Trending News: Finland inaugurates first bioLNG plantVision 2030: If you’re not at the table, you’re on the menuVedanta Invests Over US$1 Billion in Net-Zero Transition, Targets 2.5 GW Renewable Capacity by 2030GoodWe Named S&P Global Energy Tier 1 PV Inverter Supplier for Second Consecutive YearTata Power-DDL Sees 93% Digital Bill Payments As Self-Service Adoption SurgesIESA Calls for BRICS Collaboration on Energy Storage, Critical Minerals and Local Manufacturing to Accelerate Clean Energy TransitionSolarvest Reports 19.8% YoY Rise in 1QFY27 Net Profit to RM19 Million, Backed by LSS5 and CGPP ProjectsGulf-to-China Supertanker Rates Hit $510,000 a DayRomania Restarts Coal Plant as Danube Drought Forces Nuclear ShutdownChina’s Solar Exports Fell 21.4% in JulyUK researchers make MOF for capturing heavy metals from wastewaterUS semiconductor investment tops $820bn since 2020UK biogas plant gets green light for CO2 capture and liquefactionOutlook for electronic specialty gasesU.S.-Iran Tensions Push Oil Prices Higher as Diesel Margins Hit RecordsLibya Seeks Up to $40 Billion to Boost Oil Output to 2 Million BpdChina Boosts Fuel Exports as Domestic Stockpiles SwellBrent Tops $91 After Unidentified Projectile Hits Vessel Transiting HormuzHouthis Claim Third Attack on Saudi Aramco Refinery in Two WeeksPakistan’s Power Generation Costs Jump 38% on Record Spot LNG BuysTankers U-Turn at Hormuz as Iran Tightens Its Grip10 minutes with… Airgas and Air Liquide North America CEOsWill Oil Prices Keep Rising?UCLR completes first hot fire of cryogenic LOX engineAnalysis: The key role of LNG in the UK North Sea debateAnalysis: The key role of LNG in the UK North Sea debateIndia Daily: RRECL Launches RE Monitoring Tool, CSPDCL Seeks ₹2.98/kWh BESS Tariff, GERC Advances GNA Regulations, CleanMax Plans ₹400 Cr NCDs and More…Green Energy Stocks Face Selling Pressure As Indian Markets End Lower(18 August 2026)Linde and Monash University Malaysia partner on industrial 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MWPodcast | Gas distribution done right: design, reliability, and performance from source to point-of-useBangladesh tragedy shines spotlight on LNG shipbreaking safetyShell Energy Philippines Advances 30 MW/60 MWh Hermosa Battery Storage ProjectAWG appoints Vice-President of Operations for the North RegionTencent drives carbon utilisation ‘out of the lab’US CO2 Outlook Report H1 2026U.S. West Coast Refiners Tap Malaysian SupplySouth Africa’s Top Court Blocks Shell Wild Coast ExplorationHot tests completed at third Haiyang unitIAEA sees enhanced safety at Philippine research reactorBlue Energy, GE Vernova take gas-plus-nuclear collaboration to next stageIndia begins public consultation on SHANTI Bill rulesChevron strikes oil and gas in Angola’s Block 0, eyes tieback developmentKazakhstan Accuses Big Oil of $10.7 Billion Corruption in Kashagan Oil ProjectHormuz Tanker Traffic Slumps as U.S.-Iran Standoff Drags OnVance Says Cheap Oil and Gas Is Top U.S. Priority in Iran WarMiddle East Oil 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Wed. Aug 19th, 2026
Trending News: Finland inaugurates first bioLNG plantVision 2030: If you’re not at the table, you’re on the menuVedanta Invests Over US$1 Billion in Net-Zero Transition, Targets 2.5 GW Renewable Capacity by 2030GoodWe Named S&P Global Energy Tier 1 PV Inverter Supplier for Second Consecutive YearTata Power-DDL Sees 93% Digital Bill Payments As Self-Service Adoption SurgesIESA Calls for BRICS Collaboration on Energy Storage, Critical Minerals and Local Manufacturing to Accelerate Clean Energy TransitionSolarvest Reports 19.8% YoY Rise in 1QFY27 Net Profit to RM19 Million, Backed by LSS5 and CGPP ProjectsGulf-to-China Supertanker Rates Hit $510,000 a DayRomania Restarts Coal Plant as Danube Drought Forces Nuclear ShutdownChina’s Solar Exports Fell 21.4% in JulyUK researchers make MOF for capturing heavy metals from wastewaterUS semiconductor investment tops $820bn since 2020UK biogas plant gets green light for CO2 capture and liquefactionOutlook for electronic specialty gasesU.S.-Iran Tensions Push Oil Prices Higher as Diesel Margins Hit RecordsLibya Seeks Up to $40 Billion to Boost Oil Output to 2 Million BpdChina Boosts Fuel Exports as Domestic Stockpiles SwellBrent Tops $91 After Unidentified Projectile Hits Vessel Transiting HormuzHouthis Claim Third Attack on Saudi Aramco Refinery in Two WeeksPakistan’s Power Generation Costs Jump 38% on Record Spot LNG BuysTankers U-Turn at Hormuz as Iran Tightens Its Grip10 minutes with… Airgas and Air Liquide North America CEOsWill Oil Prices Keep Rising?UCLR completes first hot fire of cryogenic LOX engineAnalysis: The key role of LNG in the UK North Sea debateAnalysis: The key role of LNG in the UK North Sea debateIndia Daily: RRECL Launches RE Monitoring Tool, CSPDCL Seeks ₹2.98/kWh BESS Tariff, GERC Advances GNA