WASHINGTON—The U.S. Department of Energy (DOE) today issued a Request for Proposal (RFP) for an exchange of up to 40 million barrels of crude oil from the Strategic Petroleum Reserve (SPR). Today’s solicitation opens competitive bidding, continuing DOE’s execution of President Trump’s 172-million-barrel release as part of a coordinated 400-million-barrel action by International Energy Agency (IEA) member nations’ strategic reserves. Under President Trump’s leadership, DOE has advanced an unprecedented series of large-scale SPR exchange solicitations at record speed. These actions have moved critical crude oil supplies into the market to address short term supply disruptions and bolster energy security for the United States and its allies. The crude oil will originate from the SPR’s Big Hill and Bryan Mound sites. This action builds on the Department’s four previous solicitations that collectively awarded more than 133 million barrels across three completed exchanges. DOE’s earlier exchanges demonstrated the SPR’s ability to rapidly deliver crude under emergency authorities while achieving a 26 percent premium in returned barrels—expanding the reserve at no additional cost to American taxpayers. “With today’s announcement, we are accelerating the President’s commitment to a coordinated and strategic release that stabilizes global oil markets,” said DOE Acting Assistant Secretary for the Hydrocarbons and Geothermal Energy Office Curt Coccodrilli. “This exchange will help move oil swiftly to refiners, ease short-term supply pressures, and ensure the Strategic Petroleum Reserve continues to grow stronger through the return of premium barrels.” Under DOE’s exchange authority, participating companies will return the 40 million borrowed barrels with additional premium barrels, ensuring immediate market supply while increasing the SPR’s long-term inventory. Bids for this solicitation are due no later than 11:00 A.M. Central Time on Monday, June 15, 2026. For more information on the SPR, please visit DOE’s website. 

WASHINGTON—The U.S. Department of Energy’s (DOE) Hydrocarbons and Geothermal Energy Office (HGEO) today announced $3.6 million for nine design and engineering projects that will support the refurbishment or retrofit of existing coal power plants with transformational technologies that address wastewater systems and improve the efficiency, reliability, flexibility, and performance of coal and natural gas use. By upgrading our nation’s existing coal facilities, these initiatives will help strengthen the backbone of America’s power grid and ensure all American’s have access to affordable, reliable, and secure energy when they need it most. These efforts help to advance President Trump’s Executive Orders Reinvigorating America’s Beautiful Clean Coal Industry and Strengthening the Reliability and Security of the United States Electric Grid to restore common-sense energy policies that prioritize dependable power, affordability, and American workers. “America’s coal fleet is an undeniable pillar of our energy dominance and economic strength, but for too long, policies have undermined this vital industry and the dedicated workforce behind it, threatening our grid’s stability and driving up costs for everyday Americans,” said DOE Acting Assistant Secretary of the Hydrocarbons and Geothermal Energy Office Curt Coccodrilli. “With the project investments announced today, we are decisively moving to champion our existing coal plants, ensuring they continue to deliver affordable, reliable power, keep the lights on, and fuel America’s progress for generations to come.” Projects have been selected under three topic areas to provide a path forward to rapidly and cost-effectively restore the stability of the nation’s bulk power system while also finding beneficial uses for wastes generated by coal-based energy production. The projects will be executed in three phases, with design and engineering completed in Phase I, final engineering and detailed design completed in Phase II, and technology implementation and validation completed in Phase III. Selectees to receive Phase I funding include: Baker Hughes Energy Transition LLC (Houston, Texas),

WASHINGTON—The U.S. Department of Energy (DOE) today released the finalized Fusion Science and Technology (FS&T) Roadmap, a national strategy to accelerate the development and commercialization of fusion energy on the most rapid, responsible timeline in history. Building on earlier roadmap efforts, the finalized roadmap brings together fusion science, technology, infrastructure, workforce development, and commercialization priorities into a single national strategy to support fusion pilot plants and commercial fusion power in the mid-2030s. Fusion is the process that powers the sun and stars. For decades, scientists and engineers have worked to bring that same process to Earth as a source of abundant, reliable energy. The finalized roadmap outlines how DOE, industry, universities, and national laboratories will work together to accelerate the path toward commercial fusion energy in the United States. This effort advances President Trump’s energy dominance agenda and reinforces the Administration’s commitment to expanding reliable American energy production, strengthening domestic supply chains, and maintaining U.S. leadership in critical technologies. By accelerating progress toward commercial fusion power, DOE is helping secure a future of abundant and reliable energy. “Fusion energy has entered a new era defined by extraordinary scientific progress and public-private momentum,” said DOE Under Secretary for Science Dr. Darío Gil. “With this roadmap, we now have the clarity, coordination, and sustained commitment needed to turn the promise of fusion into a reality for the American people.” Developed with input from more than 800 scientists and engineers across the public and private sectors, the finalized FS&T Roadmap reflects contributions from more than 15 private companies, over 10 National Laboratories, and more than 70 universities. The roadmap identifies the critical science and technology gaps that must be closed to realize fusion pilot plants and strengthen U.S. leadership in the global fusion industry. The FS&T Roadmap establishes a unified strategy for the U.S.

