In that STEO, the EIA forecast that total U.S. energy consumption will come in at 95.42 quadrillion British thermal units in 2025. Total U.S. energy consumption was 94.21 quadrillion British thermal units last year, the EIA’s latest STEO highlighted.

In its previous STEO, which was released in April, the EIA projected that total U.S. energy consumption would hit 95.28 quadrillion British thermal units this year. That STEO pointed out that total U.S. energy consumption was 94.20 quadrillion British thermal units in 2024.

The EIA’s May STEO forecast that total U.S. energy demand will come in at 22.16 quadrillion British thermal units in the second quarter of this year, 23.95 quadrillion British thermal units in the third quarter, and 24.01 quadrillion British thermal units in the fourth quarter. This STEO highlighted that total U.S. energy consumption was 25.30 quadrillion British thermal units in the first quarter of 2025.

In its previous April STEO, the EIA saw total U.S. energy consumption hitting 22.17 quadrillion British thermal units in the second quarter of 2025, 23.86 quadrillion British thermal units in the third quarter, and 23.95 quadrillion British thermal units in the fourth quarter. That STEO pointed out that total U.S. energy demand was 25.29 quadrillion British thermal units in the first quarter of this year.

USA Liquid Fuels and Gas Demand

The EIA’s May STEO projects that U.S. liquid fuels demand and U.S. natural gas demand will both rise in 2025.

In this STEO, the EIA revealed that it sees U.S. liquid fuels demand averaging 20.50 million barrels per day this year. The STEO highlighted that U.S. liquid fuels demand averaged 20.31 million barrels per day in 2024.

The EIA’s latest STEO projected that U.S. liquid fuels consumption will average 20.49 million barrels per day in the second quarter of this year, 20.67 million barrels per day in the third quarter, and 20.48 million barrels per day in the fourth quarter. The May STEO pointed out that this demand averaged 20.36 million barrels per day in the first quarter.

U.S. natural gas demand is expected to average 91.3 billion cubic feet per day this year, the EIA’s May STEO outlined. It came in at 90.5 billion cubic feet per day last year, the STEO highlighted.

The EIA sees U.S. natural gas consumption averaging 76.4 billion cubic feet per day in the second quarter, 84.7 billion cubic feet per day in the third quarter, and 93.9 billion cubic feet in the fourth quarter. In the first quarter, this demand averaged 110.4 billion cubic feet per day, the STEO showed.

Previous Projections

In its April STEO, the EIA projected that U.S. liquid fuels demand would average 20.38 million barrels per day in 2025. This STEO also highlighted that U.S. liquid fuels demand averaged 20.31 million barrels per day in 2024.

The EIA’s April STEO forecast that U.S. liquid fuels consumption would average 20.36 million barrels per day in the second quarter of this year, 20.48 million barrels per day in the third quarter, and 20.31 million barrels per day in the fourth quarter. The April STEO pointed out that this demand averaged 20.38 million barrels per day in the first quarter.

U.S. natural gas demand was expected to come in at 91.2 billion cubic feet per day this year in the EIA’s previous STEO, which also highlighted that this consumption came in at 90.5 billion cubic feet per day in 2024.

In its April STEO, the EIA saw U.S. natural gas consumption averaging 77.2 billion cubic feet per day in the second quarter, 84.8 billion cubic feet per day in the third quarter, and 93.2 billion cubic feet in the fourth quarter. In the first quarter, this demand averaged 109.9 billion cubic feet per day, that STEO showed.

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Its oil and natural gas production averaged 198,631 barrels of oil equivalent per day (boepd) in the first quarter of 2025, a 33 percent jump year-over-year. The better-than-expected oil and natural gas production was primarily due to the outperformance of wells that were turned into sales in the fourth quarter of 2024, the company said.

Average oil production rose by 36 percent to around 115,030 barrels per day in the first quarter of 2025, up from 84,777 barrels per day in the same period of 2024. Average natural gas production increased by 29 percent to 501.6 million cubic feet per day in the first quarter of 2025, compared to 389.9 million cubic feet per day during the first quarter of 2024.

“Matador is pleased to report another profitable quarter that exceeded our expectations”, Joseph Wm. Foran, Matador’s Founder, Chairman and CEO, said. Foran added that as a response to the commodity price volatility, the company has adjusted its drilling and completion activity for 2025 to provide more optionality.

