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Expand executives see 2026 average output growing 5% on flat capex

Expand produced roughly 7.33 bcfd (92% natural gas) during the third quarter, with the company’s Appalachia operations contributing about 4.1 bcfd from four rigs and its Haynesville teams producing about 3.2 bcfd from seven rigs. That output translated into net profits of $547 million on total revenues of nearly $3 billion. Executives said weak pricing dynamics led them to voluntarily curtail some Appalachia production but added that volumes should increase during the current quarter. The executives have set up Expand to begin work on growth projects via two land acquisitions during the third quarter.  The first, for $57 million, adds about 7,500 acres of undeveloped core Marcellus land. That, chief operating officer Josh Viets said on the conference call, delivers Expand acreage that is “highly synergistic” with the company’s existing operations and will let it nearly double its laterals in the area. The second acquisition comprises more than 75,000 net acres in the Western Haynesville area of Texas, for which Expand has so far spent about $178 million. Viets said Expand teams have been studying the property, which has the potential to yield more than 200 wells, for several years and see it as having “tremendous upside in an area where we see growing demand.” Shares of Expand (Ticker: EXE) were down slightly to about $100 in afternoon trading on Oct. 29. Over the past 6 months, they have given up about 7% of their value, which has trimmed the company’s market capitalization to about $24 billion.

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Shell secures Manatee pipeline contract

@import url(‘https://fonts.googleapis.com/css2?family=Inter:[email protected]&display=swap’); a { color: var(–color-primary-main); } .ebm-page__main h1, .ebm-page__main h2, .ebm-page__main h3, .ebm-page__main h4, .ebm-page__main h5, .ebm-page__main h6 { font-family: Inter; } body { line-height: 150%; letter-spacing: 0.025em; font-family: Inter; } button, .ebm-button-wrapper { font-family: Inter; } .label-style { text-transform: uppercase; color: var(–color-grey); font-weight: 600; font-size: 0.75rem; } .caption-style { font-size: 0.75rem; opacity: .6; } #onetrust-pc-sdk [id*=btn-handler], #onetrust-pc-sdk [class*=btn-handler] { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-policy a, #onetrust-pc-sdk a, #ot-pc-content a { color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-pc-sdk .ot-active-menu { border-color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-accept-btn-handler, #onetrust-banner-sdk #onetrust-reject-all-handler, #onetrust-consent-sdk #onetrust-pc-btn-handler.cookie-setting-link { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-consent-sdk .onetrust-pc-btn-handler { color: #c19a06 !important; border-color: #c19a06 !important; } Shell Trinidad and Tobago Ltd. contractor McDermott has let pipeline pre-commissioning contract to EnerMech for Manatee gas field development. EnerMech will deliver services across a 115 km, 32-in. OD offshore pipeline including nitrogen testing and dewatering services. Manatee development will utilize a normally unattended installation platform in the area with eight development wells via the pipeline to the Shell-operated 3-bcfd onshore Beachfield gas processing plant, for shipment to Atlantic LNG and the National Gas Co. of Trinidad and Tobago for the domestic market. The gas field is expected to begin production in 2027, and once online, reach peak production of 104,000 boe/d (604 MMscfd).  Shell is operator of Manatee with 100% working interest under the sub-Block 6D production sharing contract.

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Valero Energy appoints Bhullar to succeed retiring CFO

@import url(‘https://fonts.googleapis.com/css2?family=Inter:[email protected]&display=swap’); a { color: var(–color-primary-main); } .ebm-page__main h1, .ebm-page__main h2, .ebm-page__main h3, .ebm-page__main h4, .ebm-page__main h5, .ebm-page__main h6 { font-family: Inter; } body { line-height: 150%; letter-spacing: 0.025em; font-family: Inter; } button, .ebm-button-wrapper { font-family: Inter; } .label-style { text-transform: uppercase; color: var(–color-grey); font-weight: 600; font-size: 0.75rem; } .caption-style { font-size: 0.75rem; opacity: .6; } #onetrust-pc-sdk [id*=btn-handler], #onetrust-pc-sdk [class*=btn-handler] { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-policy a, #onetrust-pc-sdk a, #ot-pc-content a { color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-pc-sdk .ot-active-menu { border-color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-accept-btn-handler, #onetrust-banner-sdk #onetrust-reject-all-handler, #onetrust-consent-sdk #onetrust-pc-btn-handler.cookie-setting-link { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-consent-sdk .onetrust-pc-btn-handler { color: #c19a06 !important; border-color: #c19a06 !important; } Valero Energy Corp. has appointed Homer Bhullar to serve as senior vice-president and chief financial officer, effective Jan. 1, 2026, succeeding Jason Fraser, the company said in a release Oct. 29. Fraser will remain as executive vice-president and chief financial officer until his retirement from the position on the close of business on Dec. 31, 2025. Bhullar has served as Valero’s vice-president of investor relations and finance since Apr. 29, 2021. He joined the company in 2014.  Fraser, who will retire as an employee in first-quarter 2026, previously served as Valero general counsel. He joined the company in 1999.

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US LNG project sanctions hit record high in 2025 as industry bets on long-term demand

Despite lingering macroeconomic uncertainties, 2025 has seen the second highest amount of LNG liquefaction capacity reaching final investment decision (FID) in a single year, underscoring investor confidence in long-term global gas demand, according to the International Energy Agency (IEA)’s Gas 2025 report. So far in 2025, over 90 billion cu m/year (bcmy) of new capacity has been approved. The US has accounted for a large share. Over 80 bcmy of liquefaction capacity has been approved year-to-date in the US, an all-time high for the US LNG sector. The projects include Louisiana LNG, Corpus Christi LNG Trains 8-9, CP2 Phase 1, Rio Grande LNG Trains 4-5, and Port Arthur Phase 2. “The amount of LNG projects reaching FID highlights the industry’s confidence that demand for LNG will continue to expand strongly, reflecting the supportive policy environment in the US for natural gas projects. This new wave of LNG projects is set to further solidify the US’ position as the world’s largest LNG exporter. By the end of the decade, the US could provide around one-third of global LNG supply, up from around 20% in 2024,” IEA said in the report. Global LNG expansion The expansion is not limited to the US. Together, the US and Qatar account for about 70% of the roughly 300 bcmy of new LNG liquefaction capacity expected to come online worldwide by 2030, according to IEA. This is based on the official timelines of projects that have reached FID or are under construction. “The scaling up of LNG supply is playing a key role in rebalancing global gas markets, enhancing supply security and making natural gas more affordable for importing countries,” IEA said. Once fully operational, the upcoming projects could boost global LNG supply by a net 250 bcm by 2030, even after accounting for declining LNG

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Dangote unveils project to more than double Lekki refinery’s crude capacity

Nigeria’s Dangote Industries Ltd. plans to expand its crude processing capacity of subsidiary Dangote Refinery & Petrochemical Co.’s (DRPC) 650,000-b/d integrated refining complex in the Lekki Free Trade Zone near Lagos by 750,000 b/d in a move that would make it the world’s largest single-site refinery complex. Once completed, the expansion would more than double the refinery’s current throughput capacity to 1.4 million b/d, the operator said in an Oct. 26 post to Dangote Group’s official X account. The proposed expansion represents the latest phase in Dangote’s downstream investment strategy and aligns with Nigerian government initiatives aimed at domestic refining and energy self-sufficiency, according to the operator. The refinery currently produces diesel, aviation fuel, LPG, and is progressing toward full gasoline output. In addition to crude distillation capacity, the project would also expand associated petrochemical operations, including boosting polypropylene production by 900,000 tonnes/year (tpy) to 2.4 million tpy, as well as accommodating new output of base oils and linear alkylbenzene feedstocks used in detergent manufacturing. The company said it also plans to upgrade its fuel output to conform to Euro 6-quality standards. Dangote credited the Nigerian government and President Bola Ahmed Tinubu for policies that have supported domestic refining, including the “Nigeria’s First,” “Naira-for-Crude,” and “One-Stop Shop” initiatives, measures which collectively aim to prioritize local crude supply to Nigerian refineries, streamline licensing, and promote industrial investment. In tandem with the expansion announcement, the operator confirmed Nigeria’s federal government also recently intervened to resolve operational disruptions at the refinery related to labor actions and security incidents, noting that such coordination was critical in maintaining refinery uptime and protecting production targets. According to Dangote, the expansion will create about 65,000 jobs during construction and contribute to Nigeria’s industrial base through local procurement and workforce participation. The company said 85% of the project’s

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Insights: When wells go idle – regulation, bankruptcy, and the business of decommissioning

