The giant all-in-one oil companies that do everything — find the oil, refine it, and sell it at the pump. Think Exxon, Shell or Chevron.
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Equinor Seen Gaining From Brent Above $100 as Output Rises
Equinor ASA stands to benefit from elevated Brent crude prices as its expanding production base increases exposure to stronger crude realizations. Brent is trading above $100 per barrel amid Middle East supply disruptions and falling global inventories, with disruptions in the Strait of Hormuz restricting regional energy exports. Equinor's upstream portfolio is supported by production growth from assets including Johan Castberg, Eirin, Symra and Bacalhau, and its low breakeven after a dividend of about $50 per barrel supports strong cash generation even if Brent retreats. The U.S. Energy Information Administration forecasts Brent to average around $90 per barrel in the second half of 2026. Shell plc saw its second-quarter 2026 upstream adjusted earnings rise as its realized liquids price increased to $89 per barrel from $72 in the prior quarter, while TotalEnergies SE said an $8-per-barrel increase in Brent was enough to offset the expected 2026 cash-flow impact from affected assets in Iraq, Qatar and the United Arab Emirates. Equinor shares have gained 67.7% over the past year against the industry's 115.7% growth, and the stock trades at a trailing 12-month EV/EBITDA of 2.2X versus the industry average of 5.94X.
EQNR · Supply · Positive Brent above $100 on Middle East supply disruptions and falling inventories boosts Equinor's crude realizations as its production base expands.
SHEL.LSE · Supply · Positive Shell's Q2 2026 upstream adjusted earnings rose as realized liquids price climbed to $89/bbl from $72 on higher Brent.
TTE.PA · Supply · Positive TotalEnergies said an $8/bbl Brent increase offsets the 2026 cash-flow hit from affected Iraq, Qatar and UAE assets.
Eni Extends 20% Fuel Discount to Agriculture and Fishing Sectors
Eni S.p.A. announced an extension of fuel price discounts to the agricultural and fishing sectors as part of its "Eni for Italy" initiative, offering a discounted rate of 20% net of VAT for customers purchasing agricultural and fishing diesel and gasoline through its Enilive business. The discounted prices will remain until the end of the month, and based on the market scenario and product availability, the discounts may be extended till the end of this year. The move follows Eni's earlier offer of a 30% discount on electricity and natural gas rates to Italian households through its retail wing, Plenitude, and its prior price cap on diesel and gasoline at participating Enilive fuel stations, under which diesel was capped at €2.19 per litre and petrol at €1.99 per litre. Eni said the measure is intended to support the agricultural and fishing sectors, both of which are highly sensitive to changes in energy and fuel costs, and to demonstrate further solidarity with the country while helping the government ease the burden of higher energy costs on Italian consumers. Eni currently carries a Zacks Rank #1 (Strong Buy).
PTT to go ex-dividend on 7 October, paying an interim dividend of 1.40 baht per share
PTT shares are set to trade ex-dividend on 7 October to pay an interim dividend of 1.40 baht per share, with the actual payment date set for 22 October 2026. Meanwhile, brokers are maintaining their estimates and their 2027 fundamental value at 48 baht per share. Asia Plus Securities noted that PTT still stands out as a holding company with a diversified business structure, which helps spread risk and generate relatively stable profits. It also pointed out that the current share price remains a laggard compared with energy-sector subsidiaries, and that the interim dividend payout is a positive factor for the share price. KGI Securities (Thailand) expects PTT's profit to fall quarter-on-quarter in the third quarter of 2026, after hitting a record high of 52.5 billion baht in the second quarter of 2026, pressured by PTTEP, PTTGC, the gas business unit and the trading business unit. It expects PTTEP's average selling price to decline in line with lower Dubai crude prices, which have fallen to 80 US dollars per barrel in the third quarter to date of 2026, or a 17% drop quarter-on-quarter, while the HDPE price in the third quarter to date of 2026 is still down 21% quarter-on-quarter at 1,125 US dollars per tonne, which should pressure the olefins business profit of PTTGC. Meanwhile, the contribution margin of the trading business unit, which had been as high as 0.31 baht per litre in the second quarter of 2026, is expected to return to normal levels in the third quarter of 2026 forecast. KGI also maintains its buy recommendation on PTT, with a sum-of-the-parts target price for the first half of 2027 forecast at 43.00 baht, and expects the share price to be supported by an attractive dividend yield of 5.6% in 2026 and 2027 forecast, based on an estimated dividend per share of 2.30 baht per year.
PTT.BK · Capital · Positive PTT declares an interim dividend of 1.40 baht per share with brokers maintaining buy ratings and a 48 baht fundamental value.
PTTEP.BK · Pricing · Negative KGI expects PTTEP's average selling price to fall with Dubai crude down 17% QoQ, pressuring PTT's Q3 profit.
PTTGC.BK · Pricing · Negative HDPE prices down 21% QoQ to $1,125/tonne are expected to pressure PTTGC's olefins business profit.
Chevron Announces Senior Leadership Changes Effective January 1, 2027
Chevron Corporation announced a series of senior leadership changes effective January 1, 2027. Mark Nelson, currently vice chairman and executive vice president of Oil, Products & Gas, will remain vice chairman with responsibility for Strategy and Business Development, tasked with identifying and advancing opportunities that strengthen the company's portfolio, enhance competitiveness, and support long-term growth. Eimear Bonner, currently Chief Financial Officer, will become president of Oil, Products & Gas, responsible for safe, reliable operations across the entire value chain, disciplined capital allocation, asset class excellence and value chain optimization. Jeff Gustavson, currently president of New Energies, will become Chief Financial Officer, overseeing audit, controller, investor relations, tax, treasury and business planning activities worldwide. Brent Gros, currently president of Offshore, will become president of New Energies, leading Chevron's lower carbon businesses including hydrogen, power, carbon capture, offsets, and biofuels, and will also oversee the company's AI strategy focused on value creation, operational excellence, cost efficiency, and innovation. Chairman and Chief Executive Officer Mike Wirth said the four leaders bring a combination of operational expertise, strategic perspective and a proven ability to deliver results across the business.
Chevron Rated Zacks Rank #2 as Earnings Estimates Surge
Chevron has drawn heavy investor search interest on Zacks.com, with the company now rated Zacks Rank #2 (Buy) on the strength of sharply rising earnings estimates. Chevron is expected to post earnings of $4.89 per share for the current quarter, a year-over-year change of +164.3%, and the Zacks Consensus Estimate has moved +22.4% over the last 30 days. For the current fiscal year, the consensus earnings estimate of $16.98 points to a change of +132.9% from the prior year, while the next fiscal year's consensus estimate of $15.11 indicates a change of -11%. On the revenue side, the consensus sales estimate of $59.3 billion for the current quarter points to a year-over-year change of +19.3%, with the $235.36 billion and $228.55 billion estimates for the current and next fiscal years indicating changes of +24.5% and -2.9%, respectively. In the last reported quarter, Chevron posted revenues of $70.06 billion, a year-over-year change of +56.3%, and EPS of $6.06 versus $1.77 a year ago, beating the Zacks Consensus revenue estimate of $57.53 billion by +21.78% and the EPS estimate by +4.48%.
