Exxon Squeezes More Out of Giant U.S. Oil Field as Rivals Pare Back -- Commodities Roundup

MARKET MOVEMENTS:

-- Brent crude oil is down 0.9% to $61.90 a barrel.

-- European benchmark gas is up 2.4% to 27.53 euros a megawatt-hour.

-- Gold futures are up 0.3% to $4,231.20 a troy ounce.

-- LME three-month copper futures are down 1.6% to $11,484.50 a metric ton.

TOP STORY:

Exxon Squeezes More Out of Giant U.S. Oil Field as Rivals Pare Back

Exxon Mobil is using homegrown technology to keep boosting its oil and gas output from the biggest U.S. oil field, defying an industry slowdown.

The U.S. oil company is on track by 2030 to double production to 2.5 million barrels of oil and gas per day in the Permian Basin, it said in an investor presentation Tuesday. The target is 200,000 barrels a day higher than previous guidance.

Exxon shares rose nearly 3% in morning trading.

OTHER STORIES:

Exxon Mobil Sees Higher Earnings, Greater Returns in New 2030 Plan

Exxon Mobil expects higher earnings and cash flow through the end of the decade, driven by stronger assets, a more profitable business mix, and lower costs from its multiyear transformation.

The energy-and-petrochemical company on Tuesday raised its outlook to $25 billion in earnings growth and $35 billion in cash flow growth from 2024 to 2030, a $5 billion improvement in both metrics compared with its prior forecasts.

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TotalEnergies to Partner with Galp Energia on Mopane Discovery in Namibia

TotalEnergies struck a deal to take a 40% stake in Galp Energia's offshore Namibia discovery, sending the Portuguese energy company's shares lower with investors disappointed by the lack of an upfront cash payment.

In exchange for the stake, TotalEnergies will give Galp a 10% interest in a field that houses its Venus discovery, and a 9.4% interest in another field.

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Eni Makes Gas Discovery in Indonesia

Eni said it made a gas discovery in the Kutei Basin off the coast of East Kalimantan in Indonesia.

The Italian oil-and-gas major said tests in the Konta-1 exploration well-drilled to a depth of 4,575 meters-showed an estimated potential for a gas rate of up to 80 million standard cubic feet per day.

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Haven Energy Raises $40 Million to Install Batteries in California Homes

Haven Energy has raised a total of $40 million in equity and debt financing to install more solar panels in California homes with batteries that it leases, betting the strategy best addresses the hurdles facing the residential-solar sector.

London-based Giant Ventures led a $15 million investment that was also backed by the California Infrastructure and Economic Development Bank and Comcast Ventures, the venture arm of media and telecommunications company Comcast, among other investors. Turtle Hill Capital, a private-credit firm focused on clean energy, provided an additional $25 million in debt, Haven said.

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GeoPark Shares Fall as Parex Resources Scraps Takeover Efforts

GeoPark shares fell sharply on Tuesday after Parex Resources said it is no longer pursuing an acquisition of the Colombia-based energy company.

Parex said it found no basis to raise its $9-a-share bid, which GeoPark rejected in late October, and that further talks with GeoPark weren't likely to lead to a deal.

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Noble to Sell Jackup Rigs to in Two Separate Deals for $424M

Noble Corporation will sell six jackup rigs for $424 million in two separate transactions.

The offshore drilling company said Monday that five rigs will be sold to Borr Drilling Limited for $360 million, and one to Ocean Oilfield Drilling for $64 million.

MARKET TALKS:

Gold Rises as Traders Await Fed Rate Outlook -- Market Talk

1548 GMT - Gold prices rise in afternoon trading following the latest U.S. data and as investors await Fed Chair Jerome Powell's speech on Wednesday for cues on the interest-rate path ahead. Futures in New York are up 0.5% to $4,237.60 a troy ounce after slipping earlier in the session. "Bears are counting on gold prices falling below $4,000 as the cycle of monetary policy easing begins to lose momentum," says Alex Kuptsikevich, chief market analyst at FxPro. "Derivatives are expecting two rate cuts in 2026, although a week ago, they were expecting three." Meanwhile, layoffs ticked higher in October but the job market remained fundamentally steady since the summer, the Labor Department reported Tuesday in its monthly survey of job openings and labor turnover. ([e-mail])

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SovEcon Cuts Outlook for Ukrainian Corn Exports -- Market Talk

