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The transaction is expected to close in the third quarter.

The OBR said the UK Treasury's finances over the long term are on an 'unsustainable path'.

As a result, Obsidian has restarted production at its Harmon Valley South field in the Peace River area.

'A substantial portion of the acquired lands at Peavine are adjacent to and extends our Clearwater Dawson field, which is providing robust production results above our expectations'.

Obsidian Energy has completed its 2021 drilling campaign and has seen promising results for its 2022 program, prompting the company to up its production guidance.

'Organizational changes can have far-reaching impacts on the workforce'.

Occidental's oil and gas pre-tax income for the third quarter was $2.0 billion, compared to pre-tax income of $1.1 billion in the previous quarter.

Axis declared a milestone in well service technology with the deployment of an electric-powered rig that it says not only reduces emissions but also improves safety and efficiency.

Occidental said lower lease operating costs in the U.S. offset weaker global oil prices and lower domestic petroleum volumes.

Occidental expects to keep output from the Permian basin 'largely flat' this year relative to 2023.