What would be the circumstances where we would see a shutting of the Straits of Hormuz, do you think, and what impact would that have on the global price. There are maybe two ways of looking at it. If the Strait of Hormuz is closed, the impact will be significant because it is a very important artery for the seaborne oil transportation.Iran's 20 million barrels per day, goodwill and petroleum products are transported through the strait and this is about a quarter of global seaborne oil trade and one fifth o ...

#韩国瑞山石油储备基地附近发生山火#据韩国忠清南道消防本部今天（2月21日）通报，瑞山市当天发 生山林火灾，消防等部门随即赶往现场展开灭火工作。由于起火地点位于韩国规模最大的国家石油储备 设施——大竹资源储备产业园区附近，在强风的影响下，火势可能蔓延至重要基础设施，引发相关部门 的高度紧张。瑞山消防署于当地时间16时10分左右将应对级别提升至二级，动员辖区及邻近消防署的所 有可用装备，重点阻止火势向产业园区方向蔓延。此外，当天，忠清南道礼山郡也发生山火。瑞山市和 礼山郡已向山火发生地附近居民发出通知，要求他们撤离至安全地点。 ...

Core Viewpoint - Valeura Energy Inc. has reported record high proved plus probable ("2P") reserves, an increase in its reserves life index ("RLI"), and a third consecutive year of approximately 200% reserves replacement ratio, despite a significant drop in oil prices in 2025 [1][3][11]. Reserves and Resources - The company achieved record high proved ("1P") reserves of 37.9 million barrels (MMbbls) and proved plus probable ("2P") reserves of 57.8 MMbbls, with a proved plus probable plus possible ("3P") reserves total of 71.2 MMbbls [8][11]. - The 2P reserves replacement ratio was reported at 192%, indicating that the company added nearly double the reserves it produced during the year [3][11]. - The net present value ("NPV10") of 2P reserves before tax is estimated at US$872 million, and US$692 million after tax [8][13]. Financial Position - As of year-end 2025, the company reported a cash position of US$306 million and a net asset value ("NAV") of US$998 million, equating to approximately C$13 per common share [5][13]. - The RLI has increased to a record high of 7.5 years based on 2P reserves and anticipated production for 2026 [4][12]. Operational Highlights - The company has focused on portfolio renewal, including the redevelopment of the Wassana field and ongoing drilling success across its portfolio [6][11]. - The strategic Farm-in Transaction to blocks G1/65 and G3/65 in the Gulf of Thailand is expected to add new volumes upon completion [6][24]. Market Context - The company’s reserves and resources demonstrate resilience in driving value from its assets, even amid a correction in commodity prices [7][11]. - The NSAI 2025 Report indicates a significant reduction in forecast oil prices, with near-term forecasts being 19% lower than the previous year [18][19].

Core Viewpoint - Exxon Mobil has successfully exceeded earnings and revenue estimates despite a notable decline in petroleum prices, primarily due to significant output increases, particularly in the Permian Basin [1] Group 1: Earnings Performance - Exxon Mobil reported better-than-expected earnings and revenue last Friday [1] - The company benefited from substantial output increases compared to the previous year [1] Group 2: Production Highlights - The output increase was especially pronounced in the high-potential Permian Basin [1] - In the fourth quarter, Exxon Mobil significantly boosted its production levels [1]

Core Viewpoint - Exxon Mobil has successfully exceeded earnings and revenue estimates despite a recent decline in petroleum prices, primarily due to significant output increases, particularly in the Permian Basin [1] Group 1: Earnings Performance - Exxon Mobil reported better-than-expected earnings and revenue last Friday, showcasing resilience in a challenging market environment [1] - The company experienced serious output increases compared to the previous year, contributing to its strong financial performance [1] Group 2: Production Highlights - A notable increase in production was observed in the high-potential Permian Basin, which played a crucial role in Exxon Mobil's earnings success [1]

Core Viewpoint - ConocoPhillips stock is experiencing a significant rise at the start of 2026, driven by broader market trends and potential opportunities in Venezuela, although investors should consider other factors beyond this geopolitical situation [1][2]. Group 1: Stock Performance - ConocoPhillips stock has increased by more than 8% in January 2026, indicating strong market performance [2]. - The stock's rise is part of a broader rally among domestic oil equities [2]. Group 2: Venezuela Context - The capture of former Venezuelan President Nicolas Maduro has raised hopes for U.S. oil companies, including ConocoPhillips, to invest in Venezuela [1]. - ConocoPhillips, like ExxonMobil, was expelled from Venezuela in 2007 due to nationalization policies, which may affect its willingness to return [5]. - ConocoPhillips has legal claims against Venezuela totaling $12 billion, making it one of the largest non-sovereign creditors of the country [6]. Group 3: Investment Considerations - The Trump administration encourages U.S. oil companies to invest in Venezuela but does not intend to act as debt collectors for past claims [7]. - ConocoPhillips maintains a low-risk profile by focusing on stable production regions, which may delay any potential investment in Venezuela [8][10].

