Thursday, 6 August 2026

Transocean logged USD 966 million in contract drilling revenues for the second quarter of 2026, with revenue efficiency at 97.0%, according to a results release carried by GlobeNewswire.

The quarter delivered net income of USD 170 million, equal to USD 0.04 per diluted share. Adjusted EBITDA reached USD 312 million, a 32.2% margin.

Operating activities produced USD 236 million of net cash. Capital spending of USD 24 million left free cash flow at USD 212 million.

Five fixtures signed since the May 2026 fleet status report brought in roughly USD 292 million of incremental backlog, with the weighted average dayrate across them near USD 461,000.

Backlog totalled roughly USD 6.7 billion on August 5, 2026. A further USD 1.0 billion tied to Equinor work sits outside that total pending license partner approvals.

For the third quarter, the driller guided contract drilling revenues to a range of USD 920 million to USD 960 million. Full-year 2026 guidance runs from USD 3,900 million to USD 3,975 million.

Chief executive Keelan Adamson said the company expects rising demand for its highest specification rigs, with utilization for deepwater and harsh environment assets "projected to move well into the 90% range during 2027".

Diamondback Energy averaged 1,018 MBOE/d in the second quarter of 2026, the first time company output has cleared one million barrels of oil equivalent per day, according to a letter to stockholders issued through GlobeNewswire. Oil alone averaged 525 MBO/d over the quarter, the company said in its second quarter results release.

The production step-up came with a guidance revision. Diamondback raised its full-year 2026 oil target to 522+ MBO/d from 520+ MBO/d and its total production target to 1,000+ MBOE/d from 972+ MBOE/d, while leaving full-year cash capital expenditures unchanged at roughly USD 3.9 billion, per the results release.

Spending in the quarter itself totaled USD 996 million in cash capital expenditures. Free Cash Flow and Adjusted Free Cash Flow each came in at USD 2.3 billion, the company reported. Net income attributable to Diamondback Energy was USD 1,882 million.

That cash went partly to the balance sheet. Total debt fell by about USD 1.3 billion quarter over quarter to USD 12.8 billion, with net debt down about USD 1.6 billion to USD 12.3 billion, according to the release.

On the shareholder-return side, the Board doubled Diamondback's share repurchase authorization in July to USD 16.0 billion from USD 8.0 billion, the company disclosed.

Holding capital flat while lifting the total production target implies the higher volumes are being delivered without additional budgeted outlay, based on the guidance and spending figures the company disclosed.

Gran Tierra Energy Inc. has signed a definitive share sale and purchase agreement to sell its oil business in Colombia and Ecuador to Établissements Maurel & Prom S.A. for total consideration of USD 1.33 billion, according to the company's announcement carried by GlobeNewswire.

The assets changing hands produced roughly 29,000 barrels of oil per day on a first half 2026 average working-interest basis before royalties, Gran Tierra said.

The seller expects total net cash proceeds of approximately USD 315 million from the deal. Of that, approximately USD 250 million is due in cash at closing, with the remaining USD 65 million payable 364 days later under an unsecured note issued by the divested business, according to the announcement.

Gran Tierra described Maurel & Prom as a Paris-listed international oil and natural gas exploration and production company majority owned by PT Pertamina Internasional Eksplorasi dan Produksi, a subsidiary of Indonesia's national energy company PT Pertamina (Persero).

The company frames the sale as a repositioning around fully financed growth plans in Canada and Azerbaijan, and says the transaction supports a meaningful return of capital to stockholders.

ConocoPhillips has appointed Andy O'Brien president and chief executive officer effective September 1, according to World Oil.

Ryan Lance will retire from the CEO role and take the position of executive chair in a transitional capacity, World Oil reported. The changes close out Lance's 14-year tenure as president and CEO.

The company also named Konnie Haynes-Welsh senior vice president and chief financial officer, according to World Oil. She succeeds O'Brien, who held the CFO role before the promotion.

All three appointments take effect on the same date.