Valor | Energy Connection – October 12, 2026

October 12, 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.

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  ONEOK completes acquisition of assets in Midland Basin from Brazos Midstream
  Summary: Tulsa-based ONEOK completed its acquisition of Brazos Midstream’s natural gas gathering and processing assets in the Midland Basin for approximately $4.425 billion, more than doubling its Midland Basin processing capacity to about 2.3 billion cubic feet per day including facilities under construction. The deal strengthens ONEOK’s position with a premier gathering and processing platform supported by high-quality acreage and long-term contracts with some of the basin’s leading producers. The transaction represents one of the largest Permian Basin midstream deals of 2026.
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• U.S. rig count climbs above 600 as oil drilling leads weekly increase
• Summary: The U.S. rig count rose by five to 603 for the week ended October 9, according to the latest Baker Hughes North America Rig Count Report, leaving the United States with 56 more rigs than the 547 operating during the comparable week last year, an increase of more than 10%. Oil drilling accounted for the increase, with oil rigs climbing by six to 462, while the Permian Basin led this week’s gains adding four rigs to reach 274. The U.S. fleet has grown from 588 rigs on September 4 to 603 as of the latest report, a gain of 15 rigs over five weeks.
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• Oil ends week higher as Hurricane Isaias disrupts U.S. Gulf production
• Summary: WTI crude closed at $91.85 per barrel on Friday, up $0.36 or 0.39%, while Brent closed at $104.72, up $0.44 or 0.42%, as hurricane-related supply disruptions outweighed easing concerns about Middle East oil shipments. Hurricane Isaias disrupted approximately 72% of U.S. Gulf of Mexico offshore oil production, equivalent to nearly 1.5 million barrels per day. The Brent-WTI premium widened to approximately $12.87 per barrel as Western Canadian Select’s discount to WTI hit its widest level since 2023 at $25.55 per barrel.
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• ConocoPhillips expands LNG portfolio with 20-year Venture Global agreement
• Summary: ConocoPhillips signed a 20-year LNG supply agreement with Venture Global, significantly expanding its long-term exposure to U.S. liquefied natural gas exports and diversifying its portfolio across multiple global supply sources. The agreement adds to ConocoPhillips’ existing LNG commitments and positions the company to benefit from growing international demand for U.S. natural gas through the early 2050s. The deal signals continued confidence in long-term LNG demand from one of the world’s largest independent oil and gas producers.
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• Tanker rates soar to record as oil crisis becomes shipping crisis
• Summary: The cost of shipping crude oil soared to record highs as the Iran war reshuffled global trade routes and tied up more tankers in inefficient and lengthy voyages, with the price of chartering a very large crude carrier from the Gulf Coast to China reaching $634,974 per day according to Baltic Exchange data. The shipping squeeze has added a significant cost premium on top of already elevated crude prices, with supertanker rates only recently slipping from their all-time highs. The tanker crunch reflects how supply disruptions are cascading beyond crude prices into the broader global energy logistics system.
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  Hurricane Isaias shuts in 71% of U.S. Gulf oil production
• Summary: Hurricane Isaias forced the shut-in of approximately 71% of U.S. Gulf of Mexico oil production as the storm tracked toward the Gulf Coast, affecting offshore platforms and disrupting crude supply from one of the country’s most productive offshore regions. The Bureau of Safety and Environmental Enforcement reported significant production curtailments across multiple deepwater and shelf operations as operators evacuated personnel and secured facilities ahead of the storm’s landfall. The shut-ins are expected to be temporary but add near-term upward pressure to domestic crude supply concerns.
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• Execs predict future Henry Hub NatGas prices
• Summary: Executives from 98 oil and gas firms participating in the third quarter Dallas Fed Energy Survey projected mean Henry Hub natural gas prices of $3.29 per MMBtu at the six-month mark, $3.46 at one year, $3.82 at two years, and $4.28 at five years. The average daily spot price during the survey period was $4.84 per MMBtu, and the November natural gas contract was found probing support near the $3.00 psychological mark before closing narrowly above resistance. Analysts note that soft winter gas contracts continue to suppress near-term upside despite production weakness and late-season heat providing some support.
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