BP appoints Woodside’s Meg O’Neill as CEO after Auchincloss’ abrupt exit - CNBC

China's November LNG imports surged 13.6 per cent yoy; refined oil exports dropped 2.2 per cent - Reuters

World watches as Ottawa's bullish shift on LNG puts wind at the back of two major projects - Financial Post

Analysis-Woodside's Next CEO Must Steer Costly LNG Projects Through Glut Risk - Reuters

EUROPE GAS-European gas prices lift on colder weather demand - Reuters

US natural gas futures rise 3% on strong LNG export flows, ahead of storage report - Reuters

Woodside Energy CEO Sucession - Press Release

Brazil, Guyana, and Argentina support forecast crude oil growth in 2026 - U.S. EIA

JERA Signs LNG Supply Agreement with Hokkaido Gas - Press Release

BP p.l.c. Announces Leadership Transition - Press Release

Squamish’s Woodfibre LNG is 55% complete, says CEO - Squamish Chief

Dallas Fed Energy Survey - Special Questions - Federal Reserve Bank of Dallas

Dallas Fed Energy Survey - Current Report - Federal Reserve Bank of Dallas

US allows oil sales from Russia's Sakhalin-2 until June, helping Japan - Reuters

Oilfield service companies pivot to data centres as drilling market slows - Financial Times (Subscription)

"Woodside Secures DOE Extension as Louisiana LNG Construction Advances" - Natural Gas Intelligence (Subscription)

10 Things

From the Dallas Fed Energy Survey, December 2025

1. Capital spending is contracting, not expanding

39% of oil and gas executives plan to cut 2026 capex versus 37% increasing it. 24% expect spending to remain flat. The net direction is negative.

2. Price assumptions have dropped sharply

Firms are planning 2026 budgets around $59-60 WTI—down from the $68 assumption used for 2025 planning. That is an $8-9/barrel reduction in the planning price year over year.

3. Natural gas production has stabilized at zero growth

The Eleventh District natural gas production index improved to zero in Q4 2025 from -3.2 in Q3. Zero indicates no change in production levels—neither expansion nor contraction.

4. Industry expects Henry Hub prices to decline from current spot

Respondents expect Henry Hub at $4.19/MMBtu by end-2026, rising to $4.57 in two years and $5.00 in five years. The spot price averaged $4.84/MMBtu during the survey period (December 3-11, 2025).

5. Small E&Ps are more likely to target gassier wells than large E&Ps

52% of small E&P executives plan to target wells with higher gas content in 2026. Only 33% of large E&P executives plan to do so. Overall, 46% of E&P firms plan to target gassier wells while 54% do not.

6. Oilfield services firms report negative operating margins

Operating margin index for oilfield services firms was -31.7 in Q4 2025. Prices received for services index was -30.0. Equipment utilization index was -12.2.

7. Employment is contracting at an accelerating rate

The aggregate employment index fell to -10.8 in Q4 2025 from -1.5 in Q3 2025. Aggregate employee hours index declined from -3.7 to -9.3 over the same period.

8. Cost growth is slowing but remains positive

Finding and development costs index dropped from 22.0 to 5.7 in Q4 2025. Input cost index for oilfield services firms declined from 34.8 to 24.4. Lease operating expenses index decreased from 36.9 to 28.4. All indices remain positive, indicating costs are still rising but at a slower pace.

9. Most E&P executives expect AI to have no impact on break-even prices

62% of E&P executives expect AI to have no impact on break-even prices over the next five years. Among small E&Ps specifically, 70% expect no reduction. Among large E&Ps, 38% expect a $0.01-$1/barrel reduction and 25% expect a $1.01-$2/barrel reduction.

10. Large and small E&Ps have different capital spending plans

35% of large E&P executives expect capital spending to remain close to 2025 levels. 29% of small E&P executives expect capital spending to increase slightly. 48% of oilfield services executives expect capital spending to decrease.