1030 ET - Ukraine may export less corn in the 2025/26 marketing year, according to Black Sea consultancy SovEcon. The firm cut its outlook for corn exports by 400,000 metric tons, bringing them to 26.8 million tons. SovEcon adds that cumulative Ukrainian corn exports from July through November totaled 3.7 million tons, which is the lowest level in eight years. "The main reason for sluggish exports has been harvest delays caused by rains," says the firm. SovEcon also says that a saturated world export market for corn is also behind the cut, as well as elevated fighting between Ukraine and Russia. ([e-mail])

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Cattle Turn Higher as Market Looks for Direction -- Market Talk

1010 ET - Live cattle futures inch higher, with the most-active contract up 0.1%. For cattle, cash activity has been quiet so far this week, says AgResource in a note. But the firm adds that it expects activity to increase as the week progresses. "Packers will be buying for the last full slaughter week of the year and may be looking to boost kill rates ahead of the holidays," says the firm. Today's WASDE report will contain new outlooks from the USDA regarding forecasts for 2026 beef and pork production. Lean hog futures are down 0.9%. ([e-mail])

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Oil Futures Slip With Eyes on Russia-Ukraine Peace Efforts

0851 ET - Crude futures edge lower as the market watches for progress in Russia-Ukraine peace efforts. "We feel that the market is expressing excess optimism regarding a peace deal that would open the door for reduced Russian sanctions," Ritterbusch and Associates says in a note. But some progress shouldn't be ruled out "since Trump appears willing to acquiesce in favor of Putin's demands." The firm says its expectation of further gains in WTI toward $61.50 remains undeterred. WTI and Brent are off 0.2% at $58.76 and $62.39 a barrel, respectively. ([e-mail])

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Oil Slips With Ukraine Peace Talks, Supply Surplus in Focus

0842 GMT - Oil prices slip in early trading, extending the previous session's losses as traders focus on talks to end the war in Ukraine, a looming global supply surplus and U.S. interest rates. Brent crude is down 0.1% to $62.41 a barrel, while WTI falls 0.2% to $58.77 a barrel after settling 2% lower on Monday. "Traders remain cautious after the IEA forecast a record oil surplus next year, while prices have been confined to a tight $4 trading range since early November," says Soojin Kim from MUFG. Investors now await key monthly reports from OPEC and the IEA for more clues on supply and demand trends. ([e-mail])

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U.S. Natural Gas Futures Extend Retreat -- Market Talk

0822 ET - U.S. natural gas futures are adding to the previous day's losses after weather forecasts took some of the cold out of the outlook. "Momentum already looked like it might be fading on Friday when prices settled well off the intraday highs, and warmer model runs over the weekend further deflated the market's bullish sentiment," Andy Huenefeld of Pinebrook Energy Advisors says in a note. That doesn't mean the weather will be exceptionally mild, but "any relief from the major cold shot late last week--and the follow-up snap expected later this week--is a welcome change for the market," he adds. Nymex natural gas is off 2.8% at $4.775/mmBtu. ([e-mail])

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Galp Energia, TotalEnergies Investors Will Need More Time to Assess Deal -- Market Talk

1331 GMT - Galp Energia and TotalEnergies investors need time to digest Tuesday's asset-swap deal, J.P. Morgan analysts Matthew Lofting and Tianyu Wu write. It is difficult to fully understand the implications of the deal, owing partly to the absence of a development plan for the fields, they say. Galp investors are clearly disappointed and might have been expecting a cash component or some insight on how excess cash would be returned to shareholders, they add. The update is more neutral from a TotalEnergies standpoint because it already has a strong long-term inventory pipeline, they add. Galp's shares trade down 12% at 15.22 euros while TotalEnergies' share are up 0.8% at 56.74 euros. ([e-mail])

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Galp Energia's Mopane Stake Seems Less Valuable Than Expected -- Market Talk

1313 GMT - Galp Energia's Mopane deal with TotalEnergies values its stake at the lower-end of expectations, Jefferies analysts Mark Wilson and Kai Ye Loh write. In exchange for the 40% stake in the discovery offshore Namibia, TotalEnergies will give Galp a 10% interest in a field that houses its Venus discovery, and a 9.4% interest in another field. Initial data implies Galp's 80% stake in the Mopane field is at, or below, the lower end of $1.6 billion to $5.3 billion range Jefferies had forecast, the analysts write. Galp's shares trade down 12% at 15.26 euros.([e-mail])

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Copper Falls After Hitting Record on Supply Fears, China Optimism -- Market Talk

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12-09-25 1117ET