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.
US Proposes Updated Commingling Regulations for Oil, Gas Operators
The Interior Department’s proposal to combine oil and gas production from multiple leases or reservoirs is intended to boost production in line with President Donald Trump’s energy dominance agenda.
Chevron Preps Quick Closing of Hess Deal and Awaits Result of Exxon Dispute
(Reuters) – Chevron is laying the groundwork to swiftly close its planned acquisition of smaller oil producer Hess, according to two sources and an industry analyst, including by preparing a severance program for some Hess workers. The preparations come as both companies await a decision in a legal challenge from larger rival Exxon Mobil that …
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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.
Oilfield Service Firms Keep Merging to Survive
Faced with shrinking customer bases, rising costs and a slowing market, publicly traded oilfield services firms like SLB, DNOW and DXP are leaning into M&A to gain scale, efficiency and tech advantage.
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.