Occidental Petroleum reported $1.06 per share in Q1, beating estimates of $0.59, despite hedging losses and delayed oil price benefits. Occidental Petroleum (OXY) posted first-quarter earnings of $1.06 per share, surpassing Wall Street expectations of $0.59. The beat came
US oil prices nearly double in 2026, driving key ETFs tracking futures to record highs amid Middle East tensions. West Texas Intermediate crude climbed from $57 to $112 per barrel in 2026, driven by Iran-related tensions around the Strait of Hormuz and a sustained geopolit
Plains All American Pipeline to restart unaffected portion Plains All American Pipeline (PAA) expects to restart the unaffected portion of an oil pipeline in East Los Angeles within hours. The pipeline was partially shut down following a rupture earlier in the day.
Geopolitical tensions in the Strait of Hormuz and Red Sea disrupt Asia’s energy supply chains, prompting a shift toward alternative hubs. Asia’s energy security framework, built on the assumption of stable Strait of Hormuz flows, is unraveling due to escalating geopolitica
Oil benchmarks erased earlier losses after Iran dismissed hopes for a swift agreement with the U.S., lifting prices from two-week lows. Oil prices reversed course Friday, with Brent crude rising 0.78% and WTI climbing 0.20% to $96.54. The gains followed Iran’s dismissal of
Digitalization and artificial intelligence (AI) will create close to $500 billion in cumulative value for E&P companies between 2026 and 2030, according to Rystad Energy estimates. This value is captured through cost reductions from more efficient operations, production in
Crude prices fell to $94.73 as Tehran negotiations near agreement, easing supply concerns amid sanctions relief talks. Crude oil prices hit a new low of $94.73 before settling at $95.84, the lowest level since May 8, as negotiations in Tehran advanced toward a nuclear agre
The collaboration introduces institutional-grade oil trading on OKX using ICE’s Brent and WTI benchmarks. Crypto exchange OKX and Intercontinental Exchange (ICE) announced a partnership to launch perpetual futures tied to ICE’s Brent Crude and WTI Crude benchmarks. The mov
Baker Hughes reports a weekly increase in total rigs, driven by oil rig gains, while crude prices remain below key moving averages. The US total rig count climbed by 5 to 758 in the latest week, led by a 10-rig increase in oil rigs to 425. Natural gas rigs fell by 3 to 125
Baker Hughes data shows a weekly increase in active oil rigs, signaling higher drilling activity amid rising oil prices. The number of active oil rigs in the US climbed by 10 to 425 in the latest reporting period, according to industry data. This marks a rebound in drillin
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