Thursday, 23 July 2026

Halliburton's second-quarter 2026 revenue reached $5.7 billion, rising from $5.4 billion in the first quarter, according to World Oil.

The quarter delivered net income of $534 million, equal to $0.64 per diluted share, with operating income at $778 million, World Oil reported.

Growth split across geographies. North America revenue rose 7% quarter over quarter to $2.3 billion on stronger U.S. land stimulation and well construction work, while international revenue gained 5% to reach $3.4 billion, according to World Oil.

Europe and Africa led the regions with a 19% increase, driven by activity in the North Sea, Namibia, Egypt and Angola. In the opposite direction, Middle East and Asia revenue fell 2% after geopolitical conflict cut activity in Kuwait, Iraq and Qatar.

Halliburton bought back roughly $200 million of its common stock during the period, World Oil reported.

CEO Jeff Miller said the company expects incremental improvement in North America over the rest of the year.

The company secured contracts for integrated well construction on TotalEnergies' GranMorgu development offshore Suriname and for multiple programs supporting Aramco's onshore and unconventional gas work in Saudi Arabia, according to World Oil.

New England's estimated wholesale market cost of electricity for winter 2025/2026 reached $6.53 billion, up 45% from $4.50 billion the prior winter and higher than any other winter since 2014, according to ISO New England's Internal Market Monitor (IMM) in its latest quarterly report.

The IMM found the power system operated reliably and efficiently through the season despite high costs brought on by unusually cold weather. The winter carried 19 consecutive days with average temperatures below freezing, according to the report.

Energy market costs totaled $6.08 billion, 51% higher than the previous winter, the IMM reported. The report attributed the increase to natural gas prices, which rose 31% year over year.

Day-ahead energy prices, including Forecast Energy Reserve prices, averaged $165.49/MWh, according to the IMM. Real-time energy prices averaged $137.66/MWh over the same period.

The cold concentrated costs into a narrow window. Nearly 45% of the winter's energy, ancillary services, and uplift costs were incurred from Jan. 23 to Feb. 10, the report notes.

Net imports declined compared with the previous winter as cold conditions and higher demand gripped neighboring regions, according to the IMM. As a result, more of New England's electricity came from natural gas and oil.

EU antitrust regulators opened a full-scale investigation into Saipem's merger with Subsea 7, warning the deal may lead to price hikes and less innovation, according to Offshore Engineer OEDigital.

The European Commission said the transaction may cause a loss of significant competition in the market for SURF services, possibly resulting in higher prices and reduced innovation. The Commission set a November 26 deadline for its decision on whether to clear the deal, OEDigital reported.

The merger was announced in February of the previous year and would create a leading global player in offshore energy services, spanning drilling, engineering and the laying of subsea infrastructure for offshore oil and gas projects, according to OEDigital.

The two contractors serve different customer bases. Saipem's customers include Saudi Aramco, QatarEnergy and Abu Dhabi's ADNOC, while Subsea 7's customer base is more focused on international oil firms such as BP and Equinor, OEDigital reported.

On Tesla's Q2 2026 earnings call, Elon Musk pointed to growing overlap between Tesla and SpaceX and suggested the two firms he controls could move toward closer integration, Electrek reported.

Most of the quarter's headline profit traced back to that overlap rather than car or energy sales. Electrek reported Tesla booked $1.1 billion in GAAP net income, of which about $750 million was a mark-to-market gain on its SpaceX stake. Income from operations came to $398 million, an operating margin of 1.4%.

Tesla's $2 billion investment in xAI converted into 18,990,195 shares of SpaceX Class A common stock, a holding of less than 1%, according to Electrek. Tesla general counsel Brandon Ehrhart said the company had "deepened our relationship" with SpaceX during the year through an investment and a framework agreement.

The commercial flow runs the other way too. In 2025, SpaceX and xAI entities bought about $650 million in goods and services from Tesla, Electrek reported. Musk said Starlink is being built into the Cybercab and "will be integrated into all of our vehicles" in markets where Starlink operates.