Exxon Mobil Earnings Estimates Surge as Zacks Keeps Hold Rating
Exxon Mobil Holdings is expected to post earnings of $3.93 per share for the current quarter, a year-over-year change of +109%, with the Zacks Consensus Estimate rising +19.8% over the last 30 days. For the current fiscal year, the consensus earnings estimate of $12.4 indicates a year-over-year change of +77.4% and has moved +4.5% over the past month, while the next fiscal year's estimate of $12.08 reflects a -2.6% change from the prior year and a +5.7% revision over the last month. The consensus sales estimate for the current quarter of $104.61 billion indicates a year-over-year change of +22.7%, with current and next fiscal year estimates of $410.03 billion and $407.47 billion representing +23.4% and -0.6% changes, respectively. Exxon reported revenues of $116.02 billion in the last reported quarter, a year-over-year change of +42.3%, with EPS of $3.52 versus $1.64 a year ago, and the revenue figure beat the Zacks Consensus Estimate of $95.8 billion by a surprise of +21.1% while the EPS surprise was -4.35%. Based on the size of the recent consensus estimate change and three other earnings-related factors, Exxon carries a Zacks Rank #3 (Hold) and a Zacks Value Style Score of B, indicating it trades at a discount to its peers.
XOM · Capital · Positive Zacks consensus earnings estimate for Exxon surged +19.8% over 30 days with strong YoY EPS and revenue growth, though it keeps a Hold rating.
Cenovus to Buy Athabasca Oil in C$5.7 Billion Deal
Cenovus Energy Inc. agreed to buy Athabasca Oil Corp. at an enterprise value of C$5.7 billion, or $4 billion, the latest in a wave of consolidation as Canada's government seeks to grow energy production. The cash and share takeover would add about 45,000 barrels of oil equivalent a day to Cenovus's output and give it significant potential for further growth, according to the statement. The per-share value represents a 13% premium to Athabasca's closing price on Oct. 2. The cash portion, accounting for 65% to 75% of the transaction, will be funded with cash on hand and certain short-term borrowings, and Cenovus's financial framework and net-debt target of $4 billion remain unchanged. The deal has been unanimously approved by the boards of both companies and is expected to close in December, pending approvals from regulators and Athabasca shareholders, the company said. Cenovus president and chief executive officer Jon McKenzie said the transaction strengthens the company's position in one of the world's premier oil-producing regions and is a natural extension of its oil sands strategy.
Cenovus Energy to acquire Athabasca Oil in C$5.7B cash-and-stock deal
Cenovus Energy said Monday it agreed to acquire Athabasca Oil in a cash-and-stock deal valued at about C$5.7B, a 14% premium to Athabasca's 20-day volume-weighted average trading price. Under the terms, Cenovus will acquire all issued and outstanding common shares of Athabasca for C$12.00 per share, with each Athabasca shareholder able to elect either C$12.00 in cash or 0.264 of a Cenovus common share for each Athabasca common share held. Cenovus said the acquisition adds roughly 45K boe/day of production, including thermal assets near its Christina Lake, May River, and Thornbury operations, with the potential to accelerate thermal production to 115K bbl/day by 2032. The company expects C$85M of annual corporate and commercial synergies, with the majority captured during the first full year after closing, while also consolidating ownership of Duvernay Energy, with the option to accelerate development and grow production to a sustainable 20K boe/day. Cenovus President and CEO Jon McKenzie said the transaction strengthens the company's position in one of the world's premier oil-producing regions and is a natural extension of its oil sands strategy.
CVE · Capital · Positive Cenovus agreed to acquire Athabasca Oil in a C$5.7B cash-and-stock deal, adding ~45K boe/day of production and C$85M of expected annual synergies.
Duvernay Energy · Capital · Positive Cenovus's acquisition consolidates ownership of Duvernay Energy, with the option to accelerate development to a sustainable 20K boe/day.
Ithaca Energy to buy Suncor's Canadian offshore assets for $860 million
Ithaca Energy has agreed to buy Suncor Energy's offshore Canadian assets for $860 million in cash, its first acquisition outside the UK, sending shares in the North Sea oil producer up 3%. Suncor could receive a further $250 million depending on average Brent crude prices over a 27-month period starting July 1, 2026, with any additional payment funded from Ithaca's free cash flow. The deal, expected to close in the first half of 2027, gives Ithaca a 48% operated stake in Terra Nova, a 40% non-operated stake in White Rose Existing Lands and a 38.6% stake in White Rose Growth Lands, including the West White Rose development. Ithaca said the assets add 103 million barrels of oil equivalent of proven and probable reserves at an acquisition cost of about $8 per barrel of oil equivalent, and should contribute average production of about 30,000 barrels of oil equivalent per day between 2027 and 2031, rising to 35,000-40,000 barrels per day in 2029 as West White Rose ramps up. The assets generated about $235 million of adjusted EBITDAX in the 12 months to June 30, 2026, and Ithaca plans to fund the upfront payment with cash, its existing borrowing facility and secured financing in Canada, while assuming all decommissioning obligations; the transaction needs approval under Canada's Competition Act and carries a $50 million break fee in certain circumstances.
ITH.LSE · Capital · Positive Ithaca Energy's first acquisition outside the UK adds 103 million boe of reserves and ~30,000 boe/d production for $860 million
SU · Capital · Positive Suncor agrees to sell its Canadian offshore assets to Ithaca for $860 million cash plus up to $250 million contingent on Brent prices
Suncor to Sell Stakes in Three Offshore Canadian Oil Assets for Up to C$1.55B
Suncor Energy said Sunday it agreed to sell its 48% interest in Terra Nova, 40% interest in White Rose, and 38.6% interest in West White Rose offshore assets to Ithaca Energy for C$1.2B (US$860M) of upfront cash plus an additional contingent payment of up to C$350M (US$250M) tied to future oil prices. Ithaca Energy, one of the largest independent operators in the U.K. North Sea, will also assume investment commitments and all future liabilities associated with the assets, including a C$500M regulatory well compliance program starting in 2027 at Terra Nova and C$1.4B in estimated abandonment and lease liabilities. Suncor CEO Rich Kruger said the transaction further focuses the company's efforts on opportunities that generate the greatest long-term shareholder value, aligning its portfolio around its competitive advantages and its physically integrated business, underpinned by large-scale, long-life oil sands resources. Suncor also said it increased share repurchases under its normal course issuer bid from $500M to $750M per month beginning in October 2026.
SU · Capital · Positive Suncor agreed to sell three offshore Canadian oil stakes for up to C$1.55B, offloading C$1.4B in abandonment liabilities and focusing on oil sands.
ITH.LSE · Capital · Neutral Ithaca Energy is the buyer of the stakes, assuming investment commitments and C$1.4B in abandonment liabilities, a mixed trade-off.