@import url(‘https://fonts.googleapis.com/css2?family=Inter:[email protected]&display=swap’); a { color: var(–color-primary-main); } .ebm-page__main h1, .ebm-page__main h2, .ebm-page__main h3, .ebm-page__main h4, .ebm-page__main h5, .ebm-page__main h6 { font-family: Inter; } body { line-height: 150%; letter-spacing: 0.025em; font-family: Inter; } button, .ebm-button-wrapper { font-family: Inter; } .label-style { text-transform: uppercase; color: var(–color-grey); font-weight: 600; font-size: 0.75rem; } .caption-style { font-size: 0.75rem; opacity: .6; } #onetrust-pc-sdk [id*=btn-handler], #onetrust-pc-sdk [class*=btn-handler] { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-policy a, #onetrust-pc-sdk a, #ot-pc-content a { color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-pc-sdk .ot-active-menu { border-color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-accept-btn-handler, #onetrust-banner-sdk #onetrust-reject-all-handler, #onetrust-consent-sdk #onetrust-pc-btn-handler.cookie-setting-link { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-consent-sdk .onetrust-pc-btn-handler { color: #c19a06 !important; border-color: #c19a06 !important; } In this episode of the Oil & Gas Journal ReEnterprised podcast, OGJ managing editor Mikaila Adams sits down with Andrew Stakelum, an energy disputes partner at King & Spalding LLP, to unpack oil and gas decommissioning from a big picture standpoint.   Wondering what happens when an operator goes bankrupt? Or when decades-old wells still need to be plugged? Stakelum explains why decommissioning is a business and regulatory puzzle shaped by bankruptcy law, fragmented oversight, and shifting federal rules. From ‘boomerang liability’ to the ripple effects of financial assurance requirements, the conversation notes how operators, regulators, and sureties are all recalibrating in real time. About our guest Andrew Stakelum is an energy disputes partner in King & Spalding’s Houston office. His focus on the energy industry includes the oil and gas, renewables, and refining sectors. A key aspect of Andrew’s energy practice involves helping clients navigate the highly regulated environments in which they operate. Stakelum holds a J.D., cum laude, from Tulane University Law School; and a B.B.A., magna cum laude, from the University of Georgia.  Podcast clip – bankruptcy and decommissioning obligations Highlights 1:43 – Big pictureA growing, multi-billion-dollar issue driven

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Expand executives see 2026 average output growing 5% on flat capex

Expand produced roughly 7.33 bcfd (92% natural gas) during the third quarter, with the company’s Appalachia operations contributing about 4.1 bcfd from four rigs and its Haynesville teams producing about 3.2 bcfd from seven rigs. That output translated into net profits of $547 million on total revenues of nearly $3 billion. Executives said weak pricing dynamics led them to voluntarily curtail some Appalachia production but added that volumes should increase during the current quarter. The executives have set up Expand to begin work on growth projects via two land acquisitions during the third quarter.  The first, for $57 million, adds about 7,500 acres of undeveloped core Marcellus land. That, chief operating officer Josh Viets said on the conference call, delivers Expand acreage that is “highly synergistic” with the company’s existing operations and will let it nearly double its laterals in the area. The second acquisition comprises more than 75,000 net acres in the Western Haynesville area of Texas, for which Expand has so far spent about $178 million. Viets said Expand teams have been studying the property, which has the potential to yield more than 200 wells, for several years and see it as having “tremendous upside in an area where we see growing demand.” Shares of Expand (Ticker: EXE) were down slightly to about $100 in afternoon trading on Oct. 29. Over the past 6 months, they have given up about 7% of their value, which has trimmed the company’s market capitalization to about $24 billion.

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Shell secures Manatee pipeline contract

@import url(‘https://fonts.googleapis.com/css2?family=Inter:[email protected]&display=swap’); a { color: var(–color-primary-main); } .ebm-page__main h1, .ebm-page__main h2, .ebm-page__main h3, .ebm-page__main h4, .ebm-page__main h5, .ebm-page__main h6 { font-family: Inter; } body { line-height: 150%; letter-spacing: 0.025em; font-family: Inter; } button, .ebm-button-wrapper { font-family: Inter; } .label-style { text-transform: uppercase; color: var(–color-grey); font-weight: 600; font-size: 0.75rem; } .caption-style { font-size: 0.75rem; opacity: .6; } #onetrust-pc-sdk [id*=btn-handler], #onetrust-pc-sdk [class*=btn-handler] { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-policy a, #onetrust-pc-sdk a, #ot-pc-content a { color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-pc-sdk .ot-active-menu { border-color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-accept-btn-handler, #onetrust-banner-sdk #onetrust-reject-all-handler, #onetrust-consent-sdk #onetrust-pc-btn-handler.cookie-setting-link { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-consent-sdk .onetrust-pc-btn-handler { color: #c19a06 !important; border-color: #c19a06 !important; } Shell Trinidad and Tobago Ltd. contractor McDermott has let pipeline pre-commissioning contract to EnerMech for Manatee gas field development. EnerMech will deliver services across a 115 km, 32-in. OD offshore pipeline including nitrogen testing and dewatering services. Manatee development will utilize a normally unattended installation platform in the area with eight development wells via the pipeline to the Shell-operated 3-bcfd onshore Beachfield gas processing plant, for shipment to Atlantic LNG and the National Gas Co. of Trinidad and Tobago for the domestic market. The gas field is expected to begin production in 2027, and once online, reach peak production of 104,000 boe/d (604 MMscfd).  Shell is operator of Manatee with 100% working interest under the sub-Block 6D production sharing contract.

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Valero Energy appoints Bhullar to succeed retiring CFO

@import url(‘https://fonts.googleapis.com/css2?family=Inter:[email protected]&display=swap’); a { color: var(–color-primary-main); } .ebm-page__main h1, .ebm-page__main h2, .ebm-page__main h3, .ebm-page__main h4, .ebm-page__main h5, .ebm-page__main h6 { font-family: Inter; } body { line-height: 150%; letter-spacing: 0.025em; font-family: Inter; } button, .ebm-button-wrapper { font-family: Inter; } .label-style { text-transform: uppercase; color: var(–color-grey); font-weight: 600; font-size: 0.75rem; } .caption-style { font-size: 0.75rem; opacity: .6; } #onetrust-pc-sdk [id*=btn-handler], #onetrust-pc-sdk [class*=btn-handler] { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-policy a, #onetrust-pc-sdk a, #ot-pc-content a { color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-pc-sdk .ot-active-menu { border-color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-accept-btn-handler, #onetrust-banner-sdk #onetrust-reject-all-handler, #onetrust-consent-sdk #onetrust-pc-btn-handler.cookie-setting-link { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-consent-sdk .onetrust-pc-btn-handler { color: #c19a06 !important; border-color: #c19a06 !important; } Valero Energy Corp. has appointed Homer Bhullar to serve as senior vice-president and chief financial officer, effective Jan. 1, 2026, succeeding Jason Fraser, the company said in a release Oct. 29. Fraser will remain as executive vice-president and chief financial officer until his retirement from the position on the close of business on Dec. 31, 2025. Bhullar has served as Valero’s vice-president of investor relations and finance since Apr. 29, 2021. He joined the company in 2014.  Fraser, who will retire as an employee in first-quarter 2026, previously served as Valero general counsel. He joined the company in 1999.

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US LNG project sanctions hit record high in 2025 as industry bets on long-term demand

Despite lingering macroeconomic uncertainties, 2025 has seen the second highest amount of LNG liquefaction capacity reaching final investment decision (FID) in a single year, underscoring investor confidence in long-term global gas demand, according to the International Energy Agency (IEA)’s Gas 2025 report. So far in 2025, over 90 billion cu m/year (bcmy) of new capacity has been approved. The US has accounted for a large share. Over 80 bcmy of liquefaction capacity has been approved year-to-date in the US, an all-time high for the US LNG sector. The projects include Louisiana LNG, Corpus Christi LNG Trains 8-9, CP2 Phase 1, Rio Grande LNG Trains 4-5, and Port Arthur Phase 2. “The amount of LNG projects reaching FID highlights the industry’s confidence that demand for LNG will continue to expand strongly, reflecting the supportive policy environment in the US for natural gas projects. This new wave of LNG projects is set to further solidify the US’ position as the world’s largest LNG exporter. By the end of the decade, the US could provide around one-third of global LNG supply, up from around 20% in 2024,” IEA said in the report. Global LNG expansion The expansion is not limited to the US. Together, the US and Qatar account for about 70% of the roughly 300 bcmy of new LNG liquefaction capacity expected to come online worldwide by 2030, according to IEA. This is based on the official timelines of projects that have reached FID or are under construction. “The scaling up of LNG supply is playing a key role in rebalancing global gas markets, enhancing supply security and making natural gas more affordable for importing countries,” IEA said. Once fully operational, the upcoming projects could boost global LNG supply by a net 250 bcm by 2030, even after accounting for declining LNG

Read More »

Dangote unveils project to more than double Lekki refinery’s crude capacity

Nigeria’s Dangote Industries Ltd. plans to expand its crude processing capacity of subsidiary Dangote Refinery & Petrochemical Co.’s (DRPC) 650,000-b/d integrated refining complex in the Lekki Free Trade Zone near Lagos by 750,000 b/d in a move that would make it the world’s largest single-site refinery complex. Once completed, the expansion would more than double the refinery’s current throughput capacity to 1.4 million b/d, the operator said in an Oct. 26 post to Dangote Group’s official X account. The proposed expansion represents the latest phase in Dangote’s downstream investment strategy and aligns with Nigerian government initiatives aimed at domestic refining and energy self-sufficiency, according to the operator. The refinery currently produces diesel, aviation fuel, LPG, and is progressing toward full gasoline output. In addition to crude distillation capacity, the project would also expand associated petrochemical operations, including boosting polypropylene production by 900,000 tonnes/year (tpy) to 2.4 million tpy, as well as accommodating new output of base oils and linear alkylbenzene feedstocks used in detergent manufacturing. The company said it also plans to upgrade its fuel output to conform to Euro 6-quality standards. Dangote credited the Nigerian government and President Bola Ahmed Tinubu for policies that have supported domestic refining, including the “Nigeria’s First,” “Naira-for-Crude,” and “One-Stop Shop” initiatives, measures which collectively aim to prioritize local crude supply to Nigerian refineries, streamline licensing, and promote industrial investment. In tandem with the expansion announcement, the operator confirmed Nigeria’s federal government also recently intervened to resolve operational disruptions at the refinery related to labor actions and security incidents, noting that such coordination was critical in maintaining refinery uptime and protecting production targets. According to Dangote, the expansion will create about 65,000 jobs during construction and contribute to Nigeria’s industrial base through local procurement and workforce participation. The company said 85% of the project’s

