WTI (Aug) $79.34 +$1.20, Brent (Sep) $84.73 +$1.43, Diff -$5.39 +23c
USNG (Aug) $2.90 u/c, UKNG (Aug) 131.13p +2.91p, TTF (Aug) €54.05 +€1.075

Oil price

Oil is flat today after further strikes by both sides in the war, the talks are in tatters but the 20% Trump tariff is fortunately off the cards. 

The Wall Street Journal has apparently commented that the hard-liners in Tehran are, through broadcasters and other factions, leveraging their strong views to effectively box in the negotiating team and therefore limiting their capacity to make a deal with the US. 

Stats yesterday include the US retail gasoline prices for the last week and it comes as no surprise that after falling for a while a gallon of Exxon’s finest will now rush you $3.855 on average in the States, up 7.8 cents on last week, down 19.7c m/m but still up 72.5c year on year.

And the API stats saw a fall 564/- barrels of crude, well short of the whisper of 2.7m b’s but gasoline did draw, by 1.664m and distillates built by 2.3m, the EIA numbers tonight…

PetroTal Corp

PetroTal has provided the following operational and financial updates. All amounts are in US dollars unless stated otherwise.

Key Highlights

• Group production averaged 12,557 barrels of oil per day (“bopd”) in Q2 2026, and 13,726 bopd in H1 2026;
• Sale of Amazonia-1 drilling rig for net cash proceeds of $13.4 million;
• Total cash of $136.8 million as of June 30, 2026 ($105.3 million unrestricted), compared to $128.1 million at the end of Q1 2026.

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:
“PetroTal’s operational performance remained strong in the second quarter of 2026. Our production is tracking approximately 3% ahead of budget through the first half of the year, and we also completed the sale of the Amazonia-1 drilling rig at the end of the quarter. This transaction, along with a constructive commodity price environment, helped support our cash balance as we gear up for an active capital program in the second half of the year.

Beginning this month, we are undertaking pump and tubing replacement jobs on 4-5 wells at the Bretana field. This work will help improve our production deliverability over the remainder of the year and is fully accounted for within our budget guidance. We are also well advanced with final preparations for the resumption of our development drilling campaign in October, which we view as a key catalyst for the Company heading into 2027. We look forward to providing a more comprehensive operational update with our Q2 2026 financial results on August 6, 2026.”

This is an upbeat and resilient report from PetroTal who are now looking in very good shape. This is proved by the current production levels, 12,557 b/d in Q2 making 13,726 for H1 some 3% over budget expectations sets a good precedent for the active capital programme in 2H of this year.

This programme includes plans to complete pump and tubing replacement work on 4-5 wells at the Bretana field in Q3 2026 and will begin shortly and is expected to wrap up in time for the resumption of the development drilling campaign by October 1, 2026.

Also during the period, the company ticked another important box, that of the sale of the Amazonia-1 drilling rig at the end of the quarter adding to cash balances which ended at $136.8m. ($105.3m unrestricted) 

Finally, PetroTal has reaffirmed its annual production guidance of 12,000 b/d, which takes account of the downtime associated with the workover campaign and with no new hedges initiated in the quarter looks to be a rewarding time with continued high realisations. That number should grow later in the year after the work programme.

PetroTal is very well placed for a busy and ‘active’ second half to the year and the company is set fair for what I expect to be significant performance in the share price. As such I keep my target price of 75p and its position in the coming refreshed Bucket List is certain.

Q2 2026 Production and Operations Update

PetroTal’s group production averaged 12,557 bopd in Q2 2026, including 12,190 bopd from the Bretana field (Block 95; PetroTal 100% WI) and 367 bopd from the Los Angeles field (Block 131; PetroTal 100% WI). Through the first half of 2026, PetroTal’s group production has averaged 13,726 bopd, approximately 3% ahead of budget expectations.

As previously disclosed, PetroTal plans to complete pump and tubing replacement work on 4-5 wells at the Bretana field in Q3 2026. The work program will begin in July and is expected to wrap up in time for the resumption of the development drilling campaign by October 1, 2026. PetroTal reaffirms its annual production guidance of 12,000 bopd, which fully reflects the anticipated downtime associated with the workover campaign.

