The American Petroleum Institute is rolling out a new national ad campaign during broadcasts of season two of "Landman" to spotlight the work of real landmen and tap into what API President and CEO Mike Sommers describes as a "broader shift toward energy realism." Despite the show's dramatized storylines, Sommers maintains the industry's renewed momentum isn't temporary, pointing to rising energy demand driven by AI and other sectors. "Landman' reflects a pivot point of how the industry is viewed and the necessity of how it's seen by the American people," Sommers said.

Venture Global has requested Federal Energy Regulatory Commission approval to increase the capacity of its Plaquemines LNG export facility in Louisiana from the currently authorized 31 million short tons per year to 64 million. The expansion, planned in three phases using 32 modular liquefaction trains, would position the company to compete with QatarEnergy and Cheniere for global LNG export leadership. "Our decision to significantly increase the project's permitted capacity reflects the strong market demand we continue to see and this expansion will play a vital role in meeting that demand," said Venture Global CEO Mike Sabel.

Transitioning away from fossil fuels has become a hot topic at COP30 and leaders are discussing the topic through the summit's "action agenda" -- not its formal one. Some nations and coalitions are calling for a formal roadmap for fossil fuel transition, but significant opposition exists and the need for consensus at COP summits has previously hindered binding commitments. As a result, discussions at COP30 will likely focus on building a voluntary coalition and initiating a multi-year dialogue, rather than producing an enforceable plan or timeline.

A survey by Bloomberg indicates many oil traders and analysts are skeptical that OPEC and its allies will cut production in 2026, despite projections of a global supply surplus. Most survey respondents do not expect OPEC+ to reduce output, citing that the surplus may not be significant enough to force a policy change.

Crude oil production from Canada's oil sands is projected to increase by 300,000 to 400,000 barrels per day to 6 million bpd by 2030 after hitting a record in June, according to the Bank of Montreal, as the expanded Trans Mountain pipeline opens access to Asian markets and narrows Canadian heavy crude's discount to West Texas Intermediate. Major producers are outperforming global peers, and US institutional investors are redirecting capital north as shale growth slows.

Weaker oil and natural gas prices and efficiency gains have pushed the Lower 48 rig count to 517 in October, down from 750 in December 2022, according to the Energy Information Administration. Even so, crude and gas production continue to break records as operators focus on top-tier acreage, drill longer laterals and deploy improved completion designs. The Permian Basin and Appalachia remain key growth drivers, with both regions recording production gains despite substantial rig declines, the EIA said.

Natural gas proponents say Governor-elect Abigail Spanberger will need to keep gas in Virginia's energy mix to maintain reliability and hold down costs as power demand accelerates. Analysts expect her administration to allow existing and potentially new gas projects to move forward as she pursues a balanced strategy to fulfill her pledge to lower energy costs and support in-state energy production. "She really does believe the energy demands that you see on the horizon in the commonwealth require all forms of energy, including gas," said Natural Gas Coalition of Virginia Chair Bruce McKay.

Nine Republican state attorneys general have voiced strong opposition to Union Pacific's proposed $71.5 billion acquisition of Norfolk Southern. In a letter to the Surface Transportation Board, they argue that the merger would lead to excessive market concentration, reduced competition and potentially higher prices and lower service reliability, ultimately harming both American businesses and consumers.