PTT Group changes CEOs and CFOs at multiple companies, effective October 1, 2026
PTT Public Company Limited, or PTT, has announced a simultaneous reshuffle of senior executives at several subsidiaries, effective from October 1, 2026, while the group awaits the process of selecting a new Chief Executive Officer and President. Dr. Kongkrapan Intarajang, the current CEO, will reach retirement age in April 2027. At the parent company PTT, Chonlamas Sasananant has been appointed Chief Financial Officer, or CFO, succeeding Phatralada Sa-nga-saeng. Chonlamas Sasananant has also been appointed Acting Senior Executive Vice President of the Accounting Management Center. At PTT Exploration and Production Public Company Limited, or PTTEP, two key executive positions have changed: Kanita Thanita Sasawattayu has been appointed the new CEO, replacing Montri Lawanchaikul, whose term ended on September 30, 2026, and Sermsak Sajjawanakul has been appointed Acting CFO, or Senior Executive Vice President of the Finance and Accounting Group, replacing Chonlamas Sasananant. At Thai Oil Public Company Limited, or TOP, the CFO changes from Wanida Boonpirak to Trisawan Thiansawat. At Global Power Synergy Public Company Limited, or GPSC, Cherdchai Boonchuchuay has been appointed the new CEO, replacing Worawat Pitayasiri, who reached retirement age on September 30, 2026. At PTT Oil and Retail Business Public Company Limited, or OR, the CFO changes from Wilaiwan Kanjanakanti to Nam-phet Suparattanasit, and Thanawat Sermwongtrakul has been appointed Acting Financial Control Manager, replacing Phatranit Kijtha. Finally, at IRPC Public Company Limited, or IRPC, Sirimeth Leepakorn has been appointed the new CEO, replacing Therdkiat Prommool, whose term ended on September 30, 2026. In addition, the resignations of two directors have been announced: Phatralada Sa-nga-saeng, Director and Chairman of the Risk Management Committee, and Chadil Chuanalikhit, Director and member of the Nomination and Remuneration Committee, as well as the resignation of Somsak Anantawat from the position of Director and member of the Corporate Governance and Sustainability Committee, also effective from October 1, 2026.
Supreme Court hears Exxon and Suncor challenge to climate liability lawsuits
The U.S. Supreme Court opened its new term Monday with arguments in a case that could determine whether ExxonMobil and Suncor Energy can be held liable under state law for costs attributed to climate change. The dispute stems from a lawsuit filed by the city and county of Boulder, Colorado, accusing the oil producers of contributing to climate change and misleading the public about the risks of fossil fuels, and seeking compensation for infrastructure repairs, emergency management, environmental damage and public health effects. Exxon and Suncor appealed after the Colorado Supreme Court allowed the case to proceed, arguing that federal law including the Clean Air Act bars state and local governments from pursuing claims that effectively regulate greenhouse-gas emissions, a position backed by the Trump administration. The stakes extend well beyond Colorado, as nearly 60 state and local governments have filed similar lawsuits seeking billions of dollars from fossil-fuel producers, and a broad ruling for the companies could provide grounds for dismissing many of those cases. The court has a 6-3 conservative majority, though Justice Samuel Alito has recused himself, and a decision is expected by the end of June.
SU · Regulation · Positive Suncor is a named defendant appealing to the Supreme Court to block state-law climate liability claims, and a broad ruling for the companies could dismiss many similar suits.
XOM · Regulation · Positive Exxon is a named defendant arguing federal law bars state climate-liability claims, with a favorable ruling potentially dismissing dozens of similar lawsuits.
Cenovus Energy Raises 2026 Production Guidance and Advances Pathways CCS Framework
Cenovus Energy reported stronger-than-expected second-quarter 2026 operating results, raised its 2026 production guidance to 970,000 to 1,010,000 BOE per day, trimmed Oil Sands operating cost expectations, and distributed about C$1.40 billion to investors through dividends and share repurchases. Alongside other major oil sands producers, Cenovus moved forward with the Pathways CCS initiative under a new federal-provincial-industry framework that ties future oil sands expansion to large-scale emissions reduction infrastructure. The company's narrative projects CA$54.9 billion in revenue and CA$6.1 billion in earnings by 2029, implying fairly flat yearly revenue growth and an earnings decrease of about CA$0.6 billion from CA$6.7 billion today. That forecast yields a CA$51.15 fair value, an 11% upside to the current price, while the most optimistic analysts had already assumed revenue growth toward about CA$56.8 billion and earnings near CA$6.9 billion by 2029. The biggest swing factor near term remains regulatory and fiscal clarity around carbon and project approvals rather than quarterly numbers.
CVE · Capital · Positive Cenovus beat Q2 2026 estimates, raised 2026 production guidance, trimmed Oil Sands cost expectations, and returned ~C$1.40B via dividends and buybacks.
CVE · Regulation · Positive Cenovus advanced the Pathways CCS initiative under a new federal-provincial-industry framework tying future oil sands expansion to emissions-reduction infrastructure.
Petrobras Reports New Oil Discovery in Brazil's Foz do Amazonas Basin
Petrobras said Friday it made another oil discovery in ultra-deep waters off Amapá state, strengthening indications of hydrocarbon potential along Brazil's Equatorial Margin. The find follows the company's August discovery, when Petrobras first identified the presence of oil and natural gas at the Morpho exploration well in Block FZA-M-59 in the Foz do Amazonas Basin; the oil found in August was of good quality, the company said. Petrobras said the new discovery expands knowledge about the exploration potential of the area and will provide additional information for assessing the petroleum systems and resource potential of the Foz do Amazonas sedimentary basin. The continued drilling of Morpho was aimed at evaluating deeper exploration intervals and led to this new discovery, the company added. Petrobras said recently it plans to drill three new wells in the area starting in January to determine the viability of commercial production in the environmentally-sensitive region.
PBR · Supply · Positive Petrobras announced a new oil discovery in the Foz do Amazonas Basin, expanding its exploration potential and resource base.
BRENT · Supply · Positive Petrobras' fresh discovery in the Equatorial Margin points to longer-term supply growth, a mild positive for Brent.
WTI · Supply · Positive New Petrobras oil discovery in the Foz do Amazonas Basin signals potential future supply additions, a mild positive for WTI fundamentals.
Eni CEO Meets Milei as Argentina LNG Nears Year-End Investment Decision
Eni CEO Claudio Descalzi met Argentine President Javier Milei in Paris on Friday to discuss energy investment and progress on the Argentina LNG project, which its developers aim to take to a final investment decision before the end of the year. Argentina LNG is being developed by Eni, state-controlled YPF and Abu Dhabi-based XRG to monetize Vaca Muerta gas through an integrated production, processing, transportation and export system. The initial development would have LNG production capacity of 12 million tonnes per annum using two floating LNG facilities of 6 million tonnes annually each, with production currently scheduled to begin in 2030, while the partners evaluate an expansion that could lift capacity to 18 million tonnes per year. The consortium signed a binding joint development agreement in February covering the 12-mtpa phase, Eni agreed in June to acquire a 32% interest in the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks in Vaca Muerta, and the project applied in August to enter Argentina's Large Investment Incentive Regime, or RIGI, a step the consortium described as a milestone toward the planned year-end investment decision. The two FLNG units are expected to be located offshore Río Negro province, and Eni said Milei and Descalzi also discussed the importance of a stable framework for long-term energy investment, with the company identifying international markets including Europe as potential destinations for future Argentine LNG supplies.