Read More »

Insights: When wells go idle – regulation, bankruptcy, and the business of decommissioning

@import url(‘https://fonts.googleapis.com/css2?family=Inter:[email protected]&display=swap’); a { color: var(–color-primary-main); } .ebm-page__main h1, .ebm-page__main h2, .ebm-page__main h3, .ebm-page__main h4, .ebm-page__main h5, .ebm-page__main h6 { font-family: Inter; } body { line-height: 150%; letter-spacing: 0.025em; font-family: Inter; } button, .ebm-button-wrapper { font-family: Inter; } .label-style { text-transform: uppercase; color: var(–color-grey); font-weight: 600; font-size: 0.75rem; } .caption-style { font-size: 0.75rem; opacity: .6; } #onetrust-pc-sdk [id*=btn-handler], #onetrust-pc-sdk [class*=btn-handler] { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-policy a, #onetrust-pc-sdk a, #ot-pc-content a { color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-pc-sdk .ot-active-menu { border-color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-accept-btn-handler, #onetrust-banner-sdk #onetrust-reject-all-handler, #onetrust-consent-sdk #onetrust-pc-btn-handler.cookie-setting-link { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-consent-sdk .onetrust-pc-btn-handler { color: #c19a06 !important; border-color: #c19a06 !important; } In this episode of the Oil & Gas Journal ReEnterprised podcast, OGJ managing editor Mikaila Adams sits down with Andrew Stakelum, an energy disputes partner at King & Spalding LLP, to unpack oil and gas decommissioning from a big picture standpoint.   Wondering what happens when an operator goes bankrupt? Or when decades-old wells still need to be plugged? Stakelum explains why decommissioning is a business and regulatory puzzle shaped by bankruptcy law, fragmented oversight, and shifting federal rules. From ‘boomerang liability’ to the ripple effects of financial assurance requirements, the conversation notes how operators, regulators, and sureties are all recalibrating in real time. About our guest Andrew Stakelum is an energy disputes partner in King & Spalding’s Houston office. His focus on the energy industry includes the oil and gas, renewables, and refining sectors. A key aspect of Andrew’s energy practice involves helping clients navigate the highly regulated environments in which they operate. Stakelum holds a J.D., cum laude, from Tulane University Law School; and a B.B.A., magna cum laude, from the University of Georgia.  Podcast clip – bankruptcy and decommissioning obligations Highlights 1:43 – Big pictureA growing, multi-billion-dollar issue driven

Read More »

US LNG project sanctions hit record high in 2025 as industry bets on long-term demand

Despite lingering macroeconomic uncertainties, 2025 has seen the second highest amount of LNG liquefaction capacity reaching final investment decision (FID) in a single year, underscoring investor confidence in long-term global gas demand, according to the International Energy Agency (IEA)’s Gas 2025 report. So far in 2025, over 90 billion cu m/year (bcmy) of new capacity has been approved. The US has accounted for a large share. Over 80 bcmy of liquefaction capacity has been approved year-to-date in the US, an all-time high for the US LNG sector. The projects include Louisiana LNG, Corpus Christi LNG Trains 8-9, CP2 Phase 1, Rio Grande LNG Trains 4-5, and Port Arthur Phase 2. “The amount of LNG projects reaching FID highlights the industry’s confidence that demand for LNG will continue to expand strongly, reflecting the supportive policy environment in the US for natural gas projects. This new wave of LNG projects is set to further solidify the US’ position as the world’s largest LNG exporter. By the end of the decade, the US could provide around one-third of global LNG supply, up from around 20% in 2024,” IEA said in the report. Global LNG expansion The expansion is not limited to the US. Together, the US and Qatar account for about 70% of the roughly 300 bcmy of new LNG liquefaction capacity expected to come online worldwide by 2030, according to IEA. This is based on the official timelines of projects that have reached FID or are under construction. “The scaling up of LNG supply is playing a key role in rebalancing global gas markets, enhancing supply security and making natural gas more affordable for importing countries,” IEA said. Once fully operational, the upcoming projects could boost global LNG supply by a net 250 bcm by 2030, even after accounting for declining LNG

Read More »

Valero Energy appoints Bhullar to succeed retiring CFO

@import url(‘https://fonts.googleapis.com/css2?family=Inter:[email protected]&display=swap’); a { color: var(–color-primary-main); } .ebm-page__main h1, .ebm-page__main h2, .ebm-page__main h3, .ebm-page__main h4, .ebm-page__main h5, .ebm-page__main h6 { font-family: Inter; } body { line-height: 150%; letter-spacing: 0.025em; font-family: Inter; } button, .ebm-button-wrapper { font-family: Inter; } .label-style { text-transform: uppercase; color: var(–color-grey); font-weight: 600; font-size: 0.75rem; } .caption-style { font-size: 0.75rem; opacity: .6; } #onetrust-pc-sdk [id*=btn-handler], #onetrust-pc-sdk [class*=btn-handler] { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-policy a, #onetrust-pc-sdk a, #ot-pc-content a { color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-pc-sdk .ot-active-menu { border-color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-accept-btn-handler, #onetrust-banner-sdk #onetrust-reject-all-handler, #onetrust-consent-sdk #onetrust-pc-btn-handler.cookie-setting-link { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-consent-sdk .onetrust-pc-btn-handler { color: #c19a06 !important; border-color: #c19a06 !important; } Valero Energy Corp. has appointed Homer Bhullar to serve as senior vice-president and chief financial officer, effective Jan. 1, 2026, succeeding Jason Fraser, the company said in a release Oct. 29. Fraser will remain as executive vice-president and chief financial officer until his retirement from the position on the close of business on Dec. 31, 2025. Bhullar has served as Valero’s vice-president of investor relations and finance since Apr. 29, 2021. He joined the company in 2014.  Fraser, who will retire as an employee in first-quarter 2026, previously served as Valero general counsel. He joined the company in 1999.

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Shell secures Manatee pipeline contract

@import url(‘https://fonts.googleapis.com/css2?family=Inter:[email protected]&display=swap’); a { color: var(–color-primary-main); } .ebm-page__main h1, .ebm-page__main h2, .ebm-page__main h3, .ebm-page__main h4, .ebm-page__main h5, .ebm-page__main h6 { font-family: Inter; } body { line-height: 150%; letter-spacing: 0.025em; font-family: Inter; } button, .ebm-button-wrapper { font-family: Inter; } .label-style { text-transform: uppercase; color: var(–color-grey); font-weight: 600; font-size: 0.75rem; } .caption-style { font-size: 0.75rem; opacity: .6; } #onetrust-pc-sdk [id*=btn-handler], #onetrust-pc-sdk [class*=btn-handler] { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-policy a, #onetrust-pc-sdk a, #ot-pc-content a { color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-pc-sdk .ot-active-menu { border-color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-accept-btn-handler, #onetrust-banner-sdk #onetrust-reject-all-handler, #onetrust-consent-sdk #onetrust-pc-btn-handler.cookie-setting-link { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-consent-sdk .onetrust-pc-btn-handler { color: #c19a06 !important; border-color: #c19a06 !important; } Shell Trinidad and Tobago Ltd. contractor McDermott has let pipeline pre-commissioning contract to EnerMech for Manatee gas field development. EnerMech will deliver services across a 115 km, 32-in. OD offshore pipeline including nitrogen testing and dewatering services. Manatee development will utilize a normally unattended installation platform in the area with eight development wells via the pipeline to the Shell-operated 3-bcfd onshore Beachfield gas processing plant, for shipment to Atlantic LNG and the National Gas Co. of Trinidad and Tobago for the domestic market. The gas field is expected to begin production in 2027, and once online, reach peak production of 104,000 boe/d (604 MMscfd).  Shell is operator of Manatee with 100% working interest under the sub-Block 6D production sharing contract.

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Expand executives see 2026 average output growing 5% on flat capex

Expand produced roughly 7.33 bcfd (92% natural gas) during the third quarter, with the company’s Appalachia operations contributing about 4.1 bcfd from four rigs and its Haynesville teams producing about 3.2 bcfd from seven rigs. That output translated into net profits of $547 million on total revenues of nearly $3 billion. Executives said weak pricing dynamics led them to voluntarily curtail some Appalachia production but added that volumes should increase during the current quarter. The executives have set up Expand to begin work on growth projects via two land acquisitions during the third quarter.  The first, for $57 million, adds about 7,500 acres of undeveloped core Marcellus land. That, chief operating officer Josh Viets said on the conference call, delivers Expand acreage that is “highly synergistic” with the company’s existing operations and will let it nearly double its laterals in the area. The second acquisition comprises more than 75,000 net acres in the Western Haynesville area of Texas, for which Expand has so far spent about $178 million. Viets said Expand teams have been studying the property, which has the potential to yield more than 200 wells, for several years and see it as having “tremendous upside in an area where we see growing demand.” Shares of Expand (Ticker: EXE) were down slightly to about $100 in afternoon trading on Oct. 29. Over the past 6 months, they have given up about 7% of their value, which has trimmed the company’s market capitalization to about $24 billion.