Control of the two companies sits on very different footing. Musk holds roughly 20% of Tesla but commands 85% of SpaceX's voting power, according to Electrek. SpaceX carries a reported valuation of $1.75 trillion, set against Tesla's market capitalization of about $1.6 trillion.

Electrek reported that Wall Street analysts put the odds of a Tesla-SpaceX combination at 80-90% by early 2027.

TGS reported second-quarter revenue of USD 400 million, driven by high multi-client activity and strong sales in North and South America and West Africa, according to the company's Q2 2026 results released on GlobeNewswire.

EBITDA reached USD 244 million, up 60% compared to the same quarter a year earlier, TGS said. Operating profit came in at USD 120 million, against a loss of USD 22 million in the prior-year quarter.

The company recorded streamer utilization of 94%, which it described as the highest since Q3 2013.

Order inflow totaled USD 377 million, lifting the total order backlog to USD 756 million, a year-on-year increase of 78%, according to TGS.

After quarter end, TGS completed the sale of its North American well data business for a price of more than USD 100 million, which it said further strengthened its balance sheet.

The Board of TGS ASA resolved to distribute a quarterly dividend of the NOK equivalent of USD 0.155 per share, or NOK 1.49 per share, in Q3 2026, with a payment date of 13 August 2026.

TGS said it expects 2026 multi-client investments of approximately USD 550 million, compared with a previous expectation of USD 500 to 575 million.

Tesla delivered a record 480,126 vehicles worldwide in Q2 2026, up 25% year-on-year, while its operating margin narrowed to 1.4% from 4.1%, according to electrive.

Quarterly revenue reached $28.24 billion, a 26% year-on-year increase, electrive reported. The delivery total marked a new quarterly record for the company.

Profitability moved the other way. Income from operations declined 57% year-on-year to $398 million, according to electrive, and the operating margin fell to 1.4% from 4.1% a year earlier.

Capital spending climbed sharply. Capital expenditure surged 142% to $5.79 billion as Tesla accelerated investments in manufacturing facilities and supporting infrastructure, electrive reported. Operating cash flow increased 85% to $4.70 billion, but free cash flow turned negative at -$1.09 billion.

Energy Generation and Storage revenue increased 13% to $3.14 billion in the quarter, according to electrive.

Tesla confirmed that Cybercab has entered production at Gigafactory Texas, with engineering validation vehicles already testing on public roads, electrive reported.

The company said increasing battery pack capacity remains "the main limiting factor" for expanding global vehicle production.

Tesla has decommissioned the Model S and Model X manufacturing lines at its Fremont factory and is installing first-generation lines for the Optimus humanoid robot, according to electrive.

DOF Group is offloading four platform supply vessels (PSVs), ordering two construction support vessels (CSVs) still on the builder's ways, and writing off the anchor handling tug supply (AHTS) vessel Skandi Amazonas as a constructive total loss, according to Offshore Engineer OEDigital.

The four-PSV disposal should leave DOF with roughly USD 50 million in net cash once debt is repaid, according to Offshore Engineer OEDigital.

Both incoming CSVs follow the SALT 310 OCV design and are being built at PaxOcean in China, per Offshore Engineer OEDigital. Each is specified with a 250-tonne subsea crane, two work-class remotely operated vehicles (ROVs), 1,750 square meters of deck, and berths for 123 personnel.

Deliveries fall in the fourth quarter of 2027 and the first quarter of 2028, according to Offshore Engineer OEDigital. DOF plans to cover the purchases from vessel sale proceeds and available debt, with 85% of the price due on handover.

DOF CEO Mons S. Aase said the two CSVs would "generate attractive earnings on their own" and lift the subsea regions' earnings capacity with no added investment.

Skandi Amazonas ran aground off Macae, Brazil, in May, per Offshore Engineer OEDigital. After assessing the damage, DOF concluded a rebuild would cost more than the vessel's insured value and expects a USD 115 million hull and machinery insurance payout.