Regulations, CleanMax Plans ₹400 Cr NCDs and More…Green Energy Stocks Face Selling Pressure As Indian Markets End Lower(18 August 2026)Linde and Monash University Malaysia partner on industrial decarbonisationEquinix Signs 50 MWp Solar PPA With Flo Energy To Boost Renewable Power In SingaporeGenesis Energy Secures Fast-Track Approval For 220 MWp Foxton Solar FarmSaudi Arabia’s PIF Surges Past $900 Billion Assets as 2025 Profit More Than DoublesUK CO2 supply resilience consultation closes this weekLibya Power Crisis Explodes as Grid Fails AgainChevron Strikes Oil and Gas Offshore Angola in Major DiscoveryRussia Receives First Gasoline Cargo From India as Fuel Shortages SpreadExxonMobil awards $1.1bn in contracts for Mozambique LNG projectWhat is the near-term feasibility of helium-3 fuel for fusion power?FANCO advances engagement with regulator on HALEU plantDetritiation facility reopens at CulhamKaleidos microreactor begins journey to IdahoChina Added 200,000 Bpd to Crude Reserves in July Despite Hormuz CrisisJapan’s Oil Crisis Eases, But the Import Bill Keeps ClimbingIraq-Syria Oil Pipeline to Bypass Hormuz Is 4 Years and $15 Billion AwayChina’s Renewables Boom Faces Record Clean Power CurtailmentsDiversifying helium: Can dedicated projects reshape global supply?Hormuz Tanker Traffic Slows to a TrickleIndia Lets Delayed Renewable Projects Pay to Keep Grid AccessIndian Oil Giant Secures U.S. License to Return to VenezuelaAsian Refiners Seek Alternative Pickup Point for Saudi CrudeIndia’s Chief Economic Adviser Calls for Return of E10 PetrolChina Oil Imports Jump 22% Even as Economic Data DisappointsHow Phoenix is capitalizing on the Southwest’s opportunityIndia Daily: SECI Seeks Inputs for RE PMU, UPERC Rejects UPRVUNL Solar Petition, Adani Acquires Vizag Transmission SPV, KERC Drafts 2026 Supply Rules, Telangana Eyes 2,545 MW Solar and More…How ReNew Is Advancing Its Net-Zero and Sustainability Roadmap: Key Takeaways From Its FY2025–26 Integrated ReportCATL Achieves Carbon Neutrality Across Core Operations, Targets Full Value Chain by 2035Why Has Oil Not Rallied to $150 or Higher?Türkiye And Saudi Arabia Expand Renewable Energy Partnership To 5,000 MWPodcast | Gas distribution done right: design, reliability, and performance from source to point-of-useBangladesh tragedy shines spotlight on LNG shipbreaking safetyShell Energy Philippines Advances 30 MW/60 MWh Hermosa Battery Storage ProjectAWG appoints Vice-President of Operations for the North RegionTencent drives carbon utilisation ‘out of the lab’US CO2 Outlook Report H1 2026U.S. West Coast Refiners Tap Malaysian SupplySouth Africa’s Top Court Blocks Shell Wild Coast ExplorationHot tests completed at third Haiyang unitIAEA sees enhanced safety at Philippine research reactorBlue Energy, GE Vernova take gas-plus-nuclear collaboration to next stageIndia begins public consultation on SHANTI Bill rulesChevron strikes oil and gas in Angola’s Block 0, eyes tieback developmentKazakhstan Accuses Big Oil of $10.7 Billion Corruption in Kashagan Oil ProjectHormuz Tanker Traffic Slumps as U.S.-Iran Standoff Drags OnVance Says Cheap Oil and Gas Is Top U.S. Priority in Iran WarMiddle East Oil Tankers Are Going Dark for LongerDrone Strike Sparks Blaze at Key Russian Oil and Fuel TerminalHormuz Crisis Pushes Asian Refiners Toward U.S. OilIndia’s Coal Demand Set to Hit 1.6 Billion Tons by 2030Holcim UAE starts cement carbon capture pilot projectQatar Ras Laffan train five ‘goes offline’Vietnam’s Bac Ninh semiconductor investment hits $2.7bnIndia Daily: India Power Capacity Tops 550 GW, CEA Sets New Cybersecurity Rules, CSPDCL Advances 500 MWh BESS, India Accelerates Smart Meters, Kerala Rejects KINESCO Licence and More…CERC Approves GNA Milestone Extensions With New Charges For Renewable Energy ProjectsSaatvik Green Energy Reports INR 511 Crore Q1 FY27 Revenue, Order Book Reaches 5.89 GWGreen Energy Stocks Deliver Mixed Performance As Sensex And Nifty End Lower (14 August 2026)CIP Closes USD 3 Billion Growth Markets Fund II to Back Large-Scale Renewable Energy ProjectsOil Shocks Could Accelerate EV Adoption, WoodMac SaysU.S. Backs X-Energy Reactor With Up to $2.15 BillionOil Prices Head for 4% Weekly Gain as U.S.-Iran Deadlock Drags OnRussia Captures Record Share of India’s Oil MarketNeogenyx to break ground on Nebraska RNG facilityUS to Soon Unveil Unprecedented Sanctions on IranArgentina LNG applies to Rigi investment scheme for $51bn LNG projectGovernment approves extended operation of Almaraz plantTerraPower expands cooperation with Korean partnersNuclea Energy to acquire Moltex Energy technology portfolioConstruction starts at Saskatchewan uranium mineDecommissioning Spending in UK North Sea Hits Record HighRomania Shuts Down Last Nuclear Reactor As Danube Hits 90-Year LowUkraine Strikes Gazprom’s 200,000-Bpd Salavat Refinery in the Urals
Wed. Aug 19th, 2026

