This week’s energy headlines spotlight U.S. upstream cost resets, a Gulf of Mexico expansion, a landmark offshore services merger, LNG infrastructure growth, and a major Brazilian discovery. Here are five stories that stood out:
Top Stories
- Conoco targeting $1B in 2026 capex and opex savings
ConocoPhillips plans to cut a combined $1 billion in capital and operating costs this year as stronger well performance, faster drilling and completions, and longer laterals lift Lower 48 productivity. The company set 2026 capital at $12 billion, $600 million lower than last year, while advancing exploration on Alaska’s western North Slope and keeping Willow on schedule for early 2029.
- Harbour closes $3.2B LLOG buy to enter U.S. GOM
Harbour Energy closed its $3.2 billion purchase of LLOG Exploration, adding a fully operated, oilweighted Gulf of Mexico portfolio. Production from the LLOG assets averaged 36,000 boe/d (80% oil) last year, and Harbour expects it will increase to 65,000-70,000 boe/d by 2028.
- Transocean-Valaris merger to make largest offshore rig fleet
Transocean and Valaris agreed to a $6.29 billion merger, creating a 73-rig global fleet with more than $200 million of expected annualized synergies. The combined company strengthens its Middle East footprint through Valaris’ ARO Drilling ties and boosts scale across deepwater markets.
- Cheniere files with FERC for 24 mtpa Corpus Christi expansion
Cheniere Energy has filed its full application with FERC for authorization to build and operate a four-train expansion of its Corpus Christi LNG export facility. Each new train would have 6 mtpa of capacity, providing a combined 24 mtpa at peak and boosting the overall facility’s capacity to more than 54 mtpa.
- BP finds 8 Bbbl in place at Bumerangue, tightening belt in 2026
BP provided an initial resource frame for its Bumerangue find, estimating around 8 Bbbl in place across oil and condensate. Appraisal options include an early production system tied to Transocean’s Deepwater Mykonos, marking one of Brazil’s most significant recent deepwater discoveries.
Additional Stories
Also this week: Helmerich & Payne trims its rig fleet, Plains All American focuses on leverage while integrating Cactus Three, Gibson Energy expands its Alberta network, and MPLX boosts growth capex across the Permian and Marcellus.
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