There are no material changes to the status of the erosion control project at this time. PetroTal remains in discussions with third-party contractors about restarting construction activities in a safe, cost-effective manner as soon as possible.

Sale of Amazonia-1 Drilling Rig

On June 30, 2026, PetroTal closed the sale of its Amazonia-1 drilling rig to an arm’s-length third party for net cash proceeds of $13.4 million. In connection with the transaction, PetroTal expects to record an impairment charge of approximately $10 million in its Q2 2026 financial results.

Cash and Liquidity Update

PetroTal ended Q2 2026 with a total cash position of $136.8 million, of which approximately $105.3 million was unrestricted. This compares to unrestricted cash of $104.3 million at the end of Q1 2026 and $99.3 million at the end of Q2 2025.

As of June 30, 2026, PetroTal’s unaudited short-term trade and other payables and short-term trade receivables were approximately $40.4 million and $61.2 million, respectively (versus comparable values of $51.4 million and $61.9 million as of March 31, 2026, respectively).

PetroTal did not initiate any new production hedges in Q2 2026. As at June 30, 2026 and in line with previous disclosure, the Company maintains hedges on approximately 0.7 million barrels over the remainder of 2026 and 1.1 million barrels inclusive of 2027. The costless collars have an average Brent floor price of $60.00/bbl and a ceiling of $73.00/bbl, with a cap of $93.00/bbl. As of June 30, 2026, PetroTal’s production hedges had a fair value of negative $2.3 million.

Q2 2026 Webcast on August 6, 2026

PetroTal’s management team will host a webcast to discuss Q2 2026 results on August 6, 2026 at 9am CT (Houston) and 3pm BST (London). Please see the link below to register.

https://brrmedia.news/PTAL_Q2_26

Hunting

Hunting has published its H1 2026 Trading Update.

Highlights

Operational

• Solid Group performance during the period, with EBITDA in line with guidance.
• Subsea performance underpinned by continued contract momentum in Guyana, with $63.5 million of orders for the Group’s titanium stress joint product line secured during the period.
• Perforating Systems’ results significantly ahead of management’s expectations driven by strong demand for Hunting’s unconventional well completion products internationally and market share gains across North America.
• The Group’s OCTG, Advanced Manufacturing and Other Manufacturing product groups all report lower activity in H1 2026 due to order phasing, with higher performance projected in H2 2026.
• Good progress with commercialisation of the Organic Oil Recovery (“OOR”) technology, with purchase orders received from a client in Pakistan, and positive well testing data in North America, Middle East and North Sea. Further progress expected to be reported in H2 2026.
• Ongoing restructuring of EMEA operating segment with OCTG operations in Aberdeen now being transferred to the Badentoy operating site, with the Fordoun site to be closed by the end of the summer.
• Period-end sales order book of c.$387 million, ahead of the 2025 year-end position of $358 million.

Financial

• H1 2026 EBITDA of c.$62 million, consistent with the 40:60 phasing of full-year earnings guidance issued in March 2026.
• H1 2026 EBITDA margin of c.12%, reflecting the continued rebalancing of the earnings profile of the Group towards higher growth segments of the global oil and gas market.
• Working capital increased to c.$394 million at 30 June 2026, reflecting the operational ramp-up required to support higher anticipated activity levels in H2 2026.

Total cash and bank / (borrowings) of c.$(19) million at 30 June 2026, reflects raw material purchases in the period and includes the following items:

• $10.1 million of dividend distributions;
• $32.6 million of share buybacks (ongoing) – $6.0m of second buyback completed in H1;
• $11.6 million from treasury share purchases; and
• $8.8 million on settlement of UK import duty provision.

Outlook

• Group well positioned to navigate near-term oil price and market volatility.
• Robust outlook for increases in activity in Asia Pacific, the Americas and the Middle East driven by AI driven power demand, oil and gas security of supply, and changes to OPEC.
• 2026 full year EBITDA guidance of between $145-$155 million is maintained, with EBITDA margin guidance unchanged at c.13%-14%.
• Projected year-end total cash and bank position is unchanged at c.$60-$65 million as working capital investments in H1 unwind.
• $15 million p.a. of Group-wide cost savings on track for delivery between 2026 and 2027.