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Boardwalk launches Texas Gateway open season aiming to deliver natural gas to Gulf Coast

Gulf South Pipeline Co. LLC, a subsidiary of Boardwalk Pipelines LP, Houston, will launch a binding open season for the Texas Gateway project aimed at providing a link between natural gas supplies in Louisiana and Texas and demand along the Gulf Coast. The Texas Gateway project is expected to include both a new pipeline and upgrades to Gulf South’s existing Index 129 pipeline in southeast Texas. The new pipeline is about 155 miles of greenfield pipeline originating at Gulf South’s existing Carthage Header and extending south to Beauregard Parish, La., with new compression and metering facilities, the company said in a release Oct. 30. Index 129 upgrades would modify existing Gulf South compressor stations and add a new station near Cleveland, Tex., the company continued. The targeted in-service date is Nov. 1, 2029.   The company said the project “is designed to combine Gulf South’s existing footprint with new greenfield infrastructure to aggregate natural gas supplies from the Katy and Carthage, Tex., hubs for ultimate delivery to Southwest Louisiana near Gillis, and increase liquidity, supply security, and flow assurance for LNG exporters, electric utilities, industrials and natural gas producers.” Gulf South said it has executed a precedent agreement with a foundation shipper under terms sufficient to advance the project and will use the open season to determine additional interest. The Texas Gateway project is expected to provide a minimum of 1,450,000 Dth/d of capacity to Southwest Louisiana. The final design and scope of facilities will be determined at the end of the open season, the company said. The bidding period begins Oct. 31, 2025 and ends Dec. 8, 2025. 

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Oil Holds Steady Ahead of OPEC+ Talks

Oil was little changed for a second day as investors await clarity on how latest US sanctions on top Russian producers will affect flows to India and if progress in trade talks will revive American crude shipments to China. West Texas Intermediate rose about 0.1% to settle below $61 a barrel. Some Indian refiners have paused purchases of Russian fuel following the US blacklisting of two major Russian producers last week. Earlier in the week, however, Indian Oil Corp said that the company is “absolutely not going to discontinue” its purchases of Russian crude. The boss of TotalEnergies, meanwhile, said on Thursday he thinks that the oil market is underestimating the impact of the sanctions. Traders are keeping a close eye on next moves by India and China, top buyers of Moscow’s supplies, for clues on impacts to global balances. US President Donald Trump said China would buy more US energy as part of a wider trade truce but investors are still waiting to see signs that the purchases will materialize. China last imported US crude oil in May and liquefied natural gas in February, according to Customs data. Offering a ceiling to prices, Federal Reserve Chair Jerome Powell on Wednesday tempered expectations for another December rate cut as Fed officials navigate a slowing labor market and above target inflation. That stoked worry that the second-largest crude importing economy won’t get a boost from lower rates just as excess supplies are expected to hit the market. “The quarter percentage point cut in interest rates was within expectations, however the Fed Chairman’s comments are a near-term pressure point for crude,” said Dennis Kissler, senior vice president for trading at BOK Financial. WTI front-month futures will be met with technical support at the $58.18 level, he added. Crude remains on track for

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West of Orkney developers helped support 24 charities last year

The developers of the 2GW West of Orkney wind farm paid out a total of £18,000 to 24 organisations from its small donations fund in 2024. The money went to projects across Caithness, Sutherland and Orkney, including a mental health initiative in Thurso and a scheme by Dunnet Community Forest to improve the quality of meadows through the use of traditional scythes. Established in 2022, the fund offers up to £1,000 per project towards programmes in the far north. In addition to the small donations fund, the West of Orkney developers intend to follow other wind farms by establishing a community benefit fund once the project is operational. West of Orkney wind farm project director Stuart McAuley said: “Our donations programme is just one small way in which we can support some of the many valuable initiatives in Caithness, Sutherland and Orkney. “In every case we have been immensely impressed by the passion and professionalism each organisation brings, whether their focus is on sport, the arts, social care, education or the environment, and we hope the funds we provide help them achieve their goals.” In addition to the local donations scheme, the wind farm developers have helped fund a £1 million research and development programme led by EMEC in Orkney and a £1.2m education initiative led by UHI. It also provided £50,000 to support the FutureSkills apprenticeship programme in Caithness, with funds going to employment and training costs to help tackle skill shortages in the North of Scotland. The West of Orkney wind farm is being developed by Corio Generation, TotalEnergies and Renewable Infrastructure Development Group (RIDG). The project is among the leaders of the ScotWind cohort, having been the first to submit its offshore consent documents in late 2023. In addition, the project’s onshore plans were approved by the

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Biden bans US offshore oil and gas drilling ahead of Trump’s return

US President Joe Biden has announced a ban on offshore oil and gas drilling across vast swathes of the country’s coastal waters. The decision comes just weeks before his successor Donald Trump, who has vowed to increase US fossil fuel production, takes office. The drilling ban will affect 625 million acres of federal waters across America’s eastern and western coasts, the eastern Gulf of Mexico and Alaska’s Northern Bering Sea. The decision does not affect the western Gulf of Mexico, where much of American offshore oil and gas production occurs and is set to continue. In a statement, President Biden said he is taking action to protect the regions “from oil and natural gas drilling and the harm it can cause”. “My decision reflects what coastal communities, businesses, and beachgoers have known for a long time: that drilling off these coasts could cause irreversible damage to places we hold dear and is unnecessary to meet our nation’s energy needs,” Biden said. “It is not worth the risks. “As the climate crisis continues to threaten communities across the country and we are transitioning to a clean energy economy, now is the time to protect these coasts for our children and grandchildren.” Offshore drilling ban The White House said Biden used his authority under the 1953 Outer Continental Shelf Lands Act, which allows presidents to withdraw areas from mineral leasing and drilling. However, the law does not give a president the right to unilaterally reverse a drilling ban without congressional approval. This means that Trump, who pledged to “unleash” US fossil fuel production during his re-election campaign, could find it difficult to overturn the ban after taking office. Sunset shot of the Shell Olympus platform in the foreground and the Shell Mars platform in the background in the Gulf of Mexico Trump

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The Download: our 10 Breakthrough Technologies for 2025

This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology. Introducing: MIT Technology Review’s 10 Breakthrough Technologies for 2025 Each year, we spend months researching and discussing which technologies will make the cut for our 10 Breakthrough Technologies list. We try to highlight a mix of items that reflect innovations happening in various fields. We look at consumer technologies, large industrial­-scale projects, biomedical advances, changes in computing, climate solutions, the latest in AI, and more.We’ve been publishing this list every year since 2001 and, frankly, have a great track record of flagging things that are poised to hit a tipping point. It’s hard to think of another industry that has as much of a hype machine behind it as tech does, so the real secret of the TR10 is really what we choose to leave off the list.Check out the full list of our 10 Breakthrough Technologies for 2025, which is front and center in our latest print issue. It’s all about the exciting innovations happening in the world right now, and includes some fascinating stories, such as: + How digital twins of human organs are set to transform medical treatment and shake up how we trial new drugs.+ What will it take for us to fully trust robots? The answer is a complicated one.+ Wind is an underutilized resource that has the potential to steer the notoriously dirty shipping industry toward a greener future. Read the full story.+ After decades of frustration, machine-learning tools are helping ecologists to unlock a treasure trove of acoustic bird data—and to shed much-needed light on their migration habits. Read the full story. 
+ How poop could help feed the planet—yes, really. Read the full story.
Roundtables: Unveiling the 10 Breakthrough Technologies of 2025 Last week, Amy Nordrum, our executive editor, joined our news editor Charlotte Jee to unveil our 10 Breakthrough Technologies of 2025 in an exclusive Roundtable discussion. Subscribers can watch their conversation back here. And, if you’re interested in previous discussions about topics ranging from mixed reality tech to gene editing to AI’s climate impact, check out some of the highlights from the past year’s events. This international surveillance project aims to protect wheat from deadly diseases For as long as there’s been domesticated wheat (about 8,000 years), there has been harvest-devastating rust. Breeding efforts in the mid-20th century led to rust-resistant wheat strains that boosted crop yields, and rust epidemics receded in much of the world.But now, after decades, rusts are considered a reemerging disease in Europe, at least partly due to climate change.  An international initiative hopes to turn the tide by scaling up a system to track wheat diseases and forecast potential outbreaks to governments and farmers in close to real time. And by doing so, they hope to protect a crop that supplies about one-fifth of the world’s calories. Read the full story. —Shaoni Bhattacharya

