August 4, 2025 Edition
At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.
- BP boosted by biggest oil discovery in 25 years
- Summary: On August 4, BP announced its biggest oil and gas discovery in 25 years offshore Brazil, its tenth find in 2025, causing its shares to rise 1.7% to 405.5p. The find aligns with BP’s renewed focus on hydrocarbons and its plan to grow global upstream production to 2.3 to 2.5 million barrels of oil equivalent per day by 2030. This news comes just before its August 5 Q2 results, where a $300 million to $500 million benefit from refining margins is expected to be offset by the negative impact of lower oil prices.
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- OPEC+ agrees to another large oil output hike, sources say
- Summary: On August 3, sources said OPEC+ reached a preliminary deal to increase its oil production by 548,000 barrels per day (bpd) for September, amid supply concerns linked to Russia. If agreed, this 548,000-bpd hike would mark a full reversal of the group’s largest output cut tranche of 2.2 million bpd and allow the UAE to raise output by 300,000 bpd. This follows large hikes in previous months, but a separate voluntary cut of about 1.65 million bpd from eight key members remains in place until the end of the year 2026.
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- Chevron, Exxon earnings highlight shift from rivals to allies
- Summary: U.S. oil supermajors Chevron and Exxon Mobil both reported over 20% profit declines in Q2 2025, with Chevron’s EPS down 30.6% to $1.77 and Exxon’s down 23% to $1.64. Despite lower oil prices, Exxon’s production hit a 25-year Q2 high of 4.63 million boe/d, returning $9.2B to shareholders, while Chevron produced 3.39 million bpd and returned $5.5B. The reports highlight a new era of cooperation, with the rivals now partners in Guyana’s Stabroek block after Chevron finalized its Hess acquisition for a key 30% stake.
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- Oil prices rise for fourth day on Trump tariff supply fears
- Summary: Oil prices climbed for the fourth straight session at the end of July, supported by concerns over potential supply disruptions. Market sentiment was influenced by newly proposed tariffs on countries importing Russian crude, along with broader trade-related risks. Brent and WTI posted modest gains, despite U.S. crude inventories rising by 7.7 million barrels, as tightening supply expectations continued to support prices.
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- EPA pushes back rollout of methane emission rule for oil and gas
- Summary: The EPA has issued an interim final rule granting oil and gas operators an 18-month extension to comply with methane emission standards originally finalized in 2024. The agency also extended deadlines for states to submit emissions plans. The delay stems from concerns about operational readiness and overlaps between federal performance standards. Critics have raised questions about environmental and public health implications.
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- Nat-Gas prices recover on forecasts for hotter U.S. weather
- Summary: U.S. natural gas prices recovered from a 3.25-month low on July 31, with the September Nymex contract closing up 2.00% on forecasts for hotter weather in early August. The recovery followed a price drop caused by a bearish EIA report, which showed that inventories for the week ended July 25 rose by 48 bcf, higher than the expected 41 bcf. This bearish supply outlook is further supported by total inventories standing 6.7% above their 5-year average and the active gas rig count rising by five to a nearly 2-year high of 122 rigs.
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- U.S. weekly Baker Hughes oil rig count actual 410, previous 415
- Summary: For the week of July 25, the U.S. total rig count stood at 540, down 46 from a year ago, as the oil rig count fell by five to a new low of 410 while gas rigs rose by two to 124. The oil rig count hit its lowest since September 2021 due to lower prices, while the gas rig count reached its highest since August 2023, driven by strong export demand and higher spot prices. Despite this, the EIA projects crude output will rise to 13.4 million bpd in 2025, and a projected 68% gas price hike will boost gas output to 105.9 bcfd.
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