June 15, 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.
- Oil prices plunge as U.S. and Iran reach deal to reopen Strait of Hormuz
- Summary: Oil prices dropped in early Monday Asian trading after the U.S. and Iran reached an agreement to reopen the Strait of Hormuz after more than 100 days of closure. Brent crude dropped 3.95% to $83.88 per barrel, and WTI fell 4.62% to $80.96 per barrel following announcement of the deal. A finalized memorandum of understanding includes a 60-day ceasefire period, the release of $24 billion in frozen funds, suspended oil sanctions, and a halt to producing nuclear weapons.
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U.S. natural gas prices hit three-week low on U.S.–Iran peace deal - Summary: U.S. natural gas prices fell 2% to around $3.0 per MMBtu, hitting a nearly three-week low after a U.S.–Iran peace deal was confirmed. The agreement will lift the naval blockade of Iranian ports and reopen the Strait of Hormuz, a chokepoint handling one-fifth of global oil and LNG supplies, following its formal signing on June 19. Additional pressure stemmed from ample domestic supplies, with inventories rising to 2.686 trillion cubic feet, roughly 6% above the five-year average.
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- Once an Arab oil embargo victim, US becomes world’s top oil exporter
- Summary: The United States has become the world’s leading oil exporter for the third consecutive month, with crude and fuel shipments climbing to 10.5 million bpd in May. This ascendancy surpasses Russian exports of 7 million bpd and Saudi Arabian exports of 5.9 million bpd, a reversal from 2025 when Saudi Arabia led with 8.1 million bpd. The shift comes as U.S. output reaches 22 million bpd, allowing the country to supply 47% of its oil exports to Europe and 46% of its May exports to Asia this year.
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- Pace of U.S. oil drilling inches up
- Summary: The total active U.S. drilling rig count rose to 563, with oil rigs increasing by two to 433 while gas rigs fell by three to 121, according to Baker Hughes. Weekly U.S. crude oil production averaged 13.799 million bpd for the week ending June 5, representing an increase of 371,000 bpd from a year ago as the completions crew count fell by two to 190. Concurrently, oil prices declined on Friday, with Brent crude falling 3.55% to $87.17 per barrel and WTI dropping 3.87% to trade at $84.32.
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Permian partnership reports $2.3 billion in regional investment and expanding economic impact - Summary: The Permian Strategic Partnership released reports highlighting its investment of $215 million since 2019, which helped leverage over $2.3 billion in regional impact across 22 counties. The region currently supports more than 940,000 U.S. jobs, accounts for over 44% of all active domestic drilling rigs, and contributed $114 billion to the U.S. balance of trade in 2025. By 2027, the basin is projected to supply nearly 50% of U.S. oil production, with jobs expanding to 1.16 million by 2050.
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Shell pauses $3 billion share buyback ahead of ARC acquisition vote - Summary: Shell pauses its $3 billion share buyback until July 14 due to securities laws tied to its pending $16.4 billion acquisition of ARC Resources. In April, Shell announced buying ARC in a deal paid 25% in cash and 75% in shares at a 20% premium, which is its biggest since 2016. The transaction requires a minimum of 66% support at ARC’s shareholder vote on July 14, and the company’s output consists of about 60% natural gas and 40% oil liquids near Shell’s Canadian fields feeding the LNG Canada plant.
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BP starts process to sell stakes in two Gulf of Mexico projects - Summary: British oil major BP has begun a process to sell minority stakes in its multi-billion dollar Kaskida and Tiber projects in the Gulf of Mexico. This action represents one of the first major strategic moves by new CEO Meg O’Neill, who assumed her role in April after the company chose to refocus its investments back onto oil and gas. Both projects are expected to have production capacities of 80,000 barrels of oil per day, with Kaskida starting in 2029 and Tiber commencing production in 2030.
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