Jim Johnson, Chief Executive of Hunting, commented:
“Our H1 performance has seen continued strong momentum in our Subsea and Perforating Systems businesses supporting our unchanged full-year expectations as we continue the process of rebalancing our earnings profile towards the international unconventional, offshore and subsea segments of the global oil and gas market. 

“Looking ahead, although the conflict in the Middle East and resultant oil price dynamics may create near-term volatility, the rigorous execution of our strategy means we will benefit from longer-term, multi-year oil and gas expansion plans, as well as an increased focus on energy security and independence and AI driven power demand.

“Our multiple product lines and global footprint provide the business with exceptional structural resilience and mean we are well positioned to continue to deliver growth and expand market share despite wider market uncertainty. 

“Overall, Hunting remains well-placed to achieve strong, long-term growth and increased shareholder returns.”

This was a strong, indeed highly workmanlike performance by Hunting who continue to exceed expectations and deliver in the high margin, fast growth ‘international unconventional, offshore and subsea segments of the global oil and gas markets’.  

This was noted by the rise in the order book, at c.$387m it was ahead of the 2025 year end figure of $358m and the Group has a tender pipeline of a ‘robust’ c.$1bn. With the performance described as ‘encouraging’, surely an understatement, the areas most exciting were the Perforating Systems and Subsea products groups which unsurprisingly were ahead of expectations. 

The key product sales areas were in unconventional well completion products in International and North American markets, whilst the Subsea group saw strong demand in couplings and valves and made continued progress on the Longtail and Hammerhead projects in Guyana now a truly world class series of projects.

Profits and margins at Hunting are good and getting better, EBITDA of c.$39m in Q2 was good and although margins were apparently 12% in H1 it looks more like 14% in Q2 to me. Full year EDITDA guidance of c.$145-$155m remains in line with market expectations and the cash guidance is for $60-65m which indicates a strong second half after a big first half of working capital unwinds. 

With regard to M&A activity I would be disappointed if Hunting were not on the lookout, indeed they say that they are assessing ‘several bolt-on acquisitions’ and have a ‘targeted pipeline of transactions under review during the period’. Unsurprisingly they are particularly looking at Subsea and intelligent well completion businesses where the process of rebalancing their earnings profile continues to be aimed. 

Hunting shares at 465p are highly attractive having drifted from the February 531p high and offer exceptional value here, given my target price of 700p I suspect that the 6 month rise of 14% and the +47% year on year rise could be repeated making Hunting a strong choice for investors.

Trading Update

• Improved sales order book and tender pipeline
• The Group reports a period-end sales order book of c.$387 million, ahead of the 2025 year-end position of $358 million.
• The Group’s tender pipeline remains robust at c.$1.0 billion.

Encouraging performance across the businesses

During the period, the Group’s Perforating Systems and Subsea product groups have traded ahead of expectations, with particularly strong demand for Hunting’s unconventional well completion products being reported within both International and North America markets. The Subsea product group also saw strong demand for its couplings and valves and good progress on the Longtail and Hammerhead projects in Guyana. 

The Group’s OCTG, Advanced Manufacturing and Other Manufacturing product groups reported lower activity in H1 2026 due to order phasing, with recovery projected in H2 2026.

Overall, the outlook for all product groups remains encouraging, as both energy-related and non-oil and gas end-markets continue to provide reassuring indications of strong growth out to the end of the decade.

In respect of the Group’s operating segments, the Hunting Titan operating segment traded ahead of expectations during the period, with the Subsea Technologies operating segment trading well, offsetting lower results being reported across the Group’s other operating segments.

Organic Oil Recovery

Hunting now has more than 30 active clients who are either sampling or field testing the OOR technology. Clients including Buccaneer Energy, in the US, PDO in Oman and UEPL and OGDCL in Pakistan, have progressed to commercial deployment of the technology.

Testing continues on a number of North Sea fields, with discussions underway about the next steps, and further progress to be reported in H2 2026.

Hunting continues to expect the business unit to generate revenue of c.$10-$15 million in 2026, supported by customers moving from smaller sampling projects to full-field injection programmes as the year progresses. 

Management remains confident that it can grow into a $100 million per annum business by 2030.