Core Viewpoint - The capture of former Venezuelan president Nicolás Maduro has sparked optimism in the commodities market, particularly regarding the potential for Western oil companies to access Venezuela's vast petroleum reserves [1] Group 1: Market Reactions - The State Street Energy Select Sector SPDR ETF (NYSEMKT: XLE) has increased by 10% year to date, indicating strong market enthusiasm [2] - ExxonMobil (NYSE: XOM), which constitutes 24% of the ETF, has outperformed with a gain of 12.2% since the beginning of 2026 [2] Group 2: Investment Considerations - While some investors are optimistic about ExxonMobil benefiting from regime change in Venezuela, caution is advised as the company has not operated in Venezuela since 2007 due to asset seizures [4][6] - Current operations in Venezuela are limited to Chevron (NYSE: CVX), making ExxonMobil's potential entry into the market uncertain and likely years away from yielding benefits [6][8] Group 3: Long-term Outlook - Although entering Venezuela could enhance ExxonMobil's long-term cash flows, the realization of these benefits is expected to take several years [5][9] - CEO Darren Woods has acknowledged opportunities in Venezuela, but investors should not expect immediate results from any potential agreements [7][8]

Core Viewpoint - Suncor Energy is set to release its fourth quarter financial results on February 3, 2026, with a subsequent webcast scheduled for February 4, 2026, to discuss the results and engage with analysts [1]. Company Overview - Suncor Energy is recognized as Canada's leading integrated energy company, involved in oil sands development, offshore oil production, and petroleum refining in both Canada and the U.S. [3] - The company operates the Petro-Canada retail and wholesale distribution networks, which include Canada's Electric Highway, a nationwide network of fast-charging EV stations [3]. - Suncor is committed to advancing the transition to a lower-emissions future through investments in lower emissions intensity power, renewable feedstock fuels, and projects aimed at reducing emissions intensity [3]. - Additionally, Suncor engages in energy trading activities, focusing on the marketing and trading of crude oil, natural gas, byproducts, refined products, and power [3]. - The common shares of Suncor are listed on both the Toronto and New York stock exchanges under the symbol SU [3].

Core Insights - Valeura Energy Inc. reported a strong Q4 2025 performance, achieving a record cash position and successful drilling campaign, which is expected to enhance reserves replacement and long-term shareholder value [1][4][9] Q4 and Full Year 2025 Highlights - Average working interest share oil production before royalties was 24.7 mbbls/d in Q4 2025, marking a 7.6% increase from the previous quarter [9][10] - Full year average oil production reached 23,242 bbls/d, a 1.8% increase over 2024 [10] - The company achieved a record cash position of US$305.7 million with no debt as of December 31, 2025 [12] - Oil sales totaled 2.523 million bbls in Q4 2025, leading to revenue of US$161.4 million, while full year revenue was US$594.4 million [11][9] 2026 Guidance Highlights - The company aims for a working interest share oil production of 19,500 - 22,500 bbls/d in 2026, with a mid-point target of 21,000 bbls/d [22] - Planned capital expenditure and exploration spending for 2026 is estimated between US$175 million and US$195 million, including US$70 million for the Wassana field redevelopment [21] - Adjusted operating expenses for 2026 are forecasted to be between US$190 million and US$220 million, potentially the lowest since assuming operatorship in Thailand [23] Operations Update - Valeura completed nine production-oriented development wells in Q4 2025 with a 100% success rate, contributing to increased production rates [9][16] - The company is progressing with the Wassana field redevelopment, which is 45% complete and on track for first oil production in Q2 2027 [14] - GHG intensity has been reduced by 30% since acquiring the Thailand portfolio in 2023, with a 13% reduction in 2025 alone [5][13] Future Growth and Exploration - Valeura is actively pursuing growth opportunities, including a farm-in transaction with PTT Exploration and Production Plc for Blocks G1/65 and G3/65 in the Gulf of Thailand [25] - The company is also engaged in a deep gas play in Türkiye, with ongoing testing operations showing promising results [15] - The 2026 work program includes drilling 16 development and appraisal wells across multiple fields to mitigate natural production declines and add reserves [20]

Core Viewpoint - OPEC+ reaffirms commitment to maintaining oil market stability and will keep current production policies unchanged until Q1 2026 despite geopolitical tensions [1] Group 1: OPEC+ Production Policy - OPEC+ key members decided to suspend planned production increases for February and March 2026 due to seasonal demand patterns [1] - The organization emphasizes that current low inventory levels indicate a well-balanced oil market, despite an 18% drop in oil prices in 2025 [3][4] - OPEC+ maintains flexibility in its strategy, including the option to extend or reverse voluntary adjustments, such as the announced 2.2 million barrels per day reduction [4] Group 2: Market Monitoring and Compliance - OPEC+ reaffirms collective adherence to the Cooperation Declaration and will fully compensate for any excess production since January 2024 [5] - The Joint Ministerial Monitoring Committee will continue to monitor compliance and compensation progress, with monthly meetings scheduled [5] Group 3: Venezuela's Oil Production Challenges - Venezuela's oil production is currently around 1 million barrels per day, significantly down from a decade ago, and accounts for less than 1% of global supply [11] - Political instability and lack of investment have severely impacted Venezuela's oil output, with a 25% reduction in production due to U.S. sanctions [13] - Even if sanctions are lifted, significant reforms and investment are needed to restore production to higher levels, indicating that Venezuela is unlikely to disrupt global supply in the short term [13]