President Trump called on Chevron and other oil companies to lower retail fuel prices while criticizing Chevron CEO Mike Wirth for not recognizing the administration’s support for the industry. Chevron is also discussing a potential northern Iraqi pipeline route that could move oil to the Mediterranean while bypassing the Strait of Hormuz.
Chevron is prioritizing capital efficiency and free cash flow across its U.S. shale portfolio, maintaining Permian production above 1 million BOE/d while targeting 25% lower capital spending per barrel in 2026. Its 263 U.S. permits—including 92 in the Permian and 37 in the Bakken—provide a substantial drilling inventory, with 246 permits not yet showing an Activity Date.
ExxonMobil and Chevron expect gasoline, diesel and other refined-product prices to remain elevated as geopolitical disruptions remove nearly 10% of global refining capacity. With U.S. refineries already operating near maximum utilization and inventories approaching historical lows, fuel prices may stay high even if the Iran conflict eases.
Helmerich & Payne believes the North American drilling market has reached its low point, citing shrinking DUC inventories, tightening super-spec rig availability, and growing operator demand as catalysts for increased drilling activity through 2026 and into 2027. H&P’s current-year U.S. activity reflects that strength, with 1,875 wells drilled, including 1,214 in the Permian Basin, led by major customers such as Exxon (XTO), Devon Energy, EOG Resources, OXY USA, and Permian Resources.
Precision Drilling expects U.S. drilling activity to continue growing through 2026, led by the Permian Basin, with active rig counts reaching their highest levels since 2023. Although rig reactivation costs are temporarily reducing margins, the company expects stronger pricing, higher utilization, and technology-driven market share gains to drive improved profitability into 2027.
BP plans to eliminate approximately 700 corporate positions as part of CEO Meg O’Neil’s effort to simplify the company’s organizational structure and improve competitiveness in a potentially lower oil price environment. The reductions are expected to focus on non-frontline roles, with field operations and maintenance teams largely unaffected.
This week’s Eagle Ford rig activity highlights renewed investment by two smaller independent operators that are beginning to expand their drilling programs. Paloma Operating, LLC has now drilled its fourth well of 2026, while MB Energy, LLC has drilled its first well of the year, providing additional evidence that privately…
President Trump warned that Iran would face a strong U.S. military response following an attack on a U.S. military base in Jordan, triggering an immediate rally in global oil prices. The renewed geopolitical tensions have heightened concerns over potential supply disruptions through the Strait of Hormuz, increasing volatility across energy markets.
Rising Star Energy Partners II is a privately held Texas oil and gas operator focused on acquiring and optimizing mature conventional producing assets, with drilling activity since 2019 concentrated in Irion and Refugio counties targeting the June Ann (Pennsylvanian) and La Rosa fields. The company’s recent acquisition of four air-permitted production facilities in Chambers County from Texas Petroleum Investment Company expands its Gulf Coast infrastructure footprint and reinforces its strategy of purchasing integrated producing asset packages rather than pursuing high-risk exploration.
Sabine Energy Inc. is a leading East Texas natural gas producer focused on the Haynesville Shale and Cotton Valley formations, with 267 well permits since 2017, an 87% permit-to-activity rate, and operations concentrated in Panola, Harrison, and Rusk Counties. Formerly known as Sabine Oil & Gas Corporation, the company completed its transition to Sabine Energy Inc. in 2026, including the recent transfer of 11 TCEQ air permits, reflecting a legal entity update while maintaining the same operating assets and development strategy.