ENI.XETRA · Capital · Positive Eni CEO met Milei to advance the Argentina LNG project toward a year-end final investment decision, with Eni holding a 32% interest in Vaca Muerta blocks.
XRG · Capital · Positive XRG is a partner in the Argentina LNG consortium alongside Eni and YPF, progressing toward a year-end investment decision.
NATGAS · Supply · Positive The Argentina LNG project targets 12 mtpa (expandable to 18 mtpa) of new LNG supply from Vaca Muerta gas starting 2030, adding future global gas supply.
Petrobras Finds Second Oil Interval at Morpho Well Offshore Amapá
Petrobras has identified a second oil-bearing interval at the Morpho exploration well offshore Amapá, strengthening indications of hydrocarbon potential along Brazil's Equatorial Margin. The discovery was made in the FZA-M-59 block at the Morpho well, formally designated 1-BRSA-1405-APS, in ultra-deepwater at a depth of about 2,886 meters. Petrobras continued drilling after announcing an initial hydrocarbon discovery at Morpho in August 2026, testing additional exploration targets below the first find. The company said the latest discovery was identified through electrical well logs, indications in rock samples and fluid samples collected during drilling, and that laboratory analysis of the new samples is still underway. Testing of samples from the August discovery has already confirmed that the oil found in the earlier interval is of good quality, according to the company. Petrobras plans to complete drilling at Morpho and continue evaluating the formations encountered before determining the commercial significance of the discoveries, which do not yet represent a declaration of commercial reserves.
PBR · Supply · Positive Petrobras found a second oil-bearing interval at the Morpho well offshore Amapá, strengthening hydrocarbon potential along Brazil's Equatorial Margin.
BRENT · Supply · Positive New Petrobras oil discovery at the Morpho well points to potential future crude supply from Brazil's Equatorial Margin, a mildly supportive supply-side signal for Brent.
WTI · Supply · Positive Petrobras' second oil-bearing interval at Morpho offshore Amapá strengthens hydrocarbon potential along Brazil's Equatorial Margin, signaling possible future supply additions supportive for WTI.
Eni Signs Humanoid Robotics Deal With Generative Bionics
Eni S.p.A. has signed a memorandum of understanding with Generative Bionics, an Italian deep-tech company developing humanoid robots powered by Physical AI, to test and evaluate advanced robotic systems starting with GENE.01. The collaboration will assess humanoid robots for inspection, teleoperation, remote assistance and other complex industrial tasks, with the aim of improving workplace safety, operational efficiency and data-driven monitoring across Eni's asset base. Eni will also evaluate whether its industrial sites can support future production, assembly and testing of advanced robotic systems, and the agreement covers cooperation on battery use, disposal and recycling. Under the materials and computing side of the deal, Versalis and Finproject will assess materials and design solutions for GENE.01's foot and footwear system, focusing on strength, grip, durability, impact absorption and ease of assembly, while Eni will evaluate using its High Performance Computing infrastructure to advance development and testing of Generative Bionics' Physical AI models. The agreement is not a near-term earnings catalyst, but Eni is exploring robotics as an operational tool, a materials opportunity and a computing-driven industrial platform, following similar automation efforts at Shell plc, Chevron Corporation and ExxonMobil Holdings Corporation.
ENI.XETRA · Technology · Positive Eni signs MOU with Generative Bionics to test and evaluate humanoid robots for industrial inspection and complex tasks.
ENI.XETRA · Supply · Positive Eni will evaluate whether its industrial sites can support future production, assembly and testing of advanced robotic systems, and cooperation covers battery use, disposal and recycling.
Generative Bionics · Technology · Positive Generative Bionics' humanoid robot GENE.01 will be tested and evaluated by Eni, with Eni also providing HPC infrastructure to advance its Physical AI models.
Finproject · Technology · Positive Finproject will assess materials and design solutions for GENE.01's foot and footwear system, focusing on strength, grip, durability and impact absorption.
Bualuang Securities raises 2026 Brent oil target to 94 dollars, boosting PTT and PTTEP profits
Bualuang Securities has raised its 2026 Brent crude oil price assumption to 94 US dollars per barrel from 85 dollars, and lifted its 2026 profit forecasts for PTT to 149 billion baht, up 9%, and for PTT Exploration and Production, or PTTEP, to 79 billion baht, up 8%. It noted that crude oil prices are still holding in a range of 90 to 100 dollars per barrel in the fourth quarter of 2026 amid supply risks in the Middle East, after the volume of oil shut in production in the Persian Gulf rose from about 8.3 million barrels per day in July to more than 10 million barrels per day in August, while shipments through the Strait of Hormuz fell to 7.6 million barrels per day. However, for 2027, Bualuang Securities has cut its oil price view to 70 dollars per barrel on expectations of oversupply, estimating that supply will rise by an average of 8.6 million barrels per day, above global oil demand growth of about 2.5 million barrels per day. Bualuang Securities is maintaining a market-weight stance on the energy sector, picking PTT as its top pick with a buy rating and a target price of 48 baht, while keeping a hold rating on PTTEP with a target price of 168 baht.
PTT.BK · Capital · Positive Bualuang raised its 2026 profit forecast for PTT by 9% to 149 billion baht and named it top pick with a buy rating and 48 baht target.
PTTEP.BK · Capital · Positive Bualuang lifted PTTEP's 2026 profit forecast by 8% to 79 billion baht on a higher Brent assumption, though it kept a hold rating with a 168 baht target.
PTT Joins Forces with Royal Thai Air Force to Launch 3 Solar Projects, Cutting Power Costs by 52 Million and Carbon Emissions by 40,000 Tonnes
PTT, together with the Royal Thai Air Force, is driving forward the installation of solar power generation systems across 3 projects. These comprise floating solar power generation systems at the Air Operations Control Command and the 3rd Air Force Armament Factory of the Air Force Armament Department, and rooftop solar power generation systems at the Navaminda Kasatriyadhiraj Royal Air Force Academy within the Air Operations Control Command area of the Royal Thai Air Force. The projects operate under 25-year power purchase agreements. They help reduce the Royal Thai Air Force's utility expenses by approximately 52 million baht over the life of the projects and help cut greenhouse gas emissions by approximately 40,280 tonnes of carbon dioxide equivalent. Air Chief Marshal Wisut Somphakdee, Chairman of the Royal Thai Air Force Renewable Energy Committee, and Dr. Buranin Rattanasombat, Chief Operating Officer of the New Business and Sustainability Group at PTT Public Company Limited, jointly presided over the project opening ceremony. The initiative supports the use of environmentally friendly energy and drives Thailand's greenhouse gas reduction and Net Zero goals over the long term.
PTT.BK · Demand · Positive PTT signed 25-year power purchase agreements to install solar systems for the Royal Thai Air Force, a concrete new clean-energy project win.
