed earlier this year in Washington, D.C., to explore additional LNG supply and trading opportunities aimed at enhancing Europe's energy security; the new SPA is one outcome of that cooperation. MET has emphasized the growing importance of U.S. LNG for its business, noting that contracts indexed to the U.S. Henry Hub benchmark can offer an alternative to European gas benchmarks and help diversify pricing structures. Shell says its LNG business was involved in around 16% of global LNG demand in 2025 and holds approximately 44 million tons of equity LNG capacity, and it expects global LNG demand to rise around 65% from 2025 levels to nearly 700 million tons annually by 2050, with U.S. exports projected to nearly double by 2030. Financial terms and LNG volumes were not disclosed.

Devon Energy has become one of the most searched-for stocks on Zacks.com, with shares returning +4.5% over the past month versus the Zacks S&P 500 composite's -2% change, while the Zacks Oil and Gas - Exploration and Production - United States industry gained 4.7% over the same period. For the current quarter, Devon Energy is expected to post earnings of $1.17 per share, a change of +12.5% from the year-ago quarter, and the Zacks Consensus Estimate has moved +3.3% over the last 30 days. For the current fiscal year, the consensus earnings estimate of $5.21 points to a change of +32.9% from the prior year and has risen +4.3% over the last 30 days, while the next fiscal year's estimate of $5.04 indicates a change of -3.2% and has moved +1% over the past month. The consensus sales estimate of $6.91 billion for the current quarter points to a year-over-year change of +59.6%, with $24.69 billion and $26.62 billion expected for the current and next fiscal years, changes of +43.6% and +7.8% respectively. Devon Energy reported revenues of $7.42 billion in the last reported quarter, a year-over-year change of +73.1%, with EPS of $1.57 versus $0.84 a year ago, beating the Zacks Consensus Estimate of $6.3 billion by +17.76% on revenue and surprising by +20.77% on EPS, and the company is rated Zacks Rank #3 (Hold) with a Value Style Score of B.

XCF Global Inc., DevvStream Corp. and Southern Energy Renewables Inc. amended their previously announced Business Combination Agreement, raising the ownership stake existing XCF shareholders are expected to hold in the combined company to approximately 69.57% from 66.7% under the original terms. Former DevvStream shareholders are now expected to own approximately 10.43%, up from approximately 10.0%, while former Southern shareholders are expected to own approximately 20.0%, down from approximately 23.3%. The amendment also brings new capital support: GL PART SPV I has invested $1.0 million in XCF through the company's previously announced warrant program, purchasing warrants to acquire common stock at an exercise price of $2.50 per share, and EEME Energy SPV I LLC and GL PART SPV I LLC have agreed to fund at least $4.3 million in aggregate additional capital to XCF within three months of closing, with commercially reasonable efforts to invest at least $50 million in aggregate over the 12 months following closing. The parties also removed or revised certain closing conditions, including previously specified XCF revenue and EBITDA thresholds and the Nasdaq Sweden listing requirement, while applicable Nasdaq approval requirements remain in place. XCF's previously announced full-year 2027 outlook is unchanged, targeting gross product sales of $775 - 825 million, net revenue of approximately $110 million to $120 million and EBITDA of approximately $65 million to $70 million for the year ending December 31, 2027. Upon completion, Southern and DevvStream would each become wholly owned subsidiaries of XCF, which would continue as the publicly traded parent company.

PTTEP and PC JDA Limited have been awarded the production sharing contract, or PSC, for Block A-18-01 in the Malaysia-Thailand Joint Development Area, or MTJDA, by the Malaysia-Thailand Joint Authority. Prime Minister Anutin Charnvirakul attended the ceremony, which was hosted by MTJA at the Gastech Exhibition & Conference 2026 at BITEC in Bangkok. The rights holders are PTTEP JDX Thailand (JDA) Limited and PTTEP JDX Thailand Company Limited, both subsidiaries of PTTEP, and PC JDA Limited, a subsidiary of PETRONAS Carigali Sdn Bhd. Each party holds a 50 percent interest to carry out exploration, development and production of petroleum in Block A-18-01 for a further 35 years, with the contract effective retroactively from January 1, 2026. This contract replaces the previous production sharing contract and covers the original area of Block A-18 as well as new acreage. Natural gas production capacity is approximately 300 to 400 million cubic feet per day, delivered to Thailand and Malaysia in equal proportions. The gas supplied to Thailand accounts for roughly 4 percent of the country's gas demand and is used as fuel for power generation in southern Thailand. Montri Lawanchaikul, Chief Executive Officer of PTTEP, said the award will help maintain continuity of natural gas production for both countries and allows further development of Block A-18-01 together with Block B-17-01, in which PTTEP and PC JDA are already joint investors. Currently the two blocks together produce about 700 million cubic feet of gas per day. The Malaysia-Thailand Joint Development Area is located in the lower part of the Gulf of Thailand and covers a total area of approximately 7,250 square kilometers.