ConocoPhillips Targets $1 Billion Cost Cuts in 2026; Profit Misses on Weaker Oil Prices

(Reuters) – ConocoPhillips  said on Thursday it aims to cut capital and operating costs by $1 billion in 2026, after the U.S. oil and gas producer missed Wall Street estimates for fourth-quarter profit due to weaker crude prices.

Oil producers have been under mounting pressure from falling prices, prompting efforts across the sector to rein in spending, scale back drilling and cut headcount.

CEO Ryan Lance said the cost-reduction push builds on more than $1 billion in run-rate synergies captured in 2025, following the $22.5 billion acquisition of Marathon Oil.

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“We’re focused on driving a $1 billion reduction in our capital and costs in 2026, while returning 45% of our cash from operations to shareholders,” Lance said.

The largest independent U.S. oil and gas producer said it closed $3.2 billion in asset sales in 2025 and remains on track to meet its $5 billion disposition target by the end of 2026, as it streamlines its business.

ConocoPhillips said last year it planned to reduce its workforce by 20% to 25% as part of a broader restructuring.

OIL PRICES SQUEEZED BY OVERSUPPLY

ConocoPhillips said its average realized price dropped 19% to $42.46 per barrel of oil equivalent in the quarter, a decline only partially offset by higher production volumes and tighter cost controls.

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Benchmark Brent crude prices averaged $63.13 a barrel during the October-December period, 11.3% lower than a year earlier, as concerns about oversupply and tariffs outweighed geopolitical risks.

Quarterly production rose 6.3% to 2.320 million barrels of oil equivalent per day (boepd). The Houston-based company forecast 2026 output to be between 2.33 million and 2.36 million boepd.

ConocoPhillips posted an adjusted profit of $1.02 per share for the quarter ended December 31, compared with analysts’ average estimate of $1.11, according to data compiled by LSEG.

Reporting by Pooja Menon in Bengaluru; Editing by Shilpi Majumdar and Sriraj Kalluvila

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