Bualuang says oil prices will stay high in Q4, picks PTT as top stock with 48 baht target
Bualuang Securities said crude oil prices are likely to remain elevated in the fourth quarter of 2026 due to supply risks in the Middle East, after renewed clashes between the United States and Iran pushed the volume of halted oil production in the Persian Gulf from about 8.3 million barrels per day in July to more than 10 million barrels per day in August, while shipments through the Strait of Hormuz fell to 7.6 million barrels per day. As a result, Brent, which averaged 105 US dollars per barrel in the second quarter of 2026, is still around 97 US dollars per barrel in the third quarter of 2026 and is expected to stay in a range of 90 to 100 US dollars per barrel in the fourth quarter of 2026. However, the picture for 2027 changes, because supply is likely to return much faster than demand. The research team estimates global oil demand in 2027 will rise by an average of about 2.5 million barrels per day, while supply could increase by an average of as much as 8.6 million barrels per day. The research team therefore raised its Brent assumption for 2026 to 94 US dollars per barrel from 85 US dollars per barrel, but expects it to fall to 70 US dollars per barrel in 2027. It also raised its 2026 profit forecast for PTT by 9 percent to 149 billion baht and for PTTEP by 8 percent to 79 billion baht. It kept its weighting for the energy sector at market weight and chose PTT as its top pick with a buy rating and a target price of 48 baht, citing a more diversified earnings base and a dividend yield of about 5 to 6 percent that remains well supported. For PTTEP, it maintained a hold rating with a target price of 168 baht, noting that while the company benefits in the short term from high oil prices, 2027 carries the risk of lower oil prices as supply recovers faster than demand.
PTT.BK · Capital · Positive Bualuang raised its 2026 PTT profit forecast 9% to 149 billion baht and named PTT top pick with a 48 baht target and buy rating.
PTTEP.BK · Capital · Neutral Bualuang raised PTTEP's 2026 profit forecast 8% but kept a hold rating with a 168 baht target, flagging 2027 oil-price risk.
BRENT · Supply · Positive US-Iran clashes cut Persian Gulf output and Strait of Hormuz shipments, supporting Brent around 97 dollars and a 90-100 dollar Q4 range.
WTI · Supply · Positive Middle East supply risks and halted Persian Gulf output keep crude elevated, with Brent seen at 90-100 dollars in Q4 2026.
Brokerage raises 2026 profit targets for PTT by 9% to 149 billion baht and PTTEP by 8% to 79 billion baht
Analysts at Bualuang Securities Public Company Limited raised their 2026 profit forecasts for PTT by 9% to 149 billion baht and for PTTEP by 8% to 79 billion baht. They also lifted their 2026 Brent oil price assumption to 94 US dollars per barrel from 85 US dollars per barrel, expecting crude prices to remain elevated in the fourth quarter of 2026, or to touch a range of 90 to 100 US dollars per barrel, amid supply risks in the Middle East. The renewed clashes between the United States and Iran pushed the volume of halted oil production in the Persian Gulf from about 8.3 million barrels per day in July to more than 10 million barrels per day in August, while shipments through the Strait of Hormuz fell to 7.6 million barrels per day. As a result, Brent, which averaged 105 US dollars per barrel in the second quarter of 2026, is still around 97 US dollars per barrel in the third quarter of 2026 to date. The outlook for 2027, however, is different, because although demand is recovering, supply is likely to return much faster. Global oil demand in 2027 is estimated to rise by an average of about 2.5 million barrels per day, while supply from the return of Middle Eastern output, recovering volumes through Hormuz, and production outside OPEC+ could increase by an average of as much as 8.6 million barrels per day, clearly outpacing demand growth. Brent is therefore expected to fall to 70 US dollars per barrel in 2027 amid a supply glut. A 2027 sensitivity analysis indicates that if oil stands at 85 US dollars per barrel, PTT and PTTEP profits have upside of 15% and 25% respectively, but if it falls to 60 US dollars per barrel, they have downside of 13% and 20%. The brokerage maintains an equal weight on the energy sector, picking PTT as its top stock with a buy rating and a target price of 48 baht, while keeping a hold rating on PTTEP with a target price of 168 baht.
PTT.BK · Capital · Positive Bualuang Securities raised its 2026 profit forecast for PTT by 9% to 149 billion baht and named it top pick with a buy rating.
PTTEP.BK · Capital · Positive Bualuang Securities raised its 2026 profit forecast for PTTEP by 8% to 79 billion baht on higher Brent assumptions.
Chevron Shares Outpace Market as Earnings Beat Expected
Chevron closed at $207.10, up 1.42% from the prior session, outpacing the S&P 500's 0.2% gain as the Dow rose 0.04% and the Nasdaq added 0.04%. The oil company is expected to report earnings per share of $4.89 for its upcoming quarter, a 164.32% increase from the prior-year quarter, on revenue of $57 billion, representing 14.64% growth. For the full year, consensus estimates project earnings of $16.98 per share and revenue of $232.5 billion, changes of +132.92% and +22.99% respectively from the prior year. Over the past month, the consensus EPS estimate has moved 4.6% higher, and Chevron holds a Zacks Rank of #2 (Buy). The stock trades at a forward P/E of 12.02, a premium to its industry's 7.94, with a PEG ratio of 0.58 versus the industry average of 0.62.
Chevron Earnings ESP of +4.60% Points to Another Beat
Chevron holds a Zacks Earnings ESP of +4.60% and a Zacks Rank #2 (Buy) heading into its next quarterly report, a combination that suggests another earnings beat may be around the corner. The oil company has beaten estimates in each of its last two reports, with an average surprise of 28.87%. In the last reported quarter, Chevron earned $6.06 per share against a Zacks Consensus Estimate of $5.8 per share, a surprise of 4.48%. In the prior quarter, it posted earnings of $1.41 per share versus an expected $0.92 per share, a surprise of 53.26%. Estimates have been trending higher, and Zacks research shows that stocks combining a positive Earnings ESP with a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time.
CVX · Capital · Positive Chevron's positive Earnings ESP of +4.60% and Zacks Rank #2 (Buy) suggest another earnings beat, following beats in each of its last two reports.
Petrobras P-80 Platform Departs Singapore for Buzios Field
Petrobras' P-80 platform, also known as Búzios 9, has left the Tuas Boulevard Yard shipyard in Singapore and is heading toward the Búzios field in Brazil's pre-salt Santos Basin, the first of six giant units being developed by the company and expected to begin production in 2027. The P-80 is designed to produce up to 225,000 barrels of oil and process 12 million cubic meters of natural gas per day, placing it among the largest units of its kind in the global industry. Petrobras' director of engineering, technology and innovation, Renata Baruzzi, said the platform combines high production capacity with advanced technologies and digital solutions intended to enhance operational and energy efficiency. The P-82, next in the series and also scheduled to start production in 2027, is in the final stages of construction, and Petrobras is using a series-based construction approach across the six platforms to reduce costs and improve shipyard productivity. The P-80 process modules were manufactured in Brazil at the Seatrium BrasFELS shipyard in Angra dos Reis, while P-82 modules are being produced at the Seatrium Aracruz shipyard in Espírito Santo, with construction also taking place in China, Singapore and Indonesia. Petrobras operates Búzios in partnership with CNOOC, CNPC and Pré-Sal Petróleo SA (PPSA), and the field set monthly and daily natural gas export records in August, exceeding 10 million cubic meters per day on a monthly basis and reaching 14.1 million cubic meters per day on a daily basis.
