The Latest

E&P Highlights: July 7, 2025

Here’s a roundup of the latest E&P headlines, including a natural gas discovery offshore by Exxon Mobil.

Report: Permian Resources is Delaware Basin’s Most Undervalued E&P

Raymond James’ E&P analyst John Freeman last delved into the Delaware Basin in 2023. This year, Permian Resources ranked last when comparing market valuation to core, future well locations.

Texas Companies Announce Merger with US Small-Scale LNG Focus

United Energy Corp. and Power LNG agreed to a merger aimed at developing small-scale liquefaction sites designed for regional demand. The merged company will be named United Energy LNG.

BP Appoints Former Shell Exec Simon Henry to Board

BP named Simon Henry, who was previously the CFO at Shell, as a non-executive director, days after reports of a potential merger with Shell.

FTC Frees EnCap, XCL, Verdun to Do Uinta Basin Deals Again

EnCap Investments and its portfolio companies no longer need to seek Federal Trade Commission approval to make oil and gas deals in the Uinta Basin—a condition imposed during the Biden administration.

TC Energy Northeast US Expansion Project Enters Service

The Eastern Panhandle Expansion pipeline will bring 47 MMcf/d to developing areas in West Virginia, TC Energy said.

Exxon Mobil Finds Natural Gas Reservoir Offshore Cyprus, Government Says

 A consortium led by Exxon Mobil has found a reservoir of natural gas at a prospect off the island's coast, a Cypriot government spokesperson said on July 7.

What's Affecting Oil Prices This Week? (July 7, 2025)

With the uncertainty generated by the tariffs and a higher-than-expected increase in supply from OPEC+, for the upcoming week, Stratas Advisors expect that oil prices will be under pressure – and the price of Brent crude could test $66.

Ithaca Boosts North Sea Stake with $136MM Japex Deal

U.K.-based E&P Ithaca Energy closed an acquisition of North Sea interests from Japan Petroleum Exploration Co. (Japex).

10 Years Strong: Surge Energy Powers Through the Midland Basin

Ten years since Surge Energy incorporated and took a chance on difficult terrain, the privately held producer sets its sights on organic growth and corporate acquisitions.