Baker Hughes Wins Venture Global Orders for Plaquemines LNG Expansion

Magnolia Oil & Gas Corporation said its WildFire Energy acquisition is progressing smoothly and will support 4% to 5% annual organic growth in both oil and total production across the combined Eagle Ford and Austin Chalk portfolio. The company expects more than $100 million of annual run-rate synergies from the deal, with at least one-third realized by year-end 2026, while keeping drilling and completion capital reinvestment below 55% of adjusted EBITDAX. Magnolia has already sold non-core Dimmit and Zavala county properties for $47.5 million and received 616 net acres in Gonzales County, lifting its average operated working interest in the contiguous Karnes position to 98%. The company ended the third quarter with approximately $1.9 billion of net debt, putting leverage below 1.0x net debt to 2027E EBITDA at current strip prices, more than a year ahead of its original deleveraging timetable, and it repurchased about 2.3 million shares in the quarter, leaving roughly 267 million shares outstanding. For the fourth quarter, Magnolia guides production of 159 to 161 Mboe/d with oil at 49% to 50% of volumes and D&C capital spending of about $235 million, while for 2027 it projects oil and total production up 4% to 5% from a second-quarter 2026 pro forma base of roughly 78 Mbod of oil and 158 Mboe/d of total production, with D&C capital spending of $900 million to $950 million.

US President Donald Trump is pressuring South Korea to speed up its decision on joining the $50 billion Alaska LNG natural gas project, warning that if Seoul does not sign soon, the United States may charge additional costs, or could double them. Trump told reporters on Friday that if South Korea does not want to join the project, that is no problem, but the United States will charge South Korea more, saying that if it does not sign soon, it will double, though he did not specify what would be increased. South Korean media noted this could mean higher tariffs on South Korean goods. The Seoul government confirmed it is still assessing the Alaska LNG project, and that a decision to join will depend on commercial viability and must comply with domestic legal procedures. Trump also said via Truth Social on Friday that he had announced an additional Enhanced Oil Recovery project worth $8.4 billion, but South Korean media, citing the country's industry ministry, said the $8.4 billion oil project was not included in the agreement previously reached between the Seoul government and Washington, and the ministry is examining the details and contacting the US side through trade channels to seek further clarification.