PBR · Supply · Positive Petrobras' P-80 platform departs Singapore for Búzios, adding 225,000 bpd of production capacity as first of six units due in 2027.
Seatrium Limited · Supply · Positive Seatrium built the P-80 at its Tuas Boulevard Yard and is constructing P-82 modules at its BrasFELS and Aracruz shipyards, benefiting from Petrobras' series-based platform construction.
600938.CG · Supply · Positive CNOOC is a partner in the Búzios field, where the P-80 platform is advancing toward first production in 2027, adding future output.
China National Petroleum Corporation · Supply · Positive CNPC is a partner in the Búzios field, which gains future production capacity from the departing P-80 platform.
Chevron Corporation is expanding robotics and remotely operated tools across its global field operations to improve safety, efficiency and data quality, with the company reporting more than $92 million in savings and over 143,000 at-risk hours eliminated across its robotics initiatives since 2024. Within that broader program, robotic tank inspections alone have saved more than $25 million and about 43,000 work hours since 2024, while robotic cleaning has generated more than $6 million in savings and reduced roughly 28,000 hours. Submersible inspection robots can examine tank bottoms without fully draining and venting equipment, limiting downtime and improving data quality, and Chevron has deployed such systems at multiple U.S. facilities including its El Segundo refinery in California. Beyond tanks, Chevron uses drones for visual and thermal inspections and emissions detection, is developing autonomous drone-in-a-box systems to reduce field visits, and deploys Spot robots to patrol facilities, inspect equipment and collect images that help maintenance teams flag potential issues earlier. Chevron's latest Form 10-Q does not separately quantify robotics benefits but identifies technology-enabled productivity as one contributor to its broader cost-reduction program and evolving operating model. Peers Shell and TotalEnergies are pursuing similar automation, with Shell using land, subsea and aerial systems including Sensabot and ExR-1, and TotalEnergies advancing its ARGOS autonomous inspection program through trials in the North Sea and Angola. Chevron currently carries a Zacks Rank #2 (Buy).
BP Earns Zacks Rank #1 as Consensus Estimate Climbs 14.2%
BP has been assigned a Zacks Rank #1 (Strong Buy), with the Zacks Consensus Estimate for the current year rising 14.2% over the past month to $6.94. The upgrade reflects strong agreement among analysts revising earnings estimates higher, which Zacks says could be a legitimate reason for the stock to soar in the near term. Separately, BP carries an average brokerage recommendation of 1.98 on a scale of 1 to 5, based on actual recommendations from 29 brokerage firms, approximating between Strong Buy and Buy. Of those 29 recommendations, 14 are Strong Buy and four are Buy, accounting for 48.3% and 13.8% of all recommendations respectively. Zacks cautions that the ABR is not necessarily up to date and that brokerage analysts carry a positive bias, while the Zacks Rank is driven by earnings estimate revisions and is applied proportionately across all covered stocks.
Venezuela Oil Revival Draws Eni, Chevron, TotalEnergies and Halliburton
Venezuela's oil and gas industry is drawing renewed interest from international energy companies, with fresh agreements involving major producers and oilfield service firms pointing to stepped-up development of the country's hydrocarbon resources. Eni and PDVSA signed a 25-year hydrocarbon participation contract on Sept. 2, 2026, making Eni the exclusive operator of the Junín-5 heavy-oil area, which holds 35 billion barrels of certified oil in place and currently produces approximately 12,000 barrels per day; the partners plan to invest approximately $1.5 billion annually, with production expected to reach around 400,000 barrels per day by 2030. Chevron announced updated agreements on Sept. 2, 2026, covering its Venezuelan joint ventures and additional acreage in the Orinoco Belt, underpinning plans to invest more than $7 billion over the next five years and more than double production to approximately 600,000 barrels per day versus 2026 levels, after output from its three Venezuelan joint ventures rose 15% through the second quarter of 2026. TotalEnergies and PDVSA signed a memorandum of understanding on Sept. 19, 2026, setting a framework for energy cooperation, though scope and value were not disclosed, while Halliburton announced MOUs with Eneva and WESCA on Sept. 21, 2026, to support field evaluation and development planning in Venezuela. Over the past year, Eni shares have advanced 55.4%, while TotalEnergies, Halliburton and Chevron have gained 43.3%, 29.3% and 31.5%, respectively, as crude oil held above $90 per barrel.
CVX · Capital · Positive Chevron announced updated Venezuelan JV agreements and Orinoco acreage underpinning over $7B investment and plans to more than double production to ~600,000 bpd.
ENI.XETRA · Capital · Positive Eni signed a 25-year hydrocarbon participation contract with PDVSA making it exclusive operator of Junín-5, with ~$1.5B annual investment planned.
HAL · Demand · Positive Halliburton signed MOUs with Eneva and WESCA to support field evaluation and development planning in Venezuela, a concrete order/contract win.
TTE.PA · Capital · Positive TotalEnergies signed an MOU with PDVSA setting a framework for energy cooperation in Venezuela.
Ares and Eni Upsize Plenitude Capital Contribution by €1.5 Billion
Ares Management Corporation announced that Ares Alternative Credit funds participated in a reorganization of Plenitude's shareholding and governance structure, through which Ares and Eni S.p.A upsized their capital contribution by approximately €1.5 billion, of which over €1 billion is attributable to Ares, based on a pre-money equity valuation of Plenitude of €10.75 billion. Following completion of the transaction, Ares holds 26.24% of Plenitude's share capital, Eni holds 65.03%, and Energy Infrastructure Partners holds 8.73%. Ares first invested in Plenitude in 2025, acquiring a 20% stake in the business for approximately €2 billion. The transaction is geared towards strengthening Plenitude's capital structure and introduces an enhanced governance framework, with Ares and Eni jointly controlling the company. Ares will appoint three of Plenitude's Board members, including Stefano Questa as Chairman, while Eni appoints five, including the CEO, and EIP appoints one.
ARES · Capital · Positive Ares upsized its Plenitude capital contribution by over €1 billion, raising its stake to 26.24% and gaining joint control with three board seats.
ENI.XETRA · Capital · Positive Eni upsized its capital contribution alongside Ares to strengthen Plenitude's capital structure, retaining 65.03% and five board seats.
Plenitude · Capital · Positive Plenitude received a ~€1.5 billion capital upsizing at a €10.75 billion pre-money valuation, strengthening its capital structure and governance.
Energy Infrastructure Partners · · Neutral EIP's stake was diluted to 8.73% with one board seat in the reorganization; no clear positive or negative driver stated.
PTT partners with Royal Thai Air Force to launch 3 solar projects, cutting 40,000 tonnes of carbon
PTT Public Company Limited, or PTT, together with the Royal Thai Air Force, has launched three solar power generation installation projects to improve energy efficiency, reduce utility costs, and support the country's greenhouse gas reduction targets. Air Chief Marshal Wisut Somphakdee, Chairman of the Royal Thai Air Force Renewable Energy Committee, and Dr. Buranin Rattanasombat, Chief Operating Officer of the New Business and Sustainability Group at PTT, jointly presided over the opening ceremony. The three projects comprise a floating solar power generation system at the Air Operations Control Command and the 3rd Air Force Armament Factory under the Air Force Armament Department, as well as a rooftop solar power generation system at the Navaminda Kasatriyadhiraj Royal Air Force Academy within the Air Operations Control Command area of the Royal Thai Air Force. All three projects operate under 25-year power purchase agreements, or PPAs, and are expected to reduce the Royal Thai Air Force's utility expenses by approximately 52 million baht over the life of the projects, while cutting greenhouse gas emissions by approximately 40,280 tonnes of carbon dioxide equivalent over the same period. This reflects cooperation in promoting environmentally friendly energy use and supports Thailand's long-term Net Zero goal.