“Matador began 2025 operating nine drilling rigs and now expects to drop to eight drilling rigs by the middle of 2025, which is made possible by the flexibility in its service contracts allowing for rapid reduction of operations”, Foran said.

“The adjustment in activity is expected to reduce Matador’s drilling, completing and equipping capital expenditures for full-year 2025 by $100 million from Matador’s original expectation of $1.375 billion to a revised expectation of $1.275 billion”, Foran said, adding that the freed up cash flow of $100 million will be used to repay debt and repurchase shares, among other things.

Matador said that during the quarter, it turned 40 gross operated wells into sales. Among those wells, 11 gross wells were turned to sales on the eastern side of the company’s newly acquired Ameredev acreage.

“Of the 40 gross (33.5 net) operated wells turned to sales in the first quarter of 2025, 38 gross (31.6 net) of these operated wells (95 percent) were turned to sales during the second half of the first quarter. The wells turned to sales during the second half of the first quarter of 2025, set Matador up for anticipated record production results during the second quarter of 2025”, Foran said. “Matador expects to produce average total oil and natural gas production of 207,000 boepd during the second quarter of 2025, including 122,000 barrels of oil per day and 510.0 million cubic feet of natural gas per day”.

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“However, activity was disproportionately driven by one company, Diamondback Energy, which accounted for nearly 50 percent of total value between its acquisition of Double Eagle IV and a dropdown of minerals to its affiliate Viper Energy Partners,” EIR noted in the release.

“Outside of Diamondback, buyers were already feeling the pressure of limited acquisition opportunities and high asking prices for undeveloped drilling inventory,” EIR added.

“On top of that, upstream companies will now have to navigate significant headwinds from falling oil and equity values,” EIR warned.

In the release, EIR stated that, prior to OPEC and tariffs creating waves in oil markets, pricing for quality shale inventory was a perpetually rising tide. It added that, historically, lower crude prices have taken the wind out of the sails of upstream M&A.

“Going back to the start of 2014, oil prices have fallen by more than five percent quarter over quarter 17 times,” EIR highlighted.

“In 11 of the quarters with materially lower crude prices, deal activity fell compared to the prior three months with an average decline in transacted deal value of 30 percent,” it pointed out.

“Asset values have also declined when crude prices moved 20 percent or more lower year over year, with the value of Permian acreage falling about one-third in 2015 compared to 2014 and losing more than half its value in 2020 over 2019, based on the average price per acre paid,” it continued.

“The only exception to the trend over the last ten years of lower oil leading to lower asset prices was 2023, when crude came off its 2022 highs, but buyers continued to bid up the value of undeveloped inventory,” it went on to state.

EIR highlighted that, that year, “oil still averaged a relatively strong $78 per barrel though, different from a move towards the lower end of its cyclical trading range that 2025 is witnessing”.

The company noted that a significant distinction between this downturn in oil and past cycles is that publicly traded E&Ps are relatively well positioned to withstand lower prices, at least for this year.

“After seeing a wave of reorganization previously when crude lost its footing, companies have kept debt levels in check, been conservative about growing production and made judicious use of hedges,” EIR said in the release.

“That puts most E&Ps in a good position to maintain operations for the remainder of 2025, although the challenge they face increases if low prices persist into 2026,” EIR warned.

In the release, Andrew Dittmar, principal analyst at EIR, said, “if oil prices struggle into 2026, public E&Ps are likely to start taking more drastic actions including cutting capital spending, selling assets, or even considering mergers with another company”.

Dittmar warned in the release that upstream deal markets “are heading into the most challenging conditions we have seen since the first half of 2020”, pointing out that “high asset prices and limited opportunities are colliding with weakening crude”.

“Potential sellers are acutely aware of the scarcity of high-quality shale inventory, creating a reluctance to unload their assets at a discount,” Dittmar said.

“Buyers on the other hand were already stretched by M&A valuations and can’t afford to continue to pay recent prices now that oil prices are lower. The standoff between those two groups around fair asset pricing is set to sink M&A activity,” he went on to state.

Dittmar noted in the release that Permian land has been prioritized for acquisitions by companies because the high-quality inventory there can generate strong returns through the commodity price cycle.

“It is also the basin that keeps giving with operators consistently adding locations by testing new zones of the prolific basin’s stacked pay,” he said.

Dittmar went on to state in the release that volatility and lower prices make deals tough right now but added that they will create opportunities for nimble buyers with a longer-term outlook.

