Wednesday, 29 July 2026

Expand Energy reported second quarter 2026 net income of $522 million, or $2.19 per fully diluted share, according to the company's results release distributed by GlobeNewswire.

Net cash provided by operating activities reached $1,096 million in the quarter, which the company attributed to continued operational execution, alongside adjusted EBITDAX of $1,183 million.

Net production came in at approximately 7.48 Bcfe/d, of which 92% was natural gas, and Expand Energy reaffirmed full-year 2026 guidance of 7.4 to 7.6 Bcfe/d.

The company closed the quarter with total debt of $3.7 billion, down roughly $1.3 billion from year-end, a reduction it tied to a senior note redemption in April 2026.

Buybacks accelerated. Expand Energy repurchased about $530 million of common stock during the second quarter, taking year-to-date repurchases to approximately $850 million, equal to 4% of shares outstanding. The company also announced an additional buyback authorization of about $1 billion, which it said would facilitate continued opportunistic share repurchases.

Separately, Expand Energy announced the acquisition of Twin Eagle Holdings, N.A. LLC, a deal the company described as creating North America's leading integrated natural gas company.

Shareholders will receive a quarterly base dividend of $0.575 per share, payable on September 3, 2026 to holders of record at the close of business on August 13, 2026.

Two oilfield service contractors trimmed their 2026 expectations on the same day, each pointing to the Middle East conflict as a drag on results, according to Offshore Engineer OEDigital.

Saipem, the Italian oil and gas contractor, revised down its guidance for 2026 core earnings to absorb extra costs tied to the Middle East crisis, Offshore Engineer OEDigital reported. The company also attributed part of the cut to the de-consolidation of its shallow-water drilling business, which it recently sold.

Baker Hughes told investors it expects annual global spending by oil and gas producers to decline modestly in 2026, per the same outlet. Growth in Latin America, offshore Africa, and North America land will be offset by lower spending in Europe and the Middle East, the company said.

The conflict lands directly on Baker Hughes' industrial and energy technology segment. According to Offshore Engineer OEDigital, the company warned that IET is expected to take a 1%-2% revenue hit from disruptions caused by the conflict.

That guidance sits below the sell side. Baker Hughes forecast third-quarter IET revenue of USD 3.17 billion to USD 3.47 billion, against analyst expectations of USD 3.79 billion, based on data compiled by LSEG and reported by Offshore Engineer OEDigital.

The order book tells a different story. IET orders doubled year-over-year to a record USD 7.1 billion, Offshore Engineer OEDigital reported. The gap between record bookings and softer near-term revenue guidance is the shape of the problem: work is being won faster than it can be converted through disrupted supply and delivery routes.

For Saipem, the earnings revision carries a second, structural component. Selling the shallow-water drilling unit removes its contribution from the full-year estimate, a change unrelated to conflict costs but folded into the same downgrade.

Bids for assets in BP's West Nile Delta gas development off Egypt are due by the end of the week, according to three sources familiar with the sale process cited by Offshore Engineer OEDigital.

The same sources named Energean, Carlyle Group, Dragon Oil and Artemis Energy among the groups expected to submit offers.

BP is trying to make its portfolio less complex while lowering debt and costs, Offshore Engineer OEDigital reported.

The company accounts for roughly 60% of Egyptian natural gas output, produced through East Nile Delta joint ventures and West Nile Delta fields it operates itself, according to the report.

BP's Egyptian gas output reached 518 million cubic feet per day last year, roughly 40% below the 2024 level and nearly 60% below 2023, Offshore Engineer OEDigital reported.

Cumulative BP investment in Egypt exceeds USD 35 billion across six decades, per the same report.

Singapore-based Keppel Ltd. will move up to 10 legacy offshore rigs off its balance sheet through a newly created private investment vehicle, the Keppel Offshore Fund (KOF), according to World Oil.

The first tranche covers six operational rigs, which KOF will buy from Keppel in 2026 for roughly S$1.2 billion, or USD 925 million, World Oil reported.

Four further rigs are earmarked for completion and possible transfer to the fund between 2027 and 2028, subject to certain conditions. Should those four rigs move across, the structure could yield an additional USD 988 million in cash proceeds, according to World Oil.

Keppel also gains fee-earning scale from the arrangement. Funds under management will rise by approximately S$3.9 billion, or USD 3.0 billion, World Oil reported.

Keppel CEO Loh Chin Hua said the transaction establishes a pathway to monetize the company's legacy rig assets while keeping exposure to the offshore drilling market through Keppel's own investment in the fund.

Three legacy rigs sit outside the current deal. Keppel said it is still weighing monetization options for those units.

World Oil described the divestment as reflecting strengthening fundamentals in the global offshore drilling market.