PTTEP and PC JDA have been awarded rights under a production sharing contract, or PSC, for Block A-18-01 in the Malaysia-Thailand Joint Development Area, or MTJDA, by the Malaysia-Thailand Joint Authority. Prime Minister Anutin Charnvirakul honoured the ceremony with his presence. The event was organised by MTJA at the Gastech Exhibition & Conference 2026 at the BITEC exhibition and convention centre in Bangkok. The rights holders are PTTEP JDX Thailand (JDA) Limited and PTTEP JDX Thailand Company Limited, both subsidiaries of PTTEP, and PC JDA Limited, a subsidiary of PETRONAS Carigali Sdn Bhd. Each party holds a 50 percent participating interest to carry out exploration, development and production of petroleum in Block A-18-01 for a further 35 years. The contract is effective retroactively from 1 January 2026 and replaces the previous contract, covering the original area of Block A-18 as well as new acreage. Natural gas production is expected to run at approximately 300 to 400 million cubic feet per day, delivered in equal shares to Thailand and Malaysia. The gas supplied to Thailand accounts for roughly 4 percent of the country's domestic gas demand and is used as fuel for power generation in southern Thailand. Montri Lawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited, said the award of rights under the new contract will help maintain continuity of natural gas production for both countries and allows further development of Block A-18-01 alongside Block B-17-01, in which PTTEP and PC JDA are already joint investors, by making use of shared infrastructure and resources. At present, the two blocks together can produce gas at a rate of approximately 700 million cubic feet per day. For the development of Block A-18-01, the joint venture partners plan additional exploration and development activities to sustain the gas production rate. The Malaysia-Thailand Joint Development Area is located in the lower part of the Gulf of Thailand and comprises Block A-18-01 and Block B-17-01, covering a combined area of approximately 7,250 square kilometres. It is an important source of natural gas and condensate for both Thailand and Malaysia.

PTTEP has taken over the production sharing contract, or PSC, rights for Block A-18-01 in the Thailand-Malaysia Joint Development Area from the Malaysia-Thailand Joint Authority, or MTJA. Prime Minister Anutin Charnvirakul and Energy Minister Ekkanat Promphan attended the ceremony, held at the Gastech Exhibition & Conference 2026 at the BITEC exhibition and convention centre in Bangkok. The rights holders are PTTEP JDX Thailand (JDA) Limited and PTTEP JDX Thailand Company Limited, both subsidiaries of PTTEP, and PC JDA Limited, a subsidiary of PETRONAS Carigali Sdn Bhd. Each party holds a 50 percent investment share to carry out exploration, development and production of petroleum in Block A-18-01 for a further 35 years, with the contract effective retroactively from 1 January 2026. This contract replaces the previous production sharing contract and covers the original area of Block A-18 as well as new acreage. Natural gas production capacity is approximately 300 to 400 million cubic feet per day, delivered to Thailand and Malaysia in equal proportions. The gas supplied to Thailand accounts for roughly 4 percent of domestic gas demand and is used as fuel for power generation in southern Thailand. Montri Lawanchaikul, Chief Executive Officer of PTTEP, said the acquisition of these rights will help maintain continuity of natural gas production for both countries and allows further development of Block A-18-01 together with Block B-17-01, in which PTTEP and PC JDA are already joint investors. The two blocks currently produce a combined total of about 700 million cubic feet of gas per day. The Thailand-Malaysia Joint Development Area is located in the lower part of the Gulf of Thailand and covers a total area of approximately 7,250 square kilometres.

Venture Global and China Gas have signed a new 20-year sales and purchase agreement under which China Gas will purchase 0.5M tonnes per annum of U.S. liquefied natural gas from Venture Global starting in 2030. The agreement brings Venture Global's total long-term LNG offtake commitments with China Gas to 2.5 MTPA under 20-year SPAs across its portfolio.