In recent remarks, CEO Mike Wirth outlined how Chevron is reshaping its operating model—not by chasing higher prices, but by fundamentally changing how barrels are produced and how natural gas fits into the next phase of global energy demand.
In 2025, Chord drilled 147 wells, a level of activity that reflects a maintenance-style program rather than an aggressive expansion. This approach aligns with management’s view that, in a market still shaped by OPEC spare capacity and macro uncertainty, preserving inventory value and balance sheet strength matters more than chasing volumes.
Harbour Energy’s $3.2 billion agreement to acquire LLOG Exploration Company marks a decisive strategic move into the deepwater U.S. Gulf of Mexico—one of the world’s most stable and economically resilient offshore basins.
In a market where many operators are repositioning around natural gas and LNG-linked demand, Civitas Resources, Inc. is taking a notably different path. An analysis of Civitas’ 2025 wells drilled shows a drilling program that is deliberately and structurally oil-centric, with capital focused almost entirely on oil-weighted basins, counties, and fields.
Baytex Energy Corp. has completed the sale of its U.S. Eagle Ford assets for US$2.14 billion (≈C$2.96 billion), marking a major strategic pivot for the company.
Crescent Energy (CRGY) has completed its all-stock acquisition of Vital Energy, strengthening its balance sheet and accelerating its expansion in the Permian Basin—one of North America’s most valuable oil plays.
For FY 2026, CNRL plans an operating capital budget of approximately C$6.3 billion, targeting average production of 1.59–1.65 MMboe/d. At the midpoint, this represents roughly 3% year-over-year growth, or about 50,000 boe/d, building on strong momentum from 2024 and 2025.
Mewbourne Oil’s activity in Block 43T4S, Crane County, Texas follows a disciplined, textbook unconventional development cadence: permit → drill → validate → build facilities → scale. The data strongly supports the conclusion that this program began with a small pilot phase, progressed through technical validation, and has now transitioned into a full multi-well development campaign.
For FY 2026, CNRL plans an operating capital budget of approximately C$6.3 billion, targeting average production of 1.59–1.65 MMboe/d. At the midpoint, this represents roughly 3% year-over-year growth, or about 50,000 boe/d, building on strong momentum from 2024 and 2025.
Ovintiv continues to align upstream execution with long-term market access after signing a 12-year agreement with Pembina for 0.5 million tonnes per annum (mtpa) of liquefaction capacity at the Cedar LNG facility, with commercial operations expected in late 2028. The agreement provides Ovintiv with direct exposure to global LNG markets while strengthening the value of its core Canadian natural gas assets.