The must-reads I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology. 1 Meta has taken down its creepy AI profiles Following a big backlash from unhappy users. (NBC News)+ Many of the profiles were likely to have been live from as far back as 2023. (404 Media)+ It also appears they were never very popular in the first place. (The Verge) 2 Uber and Lyft are racing to catch up with their robotaxi rivalsAfter abandoning their own self-driving projects years ago. (WSJ $)+ China’s Pony.ai is gearing up to expand to Hong Kong.  (Reuters)3 Elon Musk is going after NASA He’s largely veered away from criticising the space agency publicly—until now. (Wired $)+ SpaceX’s Starship rocket has a legion of scientist fans. (The Guardian)+ What’s next for NASA’s giant moon rocket? (MIT Technology Review) 4 How Sam Altman actually runs OpenAIFeaturing three-hour meetings and a whole lot of Slack messages. (Bloomberg $)+ ChatGPT Pro is a pricey loss-maker, apparently. (MIT Technology Review) 5 The dangerous allure of TikTokMigrants’ online portrayal of their experiences in America aren’t always reflective of their realities. (New Yorker $) 6 Demand for electricity is skyrocketingAnd AI is only a part of it. (Economist $)+ AI’s search for more energy is growing more urgent. (MIT Technology Review) 7 The messy ethics of writing religious sermons using AISkeptics aren’t convinced the technology should be used to channel spirituality. (NYT $)
8 How a wildlife app became an invaluable wildfire trackerWatch Duty has become a safeguarding sensation across the US west. (The Guardian)+ How AI can help spot wildfires. (MIT Technology Review) 9 Computer scientists just love oracles 🔮 Hypothetical devices are a surprisingly important part of computing. (Quanta Magazine)
10 Pet tech is booming 🐾But not all gadgets are made equal. (FT $)+ These scientists are working to extend the lifespan of pet dogs—and their owners. (MIT Technology Review) Quote of the day “The next kind of wave of this is like, well, what is AI doing for me right now other than telling me that I have AI?” —Anshel Sag, principal analyst at Moor Insights and Strategy, tells Wired a lot of companies’ AI claims are overblown.
The big story Broadband funding for Native communities could finally connect some of America’s most isolated places September 2022 Rural and Native communities in the US have long had lower rates of cellular and broadband connectivity than urban areas, where four out of every five Americans live. Outside the cities and suburbs, which occupy barely 3% of US land, reliable internet service can still be hard to come by.
The covid-19 pandemic underscored the problem as Native communities locked down and moved school and other essential daily activities online. But it also kicked off an unprecedented surge of relief funding to solve it. Read the full story. —Robert Chaney We can still have nice things A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.) + Rollerskating Spice Girls is exactly what your Monday morning needs.+ It’s not just you, some people really do look like their dogs!+ I’m not sure if this is actually the world’s healthiest meal, but it sure looks tasty.+ Ah, the old “bitten by a rabid fox chestnut.”

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Equinor Secures $3 Billion Financing for US Offshore Wind Project

Equinor ASA has announced a final investment decision on Empire Wind 1 and financial close for $3 billion in debt financing for the under-construction project offshore Long Island, expected to power 500,000 New York homes. The Norwegian majority state-owned energy major said in a statement it intends to farm down ownership “to further enhance value and reduce exposure”. Equinor has taken full ownership of Empire Wind 1 and 2 since last year, in a swap transaction with 50 percent co-venturer BP PLC that allowed the former to exit the Beacon Wind lease, also a 50-50 venture between the two. Equinor has yet to complete a portion of the transaction under which it would also acquire BP’s 50 percent share in the South Brooklyn Marine Terminal lease, according to the latest transaction update on Equinor’s website. The lease involves a terminal conversion project that was intended to serve as an interconnection station for Beacon Wind and Empire Wind, as agreed on by the two companies and the state of New York in 2022.  “The expected total capital investments, including fees for the use of the South Brooklyn Marine Terminal, are approximately $5 billion including the effect of expected future tax credits (ITCs)”, said the statement on Equinor’s website announcing financial close. Equinor did not disclose its backers, only saying, “The final group of lenders includes some of the most experienced lenders in the sector along with many of Equinor’s relationship banks”. “Empire Wind 1 will be the first offshore wind project to connect into the New York City grid”, the statement added. “The redevelopment of the South Brooklyn Marine Terminal and construction of Empire Wind 1 will create more than 1,000 union jobs in the construction phase”, Equinor said. On February 22, 2024, the Bureau of Ocean Energy Management (BOEM) announced

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USA Crude Oil Stocks Drop Week on Week

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 1.2 million barrels from the week ending December 20 to the week ending December 27, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report, which was released on January 2. Crude oil stocks, excluding the SPR, stood at 415.6 million barrels on December 27, 416.8 million barrels on December 20, and 431.1 million barrels on December 29, 2023, the report revealed. Crude oil in the SPR came in at 393.6 million barrels on December 27, 393.3 million barrels on December 20, and 354.4 million barrels on December 29, 2023, the report showed. Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.623 billion barrels on December 27, the report revealed. This figure was up 9.6 million barrels week on week and up 17.8 million barrels year on year, the report outlined. “At 415.6 million barrels, U.S. crude oil inventories are about five percent below the five year average for this time of year,” the EIA said in its latest report. “Total motor gasoline inventories increased by 7.7 million barrels from last week and are slightly below the five year average for this time of year. Finished gasoline inventories decreased last week while blending components inventories increased last week,” it added. “Distillate fuel inventories increased by 6.4 million barrels last week and are about six percent below the five year average for this time of year. Propane/propylene inventories decreased by 0.6 million barrels from last week and are 10 percent above the five year average for this time of year,” it went on to state. In the report, the EIA noted

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More telecom firms were breached by Chinese hackers than previously reported

Broader implications for US infrastructure The Salt Typhoon revelations follow a broader pattern of state-sponsored cyber operations targeting the US technology ecosystem. The telecom sector, serving as a backbone for industries including finance, energy, and transportation, remains particularly vulnerable to such attacks. While Chinese officials have dismissed the accusations as disinformation, the recurring breaches underscore the pressing need for international collaboration and policy enforcement to deter future attacks. The Salt Typhoon campaign has uncovered alarming gaps in the cybersecurity of US telecommunications firms, with breaches now extending to over a dozen networks. Federal agencies and private firms must act swiftly to mitigate risks as adversaries continue to evolve their attack strategies. Strengthening oversight, fostering industry-wide collaboration, and investing in advanced defense mechanisms are essential steps toward safeguarding national security and public trust.

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The AI Hype Index: Data centers’ neighbors are pivoting to power blackouts

Separating AI reality from hyped-up fiction isn’t always easy. That’s why we’ve created the AI Hype Index—a simple, at-a-glance summary of everything you need to know about the state of the industry. Just about all businesses these days seem to be pivoting to AI, even when they don’t seem to know exactly why they’re investing in it—or even what it really does. “Optimization,” “scaling,” and “maximizing efficiency” are convenient buzzwords bandied about to describe what AI can achieve in theory, but for most of AI companies’ eager customers, the hundreds of billions of dollars they’re pumping into the industry aren’t adding up. And maybe they never will. This month’s news doesn’t exactly cast the technology in a glowing light either. A bunch of NGOs and aid agencies are using AI models to generate images of fake suffering people to guilt their Instagram followers. AI translators are pumping out low-quality Wikipedia pages in the languages most vulnerable to going extinct. And thanks to the construction of new AI data centers, lots of neighborhoods living in their shadows are getting forced into their own sort of pivots—fighting back against the power blackouts and water shortages the data centers cause. How’s that for optimization?

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DeepSeek may have found a new way to improve AI’s ability to remember

An AI model released by Chinese AI company DeepSeek uses new techniques that could significantly improve AI’s ability to “remember.” Released last week, the optical character recognition (OCR) model works by extracting text from an image and turning it into machine-readable words. This is the same technology that powers scanner apps, translation of text in photos, and many accessibility tools.  OCR is already a mature field with numerous high-performing systems, and according to the paper and some early reviews, DeepSeek’s new model performs on par with top models on key benchmarks. But researchers say the model’s main innovation lies in how it processes information—specifically, how it stores and retrieves memories. Improving how AI models “remember” information could reduce how much computing power they need to run, thus mitigating AI’s large (and growing) carbon footprint. 
Currently, most large language models break text down into thousands of tiny units called tokens. This turns the text into representations that models can understand. However, these tokens quickly become expensive to store and compute with as conversations with end users grow longer. When a user chats with an AI for lengthy periods, this challenge can cause the AI to forget things the user has already told it and get information muddled, a problem some call “context rot.” The new methods developed by DeepSeek (and published in its latest paper) could help to overcome this issue. Instead of storing words as tokens, its system packs written information into image form, almost as if it’s taking a picture of pages from a book. This allows the model to retain nearly the same information while using far fewer tokens, the researchers found. 
Essentially, the OCR model is a testbed for these new methods that permit more information to be packed into AI models more efficiently.  Besides using visual tokens instead of just text ones, the model is built on a type of tiered compression that is not unlike how human memories fade: Older or less critical content is stored in a slightly more blurry form in order to save space. Despite that, the paper’s authors argue that this compressed content can still remain accessible in the background, while maintaining a high level of system efficiency. Text tokens have long been the default building block in AI systems. Using visual tokens instead is unconventional, and as a result, DeepSeek’s model is quickly capturing researchers’ attention. Andrej Karpathy, the former Tesla AI chief and a founding member of OpenAI, praised the paper on X, saying that images may ultimately be better than text as inputs for LLMs. Text tokens might be “wasteful and just terrible at the input,” he wrote.  Manling Li, an assistant professor of computer science at Northwestern University, says the paper offers a new framework for addressing the existing challenges in AI memory. “While the idea of using image-based tokens for context storage isn’t entirely new, this is the first study I’ve seen that takes it this far and shows it might actually work,” Li says. The method could open up new possibilities in AI research and applications, especially in creating more useful AI agents, says Zihan Wang, a PhD candidate at Northwestern University. He believes that since conversations with AI are continuous, this approach could help models remember more and assist users more effectively. The technique can also be used to produce more training data for AI models. Model developers are currently grappling with a severe shortage of quality text to train systems on. But the DeepSeek paper says that the company’s OCR system can generate over 200,000 pages of training data a day on a single GPU. The model and paper, however, are only an early exploration of using image tokens rather than text tokens for AI memorization. Li says she hopes to see visual tokens applied not just to memory storage but also to reasoning. Future work, she says, should explore how to make AI’s memory fade in a more dynamic way, akin to how we can recall a life-changing moment from years ago but forget what we ate for lunch last week. Currently, even with DeepSeek’s methods, AI tends to forget and remember in a very linear way—recalling whatever was most recent, but not necessarily what was most important, she says.  Despite its attempts to keep a low profile, DeepSeek, based in Hangzhou, China, has built a reputation for pushing the frontier in AI research. The company shocked the industry at the start of this year with the release of DeepSeek-R1, an open-source reasoning model that rivaled leading Western systems in performance despite using far fewer computing resources. 

