July 20, 2026 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.
Magnolia buys WildFire Energy in $4.06 billion deal, adds 500 miles of pipelines- Summary: Magnolia Oil & Gas agreed to acquire WildFire Energy for $4.06 billion, adding 500 miles of pipelines and expanding its position to over 1.25 million net acres. The transaction includes assets producing about 53,000 boe/d with 70% oil, $600 million in assumed notes, and 32.2 million common shares issued to WildFire owners. Magnolia expects at least $100 million in annual cost savings and operational synergies from the purchase, while also boosting its quarterly dividend by 9% to $0.18 per share.
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Oil’s oversupply narrative just died - Summary: Renewed geopolitical hostilities pushed Brent above $85 per barrel as the oversupply narrative flipped into fears of global shortages. Meanwhile, Asian LNG buying set a July record of 23 million tonnes due to extreme heat, driving Asia’s benchmark JKM price to $19.5 per MMBtu while European imports dropped to 6.90 million tonnes. Oil market data also revealed that China’s June crude imports fell 41% year-over-year to 7.12 million b/d, while Nigerian production surged to 1.56 million b/d.
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- US energy firms boost rig count to highest since April 2025, Baker Hughes says
- Summary: U.S. energy firms increased the total rig count by seven to 588 for the week ending July 17, marking a fifth consecutive weekly gain and placing the count 44 rigs or 8% above last year’s level. Baker Hughes reported that oil rigs rose by seven to 452, gas rigs held at 126, and miscellaneous rigs stayed at 10. Statewide counts rose by two to 50 in Oklahoma and by two to 274 in Texas, as the EIA projected crude output will reach 13.8 million bpd and gas output will reach 111.3 bcfd in 2026.
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- U.S. crude oil, gasoline inventories still falling
- Summary: The American Petroleum Institute reported that U.S. crude oil inventories fell by 564,000 barrels for the week ending July 10, while gasoline stocks dropped by 1.664 million barrels. Another 2.99 million barrels left the Strategic Petroleum Reserve to reach 316.5 million barrels, leaving the reserve 415 million barrels below maximum capacity. U.S. crude production rose to 13.860 million bpd, up 475,000 bpd from last year, as Brent crude rose 2.24% to $85.17 and WTI gained 1.92% to hit $79.64.
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USA LNG growth exceeding all expectations, Yergin says - Summary: U.S. LNG exports are poised to become the nation’s second largest net export by 2031, with feedgas demand projected to double to 36 billion cubic feet per day over the next five years. An S&P Global study projects that the sector will support 555,000 annual jobs, contribute $1.4 trillion to GDP, and raise household gas costs by just 1.6 percent. Concurrently, the EIA forecasts U.S. LNG gross exports to rise from 15.1 billion cubic feet per day in 2025 to 17.4 billion in 2026 and 18.6 billion in 2027.
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NOG maintains 2026 production outlook as Permian volumes recover - Summary: NOG reaffirmed its 2026 guidance despite Q2 curtailments of roughly 7,000 boed due to negative Waha gas pricing and the deferral of three net wells. Stronger basin performance helped NOG project Q2 oil production between 67.5 Mboed and 68.25 Mboed, with Williston exceeding forecasts by 4% and Uinta by 11.5%. Capital spending for Q2 reached $190 million to $200 million, while NOG deployed $45 million into 30 acquisitions and completed its Duvernay deal for CA$237 million and 3.7 million shares.
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Why gasoline prices don’t always move in lockstep with crude oil prices - Summary: Crude oil usually accounts for over half the cost of gasoline, with the remainder determined by refining, transportation, distribution, and taxes. Gasoline markets face tighter global conditions as Russian refinery processing rates hit 21-year lows, Middle Eastern refining facilities face disruptions, and Asian exports remain constrained. To help meet fuel demand, U.S. refineries operated at 95.8% of capacity for the week ending July 3, producing 9.7 million barrels per day of finished gasoline.
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