“A temporary bottleneck in deal making will create a backlog of latent demand, and activity should rebound once prices start to improve,” he said.

“Private equity firms, for example, have been raising fresh funds after selling out over the last few years and will be ready to hop back into the market once prices stabilize,” he added.

“Those firms and the large-cap E&Ps with strong balance sheets are likely to be the ultimate winners from the volatility,” he continued.

A potential bright spot for M&A is natural gas with significant interest in adding assets with access to Gulf Coast markets from multiple buyer groups, including international buyers and private capital, EIR stated in the release.

“While near-term gas prices are also being challenged in the broad market selloff, future prices still look strong with a secular shift in demand from liquified natural gas export facilities and secondary demand from datacenters,” it added.

“That is leading to high demand for Haynesville natural gas assets compared to the available opportunities from private sellers or non-core asset sales,” the company went on to state.

EIR also noted in its release that, using Enverus’ newest AI tool, Investor Analytics, to summarize comments about M&A markets from management teams in recent earnings calls “reveals companies were already concerned about the asking prices for deals and available opportunities”.

“One of the challenges highlighted with available opportunities is the mix of production compared to drilling locations, with many of the larger available acquisition opportunities skewed towards existing production rather than undeveloped inventory,” EIR said.

“That is a challenge for companies that want to use deals principally to extend overall inventory life,” it continued.

Rigzone has contacted the American Petroleum Institute (API), the White House, and OPEC for comment on EIR’s release. At the time of writing, none of the above have responded to Rigzone.

In a release sent to Rigzone by the Enverus team back in January, EIR revealed that 2024 “closed with $105 billion in U.S. upstream deals” adding that this was “the third highest total tracked by Enverus”.

EIR noted in that release that last year “trailed only behind a record-setting $192 billion in 2023 and just under the $108 billion booked in 2014”. It added, however, that “activity tumbled in the back half of the year with $9.6 billion of upstream M&A recorded in 4Q24, the fourth consecutive decline in quarterly value”.

Enverus describes itself as “the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95 percent of U.S. energy producers, and more than 40,000 suppliers”.

EIR publishes energy-sector research focused on the oil, natural gas, power and renewable industries, the company’s latest release highlighted.

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The STS bunkering was part of a simultaneous operation in which the container vessel MSC Thais, berthed at Abu Dhabi Terminals, received LNG fuel from the dedicated LNG bunker vessel Green Zeebrugge, supplied by marine fuels provider Monjasa. The operation demonstrated the concurrent transfer of LNG and cargo, and facilitated access to low-carbon fuels, which support both the industry and global environmental objectives. Captain Saif Al Mheiri, CEO of Abu Dhabi Maritime and Chief Sustainability Officer at AD Ports Group, said, “By adhering to the highest safety and environmental standards, AD Ports Group and Monjasa are ensuring that shipowners have reliable access to a diversified fuel mix that supports their decarbonisation objectives. AD Ports Group will continue to explore and implement forward-looking solutions that drive progress toward global sustainability goals.”

Liquified natural gas offers reduced greenhouse gas emissions and significantly less sulphur oxide, nitrogen oxide, and particulate matter emissions compared to traditional marine fuels.

AD Ports Group and Monjasa will continue expanding LNG bunkering services across the Group’s commercial ports in Abu Dhabi, including cruise vessels at Zayed Port, while offering a comprehensive fuel portfolio that includes Very Low Sulphur Fuel Oil (VLSFO), Marine Gas Oil (MGO), and High-Sulfur Fuel Oil (HSFO).

The STS operation was executed in accordance with international best practices and regulatory standards, that include LNG bunkering protocols and guidelines set by the International Maritime Organisation (IMO), International Association of Ports and Harbors (IAPH), International Organisation for Standardisation (ISO), and Society of International Gas Tanker and Terminal Operators (SIGTTO).

With this achievement, AD Ports Group is accelerating the shift toward sustainable marine fuels, while reinforcing Abu Dhabi’s leadership in the global energy transition and advancing the UAE’s Net Zero 2050 Strategy.

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West Texas Intermediate surged 3.5% to settle near $65 a barrel, marking the largest two-day increase since early January. President Donald Trump said he is confident a trade deal with the European Union could be achieved, and negotiations between the US and Japan bolstered expectations that deals can be struck to avoid the worst effects of tariffs.