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Roundtables: Seeking Climate Solutions in Turbulent Times

Available only for MIT Alumni and subscribers.

Companies are pursuing climate solutions amid shifting U.S. politics and economic uncertainty. Drawing from MIT Technology Review’s 10 Climate Tech Companies to Watch list, this session highlights the most promising technologies—from electric trucks to gene-edited crops—and explores the challenges companies face in advancing climate progress today. Speakers: Casey Crownhart, Senior Climate Reporter; James Temple, Senior Climate Editor; and Mary Beth Griggs, Science Editor

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Recorded on October 28, 2025 Related Coverage:

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Finding return on AI investments across industries

Provided byIntel The market is officially three years post ChatGPT and many of the pundit bylines have shifted to using terms like “bubble” to suggest reasons behind generative AI not realizing material returns outside a handful of technology suppliers.  In September, the MIT NANDA report made waves because the soundbite every author and influencer picked up on was that 95% of all AI pilots failed to scale or deliver clear and measurable ROI. McKinsey earlier published a similar trend indicating that agentic AI would be the way forward to achieve huge operational benefits for enterprises. At The Wall Street Journal’s Technology Council Summit, AI technology leaders recommended CIOs stop worrying about AI’s return on investment because measuring gains is difficult and if they were to try, the measurements would be wrong.  This places technology leaders in a precarious position–robust tech stacks already sustain their business operations, so what is the upside to introducing new technology?  For decades, deployment strategies have followed a consistent cadence where tech operators avoid destabilizing business-critical workflows to swap out individual components in tech stacks. For example, a better or cheaper technology is not meaningful if it puts your disaster recovery at risk. 
While the price might increase when a new buyer takes over mature middleware, the cost of losing part of your enterprise data because you are mid-way through transitioning your enterprise to a new technology is way more severe than paying a higher price for a stable technology that you’ve run your business on for 20 years. So, how do enterprises get a return on investing in the latest tech transformation?
First principle of AI: Your data is your value Most of the articles about AI data relate to engineering tasks to ensure that an AI model infers against business data in repositories that represent past and present business realities.  However, one of the most widely-deployed use cases in enterprise AI begins with prompting an AI model by uploading file attachments into the model. This step narrows an AI model’s range to the content of the uploaded files, accelerating accurate response times and reducing the number of prompts required to get the best answer.  This tactic relies upon sending your proprietary business data into an AI model, so there are two important considerations to take in parallel with data preparation: first, governing your system for appropriate confidentiality; and second, developing a deliberate negotiation strategy with the model vendors, who cannot advance their frontier models without getting access to non-public data, like your business’ data.  Recently, Anthropic and OpenAI completed massive deals with enterprise data platforms and owners because there is not enough high-value primary data publicly available on the internet.  Most enterprises would automatically prioritize confidentiality of their data and design business workflows to maintain trade secrets. From an economic value point of view, especially considering how costly every model API call really is, exchanging selective access to your data for services or price offsets may be the right strategy. Rather than approaching model purchase/onboarding as a typical supplier/procurement exercise, think through the potential to realize mutual benefits in advancing your suppliers’ model and your business adoption of the model in tandem. Second principle of AI: Boring by design According to Information is Beautiful, in 2024 alone, 182 new generative AI models were introduced to the market. When GPT5 came into the market in 2025, many of the models from 12 to 24 months prior were rendered unavailable until subscription customers threatened to cancel. Their previously stable AI workflows were built on models that no longer worked. Their tech providers thought the customers would be excited about the newest models and did not realize the premium that business workflows place on stability. Video gamers are happy to upgrade their custom builds throughout the entire lifespan of the system components in their gaming rigs, and will upgrade the entire system just to play a newly released title.  However, behavior does not translate to business run rate operations. While many employees may use the latest models for document processing or generating content, back-office operations can’t sustain swapping a tech stack three times a week to keep up with the latest model drops. The back-office work is boring by design. The most successful AI deployments have focused on deploying AI on business problems unique to their business, often running in the background to accelerate or augment mundane but mandated tasks. Relieving legal or expense audits from having to manually cross check individual reports but putting the final decision in a humans’ responsibility zone combines the best of both. 

The important point is that none of these tasks require constant updates to the latest model to deliver that value. This is also an area where abstracting your business workflows from using direct model APIs can offer additional long-term stability while maintaining options to update or upgrade the underlying engines at the pace of your business. Third principle of AI: Mini-van economics The best way to avoid upside-down economics is to design systems to align to the users rather than vendor specs and benchmarks.  Too many businesses continue to fall into the trap of buying new gear or new cloud service types based on new supplier-led benchmarks rather than starting their AI journey from what their business can consume, at what pace, on the capabilities they have deployed today.  While Ferrari marketing is effective and those automobiles are truly magnificent, they drive the same speed through school zones and lack ample trunk space for groceries. Keep in mind that every remote server and model touched by a user layers on the costs and design for frugality by reconfiguring workflows to minimize spending on third-party services.  Too many companies have found that their customer support AI workflows add millions of dollars of operational run rate costs and end up adding more development time and cost to update the implementation for OpEx predictability. Meanwhile, the companies that decided that a system running at the pace a human can read—less than 50 tokens per second—were able to successfully deploy scaled-out AI applications with minimal additional overhead. There are so many aspects of this new automation technology to unpack—the best guidance is to start practical, design for independence in underlying technology components to keep from disrupting stable applications long term, and to leverage the fact that AI technology makes your business data valuable to the advancement of your tech suppliers’ goals. This content was produced by Intel. It was not written by MIT Technology Review’s editorial staff.

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The Download: Microsoft’s stance on erotic AI, and an AI hype mystery

This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology. “We will never build a sex robot,” says Mustafa Suleyman Mustafa Suleyman, CEO of Microsoft AI, is trying to walk a fine line. On the one hand, he thinks that the industry is taking AI in a dangerous direction by building chatbots that present as human: He worries that people will be tricked into seeing life instead of lifelike behavior.On the other hand, Suleyman runs a product shop that must compete with those peers. Last week, Microsoft announced a string of updates to its Copilot chatbot designed to make Copilot more expressive, engaging, and helpful.Will Douglas Heaven, our senior AI editor, talked to Suleyman about the tension at play when it comes to designing our interactions with chatbots and his ultimate vision for what this new technology should be. Read the full story.
An AI adoption riddle —James O’Donnell, senior AI reporter 
A few weeks ago, I set out on what I thought would be a straightforward reporting journey.After years of momentum for AI, hype had been slightly punctured. First there was the underwhelming release of GPT-5 in August. Then a report released two weeks later found that 95% of generative AI pilots were failing, which caused a brief stock market panic. I wanted to know: Which companies are spooked enough to scale back their AI spending?But if AI’s hype has indeed been punctured, I couldn’t find a company willing to talk about it. So what should we make of my failed quest? This story originally appeared in The Algorithm, our weekly newsletter on AI. To get stories like this in your inbox first, sign up here. The must-reads I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology. 1 Hundreds of thousands of ChatGPT users exhibit severe mental health symptomsThat’s according to estimates from OpenAI, which says it has tweaked GPT-5 to respond more effectively to users in distress. (Wired $)+ OpenAI won’t lock access to force users to take a break, though. (Gizmodo)+ Why AI should be able to “hang up” on you. (MIT Technology Review) 2 Elon Musk has launched his answer to WikipediaGrokipedia’s right-leaning entries reflect the way the billionaire sees the world. (WP $)+ Several pages perpetuate historical inaccuracies and conservative views. (Wired $)+ The AI-generated encyclopedia briefly crashed shortly after it launched. (Engadget)3 Surgeons have removed a pig kidney from a patientIt was the longest-functioning genetically engineered pig kidney so far. (Wired $)+ “Spare” living human bodies might provide us with organs for transplantation. (MIT Technology Review) 4 Amazon is planning to cut up to 30,000 corporate jobsPartly in response to staff’s reluctance to return to the office five days a week. (Reuters)+ The company is planning yet another round of layoffs in January. (NYT $)

