In a statement posted on its website on Tuesday, GasBuddy, which describes itself as North America’s trusted fuel savings platform for more than 25 years, announced the release of its 2025 Labor Day U.S. gasoline price forecast. According to that statement, GasBuddy is predicting that “average gas prices on the last summer holiday weekend of 2025 will be $3.15 per gallon, 14 cents lower than in 2024, and the lowest price at the pump since Labor Day since 2020”. “While it will be the most affordable Labor Day weekend to fill up for most in the last five years, gas prices in nearly half of all states have risen in the last month due to localized refinery outages,” GasBuddy said in that statement. “However, motorists can expect more relief to arrive in the weeks ahead as much of the nation will see the transition back to cheaper winter gasoline in mid-September,” it added. “Gasoline demand will also soon begin to fall with the conclusion of the summer as motorists take fewer road trips and as temperatures start to cool off,” GasBuddy continued. In that statement, GasBuddy highlighted that the average Labor Day gas price came in at $3.29 per gallon in 2024, $3.77 per gallon in 2023, $3.79 per gallon in 2022, $3.16 per gallon in 2021, and $2.22 per gallon in 2020. “Labor Day marks the unofficial end of summer, and when it comes to gas prices, it’s been the cheapest summer to hit the road since the pandemic, a trend that will likely continue with the potential for the national average to fall below $3 per gallon this fall,” Patrick De Haan, Head of Petroleum Analysis at GasBuddy, said in the statement.   “We’ve seen a remarkably affordable summer to hit the road with incomes up and gas

Phoenix Energy One LLC has reported $18.7 million in net profit for the second quarter, up 122.65 percent from the same three-month period last year. “The increase was largely driven by higher income from operations of $20.1 million, primarily due to higher operated production volumes sold by the company, and higher gain on derivatives of $8.9 million, partially offset by higher interest expense, net of $19 million due to increased sales of our debt securities and increased interest under our term loan that was not payable in the prior-year period”, Irvine, California-based Phoenix Energy said in a statement online. Revenue rose 105.23 percent year-on-year to $163.83 million for the April-June quarter, while EBITDA increased 81.31 percent to $91.98 million. Product sales accounted for $97.26 million of revenue for 2Q 2025, compared to $27.31 million for 2Q 2024. Mineral and royalty revenue totaled $31.99 million, down from $51.6 million for 2Q 2024. Water services contributed $3.7 million in revenue, up from $904,000 for 2Q 2024. Phoenix Energy also recorded $30.8 million in revenue from the sale of purchased crude for 2Q 2025, according to a regulatory filing. Production averaged over 23,800 barrels of oil equivalent a day. Phoenix Energy said it had drilled 23.2 net production wells during the three months. It had 26.6 net development wells in progress at the end of the period. It contracted its third drilling rig, which will support Williston Basin operations. “The company hydraulically fractured its longest laterals to date in the Williston Basin of 3.75 miles and anticipates production from these wells in the third quarter”, Phoenix Energy said. Operating activities in 2Q 2025 generated $99.63 million in net cash, compared to $29.44 million for 2Q 2024. Cash and cash equivalents were $60.49 million at the end of 2Q 2025. Current assets amounted to $156.37

Enterprise Products Partners LP has sealed its purchase of a natural gas gathering affiliate of Occidental Petroleum Corp. operating in the Midland Basin for $580 million in cash. “The acquired assets include certain natural gas gathering systems in the Midland Basin, as well as approximately 200 miles of natural gas gathering pipelines that support Occidental’s production activities in the Midland Basin”, Houston, Texas-based Enterprise said in a statement online. “With access to more than 1,000 drillable locations, these systems will immediately expand Enterprise’s natural gas gathering footprint in the Midland Basin and provide long-term development visibility”. The sale, signed July and completed August, is part of Occidental’s divestment program aimed at keeping debt manageable following its acquisition of CrownRock LP in a $12.4 billion transaction completed last year. “Since July 2024, Occidental has repaid $7.5 billion of debt, including proceeds from non-core Delaware Basin transactions that closed in April and July, and expects to apply an additional $580 million to debt reduction upon closing of the Midland Basin gas gathering divestiture”, the Warren Buffett-backed producer said August 6 announcing the deal with Enterprise. “These transactions bring the total divestitures since the December 2023 announcement of the CrownRock acquisition to approximately $4 billion”, Occidental said. Occidental launched a $4.5-$6 billion asset sale program when it announced its merger with CrownRock December 2023. Occidental said in its annual report for 2024 it had achieved its near-term debt repayment goal of $4.5 billion in 4Q that year.  At the end of 2Q 2025 it owed $433 million in current maturities from long-term debt. Occidental accrued total current liabilities of $8.56 billion as of June, according to a regulatory filing. Meanwhile it had current assets of $8.98 billion including $2.33 billion in cash and cash equivalents. Occidental reported $396 million in adjusted net profit attributable to common shareholders for

