Coterra Energy Inc. yesterday reported third-quarter 2025 net income of $322 million up sharply from $252 million from the year-earlier quarter. Year-to-date net income was nearly $1.35 billion, a 64% increase from the first 9 months of 2024. For third-quarter 2025, total barrels of oil equivalent (boe), natural gas production, and oil production were all near the high-end of the company’s guidance ranges, beating their respective mid-points by roughly 2.5%. Incurred capital expenditures from drilling, completion, and other fixed asset additions (non-GAAP) totaled $658 million, near the mid-point of Coterra’s guidance range of $625-675 million. The company turned in-line 48 net wells during the quarter. In the Permian, 38 net wells were turned in-line, below guidance of 40-50 net wells. Anadarko and Marcellus turned in-line six and four net wells, respectively, in line with guidance. Total equivalent production averaged 785,000 boe/d, near the high end of guidance (740,000-790,000 boe/d). But private investment firm Kimmeridge, describing itself as a significant Coterra shareholder, today released an open letter to Coterra’s board calling for “decisive action to address the company’s failures of governance and lack of strategic focus following the failed merger of Cabot Oil & Gas and Cimarex Energy,” up to and including a change of leadership. Coterra was created by the 2021 merger of these two companies. “Coterra’s history has been tainted by a boardroom unwilling to acknowledge its own missteps,” said Mark Viviano, managing partner at Kimmeridge. “Coterra now trades at a significant discount to both Permian and gas-focused peers, underscoring the market’s rejection of a merger that prioritized self-preservation over strategic merit. Kimmeridge maintains that Coterra’s path forward hinges on new leadership and a renewed focus on the Delaware basin. The Board should immediately appoint a non-executive chair who is independent and unassociated with the merger to restore objectivity

Van’t Hof told analysts on the conference call that the demand picture looks strong these days and that “supply is the hot debate right now.” In a letter accompanying Diamondback’s third-quarter earnings report, he added that the company’s leaders are more aligned with OPEC’s forecast that oversupply through mid-2026 will be less than 500,000 b/d than they are with the International Energy Agency’s outlook of a nearly 4 million b/d surplus. Diamondback, which produced nearly 504,000 b/d of oil in Q3 from its roughly 750,000 net acres in the Permian basin, is content to hold its production levels steady but still be prepared to either boost or bring down output should market conditions change significantly. “We firmly believe there is no need for incremental oil barrels until there is a proper price signal,” Van’t Hof wrote in his letter. In the 3 months that ended Sept. 30, Diamondback’s total production came in at nearly 943,000 boe/d, up from about 920,000 boe/d in the second quarter. The company’s average price/bbl moved up to $64.60 from $63.23 in the spring but was still 12% below the figure from 2024’s third quarter. Its combined price ticked up slightly to $39.73/boe from $39.61 in Q2. Those data points translated into net income of $1.09 billion on total revenues of more than $3.9 billion. Looking to the current quarter, Van’t Hof and his team are forecasting oil output of 505,000 to 515,000 b/d. (That figure will dip to about 505,000 b/d after the company completes an asset sale to its Viper Energy mineral and royalty subsidiary.) They expect total production to be between 927,000 and 963,000 boe/d. Shares of Diamondback (Ticker: FANG) were down nearly 2% to $138.69 in early-afternoon trading Nov. 4, with broader market indices all down more than 1%. Diamondback stock is

Uniper SE has reported EUR 44.83 billion ($51.89 billion) in sales for the first nine months of 2025, down from EUR 48.26 billion for January-September 2024 partly due to a portfolio decrease from asset sales. Net profit adjusted for nonrecurring items for the first three quarters of 2025 was EUR 268 million, compared to EUR 1.32 billion for the same period last year. Earnings per share for January-September 2025 landed at EUR 1.35, down from EUR 1.92, the German power and gas utility reported on its website. Before adjustment, net income was EUR 568 million, down from EUR 841 million year-on-year. Adjusted EBITDA for January-September 2025 totaled EUR 641 million, compared to EUR 2.18 billion for the 2024 comparable period. Adjusted EBIT came at EUR 235 million, compared to EUR 1.72 billion for January-September 2024. Green Generation adjusted EBITDA fell year-over-year from EUR 738 million to EUR 540 million. “The price level in northern Sweden remains lower than in the prior-year period, mainly because of high reservoir levels in the first half of 2025”, offsetting a higher power output in the country, Uniper said. The shutdown of the Oskarshamn 3 nuclear power station from the start of the second quarter of 2025 also “adversely affected earnings” from Sweden, Uniper said. The plant was restarted up November 2, it said. “Earnings at Uniper’s hydropower business in Germany were slightly lower, too. Pumped-storage power plants’ contribution to earnings was smaller, whereas that of run-of-river power plants, which benefited from more favorable market conditions, was larger”, Uniper added. Flexible Generation adjusted EBITDA dropped from EUR 1.06 billion to EUR 459 million. “Adverse factors included a decline in earnings on hedging transactions on the fossil trading margin and a smaller generation portfolio”, Uniper said. “The latter especially reflects the decommissioning of Ratcliffe power plant in