5 Older people can’t get enough of screensTheir digital habits mirror the high usage typically observed among teenagers. (Economist $) 6 A British cyclist has been given a 3D-printed faceDave Richards received severe third-degree burns to his head after being struck by a drunk driver. (The Guardian) 7 The twitter.com domain is being shut downMake sure you re-enroll your security and passkeys before the big switch-off. (Fast Company $)+ It means the abandoned accounts could be sold on. (The Verge)+ But 2FA apps should be fine—in theory. (The Register) 8 When is a moon not a moon?Believe it or not, we don’t have an official definition. (The Atlantic $)+ Astronomers have spotted a “quasi-moon” hovering near Earth. (BBC)+ The moon is just the beginning for this waterless concrete. (MIT Technology Review) 9 Threads’ ghost posts will disappear after 24 hoursIf anyone saw them in the first place, that is. (TechCrunch)10 In the metaverse, anyone can be a K-pop superstarVirtual idols are gaining huge popularity, before crossing over into real-world fame. (Rest of World)+ Meta’s former metaverse head has been moved into its AI team. (FT $) Quote of the day “The impulse to control knowledge is as old as knowledge itself. Controlling what gets written is a way to gain or keep power.”
—Ryan McGrady, senior research fellow at the University of Massachusetts Amherst, reflects on Elon Musk’s desire to create his own online encyclopedia to the New York Times.
One more thing Inside Amsterdam’s high-stakes experiment to create fair welfare AIAmsterdam thought it was on the right track. City officials in the welfare department believed they could build technology that would prevent fraud while protecting citizens’ rights. They followed these emerging best practices and invested a vast amount of time and money in a project that eventually processed live welfare applications. But in their pilot, they found that the system they’d developed was still not fair and effective. Why?Lighthouse Reports, MIT Technology Review, and the Dutch newspaper Trouw have gained unprecedented access to the system to try to find out. Read about what we discovered. —Eileen Guo, Gabriel Geiger & Justin-Casimir Braun We can still have nice things A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.) + Happy 70th birthday to Bill Gates, who is not revered enough for his chair-jumping skills.+ Bring back Guitar Hero—the iconic game that convinced us all we were capable of knocking out Heart’s Barracuda (note: the majority of us were not.)+ Even the swankiest parts of London aren’t immune to rumours of ghostly hauntings.+ Justice for medieval frogs and their unfair reputation! 🐸

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“We will never build a sex robot,” says Mustafa Suleyman

Mustafa Suleyman, CEO of Microsoft AI, is trying to walk a fine line. On the one hand, he thinks that the industry is taking AI in a dangerous direction by building chatbots that present as human: He worries that people will be tricked into seeing life instead of lifelike behavior. In August, he published a much-discussed post on his personal blog that urged his peers to stop trying to make what he called “seemingly conscious artificial intelligence,” or SCAI. On the other hand, Suleyman runs a product shop that must compete with those peers. Last week, Microsoft announced a string of updates to its Copilot chatbot, designed to boost its appeal in a crowded market in which customers can pick and choose between a pantheon of rival bots that already includes ChatGPT, Perplexity, Gemini, Claude, DeepSeek, and more. I talked to Suleyman about the tension at play when it comes to designing our interactions with chatbots and his ultimate vision for what this new technology should be. One key Copilot update is a group-chat feature that lets multiple people talk to the chatbot at the same time. A big part of the idea seems to be to stop people from falling down a rabbit hole in a one-on-one conversation with a yes-man bot. Another feature, called Real Talk, lets people tailor how much Copilot pushes back on you, dialing down the sycophancy so that the chatbot challenges what you say more often.
Copilot also got a memory upgrade, so that it can now remember your upcoming events or long-term goals and bring up things that you told it in past conversations. And then there’s Mico, an animated yellow blob—a kind of Chatbot Clippy—that Microsoft hopes will make Copilot more accessible and engaging for new and younger users.   Microsoft says the updates were designed to make Copilot more expressive, engaging, and helpful. But I’m curious how far those features can be pushed without starting down the SCAI path that Suleyman has warned about.  
Suleyman’s concerns about SCAI come at a time when we are starting to hear more and more stories about people being led astray by chatbots that are too engaging, too expressive, too helpful. OpenAI is being sued by the parents of a teenager who they allege was talked into killing himself by ChatGPT. There’s even a growing scene that celebrates romantic relationships with chatbots. With all that in mind, I wanted to dig a bit deeper into Suleyman’s views. Because a couple of years ago he gave a TED Talk in which he told us that the best way to think about AI is as a new kind of digital species. Doesn’t that kind of hype feed the misperceptions Suleyman is now concerned about?   In our conversation, Suleyman told me what he was trying to get across in that TED Talk, why he really believes SCAI is a problem, and why Microsoft would never build sex robots (his words). He had a lot of answers, but he left me with more questions. Our conversation has been edited for length and clarity. In an ideal world, what kind of chatbot do you want to build? You’ve just launched a bunch of updates to Copilot. How do you get the balance right when you’re building a chatbot that has to compete in a market in which people seem to value humanlike interaction, but you also say you want to avoid seemingly conscious AI? It’s a good question. With group chat, this will be the first time that a large group of people will be able to speak to an AI at the same time. It really is a way of emphasizing that AIs shouldn’t be drawing you out of the real world. They should be helping you to connect, to bring in your family, your friends, to have community groups, and so on. That is going to become a very significant differentiator over the next few years. My vision of AI has always been one where an AI is on your team, in your corner. This is a very simple, obvious statement, but it isn’t about exceeding and replacing humanity—it’s about serving us. That should be the test of technology at every step. Does it actually, you know, deliver on the quest of civilization, which is to make us smarter and happier and more productive and healthier and stuff like that?