Four lenders, NORD/LB, Santander, Rabobank, and ING, have finalized debt for a 190 MW solar and battery cluster developed by Cero Generation at Itchington in South Gloucestershire, England, according to ESS News.

The package covers two lines of activity. It refinances the running Larks Green Solar farm and the Larks Green BESS site, and it bankrolls construction of a third asset, Lower Larks BESS, ESS News reported.

Among the operating assets, Larks Green Solar carries 70 MW of capacity and switched on in 2023, and the co-located 50 MW Larks Green BESS has run since 2024, according to ESS News. Lower Larks BESS adds 70 MW and is being built now, with commercial start due in 2027.

The deal builds on a portfolio facility the same four lenders set up in July 2025, which had already funded Cero's Bramley and Bumble Bee co-located solar and storage sites, according to ESS News.

Once every project reaches operation, Cero Generation put its combined solar capacity at 207 MW and its battery capacity at 345 MW.

ESS News noted that Larks Green Solar was billed at energization in May 2023 as the first UK solar farm wired straight into the national transmission grid.

Hybrid power purchase agreements that combine solar generation and storage are priced 24% higher than solar-only contracts in Europe, while staying 15% below wind PPAs, according to LevelTen's new hybrid PPA index reported by pv magazine.

The premium has not slowed uptake. LevelTen said the number of new hybrid PPA offers listed on its platform has more than doubled compared with the previous year, pv magazine reported. Hybrid projects in Spain and Germany made up 29% of all PPA offers included in LevelTen's European index.

Solar contract prices turned higher for the first time in a year. The P25 price for solar PPAs in Europe rose 2.8% in the second quarter of 2026, the first quarterly increase after a year of consecutive declines, according to the LevelTen report cited by pv magazine. Wind PPAs fell 1.6% over the same period, extending a downward trend to five consecutive quarters.

LevelTen attributed the rise in solar PPA prices largely to higher electricity and gas prices following the closure of the Strait of Hormuz, pv magazine reported. The impact was particularly visible in Germany and Poland, where rising wholesale electricity prices pushed up PPA offers.

The case for adding batteries rests on capture value. LevelTen's analysis found that integrating batteries can increase the value captured by a solar project by up to 80% in certain markets, including Germany, according to pv magazine.

The economics reflect worsening solar cannibalisation. During the first half of 2026, France, Germany, Spain, and Poland each recorded more hours of negative electricity pricing than during all of 2025, pv magazine reported.

IHI Power Services Corp. will operate under the name Kyuden Energy Partners Corp. following the completion of its acquisition by Kyuden International, according to Power Magazine.

Power Magazine described IHI Power Services Corp. as a major operator of power plants in the U.S.. Kyuden International is headquartered in Japan, according to Power Magazine.

Matador Resources will pay USD 1.275 billion in cash to buy Paloma Permian LLC, a Delaware basin operator held by EnCap Investments, according to World Oil.

The purchase covers 16,235 net undeveloped acres in Eddy and Lea counties, New Mexico. Producing wells on that acreage should average roughly 11,100 boed during Q3 2026, of which 57% is oil.

World Oil reported the deal brings an estimated 55 MMboe of proved reserves and upward of 156 net drilling locations spread across the Bone Spring and Wolfcamp formations. Matador expects to close the acquisition in the fourth quarter.

Joseph Wm. Foran, founder, chairman and CEO of Matador, tied the transaction to a wider buildout of the company's Delaware basin holdings.

A separate Ridge Runner deal, stacked on earlier purchases, lifts Matador's Woodford position to about 50,000 contiguous net acres and pushes total Delaware basin acreage to roughly 240,000 net acres, according to World Oil. Matador says the efficiencies from Ridge Runner could trim well costs by 30% to 40% over the next 12 to 18 months, according to World Oil.

At the Rae's Creek exploratory well, Matador logged an initial 24-hour rate above 2,200 boed, with oil making up 72% of the flow, World Oil reported.