2026 full year guidance

Full-year EBITDA guidance of c.$145-$155 million remains in line with market expectations. The year-end total cash and bank / (borrowings) position is expected to be c.$60-$65 million.

M&A activity

As part of the Hunting 2030 Strategy, management continues to assess several bolt-on acquisitions, with a targeted pipeline of transactions under review during the period. Subsea and intelligent well completion businesses remain a particular area of focus for the Group. 

Chief Executive Search

Following the announcement on 1 June 2026, the Directors confirm that the Board has appointed an international search firm to assist in the appointment of a new Chief Executive. The process will consider internal and external candidates and will incorporate a global search given the international profile of Hunting’s operations and personnel.

External Audit Tender

During H1 2026, the Company completed a competitive tender process for its external auditor overseen by its Audit and Risk Committee, which carefully evaluated the offering of each participant. This has resulted in a recommendation from the Audit and Risk Committee, which has now been endorsed by the Directors, that a resolution be put to shareholders for approval at the 2027 Annual General Meeting to appoint KPMG LLP as external auditor of the Company and its subsidiaries for the year ending 31 December 2027.

Deloitte LLP will continue in their current role and will undertake the audit for the year ending 31 December 2026. Deloitte LLP will cease to hold office as the external auditor of the Company at the conclusion of the Company’s 2027 AGM, subject to approval by shareholders of the appointment of KPMG LLP.

2026 Half Year Results

Hunting PLC will announce its 2026 half year results on Friday 21 August 2026. 

Angus

Angus has announced Second Quarter 2026 Production, Operations, Corporate and Finance Update

• Production from the Saltfleetby Field in the Second Quarter of 2026 was 530 million standard cubic feet of natural gas and 3,365 barrels of gas condensate.
• Gas sales of 5.85 million therms were achieved in the Quarter from the Saltfleetby Field.
• Estimated revenues of £7.16m for the Quarter (approximate 37% increase over Q1 2026).
• Revenues driven primarily by higher realised gas prices, improved hedging position and increased production volumes.
• Production uplift driven by successful completion of Saltfleetby workovers.
• First principal repayment of £1.29 million made under the Group’s senior debt facility with Trafigura, reducing outstanding borrowings to £24.7 million at 30 June 2026.

Production and Operations Update 

Saltfleetby

Gas sales from the Saltfleetby Field totalled 5.85 million therms during April, May and June 2026, compared to 5.24 million therms in the first quarter of 2026. This increase was driven by the successful completion of the Saltfleetby well workover programme.

Average monthly gas sales for the quarter were 1.95 million therms, up from 1.75 million therms in Q1 2026. Gas condensate production averaged 113 barrels per day, compared to 111 barrels per day in the previous quarter. Operational efficiency was 91% which is a slight increase following the impact of workover interventions on two of the three producing wells (Q1 2026: 87%).  

Saltfleetby Planned Maintenance

During July, the Company will undertake its planned annual maintenance shutdown alongside a programme of facility optimisation activities and subsurface data acquisition. As a result, production is expected to be intermittently impacted over a period of approximately 7 days with a full site shut down for an additional 7 days as the works are carried out. Normal production is expected to resume following completion of the programme.

Brockham

Total oil production from the Brockham Field for the quarter was 4,027 barrels, equating to an average production rate of 44 barrels per day, broadly in line with the previous quarter (Q1 2026: 4,114 barrels; 46 barrels per day). Operational efficiency was 100% (Q1 2026: 100%). 

The Company is progressing preparations to restart production from the BRX4z well targeting the Portland reservoir.

Finance Update

Estimated revenues for the quarter were £7.16 million (Q1 2026: £5.24 million), representing an increase of approximately 37%, driven primarily by higher realised gas prices, increased production volumes and improved hedging position.

As at 30 June 2026, outstanding borrowings under the Group’s senior debt facility with Trafigura had reduced to £24.7 million (31 March 2026: £26.0 million), following the Group’s first principal repayment of £1.29 million.

Angus has been busy with announcements recently culminating with this positive 2Q update which shows that the company is back on track and set fair post the long restructuring process. No comment from management indicates that the statement is self explanatory I guess so no more needed from me…

Original article   l   KeyFacts Energy Industry Directory: Malcy's Blog