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Imperial Oil Ltd. has reported CAD 1.29 billion ($932.94 million), or CAD 2.52 per diluted share, in net income for the first quarter (Q1), up CAD 93 million from the same three-month period last year despite lower upstream production. Thanks to higher oil prices, revenue rose year-on-year to CAD 12.52 billion for the January-March 2025 period. “Average bitumen realizations increased by $8.75 [CAD] per barrel, primarily driven by the narrowing WTI/WCS [West Texas Intermediate/Western Canada Select] spread. Synthetic crude oil realizations increased by $5.28 per barrel, primarily driven by an improved Synthetic/ WTI spread”, the Canadian integrated oil company said in an…

(World Oil) – Rising Phoenix Capital, an investment firm specializing in oil and gas mineral royalty acquisitions, have announced a strategic purchase of mineral interests in Ector and Midland Counties, TX, operated by ConocoPhillips. This purchase strengthens the firm’s growing position in the core of the Midland basin, widely regarded as one of the most prolific energy-producing regions in the United States. The acquisition was made through the Maroon Bells Fund, one of Rising Phoenix Capital’s actively managed mineral portfolios. The asset includes both producing wells and near-term permitted drilling locations, offering investors a low-risk entry point into sustained monthly cash…

Valaris Limited has been awarded a five-well contract offshore West Africa for drillship VALARIS DS-15. The contract is expected to commence in the third quarter 2026. The total contract value, based on an estimated duration of 250 days, is approximately $135 million, including upfront payments for rig upgrades and mobilization. The total contract value does not include the provision of additional services. The contract includes priced options for up to five wells with an estimated total duration of 80 to 100 days. See also: Drillships in the digital age: Capturing new opportunities for smarter, safer and more sustainable operations—at…

This article is an on-site version of our Europe Express newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday and fortnightly on Saturday morning. Standard subscribers can upgrade to Premium here, or explore all FT newslettersGood morning. News to start: Brussels plans to make it easier for UK professionals to work in the EU, a key British post-Brexit request, in a proposal seen by the Financial Times. Today, our energy correspondent profiles Dan Jørgensen, the Danish commissioner whose plan to end EU imports of Russian energy will be released this afternoon. And parliament’s top border control…

The aviation industry is “failing dramatically” in its efforts to tackle its role in the climate crisis, according to a newly formed group of aviation professionals.They say they are torn between their passion for flying and their concern for the planet and are calling for a fundamental transition of the industry, including controlling flight numbers.The group, Call Aviation to Action, says the industry is overly optimistic about emissions-cutting technology and trapped in a business model that demands ever-growing flight numbers. The lack of significant climate action from the industry risks it being destroyed, the group says, as heavy regulation from…

EnerMech has secured a significant contract from LLOG Exploration Co. for pre-commissioning services at the Salamanca Platform in the Gulf of America/Gulf of Mexico.  This contract includes hydrotesting and nitrogen dewatering of three 8” infield flowlines, one 16” oil export pipeline and one 10” gas export pipeline.  The award follows a previous contract in for topside pre-commissioning services which EnerMech secured in 2024. The Salamanca Floating Production Unit (FPU) will operate at a depth of approximately 6,400 feet of water with production from the Leon and Castille fields. With an initial production capacity of 60,000 bopd and 40…

India had imposed windfall tax on producers such as ONGC, Oil India and Vedanta after oil prices soared following the Russian invasion of Ukraine in early 2022.The government plans to compensate oil and gas explorers in new contracts if a future change in the law reduces their economic benefits by more than $5 million per year by adjusting its royalties, fees or revenue share from an oilfield.The proposed rule is expected to protect explorers from government action such as windfall or retrospective tax and allow for stable economic returns as the Centre seeks to boost investments in exploration.”In the event…

Oil prices slipped below $60 a barrel on Monday for the first time in four years, offering a potential boost to Indian refiners’ margins and creating an opportunity for the government to increase fuel duties and capture part of the gains.Crude prices declined after producer group OPEC+ agreed to raise output by 411,000 barrels per day in June – the second consecutive monthly increase following a similar move in May. The decision comes amid growing concerns over a global economic slowdown and weakening fuel demand. International benchmark Brent has fallen nearly 20% since the start of the year. Despite the…

BRENHAM, Texas (AP) — Rescue crews in Texas were searching for a 10-year-old girl swept away by rapidly rising floodwaters and forecasters warned that Tuesday could bring more heavy rains and flooding to the Houston area and the state’s coast.Teams of people scoured the city of Brenham on Monday night, using drones with thermal imaging and dogs to try to find the girl. The water rescue operation was scaled back overnight when heavy thunderstorms moved through the area, but four swift water rescue teams resumed operations early Tuesday, the Brenham Fire Department said in a social media post.The department was…

Stay informed with free updatesSimply sign up to the Oil & Gas industry myFT Digest — delivered directly to your inbox.Two big American shale producers said they would cut capital expenditure on Monday in response to sliding oil prices, prompting industry warnings that US production had peaked and could begin falling.  Diamondback Energy, one of the largest producers in the west Texas Permian basin, the largest US oilfield, said it estimated the number of US fracking crews had already fallen by 15 per cent this year and would continue to decline unless there was a rapid turnaround in prices. The…