Futures were also propelled higher by investors covering short positions and algorithmic traders turning marginally more bullish ahead of the long weekend. Oil futures won’t trade on Friday, a holiday in many countries, crimping volumes.

On the Middle East front, Treasury Secretary Scott Bessent said the US would apply maximum pressure to disrupt Iran’s oil supply chain as his department sanctioned a second Chinese refinery accused of handling crude from the Islamic Republic.

The so-called teapot oil processor sanctioned by the US — Shandong Shengxing Chemical Co. — had allegedly handled more than $1 billion of Iranian crude, the Treasury Department said. Tehran, meanwhile, warned that nuclear talks with Washington may fall apart if the Trump administration “moves the goalposts.”

“While the macroeconomic backdrop remains mixed, it has the potential to either amplify market rallies or derail them entirely, depending on how these geopolitical tensions evolve,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group.

The pressure of Trump’s sweeping trade measures has put crude on the back foot this month, with prices at one point trading about 30% lower than their high for the year.

This week’s rebound was aided by US government data that showed inventory levels at Cushing, Oklahoma — the delivery point for West Texas Intermediate — at their lowest for this time of year since 2008. That’s helping support nearby timespreads, with WTI’s prompt spread hitting the strongest since February on Wednesday.

Oil Prices:

WTI for May delivery gained 3.5% to settle at $64.68 a barrel in New York.
Brent for June settlement rose 3.2% to settle at $67.96 a barrel

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West Texas Intermediate settled little changed near $61.50 a barrel, and Brent held below $65. While equities rallied after US President Donald Trump paused import duties on some electronics, fresh data revealing that American consumers see higher inflation in the year ahead weighed on oil futures.

The US and Iran met on Saturday for nuclear talks that both sides described as constructive, raising the possibility of higher oil volumes from the OPEC member. Weekend talks in Oman marked the first top-level engagement since 2022 and signaled a renewed effort to resolve a years-long standoff over the country’s nuclear program. Both sides agreed to meet again.

On the demand side, traders are grappling with a rapidly evolving outlook. The Organization of the Petroleum Exporting Countries slashed its projections for annual consumption growth by about 100,000 barrels a day, following a larger cut by the US Energy Information Administration. More banks also reduced their price forecasts, with JPMorgan Chase & Co. now seeing Brent at $66 this year.

Crude has been dragged down in April as the trade war — especially the confrontation between the US and China — stokes fears of a global recession that would hurt energy demand. A surprise OPEC+ decision to bring back shuttered output more quickly than expected has added to the bearishness.

“While the market has already priced in some future inventory builds, we expect large surpluses,” Goldman Sachs Group Inc. analysts including Daan Struyven said in a note, estimating a glut of 800,000 barrels a day this year. Brent is expected to average $63 over the rest of 2025, they said.

Oil’s losses this month have formed part of an intense global market reaction to the evolving trade war, with most commodities and equities selling off. Investors pulling out of crude and fuel markets triggered a $2 billion net outflow in the week ending April 11, JPMorgan Chase & Co. analyst Tracey Allen wrote in a note to clients.

There have also been unusual declines in the US dollar and Treasuries, assets that typically function as havens during periods of stress.

Oil Prices:

WTI for May delivery gained 3 cents to settle at $61.53 a barrel in New York.
Brent for June settlement edged up 12 cents to settle at $64.88 a barrel.

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West Texas Intermediate plunged by 3.7% to settle near $60 a barrel, after flirting with a four-year low throughout the session, while Brent fell to close near $63. In the previous session, prices posted the biggest intraday gain since October. With markets in turmoil, President Donald Trump announced a 90-day halt on higher tariffs against dozens of nations, but he also raised duties on China to 145%.

Equities fell on Thursday as fresh data showing that US inflation cooled broadly in March failed to allay traders’ fears of a tariff-induced economic slowdown, further pressuring crude.

“President Trump is trying to lower inflation, and lowering energy prices is the crux of that strategy,” said Simon Wong, an analyst at Gabelli Funds. Subdued inflation would empower the Federal Reserve to cut interest rates, which would allow Trump to refinance trillions in debt at reduced rates, he added.

Oil prices are dramatically lower compared with the start of the month as the aggressive US tariff push sparked warnings of a global recession that would depress energy demand.

At the same time, the OPEC+ alliance committed to loosening output curbs at a faster pace that expected, spurring concerns about a bigger global glut. Kazakhstan, which has repeatedly exceeded its production limits, is again holding negotiations with oil companies on cutting output to comply with its quota, according to Interfax.