PTT.BK · Demand · Positive PTT launched three solar projects with the Royal Thai Air Force under 25-year PPAs, adding concrete clean-energy capacity and customers.
PTT Joins Forces with Royal Thai Air Force to Launch 3 Solar PPA Projects Over 25 Years, Cutting Power Costs by 52 Million Baht
PTT Public Company Limited, or PTT, announced that it has partnered with the Royal Thai Air Force to launch three solar power generation installation projects. Air Chief Marshal Wisut Somphakdee, Chairman of the Royal Thai Air Force Renewable Energy Committee, and Dr. Buranin Rattanasombat, Chief Operating Officer of the New Business and Sustainability Group at PTT Public Company Limited, jointly presided over the opening ceremony. The three projects comprise a floating solar power generation system at the Air Operations Control Command and the 3rd Air Force Armament Factory, Air Force Armament Department, and a rooftop solar power generation system at the Navaminda Kasatriyadhiraj Royal Air Force Academy within the Air Operations Control Command area of the Royal Thai Air Force. The projects operate under 25-year power purchase agreements, helping reduce the Royal Thai Air Force's utility expenses by approximately 52 million baht over the life of the projects and reducing greenhouse gas emissions by approximately 40,280 tonnes of carbon dioxide equivalent. The initiative supports the use of environmentally friendly energy and drives Thailand's greenhouse gas reduction and Net Zero goals over the long term.
PTT.BK · Demand · Positive PTT partnered with the Royal Thai Air Force to launch three solar projects under 25-year power purchase agreements, securing long-term clean-energy contracts.
Petrobras Unveils Two Cardano Blockchain Apps for Lower-Carbon Fuel Traceability
Brazilian state-controlled energy giant Petrobras has unveiled two new Cardano-based blockchain applications focused on the traceability of lower-carbon fuels. The two applications mark the company's latest move into distributed-ledger technology for tracking its energy products. Petrobras is Brazil's state-controlled oil major, and the projects center on verifying the origin and movement of lower-carbon fuels. No financial terms or deployment timeline were disclosed.
PBR · Technology · Positive Petrobras unveiled two Cardano-based blockchain apps for traceability of lower-carbon fuels, a product/R&D development.
ADA · Technology · Positive Petrobras unveiled two Cardano-based blockchain applications for lower-carbon fuel traceability, a concrete adoption of the Cardano network.
Eni Offers 30% Power and Gas Discount to Italian Households
Eni S.p.A. announced it will offer a 30% discount on electricity and natural gas rates for households through its retail arm, Plenitude, to customers who sign up by Oct. 24, with the discount taking effect from Oct. 1. The discount applies to Plenitude's fixed-price offerings, and the discounted prices will be locked in for two years. Per Eni's estimates, households opting for both services could save around €200 per year. The company said it has decided not to immediately pass higher energy procurement costs to customers and will absorb at least part of the recent increase in its own costs. The offer is part of the broader "Eni for Italy" initiative, which previously included price caps at Enilive fuel stations limiting prices for diesel and gasoline.
ENI.XETRA · Pricing · Negative Eni's Plenitude offers a 30% discount on power and gas and absorbs higher procurement costs, pressuring its retail margins
Plenitude · Pricing · Negative Plenitude cuts fixed-price electricity and gas rates by 30% for two years, reducing its retail revenue per customer
PTT raises interim dividend ceiling to 39.989 billion baht, maintaining 1.40 baht per share
PTT Public Company Limited, or PTT, informed the Stock Exchange of Thailand that the special meeting of the PTT Board of Directors No. 7/2569 on 30 September 2569 resolved to approve an increase in the ceiling for the interim dividend payment, in line with the resolution of the PTT Board of Directors No. 11/2569 on 24 September 2569, to approximately 39.989 billion baht, while maintaining the interim dividend rate at 1.40 baht per share, calculated on the total 28,562,996,250 paid-up shares, in order to accommodate the case where PTT is able to sell all 238,660,400 treasury shares and those shares are entitled to receive the interim dividend for this period. The actual dividend amount paid will be calculated from the number of shares entitled to receive the dividend as of the record date of 8 October 2569, multiplied by the dividend rate of 1.40 baht per share, and treasury shares still held by PTT that are not entitled to receive the dividend as of that date will not be included in the calculation of the actual dividend amount to be paid.
PTT.BK · Capital · Positive PTT board approved raising the interim dividend ceiling to ~39.989 billion baht while maintaining 1.40 baht per share, a shareholder-return/financial event.
PTT raises dividend ceiling to 39.99 billion baht to accommodate 238 million buyback shares
The board of PTT Public Company Limited, or PTT, has approved raising the ceiling for its interim dividend payment to approximately 39.989 billion baht, while keeping the interim dividend rate at 1.40 baht per share. The increase adjusts a resolution passed by the PTT board on September 24, 2026, which was calculated on the company's total 28,562,996,250 paid-up shares, in order to accommodate the case where PTT is able to sell all 238,660,400 treasury shares it bought back and those shares are entitled to the interim dividend for this period. The actual dividend paid will be calculated from the number of shares entitled to the dividend as of the record date of October 8, 2026, multiplied by the dividend rate of 1.40 baht per share. Treasury shares still held by PTT and not entitled to the dividend as of the record date will not be included in the calculation of the dividend actually paid.
PTT.BK · Capital · Positive PTT board raised the interim dividend ceiling to ~39.99 billion baht to cover 238.66 million buyback treasury shares, a shareholder-return/financial event.
PTT raises dividend ceiling to 39.989 billion baht to accommodate sale of 238.66 million treasury shares
PTT has approved raising the ceiling for its interim dividend payment to approximately 39.989 billion baht, while keeping the dividend rate at 1.40 baht per share. Patralada Songsaeng, Chief Financial Officer of PTT Public Company Limited, informed the Stock Exchange of Thailand that the company's board, at its extraordinary meeting 7/2569 on 30 September 2569, passed the resolution. The higher ceiling is intended to cover the case in which PTT is able to sell all 238.66 million treasury shares and those shares are entitled to receive this interim dividend. PTT will calculate the actual dividend amount from the number of shares entitled to receive dividends as of the record date of 8 October 2569, multiplied by the dividend rate of 1.40 baht per share. Treasury shares still held by PTT and not entitled to receive dividends on that date will not be included in the dividend calculation.
PTT.BK · Capital · Positive PTT's board approved raising the interim dividend ceiling to ~39.989 billion baht at 1.40 baht/share, a shareholder-return/financial event.
