Core Viewpoint - Valeura Energy Inc. reported strong operational performance in Q3 2025, highlighted by a successful ten-well drilling campaign at the Nong Yao field, leading to increased oil production and a solid financial position [4][6][9]. Production Update - Average working interest share oil production before royalties increased to 23.0 mbbls/d in Q3 2025, a 6.2% rise from Q2 2025, with rates reaching approximately 24.8 mbbls/d by the end of the quarter [8][9]. - Oil sales totaled 2.16 million bbls in Q3 2025, reflecting an 8.7% increase from Q2 2025, with an average realized price of US$72.06/bbl, a US$2.52/bbl premium over Brent [9][10]. Financial Position - The company reported a cash position of US$248.3 million with no debt, facilitating ongoing investments for growth [6][10]. - A net crude receivable of US$36.7 million is expected to be received in mid-October, reflecting the timing of payment [10]. Drilling Campaign - The ten-well drilling campaign at the Nong Yao field resulted in production increasing from approximately 7,996 bbls/d to 11,562 bbls/d over the seven-day period ending September 30, 2025 [11]. - The campaign was completed safely, on time, and on budget, with the drilling rig now mobilized to the Jasmine field for further development [22][23]. Future Projects - Progress is being made on the Wassana redevelopment project, targeting first oil in Q2 2027, aimed at increasing production and reducing unit costs [7][24]. - A strategic farm-in agreement in the Gulf of Thailand is anticipated to expedite development and gas production, formalizing a significant relationship with stakeholders [7][25].

CALGARY, Alberta, Oct. 07, 2025 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) is pleased to provide an operational update regarding the Kavango West 1X exploration well. Brian Reinsborough, President & CEO, commented “Drilling of the Kavango West 1X well is proceeding on schedule and I wish to thank our entire operations team for doing a great job on executing our drilling plan. The final casing string has been ...

Sable continues to work diligently with the State of California to safely and responsibly resume petroleum transportation through the Las Flores Pipeline System in accordance with its Federal Consent Decree, which was entered into by several state and federal agencies. Continued delays in approving the restart plans for the Las Flores Pipeline System will prompt Sable to pursue the accelerated Offshore Storage and Treating Vessel strategy, which was utilized to process Santa Ynez Unit production in federal ...

Core Insights - Valeura Energy Inc. has been ranked No. 1 in the 2025 Report on Business magazine's ranking of Canada's Top Growing Companies, reflecting significant revenue growth and operational success [1][2]. Company Performance - The company achieved a remarkable revenue increase from US$3 million in 2021 to US$689 million in 2024, marking a 20,064% growth over three years [2][4]. - This ranking follows Valeura's previous No. 8 position in 2024, indicating sustained momentum in value creation and operational execution [2]. Leadership Commentary - Dr. Sean Guest, President and CEO, expressed honor in receiving this recognition, emphasizing the disciplined approach to value creation through growth [3][4]. - The company has demonstrated top-tier operational and financial performance since launching its growth strategy in 2020, while being selective in pursuing opportunities [4]. Company Overview - Valeura Energy Inc. is a Canadian public company focused on the exploration, development, and production of petroleum and natural gas in Thailand and Türkiye [6]. - The company aims for value-accretive growth while adhering to high standards of environmental, social, and governance responsibility [6].

Core Insights - Angola's state oil company, Sonangol, plans to list up to 30% of its shares in an IPO within the next 24 months, marking a significant shift for both the company and Angola's economy [1] - The IPO is a culmination of years of restructuring efforts aimed at streamlining operations and restoring financial discipline, validating the government's reform agenda [2] - Sonangol aims to emulate successful models of other national oil companies that have combined state control with market discipline, such as Petrobras, Equinor, and KazMunayGas [3] Company Restructuring - Sonangol has transitioned from a conglomerate with diverse interests to a more focused entity, shedding non-core holdings since 2017 [2] - The company’s production has declined from a peak of 1.8 million barrels per day in 2008 to approximately 1.1 million bpd today, necessitating significant upstream investment to reverse this trend [4] Investment and Governance - The IPO is expected to provide access to equity markets, offering much-needed funding amid constrained global capital for oil projects due to the energy transition [4] - A successful listing would align Sonangol with international reporting standards and corporate governance norms, enhancing investor accountability and distancing the company from past inefficiencies [4] Broader Economic Context - The IPO is part of a larger initiative by President Lourenço to reduce the state's role in the economy, with hundreds of state-owned enterprises slated for privatization under the PROPRIV program [5] - Sonangol's listing is seen as a critical step in signaling to global investors that Angola is committed to economic reforms and open for business [5]

Core Insights - Chevron reported better-than-expected earnings for the second quarter of 2025, surpassing analysts' bottom line estimates due to record production levels in its core business [1] - Despite a decline in average petroleum prices during the second quarter, Chevron maintained a strong free cash flow position [1] Financial Performance - The company achieved record production levels, contributing to its positive earnings performance [1] - Average petroleum prices fell in the second quarter, indicating a challenging pricing environment for the industry [1] Market Position - Chevron's ability to generate free cash flow amidst declining prices highlights its operational efficiency and resilience in the oil and gas sector [1]

Egypt gave up on more than 2 million barrels of petroleum cargoes it offered to buy when gas supplies from Israel were briefly cut, after securing massive amounts of LNG to help meet its electricity generation needs https://t.co/2YNcfq3VXg ...

