Chevron drilled a record 428 wells in 2025 and continues strong into 2026, with activity heavily concentrated in the Permian Basin, DJ Basin (Weld County), and Bakken. Despite this high drilling volume, the company is shifting its strategy toward efficiency, cost control, and maximizing production from existing assets rather than pure growth.
Ovintiv closed its $3.0 billion sale of Anadarko Basin assets, exiting Oklahoma as part of a broader strategy to streamline its portfolio and reduce debt. Prior to the sale, drilling activity was highly concentrated with 63 wells—primarily in Kingfisher County—drilled mostly by H&P using just two rigs, reflecting an efficient, focused development approach.
Oil prices rose on April 10 as Saudi supply disruptions and severely reduced traffic through the Strait of Hormuz tightened global markets. However, prices remain down sharply on the week as a fragile U.S.-Iran ceasefire has eased broader geopolitical risk.
Oil prices rose sharply as uncertainty around a fragile Middle East ceasefire kept concerns high about disruptions through the Strait of Hormuz, a key global oil chokepoint. Despite easing immediate conflict fears, shipping risks and ongoing regional tensions are maintaining a strong risk premium in crude markets.
Occidental (NYSE: OXY) today announced an oil discovery at the Bandit prospect in the Gulf of America, about 125 miles south of the Louisiana coast. The exploration well, located in Green Canyon Block 680, encountered high-quality, full-to-base oil-bearing Miocene sands.
New Gulf Resources LLC is expanding its footprint in the Eagle Ford Shale through the acquisition of air-permitted production facilities and well sites in Atascosa County, Texas from Cinco Oil & Gas. This move strengthens its position in a high-value oil region and creates opportunities to optimize existing infrastructure, improve production efficiency, and enhance emissions management.
ExxonMobil expects a ~6% drop in Q1 2026 production due to disruptions at key assets in Qatar and the UAE, highlighting the material impact of Middle East instability on its operations. While higher oil and gas prices could boost earnings by up to $2.9B, this will be offset by trading-related timing effects that may reduce profits by as much as $4.9B.
Oil prices fell sharply below $100 per barrel after the U.S. and Iran agreed to a temporary ceasefire, easing fears of supply disruptions through the Strait of Hormuz. The move also signals potential additional supply from Iran, further reducing the geopolitical risk premium that had driven prices higher.
Magnolia Oil & Gas is expanding its position in South Texas, with air permit transfers confirming it has taken operational control of assets previously held by 1776 Energy in Karnes and Gonzales Counties. These transfers tie directly to Silver Hill Energy Partners’ recent acquisition, suggesting Magnolia is emerging as a key operator in portions of the acquired Eagle Ford and Austin Chalk acreage.
Helmerich & Payne has sold Tulsa’s historic Utica Square shopping center to Northwood Investors, ending a 60-year ownership tied to the Helmerich family’s vision of a curated, community-focused retail destination. Originally transformed from a struggling property in 1964 into a premier shopping hub through careful tenant selection and hands-on stewardship, Utica Square remains a lasting legacy in Tulsa.
