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It was a week when oil prices logged their first gain after seven straight declines while natural gas futures hit a speedbump.
The headlines revolved around natural gas exporter Cheniere Energy’s LNG substantial progress at its Corpus Christi expansion project and Canadian oil producer Veren’s VRN C$15 billion agreement to combine with Whitecap Resources. Developments associated with ExxonMobil XOM, Archrock AROC and APA Corporation APA also grabbed attention.
Overall, it was a mixed seven-day period for the sector. West Texas Intermediate (WTI) crude futures edged up around 0.2% to close at $67.18 per barrel, but natural gas prices fell some 6.7% to end at $4.104 per million British thermal units (MMBtu).
Crude price recovered some lost ground on rising gasoline demand and a weaker U.S. dollar.
Meanwhile, the dramatic rise in natural gas prices came to a halt on expectations that fewer people would use the fuel to heat their homes due to increasing temperatures.
Recap of the Week’s Most Important Stories
1. Cheniere Energy, a leader in liquefied natural gas (“LNG”) production and export, announced a significant achievement in the energy sector with the substantial completion of Train 1 at the Corpus Christi Stage 3 (CCL Stage 3) Liquefaction Project. On March 16, 2025, Cheniere confirmed the successful commissioning of the first liquefaction train, marking a key moment in its ongoing efforts to meet the growing global demand for LNG.
This breakthrough sets the stage for Houston, TX-based oil and gas storage and transportation company to begin recording financial results from LNG sales generated by Train 1, further consolidating its position as a major player in the industry.
The completion of the first liquefaction train at CCL Stage 3 is a major landmark for the Corpus Christi LNG export facility in Texas. This is especially impressive, as it was completed ahead of schedule and within budget, showcasing the energy infrastructure company’s strong track record of managing projects efficiently. With Train 1 now operational, the company is one step closer to increasing its export capacity and helping improve global energy security. (Cheniere Reaches Substantial Completion of Train 1 at CCL Stage 3)
2. Veren and Whitecap Resources have announced a transformative C$15 billion merger, creating Canada’s leading light oil and condensate producer with significant assets in Alberta’s Montney and Duvernay formations. The combined entity will hold the largest land position in Alberta Montney and Duvernay and rank as the seventh-largest producer in the Western Canadian Sedimentary Basin.
The deal will require the necessary approval of the shareholders of both companies and will also need court and regulatory approvals before closing. The transaction, expected to close by May 30, 2025, promises enhanced shareholder value, operational synergies and a strengthened balance sheet.
The agreement states that the transaction is inclusive of net debt and for each Veren common share held, Veren shareholders will receive 1.05 common shares of Whitecap. At the close of the transaction, Whitecap shareholders will own about 48% and Veren shareholders will own about 52% of the combined common shares outstanding. (Veren and Whitecap Merger to Create a C$15B Energy Powerhouse)
3. ExxonMobil has secured a long-term liquefied natural gas (LNG) supply deal with Canadian natural gas producer ARC Resources, marking its first major LNG offtake position on Canada’s Pacific Coast. The agreement, made through ExxonMobil LNG Asia Pacific (EMLAP), will see the U.S. oil major purchasing all of ARC’s LNG supply from the Cedar LNG project in Kitimat, British Columbia, once it begins commercial operations in late 2028.
Under the agreement, ExxonMobil will offtake around 1.5 million tons per annum (mtpa) of LNG from Cedar LNG, a floating LNG (FLNG) project co-developed by the Haisla Nation and Pembina Pipeline Corporation. This deal is a key step in ARC’s strategy to diversify its sales and capture global LNG pricing, with CEO Terry Anderson highlighting that it will link 25% of ARC’s future gas production to international markets.
ExxonMobil’s vice president of Global LNG Marketing, Andrew Barry, emphasized the strategic advantage of this agreement, stating that it provides ExxonMobil with direct access to Asian LNG buyers via Canada’s Pacific Coast, an increasingly competitive supply route. (ExxonMobil Taps Canada's Cedar LNG to Boost Asian Exports)
4. Archrock has announced a definitive agreement to acquire Natural Gas Compression Systems (NGCS) in a $357 million cash and stock transaction. This acquisition strengthens the Zacks Rank #1 (Strong Buy) company's position as a leading provider of natural gas compression services in the United States.