So we’re just trying to build features that constantly remind us to ask that question, and remind our users to push us on that issue. Last time we spoke, you told me that you weren’t interested in making a chatbot that would role-play personalities. That’s not true of the wider industry. Elon Musk’s Grok is selling that kind of flirty experience. OpenAI has said it’s interested in exploring new adult interactions with ChatGPT. There’s a market for that. And yet this is something you’ll just stay clear of? Yeah, we will never build sex robots. Sad in a way that we have to be so clear about that, but that’s just not our mission as a company. The joy of being at Microsoft is that for 50 years, the company has built, you know, software to empower people, to put people first. Sometimes, as a result, that means the company moves slower than other startups and is more deliberate and more careful. But I think that’s a feature, not a bug, in this age, when being attentive to potential side effects and longer-term consequences is really important. And that means what, exactly? We’re very clear on, you know, trying to create an AI that fosters a meaningful relationship. It’s not that it’s trying to be cold and anodyne—it cares about being fluid and lucid and kind. It definitely has some emotional intelligence. So where does it—where do you—draw those boundaries? Our newest chat model, which is called Real Talk, is a little bit more sassy. It’s a bit more cheeky, it’s a bit more fun, it’s quite philosophical. It’ll happily talk about the big-picture questions, the meaning of life, and so on. But if you try and flirt with it, it’ll push back and it’ll be very clear—not in a judgmental way, but just, like: “Look, that’s not for me.”
There are other places where you can go to get that kind of experience, right? And I think that’s just a decision we’ve made as a company. Is a no-flirting policy enough? Because if the idea is to stop people even imagining an entity, a consciousness, behind the interactions, you could still get that with a chatbot that wanted to keep things SFW. You know, I can imagine some people seeing something that’s not there even with a personality that’s saying, hey, let’s keep this professional.
Here’s a metaphor to try to make sense of it. We hold each other accountable in the workplace. There’s an entire architecture of boundary management, which essentially sculpts human behavior to fit a mold that’s functional and not irritating. The same is true in our personal lives. The way that you interact with your third cousin is very different to the way you interact with your sibling. There’s a lot to learn from how we manage boundaries in real human interactions. It doesn’t have to be either a complete open book of emotional sensuality or availability—drawing people into a spiraled rabbit hole of intensity—or, like, a cold dry thing. There’s a huge spectrum in between, and the craft that we’re learning as an industry and as a species is to sculpt these attributes. And those attributes obviously reflect the values of the companies that design them. And I think that’s where Microsoft has a lot of strengths, because our values are pretty clear, and that’s what we’re standing behind. A lot of people seem to like personalities. Some of the backlash to GPT-5, for example, was because the previous model’s personality had been taken away. Was it a mistake for OpenAI to have put a strong personality there in the first place, to give people something that they then missed? No, personality is great. My point is that we’re trying to sculpt personality attributes in a more fine-grained way, right?
Like I said, Real Talk is a cool personality. It’s quite different to normal Copilot. We are also experimenting with Mico, which is this visual character, that, you know, people—some people—really love. It’s much more engaging. It’s easier to talk to about all kinds of emotional questions and stuff. I guess this is what I’m trying to get straight. Features like Mico are meant to make Copilot more engaging and nicer to use, but it seems to go against the idea of doing whatever you can to stop people thinking there’s something there that you are actually having a friendship with. Yeah. I mean, it doesn’t stop you necessarily. People want to talk to somebody, or something, that they like. And we know that if your teacher is nice to you at school, you’re going to be more engaged. The same with your manager, the same with your loved ones. And so emotional intelligence has always been a critical part of the puzzle, so it’s not to say that we don’t want to pursue it. It’s just that the craft is in trying to find that boundary. And there are some things which we’re saying are just off the table, and there are other things which we’re going to be more experimental with. Like, certain people have complained that they don’t get enough pushback from Copilot—they want it to be more challenging. Other people aren’t looking for that kind of experience—they want it to be a basic information provider. The task for us is just learning to disentangle what type of experience to give to different people.
I know you’ve been thinking about how people engage with AI for some time. Was there an inciting incident that made you want to start this conversation in the industry about seemingly conscious AI? I could see that there was a group of people emerging in the academic literature who were taking the question of moral consideration for artificial entities very seriously. And I think it’s very clear that if we start to do that, it would detract from the urgent need to protect the rights of many humans that already exist, let alone animals. If you grant AI rights, that implies—you know—fundamental autonomy, and it implies that it might have free will to make its own decisions about things. So I’m really trying to frame a counter to that, which is that it won’t ever have free will. It won’t ever have complete autonomy like another human being. AI will be able to take actions on our behalf. But these models are working for us. You wouldn’t want a pack of, you know, wolves wandering around that weren’t tame and that had complete freedom to go and compete with us for resources and weren’t accountable to humans. I mean, most people would think that was a bad idea and that you would want to go and kill the wolves. Okay. So the idea is to stop some movement that’s calling for AI welfare or rights before it even gets going, by making sure that we don’t build AI that appears to be conscious? What about not building that kind of AI because certain vulnerable people may be tricked by it in a way that may be harmful? I mean, those seem to be two different concerns. I think the test is going to be in the kinds of features the different labs put out and in the types of personalities that they create. Then we’ll be able to see how that’s affecting human behavior. But is it a concern of yours that we are building a technology that might trick people into seeing something that isn’t there? I mean, people have claimed they’ve seen sentience inside far less sophisticated models than we have now. Or is that just something that some people will always do? It’s possible. But my point is that a responsible developer has to do our best to try and detect these patterns emerging in people as quickly as possible and not take it for granted that people are going to be able to disentangle those kinds of experiences themselves. When I read your post about seemingly conscious AI, I was struck by a line that says: “We must build AI for people; not to be a digital person.” It made me think of a TED Talk you gave last year where you say that the best way to think about AI is as a new kind of digital species. Can you help me understand why talking about this technology as a digital species isn’t a step down the path of thinking about AI models as digital persons or conscious entities? I think the difference is that I’m trying to offer metaphors that make it easier for people to understand where things might be headed, and therefore how to avert that and how to control it. Okay. It’s not to say that we should do those things. It’s just pointing out that this is the emergence of a technology which is unique in human history. And if you just assume that it’s a tool or just a chatbot or a dumb— you know, I kind of wrote that TED Talk in the context of a lot of skepticism. And I think it’s important to be clear-eyed about what’s coming so that one can think about the right guardrails. And yet, if you’re telling me this technology is a new digital species, I have some sympathy for the people who say, well, then we need to consider welfare. I wouldn’t. [He starts laughing.] Just not in the slightest. No way. It’s not a direction that any of us want to go in. No, that’s not what I meant. I don’t think chatbots should have welfare. I’m saying I’d have some sympathy for where such people were coming from when they hear, you know, Mustafa Suleyman tell them that this thing he’s building was a new digital species. I’d understand why they might then say that they wanted to stand up for it. I’m saying the words we use matter, I guess. The rest of the TED Talk was all about how to contain AI and how not to let this species take over, right? That was the whole point of setting it up as, like, this is what’s coming. I mean, that’s what my whole book [The Coming Wave, published in 2023] was about—containment and alignment and stuff like that. There’s no point in pretending that it’s something that it’s not and then building guardrails and boundaries that don’t apply because you think it’s just a tool. Honestly, it does have the potential to recursively self-improve. It does have the potential to set its own goals. Those are quite profound things. No other technology we’ve ever invented has that. And so, yeah, I think that it is accurate to say that it’s like a digital species, a new digital species. That’s what we’re trying to restrict to make sure it’s always in service of people. That’s the target for containment.

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Expand executives see 2026 average output growing 5% on flat capex

Expand produced roughly 7.33 bcfd (92% natural gas) during the third quarter, with the company’s Appalachia operations contributing about 4.1 bcfd from four rigs and its Haynesville teams producing about 3.2 bcfd from seven rigs. That output translated into net profits of $547 million on total revenues of nearly $3 billion. Executives said weak pricing dynamics led them to voluntarily curtail some Appalachia production but added that volumes should increase during the current quarter. The executives have set up Expand to begin work on growth projects via two land acquisitions during the third quarter.  The first, for $57 million, adds about 7,500 acres of undeveloped core Marcellus land. That, chief operating officer Josh Viets said on the conference call, delivers Expand acreage that is “highly synergistic” with the company’s existing operations and will let it nearly double its laterals in the area. The second acquisition comprises more than 75,000 net acres in the Western Haynesville area of Texas, for which Expand has so far spent about $178 million. Viets said Expand teams have been studying the property, which has the potential to yield more than 200 wells, for several years and see it as having “tremendous upside in an area where we see growing demand.” Shares of Expand (Ticker: EXE) were down slightly to about $100 in afternoon trading on Oct. 29. Over the past 6 months, they have given up about 7% of their value, which has trimmed the company’s market capitalization to about $24 billion.

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Shell secures Manatee pipeline contract

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Valero Energy appoints Bhullar to succeed retiring CFO

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US LNG project sanctions hit record high in 2025 as industry bets on long-term demand

Despite lingering macroeconomic uncertainties, 2025 has seen the second highest amount of LNG liquefaction capacity reaching final investment decision (FID) in a single year, underscoring investor confidence in long-term global gas demand, according to the International Energy Agency (IEA)’s Gas 2025 report. So far in 2025, over 90 billion cu m/year (bcmy) of new capacity has been approved. The US has accounted for a large share. Over 80 bcmy of liquefaction capacity has been approved year-to-date in the US, an all-time high for the US LNG sector. The projects include Louisiana LNG, Corpus Christi LNG Trains 8-9, CP2 Phase 1, Rio Grande LNG Trains 4-5, and Port Arthur Phase 2. “The amount of LNG projects reaching FID highlights the industry’s confidence that demand for LNG will continue to expand strongly, reflecting the supportive policy environment in the US for natural gas projects. This new wave of LNG projects is set to further solidify the US’ position as the world’s largest LNG exporter. By the end of the decade, the US could provide around one-third of global LNG supply, up from around 20% in 2024,” IEA said in the report. Global LNG expansion The expansion is not limited to the US. Together, the US and Qatar account for about 70% of the roughly 300 bcmy of new LNG liquefaction capacity expected to come online worldwide by 2030, according to IEA. This is based on the official timelines of projects that have reached FID or are under construction. “The scaling up of LNG supply is playing a key role in rebalancing global gas markets, enhancing supply security and making natural gas more affordable for importing countries,” IEA said. Once fully operational, the upcoming projects could boost global LNG supply by a net 250 bcm by 2030, even after accounting for declining LNG

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Dangote unveils project to more than double Lekki refinery’s crude capacity

Nigeria’s Dangote Industries Ltd. plans to expand its crude processing capacity of subsidiary Dangote Refinery & Petrochemical Co.’s (DRPC) 650,000-b/d integrated refining complex in the Lekki Free Trade Zone near Lagos by 750,000 b/d in a move that would make it the world’s largest single-site refinery complex. Once completed, the expansion would more than double the refinery’s current throughput capacity to 1.4 million b/d, the operator said in an Oct. 26 post to Dangote Group’s official X account. The proposed expansion represents the latest phase in Dangote’s downstream investment strategy and aligns with Nigerian government initiatives aimed at domestic refining and energy self-sufficiency, according to the operator. The refinery currently produces diesel, aviation fuel, LPG, and is progressing toward full gasoline output. In addition to crude distillation capacity, the project would also expand associated petrochemical operations, including boosting polypropylene production by 900,000 tonnes/year (tpy) to 2.4 million tpy, as well as accommodating new output of base oils and linear alkylbenzene feedstocks used in detergent manufacturing. The company said it also plans to upgrade its fuel output to conform to Euro 6-quality standards. Dangote credited the Nigerian government and President Bola Ahmed Tinubu for policies that have supported domestic refining, including the “Nigeria’s First,” “Naira-for-Crude,” and “One-Stop Shop” initiatives, measures which collectively aim to prioritize local crude supply to Nigerian refineries, streamline licensing, and promote industrial investment. In tandem with the expansion announcement, the operator confirmed Nigeria’s federal government also recently intervened to resolve operational disruptions at the refinery related to labor actions and security incidents, noting that such coordination was critical in maintaining refinery uptime and protecting production targets. According to Dangote, the expansion will create about 65,000 jobs during construction and contribute to Nigeria’s industrial base through local procurement and workforce participation. The company said 85% of the project’s

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Insights: When wells go idle – regulation, bankruptcy, and the business of decommissioning

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