Petroliam Nasional Bhd. (PETRONAS) subsidiary PETRONAS Refinery & Petrochemical Corp. Sdn. Bhd. (PRPC) has agreed to buyout Saudi Arabian Oil Co.’s (Aramco) equity interests in the partners’ dual 50-50 joint ventures responsible for operating the 300,000-b/d integrated refining and petrochemical refinery of the Pengerang Integrated Complex (PIC) in southeastern Johor, Malaysia. Subject to fulfillment of customary closing conditions, Petronas will take 100% ownership and become full operator of Pengerang Refining Co. Sdn. Bhd. and Pengerang Petrochemical Co. Sdn. Bhd., collectively known as PRefChem, Aramco and Petronas said in separate releases. Aramco said divestment of the Malaysian assets will support the strategic optimization of the company’s own downstream portfolio by providing additional flexibility to pursue investments aligned with its broader downstream strategy. While Aramco will no longer hold ownership in the Malaysian ventures, the company said it will continue actively explore commercial arrangements with Petronas following the sale, including continuing its existing agreement to supply Saudi Arabian crude oil to the site, as well as opportunities related to technology exchange and integrated product distribution. Petronas said its move to take full control of the downstream assets will allow the company to further enhance operational alignment and flexibility across PRefChem’s value chain, while harnessing its international oil supply network and integrated operating model to support continued reliability and resilience across varying market conditions. Full ownership of PRefChem’s in-country operations also will strengthen Petronas’ ability to support Malaysia’s long-term energy security and industry resilience, the operator said. A definitive timeframe for when the parties expect to finalize the proposed transaction was not revealed. PRefChem operations In addition to the Johor refinery, PRefChem’s operations at PIC include a steam cracker complex equipped to produce 3.4 million tonnes/year (tpy) combined of ethylene, propylene, butadiene, benzene and raffinate-2. PRefChem also operates an associated petrochemical complex at the

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Chevron Corp. applied June 2 to join Argentina’s Large Investment Incentive Regime (RIGI) for a $13.8-billion unconventional oil development at its 100% operated El Trapial-Este block in northern Neuquén province. Until recently, RIGI had attracted about $93 billion across 36 projects. Chevron’s application, which remains subject to government approval, is equivalent to almost one seventh of that total. The filing, which does not consitute a final investment decision, is Chevron’s largest individual investment proposal in Argentina since it entered the country in 1999 and the second-largest project submitted under RIGI, behind YPF SA’s $25-billion LLL Oil development.  Chevron said it is targeting production of about 30,000 b/d from El Trapial-Este, subject to the availability of takeaway infrastructure. The block currently produces about 7,000 b/d. Chevron tested the block with a 7-well pilot in 2021 and has been carrying out development since late 2022, using laterals of more than 3,000 m and techniques transferred from the US Permian basin. In 2023, Chevron committed $500 million to that phase. During the company’s first-quarter earnings call on May 1, chief executive officer Mike Wirth anchored Chevron’s 2030 targets in “assets that are operating today.” El Trapial-Este was not explicitly identified among assets described as the main base for those targets. Wirth also said Chevron would not accelerate Permian production even with Brent above $100/bbl, preferring to manage that asset for free cash flow rather than volume. In the same presentation, Wirth named Argentina among the sources of equity crude that feed Chevron’s global refining system, along with Tengiz, Guyana, the Permian, and Venezuela. The earnings call came weeks before the El proposal filing.  Vaca Muerta costs, takeaway capacity  Breakeven costs in Vaca Muerta’s best blocks are about $40/bbl at the wellhead, according to Rystad Energy, while normalized well productivity—adjusted for lateral length and fracture