This week’s energy headlines spotlight strategic moves in upstream investment, asset divestitures, regulatory shakeups and corporate battles. Here are five stories that stood out:
- NGP backs 406 Energy with equity commitment
Private equity firm NGP is supporting 406 Energy, a new upstream company led by former XCL Resources executives. The Montana-focused venture aims to apply advanced reservoir analytics and data-driven strategies to build a high-return platform in the Williston Basin.
- Baytex rumored to exit Eagle Ford shale
Baytex Energy is reportedly exploring a sale of its Eagle Ford assets, which represent over half of its production. The Canadian firm entered the play through its $2.2 billion acquisition of Ranger Oil in 2023 and has since scaled back investment, citing stronger returns in its Canadian heavy oil portfolio.
- BP wins arbitration against Venture Global
BP prevailed in an arbitration case against Venture Global over delays at the Calcasieu Pass LNG facility. The tribunal found Venture Global breached its contract by postponing commercial operations, and BP is seeking $1 billion in damages. The ruling could reshape how LNG developers handle commissioning cargoes.
- Commonwealth LNG permit revoked by Louisiana court
A Louisiana judge has revoked Commonwealth LNG’s coastal use permit, citing failure to assess impacts on nearby communities. The decision forces a new environmental review and could delay the six-train export project targeting final investment decision this year.
- Strathcona ends MEG bid, ending battle for Canadian oil producer
Strathcona Resources has withdrawn its unsolicited takeover bid for MEG Energy, clearing the way for Cenovus Energy’s improved offer. The move ends a months-long contest and signals a shift in Canada’s heavy oil consolidation landscape.
ExxonMobil, Halliburton, Petrobras, Wood and Energy Vault made headlines with new contracts, project milestones, financing moves and infrastructure updates.
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