Industry News

'The expanded geographic footprint complements Sunoco's existing fuel distribution operations and creates additional opportunities for organic growth and bolt-on acquisitions'.

The president signaled he is prepared to let economic pressure on Iran build rather than launch fresh military strikes, saying the U.S. was only 'semi-negotiating' with Tehran on the Strait of Hormuz.

Murphy Oil reported $225.8 million in net income adjusted for nonrecurring items for the second quarter, nearly six times that of the same three-month period last year as soaring oil prices offset lower production and weaker gas prices.

The Trump administration has agreed to roughly $4 billion in settlements this year to cancel planned offshore wind projects.

Oil steadied as traders weighed a potential Hormuz deal against persistent Middle East shipping threats.

Brazilian oil producer Petrobras outperformed expectations.

'Calypso is an early-stage deepwater natural gas project offshore Trinidad and Tobago, where BP has an established business and extensive oil and gas infrastructure'.

Crude oil stocks, not including the SPR, stood at 407.0 million barrels on July 31, the EIA's latest weekly petroleum status report showed.

The biggest oil producer in the United Arab Emirates spent $1.3 billion to expand its tanker fleet.

Well service employees have raised uncertainties about the impact to their payrolls and other benefits despite a pause in hostilities after striking workers and their employers agreed to settle their dispute through an independent tribunal.

ConocoPhillips has announced a 'planned leadership succession'.

'The investment strengthens Petrofac's long-term ownership structure and reflects continued confidence in the business strategy, capabilities and growth prospects'.

The Norwegian company revealed it had made a rejected acquisition proposal to Britain's Genel but said it remains willing to pursue negotiations with the latter's board.

What does this mean for oil?

China's crude oil imports rebounded last month from a near-decade low, after flows through the Strait of Hormuz picked up and refiners boosted purchases from nations outside the Middle East including Russia.

Oil rose as doubts grew that an Iran-Oman deal would quickly restore normal shipping through the Strait of Hormuz.

Ukraine struck two of Russia's oil refineries overnight.

Aramco revealed that it achieved total hydrocarbon production of 9.5 million barrels of oil equivalent per day in the second quarter 'despite historical supply constraints'.

Saudi Arabia cut its main crude oil price as some Persian Gulf producers continue to send barrels through the Strait of Hormuz.

Enverus Intelligence Research announced that U.S. upstream merger and acquisition activity slowed in the second quarter.