China is the largest oil importer, and the higher US levies may weigh on the nation’s consumption of fuels and petrochemicals. Even before Trump’s return to the White House, usage of gasoline and diesel had been contracting, in part because of a drawn-out property crisis, and in part because of the spread of electric vehicles and renewables.

In a reflection of the nation’s deep-seated economic challenges, data earlier on Thursday showed that consumer deflation extended for a second month in March, while factory deflation persisted for a 30th month.

Elsewhere, the US lowered its forecasts for domestic production and global oil demand growth. The Energy Information Administration prepared these projections prior to Wednesday’s tariff news.

Parts of oil’s futures curve remain in contango, a bearish pricing pattern that’s characterized by nearer-term contracts trading at a discount to longer-dated ones. Brent for February 2026 traded below rates for subsequent months.

Oil Prices:

WTI fell 3.7% to settle at $60.07 a barrel in New York.
Brent slid 3.3% to settle at $63.33 a barrel.

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West Texas Intermediate futures swung in a roughly $5 range before settling near $61 a barrel. Futures had briefly surged earlier on speculation about a pause in some tariffs, which the White House later denied. WTI has slid about 16% in the past three sessions.

Crude has plunged as Trump’s tariffs imperil global energy demand and a surprise output hike from Saudi-led OPEC+ raises the prospect of swelling supplies. Trump signaled on Monday that he’s willing to press his trade war even further, threatening an additional 50% tariff on major oil importer China.

The levies “came in above even the most hawkish of expectations, driving markets, notably growth-sensitive commodities, to more meaningfully price in a US and possibly global recession,” JPMorgan Chase & Co. analysts including Tracey Allen and Natasha Kaneva said in a note to clients.

The pullback is threatening the coffers of oil-producing nations that need far higher prices to meet their budgets. Over the weekend, Saudi Arabia slashed the price of its key Arab Light crude to Asia — the top market — by the most since 2022.

At the same time, crude’s drop may take some of the sting out of inflationary pressures from Trump’s tariffs on trade partners, which are leading some market participants to boost expectations for Federal Reserve rate cuts. Industries from trucking to airlines are likely to benefit from lower fuel costs, and Trump heralded the decline in oil prices on his Truth Social platform on Monday.

Along with the moves in headline crude prices, there have been shifts across other parts of the oil market.

WTI prices for next year are now trading close to $58 a barrel and shale-oil company shares are down more than 15% since Trump announced his tariff policies. A survey by the Dallas Federal Reserve last month said average prices need to be $65 to profitably drill new wells.

There was also record trading of bearish put options on Brent futures on Friday, another sign that traders are bracing for further declines. Options profiting from price drops are at their biggest premium to those betting on a rally since late 2023.

Banks are turning more gloomy. Goldman Sachs Group Inc. cut its forecasts for the second time in less than a week, while Morgan Stanley reduced its estimates, hot on the heels of other banks last week.

“Such sharp declines are rare,” Morgan Stanley analysts including Martijn Rats and Charlotte Firkins wrote, noting that, in percentage terms, Brent has only fallen this much over two days 24 times since the 1980s. “Of those, 22 are associated with recession.”

Oil Prices:

WTI for May delivery shed 2.1% to settle at $60.70 a barrel in New York.
Brent for June settlement fell 2.1% to $64.21 a barrel.

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West Texas Intermediate futures plummeted 6.6% to settle below $67 a barrel, while global benchmark Brent dropped 6.4% to end the session near $70.

Trump’s deluge of tariffs is creating fresh doubts about the outlook for the global economy, with levies against major crude importers such as China and India coming in more aggressive than feared. Although the administration steered away from actions that would directly affect oil markets — such as measures that would have curbed flows from Canada and Mexico — concerns that the trade war will sap global energy demand hammered prices.

Hours later, the Organization of the Petroleum Exporting Countries and its allies unexpectedly said they would add more than 400,000 barrels of daily output back to the market next month. That was three times the amount the group had previously planned to revive, signaling a significant policy shift after years of supply constraints that had supported crude prices.

The two moves sent shockwaves across oil markets, though potentially offer a win for Trump, who has repeatedly bemoaned high crude prices. While falling oil prices could ease inflationary pressures for central banks, they also underscore a wider concern about the outlook for growth that’s led firms across the industry to slash their forecasts in recent weeks.