Chevron Corporation revealed a breakdown of its oil and gas production in the third quarter of this year in its latest results statement, which was posted on the company’s website recently. According to this statement, the company’s net oil equivalent production came in at 4.086 million barrels per day in the third quarter. Chevron’s statement showed that this output was almost evenly distributed across its U.S. upstream segment and its international upstream segment. In the third quarter, Chevron’s net oil equivalent production from its U.S. upstream segment was 2.040 million barrels per day and its net oil equivalent production from its international upstream segment was 2.046 million barrels per day, the statement highlighted. Of the U.S. upstream net oil equivalent output, liquids production made up 1.496 million barrels per day and natural gas production made up 3.265 billion cubic feet per day, according to the statement. The company’s international upstream net oil equivalent production comprised 1.099 million barrels per day of liquids production and 5.674 billion cubic feet per day of natural gas production, the statement revealed. Chevron’s total net oil equivalent production was 3.396 million barrels per day in the second quarter and 3.364 million barrels per day in the third quarter of last year. The company’s U.S. upstream net oil equivalent production came in at 1.695 million barrels per day in the second quarter and 1.605 million barrels per day in the third quarter of last year, the statement highlighted. Chevron’s international upstream net oil equivalent output was 1.701 million barrels per day in the second quarter and 1.759 million barrels per day in the third quarter of 2024, according to the statement. Chevron reported upstream earnings of $3.302 billion in the third quarter in its latest results statement, which showed that the company’s upstream earnings stood at

North America added six rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was published on November 7. The total U.S. rig count increased by two week on week and the total Canada rig count increased by four during the same period, taking the total North America rig count up to 739, comprising 548 rigs from the U.S. and 191 rigs from Canada, the count outlined. Of the total U.S. rig count of 548, 527 rigs are categorized as land rigs, 19 are categorized as offshore rigs, and two are categorized as inland water rigs. The total U.S. rig count is made up of 414 oil rigs, 128 gas rigs, and six miscellaneous rigs, according to Baker Hughes’ count, which revealed that the U.S. total comprises 478 horizontal rigs, 59 directional rigs, and 11 vertical rigs. Week on week, the U.S. offshore and inland water rig counts remained unchanged, and the country’s land rig count increased by two, Baker Hughes highlighted. The U.S. oil rig count remained unchanged, its gas rig count increased by three, and its miscellaneous rig count dropped by one, week on week, the count showed. The U.S. horizontal and vertical rig counts remained unchanged week on week, while the country’s directional rig count increased by two during the period, the count revealed. A major state variances subcategory included in the rig count showed that, week on week, Louisiana added two rigs, Alaska and California each added one rig, and Texas and Wyoming each dropped one rig. A major state variances subcategory included in the rig count showed that, week on week, the Haynesville basin added one rig and the Cana Woodford, Eagle Ford, and Granite Wash basins each dropped one rig week on week. Canada’s total rig count of 191

Oil rose as a push to end the US government shutdown buoyed wider markets, with crude traders also looking toward a data-heavy week that will yield insights into whether a long-awaited global surplus is forming. West Texas Intermediate rose around 0.6% to settle above $60 a barrel after two weekly declines, while Brent closed around $64. In the US, the White House expressed support for a bipartisan deal to reopen the US government after its longest-ever shutdown. Markets took the progress as a breakthrough, with tech shares driving the equities rally. Crude has dropped in five of the past six weeks as jitters over surplus supply gained greater traction. The Organization of the Petroleum Exporting Countries and its allies have been loosening output curbs in an apparent effort to gain market share, while drillers from outside the alliance, including the US, have also been adding barrels. OPEC is due to release its monthly analysis on Wednesday, with the International Energy Agency issuing an annual energy outlook the same day, followed by its regular monthly snapshot on Thursday. US sanctions also remain in focus after the Trump administration last month targeted Russia’s Rosneft PJSC and Lukoil PJSC in a bid to raise pressure on the Kremlin to end its war in Ukraine. Governments across Europe and the Middle East are rushing to ensure Lukoil’s sprawling oil operations can keep running after the US sanctions and a quashed bid by energy merchant Gunvor Group for its assets last week. Iraq is said to have transferred operations at Lukoil’s West Qurna 2 field to two state firms in an effort to ensure production continues. Earlier in the day Lukoil declared force majeure, allowing it to exercise the right to skip contractual obligations on the field, according to a person familiar with the matter.