PTT raises interim dividend budget by nearly 40 billion baht to cover buyback of 238.66 million shares
PTT Public Company Limited, or PTT, informed the Stock Exchange of Thailand that the special meeting of the PTT Board of Directors No. 7/2569, held on 30 September 2569, resolved to approve an increase in the budget framework for the payment of the interim dividend, in accordance with the resolution of the PTT Board of Directors dated 24 September 2569, by approximately 39,989 million baht, while maintaining the interim dividend rate at 1.40 baht per share, calculated on the total 28,562,996,250 issued and paid-up shares, in order to accommodate the case in which PTT is able to sell all 238,660,400 treasury shares it repurchased and those shares are entitled to receive the interim dividend for this period. The actual dividend amount paid will be calculated from the number of shares entitled to receive the dividend as of the record date of 8 October 2569, multiplied by the dividend rate of 1.40 baht per share, without including the treasury shares still held by PTT, which are not entitled to receive the dividend as of that date.
PTT.BK · Capital · Positive PTT board approved increasing the interim dividend budget by ~39,989 million baht to cover treasury shares repurchased, a shareholder-return/financing event.
PTT raises dividend ceiling to 39,989 million baht to accommodate buyback of 238 million shares
PTT Public Company Limited, or PTT, announced that the special meeting of the PTT Board of Directors No. 7/2569 on 30 September 2569 approved an increase in the ceiling for the interim dividend payment to approximately 39,989 million baht, up from the previous resolution of the PTT Board of Directors No. 11/2569 on 24 September 2569, while maintaining the interim dividend rate at 1.40 baht per share. The increase in the ceiling this time is to accommodate the case in which PTT is able to sell all 238,660,400 treasury shares and those shares are entitled to receive the interim dividend for this period. The ceiling was calculated based on the dividend rate of 1.40 baht per share and the total number of PTT's paid-up shares of 28,562,996,250 shares. The actual dividend amount paid will be calculated from the number of shares entitled to receive the dividend as of the record date of 8 October 2569, multiplied by the dividend rate of 1.40 baht per share, and treasury shares still held by PTT that are not entitled to receive the dividend as of that date will not be included in the calculation.
PTT.BK · Capital · Positive PTT's board raised the interim dividend ceiling to ~39,989 million baht to accommodate a buyback of 238.66 million treasury shares, a shareholder-return/financing event.
TotalEnergies Approves Absheron and Ima Gas Field Investment Decisions
TotalEnergies has approved Final Investment Decisions for the Absheron gas field in Azerbaijan and the Ima gas field in Nigeria. Both projects are planned with low emission designs and are expected to support regional energy security and local development. The company has also entered a new infrastructure partnership in Africa with Global Infrastructure Partners to support long term gas-related assets. The Absheron and Ima gas FIDs mark a major step, although TotalEnergies has several other moving parts investors should understand, with analysts flagging heavy capex and exposure to higher risk regions as potential pressure points. The group's presence across Europe, Africa and the United States gives these Azerbaijani and Nigerian projects a wide commercial and logistical context.
TTE.PA · Capital · Positive TotalEnergies approved Final Investment Decisions for the Absheron and Ima gas fields, expanding its gas portfolio.
Global Infrastructure Partners · Capital · Positive Global Infrastructure Partners entered a new infrastructure partnership with TotalEnergies in Africa for long-term gas-related assets.
NATGAS · Supply · Positive New Absheron and Ima gas field investment decisions add future gas supply, supportive for natural gas.
Guanghui Energy Subsidiary Invests 366 Million Yuan in Ningdong and Mingshui Logistics Bases
Guanghui Energy announced on the evening of September 29 that its wholly owned subsidiary Balikun Guanghui Malang Mining Co., Ltd. will invest a total of approximately 366 million yuan to take stakes in the Ningdong and Mingshui integrated energy logistics base projects through equity transfer plus capital increase. After the transaction, Malang Mining will hold 45.98 percent of Guanghui Ningxia Coal Storage and Distribution Co., Ltd. and 42 percent of Gansu Guanghui Xinjiang Coal Logistics Co., Ltd. The deal adopts a package of zero-yuan equity transfer, assumption of capital contribution obligations, and capital increase. Malang Mining will acquire the unpaid equity of the two target companies held by Guanghui Logistics at zero consideration, assume capital contribution obligations totaling 342 million yuan, and subscribe to 23.7931 million yuan of new registered capital in Gansu Guanghui Xinjiang Coal Logistics at one yuan per share. This is another key move by Guanghui Energy to implement its strategy of shipping Xinjiang coal outward and complete its coal production, sales, storage, and transportation chain, following the start of production at the Malang coal mine and the expansion of the Naoliu Highway. The Ningdong base is located in the core area of the Ningdong energy and chemical industry in Ningxia, adjacent to the Meihuajing station on the Taiyuan-Zhongwei-Yinchuan railway, and has been listed as a key project in Ningxia's 15th Five-Year Plan. The Mingshui base is located in Subei, Jiuquan, Gansu, at the first station out of Xinjiang on the Linhe-Hami railway, and is a major project of Gansu Province. Once completed, the two bases will serve as forward coal warehouses for Xinjiang coal sold outside the region. Malang Mining is only an equity investor, does not obtain control, will not be consolidated into financial statements, and will have no direct impact on the current income statement.
600256.CG · Capital · Positive Guanghui Energy's subsidiary invests ~366 million yuan to take stakes in Ningdong and Mingshui coal logistics bases, advancing its coal production-sales-storage-transport chain.
巴里坤广汇马朗矿业有限公司 · Capital · Positive Balikun Guanghui Malang Mining invests ~366 million yuan for 45.98% of Guanghui Ningxia Coal Storage and 42% of Gansu Guanghui Xinjiang Coal Logistics.
广汇宁夏煤炭储配有限责任公司 · Capital · Positive Guanghui Ningxia Coal Storage and Distribution gets Malang Mining as a 45.98% equity holder via the zero-yuan transfer plus capital increase package.
甘肃广汇疆煤物流有限公司 · Capital · Positive Gansu Guanghui Xinjiang Coal Logistics receives new registered capital subscription from Malang Mining as part of the 366 million yuan investment.
600603.CG · Capital · Neutral Guanghui Logistics transfers its unpaid equity in the two target companies at zero consideration, a related-party restructuring with unclear net effect.
BP Shares Fall 2.05% as Analysts Lift Earnings Estimates Ahead of October 30 Report
BP closed the latest session at $43.52, down 2.05% and trailing the S&P 500's 0.17% decline, while the Dow lost 0.26% and the Nasdaq fell 0.09%. The oil and gas company's stock has gained 3.64% over the past month, outpacing the Oils-Energy sector's 0.04% rise and the S&P 500's 0.24% drop. BP is scheduled to report earnings on October 30, 2026, with analysts expecting $1.8 per share, a 111.76% year-over-year increase, on revenue of $64.37 billion, up 30.7%. For the full year, the Zacks Consensus Estimates project earnings of $6.74 per share and revenue of $232.76 billion, representing changes of +134.03% and +20.88% from the prior year. The consensus EPS projection has moved 10.86% higher over the past 30 days, and BP currently carries a Zacks Rank #3 (Hold), with a Forward P/E of 6.6 versus its industry's average of 8.86.
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