“The perfect bearish cocktail has been mixed in Washington and in Vienna,” said Tamas Varga, an analyst at brokerage PVM Oil Associates Ltd. “The reciprocal tariffs on virtually every salient US trading partner justifiably raise the fears of recession and possibly stagflation. Economic and oil demand growth is adversely impacted.”

OPEC Shift

The bumper output boost is a big change for OPEC+, which had previously emphasized that it could pause or reverse its planned supply hikes if needed. The group’s communications have made little reference to the idea of accelerating production increases.

The policy shift follows a long period of tension within the group over certain members that have consistently flouted production limits. Kazakhstan has been a particular source of friction after it significantly exceeded its output ceiling during the startup of the expansion of its giant Tengiz oil field.

Thursday’s decision is intended to put price pressure on quota cheats, while also providing them with the opportunity to make larger compensation cuts to atone for past overproduction, delegates said, asking not to be identified as the talks were private.

In addition to internal issues, OPEC+ has also faced external pressure from Trump to cut the price of crude.

The “OPEC news is adding insult to the injury of retaliatory tariffs,” said Jon Byrne, an analyst at Strategas Securities. “Tariff news is decidedly net negative for growth, and excess supply announcement today is not helping.”

Lost Barrels

The extra supply from OPEC+ could tie into another policy priority for Trump — tighter sanctions on Iran and Venezuela.

The US president has pledged a maximum-pressure campaign to limit oil exports from both countries. He also threatened “secondary tariffs” on Russian shipments earlier this week. Higher supplies from other OPEC+ members could give him more leeway to restrict flows elsewhere.

“We think this is to replace barrels lost from tighter US sanctions on Iran, and, possibly, also lower expectations than just recently of a Ukraine ceasefire and related western sanctions relief,” Henning Gloystein, head of energy and climate at consultants Eurasia Group, said of the OPEC+ hike.

Thursday’s huge price swings, the biggest in more than two years, are also a reminder of the type of volatility that has kept some traders on the sidelines in recent months. Some of the world’s biggest commodity trading houses last month said that while the market’s outlook was weaker, both Trump and OPEC+ were adding to the uncertainty.

The eight OPEC+ countries participating in the group’s so-called voluntary cuts said they will hold monthly meetings to review market conditions, according to the group’s statement. Talks on May 5 will decide on June production levels.

Oil Prices

WTI for May delivery fell 6.6% to settle at $66.95 a barrel in New York.
Brent for June settlement declined 6.4% to settle at $70.14 a barrel.

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Net income rose to 137.9 billion yuan ($19 billion) in 2024, from 123.9 billion yuan the previous year, China’s largest offshore oil-and-gas driller said in a filing. While that missed expectations of 144.6 billion yuan, and was shy of the record profit in 2022, the full-year dividend rose 12% to HK$1.40 (18 cents).

Output expanded to 726.8 million barrels of oil equivalent, from 678 million barrels a year earlier, with overseas growth led by supplies from Guyana. The state-owned company has led Beijing’s efforts to enhance energy security and its operations have now delivered a sixth year of record production.

Cnooc’s focus on extraction leaves its earnings heavily dependent on global oil prices, which averaged about 3% less in 2024 on-year. But it also means the company is relatively unaffected by headwinds to demand faced by downstream peers. Earlier this week, China’s biggest top, Sinopec, reported a tumble in profits as the electric-vehicle boom weighs on fuel consumption.

At this point, the company will stick to its three-year output targets through to 2027, including a push to increase gas production, Vice Chairman Zhou Xinhuai said at a briefing.

Among its overseas interests, Cnooc and Exxon Mobil Corp. have merged their arbitration claims against Chevron Corp.’s proposed takeover of Hess Corp., a deal that would allow the US oil supermajor to enter Guyana’s Stabroek Block. A first tribunal hearing is due in May.

PetroChina Co. — the country’s largest oil and gas company, whose operations straddle drilling, refining and retail — reports earnings on Sunday.

China’s energy giants are increasingly looking to natural gas to drive growth, although domestic prices have stumbled recently due a slowing economy and plethora of supply options, from domestic fields and gas piped overland from Russia and central Asia, to pricier seaborne imports of liquefied natural gas.

Another focus is investing in petrochemicals to offset weakness in transport fuels. In that vein, Cnooc is bolstering downstream operations, with a $2.7 billion expansion of its Daxie refinery that’s expected to start up in June.

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