Core Viewpoint - Valeura Energy Inc. reported its Q2 2025 financial and operational results, highlighting a strategic focus on growth through redevelopment projects and partnerships while maintaining a strong financial position despite lower oil prices [5][7][12]. Financial Performance - Adjusted Cashflow from Operations for Q2 2025 was US$50.5 million, a decrease of 23% compared to Q2 2024 [8][17]. - Oil production for Q2 2025 was 1.95 million barrels, reflecting a 2% increase from Q2 2024, but a 9% decrease from Q1 2025 [10][12]. - Average realized oil price was US$67.9 per barrel, down 23% from the same period in 2024 [15]. - Revenue from oil sales totaled US$129.3 million, a decline of 21% year-over-year [10][15]. Operational Highlights - The company took a final investment decision on the Wassana field redevelopment project, with construction starting and production expected to begin in Q2 2027 [5][25]. - A strategic farm-in agreement with PTTEP will expand the company's portfolio significantly, increasing gross acreage from 2,623 km² to 22,757 km² [6][31]. - Recent production averaged 23,150 barrels per day in early August 2025, an 8% increase over the Q2 average [20]. Sustainability Efforts - Valeura published its 2024 Sustainability Report, noting a 20% reduction in greenhouse gas emissions intensity compared to the previous year [8][9]. Guidance and Outlook - The company reiterated its 2025 guidance for average daily oil production between 23.0 and 25.5 mbbls/d, and adjusted capex and exploration expenses between US$175 million and US$195 million [29][30].

Core Viewpoint - Kirby reported strong Q2 2025 earnings with GAAP EPS of $1.67 and revenue of $855.5 million, exceeding analyst expectations, but management expressed caution regarding future demand uncertainties [1][5][12] Financial Performance - Q2 2025 GAAP EPS was $1.67, up 17% from $1.43 in Q2 2024 [2] - Total GAAP revenue reached $855.5 million, a 3.8% increase from $824.4 million in Q2 2024 [2] - Operating margin improved to 15.4%, up from 14.6% in Q2 2024 [2] - EBITDA increased to $202.2 million, a 10.6% rise from $182.9 million in Q2 2024 [2] - Free cash flow significantly decreased to $22.5 million from $90.7 million in Q2 2024, a decline of 75.2% [2][7] Business Overview - Kirby holds approximately 27% of the U.S. inland tank barge market and 11% of the coastal market, operating over 1,100 inland and 28 coastal tank barges [3] - The company focuses on marine transportation of bulk liquids and industrial equipment repair and parts distribution [3] Key Success Factors - Kirby's success is driven by scale in marine services, regulatory compliance, and diversification into industrial equipment sales [4] - Demand for petrochemicals and petroleum, along with tight shipyard capacity, are critical for performance [4] Segment Performance - Marine transportation revenue rose 1.6% to $492.6 million, with operating income increasing 4.4% and margins reaching 20.1% [6] - Distribution and Services revenue increased by 6.9% to $362.9 million, with power generation revenue up 31% year-over-year [7] Industry Dynamics - Kirby's operations are influenced by the Jones Act, which protects the tank barge industry from foreign competition [10] - High steel prices and labor shortages limit rapid fleet expansion, with new orders primarily for replacement rather than growth [11] Future Guidance - Management expects FY2025 EPS growth of 15% to 25%, but cautioned about potential softness in demand [12] - Marine transportation utilization is projected to dip into the low 90% range in Q3 2025 [12] - Distribution and Services revenue is expected to be flat or slightly up, with operating margins in the high single digits [13]

Core Viewpoint - Valeura Energy Inc. has entered into a Farm-in Agreement with PTT Exploration and Production Plc to acquire a 40% interest in offshore Blocks G1/65 and G3/65 in the Gulf of Thailand, significantly expanding its acreage and growth potential in the region [1][4][5] Group 1: Strategic Partnership and Acreage Expansion - The partnership with PTTEP, the largest oil and gas operator in Thailand, enhances Valeura's gross acreage in Thailand from 2,623 km² to 22,757 km² [4] - The Blocks are strategically located near major gas fields and Valeura's existing oil fields, providing immediate access to infrastructure [4][6] - The Blocks contain 15 oil and gas discoveries supported by 27 wells, indicating substantial existing resources [4] Group 2: Exploration and Development Plans - A work program for 2025 includes drilling four exploration wells and acquiring over 1,200 km of new 3D seismic data [7] - Valeura will pay 40% of actual back costs, estimated at US$14.7 million as of June 30, 2025, to earn its interest [7] - The exploration period under the Production Sharing Contracts (PSCs) lasts six years, requiring the drilling of eight wells and the acquisition of 800 km of 3D seismic data [9] Group 3: Financial and Operational Insights - The PSCs stipulate a 10% royalty on gross revenue, with cost recovery provisions up to 50% of gross revenue and a corporate income tax rate of 20% on net profit [8] - Valeura aims to leverage existing discoveries and exploration prospects for immediate growth while also pursuing higher-risk, higher-reward opportunities for long-term expansion [6][7] - The company plans to release its unaudited financial results for the first half of 2025 on August 7, 2025 [14]