Venezuela will deploy vessels to a key oil-exporting hub near Colombia in response to the US’s decision to send warships to the southern Caribbean.  Venezuela’s ships, which will be larger than “patrolling” vessels, are headed north of Lake Maracaibo and the Gulf of Venezuela, Defense Minister Vladimir Padrino said on social media. The vessels will be positioned in Venezuela’s oil cradle in a port key to both Chevron Corp.’s shipments to the US and PDVSA’s exports to China.  The move comes after Venezuelan President Nicolas Maduro ordered the deployment of 15,000 troops, as well as surveillance drones, to the Colombian border to counter US military activities in the region. The US last week said it would send warships to waters off Venezuela to address what Washington sees as the threat from drug cartels. Chevron’s Petroboscan oil venture, in Lake Maracaibo, pumps about 100,000 barrels a day of heavy asphalt crude that the company exports from the Gulf of Venezuela. In May, about half of the company’s total output was shipped from the area to fuelmakers on the Gulf Coast, including Valero Energy Corp., Phillips 66, PBF Energy Inc., and Chevron’s Pascagoula refinery in Mississippi. In April, two out of seven ships bound for the US departed from Lake Maracaibo, according to Bloomberg data.  WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Blackline Safety Corp. said that the Abu Dhabi National Oil Company (ADNOC) placed its first purchase order under a multi-year agreement for up to 28,000 Blackline devices, along with services. The initial order includes around 1,000 G6 wearable single-gas detectors with four years of service and 1,200 Blackline location beacons to enhance location signals inside ADNOC facilities, Blackline said in a news release. The G6 device detects hazardous gas and provides real-time location data, while the beacons enhance the location accuracy, the company said. “This first order under the new agreement with ADNOC is an important milestone in our multi-year growth strategy in the Middle East,” Andrea Lamond, vice president for growth operations for Blackline. “Through our partnership with ADNOC and Al Masaood, we are investing in the region and delivering advanced connected worker technology that helps protect workers while improving operational efficiency”. Blackline said its footprint in the Middle East has “grown significantly over the past three years” with connected safety deployments across energy companies in the region. Financial and Operational Updates In the second quarter, Blackline reported total revenue of CAD 35.9 million, a 14 percent year-over-year increase. The growth was driven by a 31 percent increase in service revenue to CAD 21.9 million, “reflecting robust demand for Blackline’s connected software services,” which increased 32 percent to $19.2 million, along with rentals, which grew 20 percent to $2.7 million, the Calgary-based company said in its most recent earnings release. Second-quarter product revenue declined 5 percent year-over-year, driven by geopolitical uncertainty that delayed deals in North America and internationally, the company said. According to Blackline, most of the company’s products are United States–Mexico–Canada Agreement (USMCA) compliant and exempt from tariffs currently in place on goods shipped to the USA from Canada. As a result, Blackline “remains well-positioned to expand

There is an increasing risk that OPEC+ will unwind the last 1.65 million barrels per day of cuts when they meet on September 7, Bjarne Schieldrop, Chief Commodities Analyst at Skandinaviska Enskilda Banken AB (SEB), said in an oil report sent to Rigzone by the SEB team on Monday. In the report, Schieldrop outlined that the oil market “shows pockets of strength blinking here and there” and warned that “this clearly increases the chance that OPEC+ decides to unwind the remaining 1.65 million barrels per day of voluntary cuts when they meet on 7 September to discuss production in October”. Schieldrop added in the report, however, that the group may split the unwind over two or three months. “After that the group can start again with a clean slate and discuss OPEC+ wide cuts rather than voluntary cuts by a sub-group,” Shieldrop said in the report. “That paves the way for OPEC+ wide cuts into Q1-26 where a large surplus is projected unless the group kicks in with cuts,” he added. In the report, Schieldrop highlighted “quite a few pockets of strength” in the market. “The front-end of the crude oil curves are still in backwardation,” he said in the report. “High sulfur fuel oil in ARA has weakened from parity with Brent crude in May but is still only trading at a discount of $5.6 per barrel to Brent versus a more normal discount of $10 per barrel. ARA middle distillates are trading at a premium of $25 per barrel versus Brent crude versus a more normal $15-20 per barrel,” he added. “U.S. crude stocks are at the lowest seasonal level since 2018. And lastly, the Dubai sour crude marker is trading a premium to Brent crude (light sweet crude in Europe), as highlighted by Bloomberg this morning [Monday],”