Propane marketing firm Alliance Energy Services said it has acquired 18 propane terminals from NGL Energy Partners LP. The acquisition “significantly expands Alliance Energy Services’ infrastructure, strengthening its ability to serve customers across key markets nationwide,” the company said in a news release. Financial terms of the transaction were not disclosed. The propane terminals are strategically located across multiple regions and will enhance Alliance Energy Services’ capacity to meet the growing demand for reliable propane supply, the company said. The company said it aims to integrate the facilities into its existing network and optimize distribution, as well as improve logistics efficiency. “The acquisition of these 18 propane terminals represents a significant milestone for Alliance Energy Services. This investment underscores our commitment to enhancing supply security, expanding our market reach, and delivering best-in-class service to our customers. We also look forward to the new employees joining our team from NGL,” Alliance Energy Services CEO Jason Doyle said. As part of the transaction, the company said it closed a sustainability-linked term loan financing led by Breakwall Capital LP, an energy-focused asset manager and employee-owned firm committed to supporting the growth and improvement of conventional, renewable, and next generation energy companies. According to the release, Sustainable Fitch provided a second-party opinion on the sustainability-linked term loan and considers the transaction to be aligned with the ICMA Sustainability-Linked Bond Principles and the Loan Market Association, Loan Syndications and Trading Association and Asia Pacific Loan Market Association Sustainability-Linked Loan Principles. Meanwhile NGL Energy Partners said it closed on the sale of its Rack Marketing refined products business, its Limestone Ranch ownership, and its remaining crude rail car fleet, as well as other miscellaneous proceeds. The non-core asset sales will allow NGL Energy Partners to “focus on its core assets in the portfolio and redirect the

Murphy Oil Corp. has declared an oil discovery in Block 15-1/05 in the Cuu Long Basin offshore Vietnam. Exploration well Lac Da Hong-1X, or Pink Camel, encountered 106 feet of net oil pay from one reservoir after being drilled to a total depth of 13,616 feet in 151 feet of water. Testing yielded a maximum flow rate of 2,500 barrels per day (bpd). “Additional testing showed high-quality oil with an API gravity of 38 degrees”, the Houston, Texas-based oil and gas explorer and producer said in its quarterly report. The well sits 3 miles southwest of Murphy’s Lac Da Vang (Golden Camel) field project, whose floating storage and offloading vessel began construction in the quarter. Murphy Cuu Long Bac Oil Co. Ltd. operates Block 15-1/05 with a 40 percent working stake. PetroVietnam Exploration Production Corp. Ltd., the upstream arm of state-owned Vietnam National Industry-Energy Group (PetroVietnam), holds 35 percent and South Korea’s SK Earthon Co. Ltd.  25 percent. “The Lac Da Hong (Pink Camel) discovery, combined with the recently announced Hai Su Vang (Golden Sea Lion) discovery, deepens our understanding of the resource potential in our Cuu Long Basin blocks”, Murphy president and chief executive Eric M. Hambly said. “Each of these discoveries validates our exploration strategy and helps optimize future development plans in the Cuu Long Basin”. Golden Sea Lion, in Block 15-2/17, showed about 370 feet of net oil pay from two reservoirs, drilled in 149 feet of water. Testing resulted in a facility-constrained flow rate of 10,000 bpd. The well showed “high-quality, 37-degree API oil”. Murphy plans to drill an appraisal well in the third quarter (Q3). Murphy estimates the mean to upward gross potential to be 170 million barrels of oil equivalent (MMboe) to 430 MMboe. Murphy operates Block 15-2/17 with a 40 percent interest. PetroVietnam owns 35 percent and SK Earthon 25 percent. Elsewhere in the Southeast Asian

WhiteHawk Energy and WhiteHawk Income Corporation have entered into a definitive agreement to acquire PHX Minerals Inc. in an all-cash transaction of $4.35 per PHX share, for a total of approximately $187 million, including its debt. Through the acquisition, WhiteHawk will add approximately 1.8 million gross unit acres of premier natural gas mineral and royalty assets, significantly expanding its footprint in the core of the Haynesville Shale in East Texas / North Louisiana and diversifying its portfolio into the SCOOP / STACK region in Oklahoma, the company said in a news release. After the close of the transaction, WhiteHawk will own royalty interests across approximately 3.1 million gross unit acres, with cash flow from approximately 10,163 producing wells, 368 wells-in-progress, 330 permitted wells and more than 7,250 undeveloped locations across its portfolio, on a pro forma basis, according to the release. The transaction is expected to close early in the third quarter and is subject to customary closing conditions, including the tender into the offer of a minimum amount of PHX’s common stock and other conditions as set forth in the merger agreement. Following the completion of the transaction, PHX will no longer trade on the New York Stock Exchange, WhiteHawk said. WhiteHawk said it plans to finance this transaction with a combination of new equity and additional debt under its existing senior secured notes. “We are excited to announce this transaction with WhiteHawk, which will provide compelling and certain value to all PHX stockholders,” PHX President and CEO Chad Stephens said. “PHX’s Board of Directors conducted a robust strategic alternatives process to maximize value for our stockholders, and we unanimously determined the transaction with WhiteHawk achieves this objective. This transaction is also a testament to the PHX team’s work to evolve our business and build a best-in-class natural gas

