2026 Budget & Guidance - Development capital expenditures are budgeted between $180 million and $190 million[10] - The company forecasts average production between 39,000 and 41,000 barrels of oil equivalent per day (boe/d)[10] - Oil and liquids are expected to comprise approximately 81% of the production mix[10] - Adjusted Funds Flow (AFF) is projected to be between $325 million and $375 million, or $1.75 to $2.00 per share[10] - Free Funds Flow (FFF) is forecasted between $120 million and $170 million, or $0.65 to $0.95 per share, resulting in a free funds flow yield of 25% to 35%[10] - Net debt at the end of 2026 is estimated to be between $645 million and $695 million, with a net debt to adjusted EBITDA ratio of 1.4x to 1.7x[10] Sensitivity Analysis - A $5.00 change in WTI oil price is expected to impact AFF by approximately $50 million[13] - A 1,000 barrel per day change in oil production is projected to impact AFF by approximately $25 million[13] - A $0.01 change in the CAD/USD exchange rate is expected to impact AFF by approximately $8 million[13] - A $0.50 change in AECO gas price is projected to impact AFF by approximately $3 million[13] Development Program Highlights - Approximately 33% of the 2026 development capital is allocated to Open Hole Multi-Lateral (OHML) locations in Southeast Saskatchewan (SE SK)[9, 15] - The company plans for 32 OHML locations in 2026 and has identified over 300 OHML locations in SE SK[15] - The company plans for 23 conventional wells[19]

Core Viewpoint - BP has made a sudden leadership change, with CEO Murray Auchinloss resigning immediately after serving less than two years in the position [1] Group 1 - The abrupt leadership shift indicates potential instability within BP's management structure [1] - The resignation of the CEO may impact investor confidence and the company's strategic direction moving forward [1] - This change comes at a critical time for BP, as the company navigates challenges in the energy sector [1]

Core Insights - BP has appointed Meil, the former CEO of Woodside, as its new CEO, replacing Murray Orin Clauss, who served for less than two years [1] - Orin Clauss will step down immediately, with Carol Howell serving as interim CEO until Meil officially takes over on April 1 [1] - This leadership change reflects BP's strategy reset under the new chair, Albert Manifold, and indicates a shift towards a more dynamic leadership approach [2][4] Leadership Transition - Meil will be the first outsider and the first woman to lead BP in its 116-year history, marking a significant departure from the company's traditional leadership model [4] - Orin Clauss had indicated openness to stepping aside for a leader who could accelerate BP's strategic initiatives, suggesting his role was transitional [3] Meil's Background and Vision - Meil has two decades of experience at Exxon Mobil and Woodside, where she gained a reputation for strong capital discipline [5] - In discussions about energy demand, Meil emphasizes the importance of balancing reliability, affordability, and sustainability, particularly in the context of LNG [6][7] - The forecast predicts a 50% growth in LNG demand over the next decade, highlighting its critical role in meeting energy needs, especially in North Asia and Northern Europe [8]

Built for lower oil prices Chevron has built one of the most resilient upstream oil and gas portfolios in the energy sector. It has the lowest projected breakeven level this year at $30 a barrel. This enables the company to generate substantial free cash flow at the current price point of around $60 per barrel. The company also has one of the strongest balance sheets in the industry. Its net debt ratio was 15.1% at the end of the third quarter, well below its 20%-25% target range. That low leverage ratio pr ...

BP has appointed Meg O'Neill, the chief executive of Australia's Woodside Energy, as its new CEO. This move signals BP's intention to intensify efforts to increase returns and prioritise oil and gas ... ...

Core Insights - Meg O'Neill is a prominent figure in the fossil fuel industry, particularly known in Asia and Australia, and has been the CEO of Woodside since 2021 [2][3] - Under her leadership, Woodside has achieved operational excellence and made significant moves, including a billion-dollar acquisition of oil and gas assets from BHP [2][3] - O'Neill has shown ambition by attempting to acquire Australia's largest rival, although she ultimately decided against the deal due to value concerns [3] Company Strategy - O'Neill is recognized for her strong defense of fossil fuels, emphasizing the continued need for oil and natural gas for decades to come [3][5] - BP's recent strategic shift back towards fossil fuels aligns with O'Neill's expertise, making her an appealing choice for leadership as the company aims to reset its strategy [5][6] - Her track record at Woodside demonstrates her ability to enhance existing assets and strategically consider new acquisitions, which may address investor concerns about BP's pace of strategic movement [5][6]

Tell us then, David, about what we know about Meg O'Neill and what she's achieved at Woodside. Morning megadeal may be an unfamiliar name to people in Europe, to too many in the market and in London and those around BP. But she's an she's an incredibly well known figure in Asia, and particularly in Australia.Now, a really experienced veteran fossil fuels executive 20 plus years at an X on and a real focus on engineering and operations. She became the CEO of Woodside, Australia's biggest oil and gas company, ...

Core Viewpoint - Questerre Energy Corporation is progressing with the spinout of its Quebec assets and the PX Energy transaction, with significant corporate developments scheduled for early 2026 [1][2]. Quebec Spinout - A Special Meeting of Shareholders is set for January 15, 2026, to elect the Board of Directors and approve an amendment for the Quebec Spinout [2]. - The Quebec Spinout will involve a reorganization of share capital, creating new "tracking" preferred shares distributed to shareholders on a one-for-one basis with existing common shares [3]. - These tracking preferred shares will provide economic benefits from Questerre's Quebec assets and will be linked to outcomes from legal actions or development scenarios [3]. - The proposed capital reorganization is not a taxable event under Canadian or Norwegian tax laws, and the tracking preferred shares will not be redeemable for at least five years [4]. - A portion of any settlement value will be allocated to benefit Questerre Common Shares, reflecting ongoing management of the Quebec assets [5]. - An Oversight Committee will be established to represent preferred shareholders, with the ability to appoint a Preferred Director [6]. - The structure aims to allow shareholders to directly participate in the value realization of Quebec assets while managing associated risks [6]. PX Energy Update - Questerre has submitted a purchase price adjustment claim of US$21.5 million related to working capital adjustments in the PX Energy acquisition, which is being disputed by the vendors [7]. - The company maintains that no further consideration is owed to the vendors and has not issued the first tranche of Common Shares as per the Share Purchase Agreement [8]. - Questerre anticipates closing a joint venture agreement with a local Brazilian partner to further its international growth strategy [9].

The Woodside Energy Group Ltd (ASX: WDS) share price has fallen around 2% after announcing its CEO is resigning and moving to a major competitor.Woodside was established in 1954 and has grown to become a global oil and gas company. It operates across the energy supply chain with exploration, development, production and supply of oil and natural gas. In June 2022 Woodside merged with the petroleum segment of BHP Group Ltd (ASX: BHP).Woodside CEO leaves to join major competitorToday, the company announced tha ...

US President Donald Trump speaks to reporters after stepping off Air Force One at Joint Base Andrews on Dec. 17, 2025. Andrew Caballero-Reynolds | AFP | Getty ImagesAsia-Pacific markets tumbled Thursday as investors on Wall Street continued to rotate out of tech and markets look toward an address by U.S. President Donald Trump.The speech is slated to be delivered Thursday at 10 a.m. Singapore time (Wednesday stateside 9 p.m. ET). Trump is expected to speak about his accomplishments in his first 11 months in ...