Devon Adds Delaware Basin Acreage in $2.6-billion BLM Lease Deal
Devon Corp. secured 16,300 net undeveloped acres in New Mexico’s Delaware Basin through a $2.6 billion Bureau of Land Management lease, expanding its regional footprint to roughly 762,300 acres. The federal parcels carry an 87.5% net revenue interest and a 10‑year term, which Devon says are more favorable than typical state‑lease economics. The deal adds about 400 new 2‑mile lateral locations, enabling longer laterals, multi‑well‑pad layouts and lower unit costs. The broader BLM sale encompassed 74 parcels, generating roughly $4 billion under a reduced 12.5% royalty regime.
IEA: Global LPG Markets Struggle to Replace Disrupted Supply
The International Energy Agency reports that the disruption of Gulf LPG shipments through the Strait of Hormuz has slashed exports from roughly 1.5 million barrels per day in 2025 to just 270,000 barrels per day in April 2026. The United States...
Longer-Term Supply Impacts and US-China Meeting Rally Crude Prices
Crude oil prices climbed this week as global strategic reserves were tapped to offset an estimated 10‑14 million barrels per day of supply stranded behind the Strait of Hormuz. The IEA reported a 250 million‑barrel drawdown in March‑April, while OPEC confirmed a...
EIA: Prolonged Strait of Hormuz Disruption Reshapes Global Oil Markets
The U.S. Energy Information Administration revised its outlook in May, now assuming the Strait of Hormuz will stay effectively closed through late May with a gradual reopening in early June. Brent crude spot prices surged to an average of $117...
Permian Resources Leaning on More Workovers to ‘Kind of Hit the Gas Pedal’
Permian Resources is accelerating its work‑over program, doubling the rig count in Q1 and now completing about 90 work‑overs per month. The company lifted its full‑year oil production guidance by roughly 2% to a midpoint of 192,500 barrels per day,...
Diversified Energy, Carlyle Partner in $1.175-billion Acquisition in Oklahoma's Anadarko Basin
Diversified Energy and private‑equity firm Carlyle have agreed to buy a portfolio of oil and natural‑gas assets in Oklahoma’s Anadarko basin for $1.175 billion. The deal adds roughly 300 MMcfed of production—about 51,000 boe/d—for the next year and includes 101,000 acres of SCOOP/STACK/MERGE...
OTC Speakers Say Venezuela Reopening Hinges on Stability, Legal Clarity
At the 2026 Offshore Technology Conference, speakers warned that Venezuela’s re‑entry into the U.S. energy market hinges on political stability, clear legal frameworks, and manageable geopolitical risk. U.S. majors such as ExxonMobil and ConocoPhillips have already dispatched technical teams to...
‘If This Isn’t the Time to Grow:’ Diamondback Lifts 2026 Production, Capex Targets
Diamondback Energy raised its 2026 production guidance by about 3% to a new baseline of 521,000 b/d and increased its capital‑spending target to $3.9 billion. The company will add 2‑3 rigs and a fifth completion crew to accelerate Midland Basin development and...
S&P Global: Oil Markets Face 'Double Depletion'
S&P Global warns that oil markets are entering a ‘double depletion’ phase, where demand is falling while inventories are being drawn down sharply. Global liquids demand in Q2 2026 is projected to be about 5 million barrels per day lower than...
Venezuela Signs Agreements with International Operators Under New Hydrocarbon Law
Venezuela has signed agreements with major oil majors—BP, Eni, Repsol, Chevron and Shell—under its reformed hydrocarbon law to boost exploration and production. The law permits minority partners to directly operate fields and sell output, a shift from PDVSA‑only control. BP’s...
Brent Holds Above $100/Bbl; US Shale Response Remains Restrained
Brent crude remained above $100 per barrel on April 27, while WTI traded in the high $90s, underscoring tight physical supplies and heightened geopolitical risk from the Iran‑Hormuz standoff. The market priced the disruption mainly into prompt contracts, leaving longer‑dated...
Blockade Stalemate Rallies Crude
The U.S. Navy’s blockade of Iranian ports and the IRGC’s control of the Strait of Hormuz halted Iranian oil shipments, sparking a sharp rally in crude. WTI peaked at $98.40 per barrel while Brent reached $107.40, with both grades closing...
Valero Progresses Port Arthur Refinery Restart After March Fire
Valero Energy has partially restarted its 380,000‑barrel‑per‑day Port Arthur refinery after a March 23 explosion and fire. The 115,000‑b/d AVU‑147 crude distillation unit is back online, while the larger 210,000‑b/d AVU‑146 unit remains shut for heater‑tube repairs. State regulators continue...
2026 US Gulf Coast Oil & Gas Infrastructure Map
Endeavor B2B’s MAPSearch, in partnership with the Offshore editorial team, has published the 2026 US Gulf Coast Oil & Gas Infrastructure map. The visual tool charts pipelines, terminals, refineries, and offshore platforms across the Gulf Coast region. It is distributed...
Dangote Advances Petrochemical Expansion at Lekki Refinery
Dangote Petroleum Refinery and Petrochemicals FZE signed a contract with Honeywell to add 750,000 tpy of propylene and 400,000 tpy of linear alkylbenzene at its Lekki refinery in Nigeria. The expansion uses Honeywell UOP’s Oleflex technology and is part of a broader...