Crude oil prices rose on Monday, extending their rebound, supported by renewed optimism after the United States and China reported progress in trade negotiations over the weekend. That’s what Inki Cho, Financial Markets Strategist Consultant to Exness, said in a market analysis sent to Rigzone on Monday, adding that the constructive tone from both sides lifted market sentiment, as easing tensions between the world’s two largest oil consumers could support global demand expectations. “However, despite the rebound, crude prices remain vulnerable to near-term volatility due to limited clarity from the talks and persistent global macroeconomic uncertainties,” Cho warned. In a note sent to Rigzone by the Sparta Commodities team on Monday, Neil Crosby, Oil Analytics AVP at Sparta, said “a temporary lowering of U.S.-China tariffs will undoubtedly spur bullishness in wider equities for a spell and also push [the] crude flat price higher”. A “joint statement on [the] U.S.-China economic and trade meeting in Geneva” published on the White House website on Monday stated that “the parties [U.S. and China] commit to take the following actions by May 14, 2025”. “The United States will (i) modify the application of the additional ad valorem rate of duty on articles of China (including articles of the Hong Kong Special Administrative Region and the Macau Special Administrative Region) set forth in Executive Order 14257 of April 2, 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the  remaining ad valorem rate of 10 percent on those articles pursuant to the terms of said Order; and (ii) removing the modified additional ad valorem rates of duty on those articles imposed by Executive Order 14259 of April 8, 2025 and Executive Order 14266 of April 9, 2025,” it added. “China will (i) modify accordingly the application of

Hydrogen fuel cell specialist ITM Power has been chosen by Uniper to provide electrolysis technology for a low carbon hydrogen production facility at its Humber gas power plant. The German energy giant’s HumberH2ub (Green) project at Killingholme in North Lincolnshire was one of the 27 green hydrogen projects shortlisted under the UK government’s hydrogen allocation round 2 (HAR2) scheme. AIM-listed ITM Power announced on May 8 that it had been selected to provide electrolysis technology to Uniper’s project where it is tasked with supplying six 20-MW Poseidon core electrolysis process modules. Humber H2ub (Green) will have an initial capacity of 120 MW, with the potential to expand it by an additional 200 MW or more further down the line. Uniper signed a collaboration agreement in March 2024 to work towards supplying green hydrogen from the Humber H2ub project to Phillips 66’s Humber refinery, which is also located in Killingholme, to replace some refinery fuel gas in fired heaters at that facility. HAR2  projects have been invited to proceed to the next stage of the process – a due diligence phase for which Uniper will need to submit a request for information (RFI) form by May 16. The government is expected to decide which of the shortlisted projects to award contracts to in 2026, with successful projects then required to be commissioned by the end of 2029. Uniper is targeting a final investment decision (FID) on Humber H2ub (Green) in 2026, after which it would bring the project online by 2029, in line with HAR2 requirements. In its announcement, Sheffield-based ITM said that Poseidon offered “unmatched efficiency, rapid response times, and an optimised footprint for large-scale projects”. Elsewhere on its website, the company says Poseidon consists of skid-mounted units enabling scale-up, which are suitable for both indoor and outdoor installation. © Supplied

Global oil demand in early May indicates a tepid year over year growth, analysts at J.P. Morgan, including Natasha Kaneva, Head of Global Commodities Strategy at the company, said in a research note sent to Rigzone by the JPM Commodities Research team on Thursday. “The final figures for global liquids demand in 1Q25 aligned with our forecast, increasing by 1.6 million barrels per day year over year,” the analysts said in the note. “Preliminary data for April indicate consumption was flat with last year’s levels and 500,000 barrel per day below our expectations. The weakness appears to have extended into early May,” they added. In the research note, the J.P. Morgan analysts stated that, as of May 6, global oil demand averaged 103.5 million barrels per day. They pointed out in the note that this marked an increase of 280,000 barrels per day on year ago levels, which they said “is nearly half of the anticipated pace of 550,000 barrels per day for the month”. “We anticipate that oil demand will likely improve in the coming weeks as the summer driving season kicks off in the northern hemisphere,” the J.P. Morgan analysts went on to state. In the note, the J.P. Morgan analysts said that, in the first week of May, “visible OECD commercial oil stock (including the U.S., Europe, and Singapore) reported a four million barrel decline”. The analysts noted that a six million barrel drop in oil products stocks was partially offset by a two million barrel increase in crude oil stocks.   “Globally, total liquid stocks increased by eight million barrels in the first week of May, marking seven increases over the past eight weeks,” the J.P. Morgan analysts said in the research note. “Observable oil product stocks experienced a drawdown of three million barrels, while crude