Italian energy services group Saipem reported first-half 2026 revenues of €7.35 billion, up 1.9% from a year earlier, as strong order intake offset extra costs tied to Middle East disruptions. Adjusted EBITDA rose 9.4% to €836 million, while adjusted net profit came in at €131 million.
Baker Hughes, an energy technology company, has secured a major order in the second quarter of the year to supply US Venture Global with a liquefication technology for the Calcasieu Pass 2 (CP2) liquefied natural gas (LNG) expansion project in Louisiana, further advancing the its next phase.
The scope of work includes six liquefaction blocks for a total of 12 liquefaction modules, building on the company’s six liquefaction blocks for a total of 12 liquefaction modules, Baker Hughes said on July 27.
Fahad Almuhaisin, Chief Financial Officer (CFO) of Rabigh Refining and Petrochemical Company (Petro Rabigh), said the company expects to complete the engineering studies this year for its largest project currently under development. The project aims to convert high-sulfur fuel oil into higher-value products.
British Petroleum (bp) is having late-stage talks to sell its Lightsource solar energy unit to a consortium backed by Kuwait’s sovereign wealth fund, as bp is focusing on oil and gas to boost returns, Reuters reported, citing the Financial Times.
Baker Hughes reported revenue of $6.74 billion for the second quarter (Q2) of 2026, down 2% year-on-year (YoY) from $6.91 billion despite a 2% sequential increase. The energy technology company also posted net income of $681 million, down 3% compared to the same period last year and 27% lower than the previous quarter.
The decline was mainly due to the sale of its Precision Sensors & Instrumentation (PSI) and Surface Pressure Control (SPC) businesses, which no longer contribute to the company's revenue.
Iraq has begun exporting fuel oil to the US via Syria's Baniyas port for the first time, reflecting a shift in regional trade flows as the country expands alternative export routes amid ongoing disruptions to Gulf shipping and the prolonged closure of the Strait of Hormuz.
SLB reported second-quarter 2026 revenues of $8.97 billion, up 5% year-on-year (YoY) from Q2 2025, driven largely by the ChampionX acquisition, which contributed $865 million of revenue to Production Systems. However, excluding ChampionX, revenues fell 5% compared with last year, reflecting persistent disruptions in the Middle East.
Kuwait Oil Company has signed a $16 billion pipeline lease-and-leaseback agreement with a consortium led by Blackstone, Brookfield, and KKR, securing the largest foreign direct investment in Kuwait's history.
The collapse of the U.S.-Iran ceasefire could keep Brent crude near $100 per barrel through 2026, according to updated forecasts from Rapidan Energy Group, a Washington-based energy and geopolitical consultancy.
TotalEnergies posted its second-quarter results, amid rising commodity prices and an integrated business model boosting earnings and cash flow despite Middle East-linked disruptions.
