Recent developments
Capital and portfolios
ExxonMobil updated its corporate plan through 2030, projecting earnings and cash flow growth without higher capital. Chevron set 2026 capex at $18–$19 billion, prioritizing U.S. upstream and select offshore growth. OCI’s Beaumont New Ammonia project nears startup amid a sale of ammonia distribution and a merger with Orascom. thyssenkrupp reported positive cash flow and advanced its ACES 2030 transformation to a financial holding.
Refining to chemicals
Aramco, ExxonMobil, and Samref signed a framework for the Samref refinery upgrade and petrochemical expansion in Yanbu. Fluor and JGC completed Train 2 of the LNG Canada Project, finishing phase one and enabling up to 14 mtpa of LNG export capacity.
Upstream consolidation
NEO NEXT Energy announced a strategic merger with TotalEnergies’ UK offshore businesses to create NEO NEXT+. TotalEnergies is merging its UK Upstream business with NEO NEXT, targeting over 250 kboe/d by 2026. Galp and TotalEnergies executed an asset swap in Namibia’s offshore Orange Basin, with Mopane operatorship moving to TotalEnergies.
Policy environment
The UK will maintain the Energy Profits Levy at 78%, with industry forecasts warning of reduced North Sea output and increased import dependence.
Field developments
Production commenced from the Verdande subsea field tied back to Norne, extending FPSO life beyond 2030. Tengizchevroil showcased reservoir management at the SPE conference, highlighting gas injection and advanced modeling to improve recovery.