Record oil and gas production and stronger commodity prices drive a sharp increase in quarterly earnings and free cash flow.

The company reported net income of $31.6 million. The result was driven primarily by a $46.4 million gain from the revaluation of warrant liabilities. Its adjusted net loss was $9.4 million. Revenue fell 26%.

Woodside also plans annual cost reductions of $400 million from 2028. It intends to distribute 20% to 40% of operating cash flow to shareholders as dividends.

Adjusted operating cash flow rose 75% year over year to C$6.71 billion. The company raised its dividend by 10%. It is also advancing the sale of non-core assets.

Shell's third-quarter adjusted earnings nearly doubled to $10.8 billion as record refining margins and higher LNG prices boosted profits amid global energy supply disruptions.

GE Vernova is buying high-voltage equipment maker Trench Group from Triton Partners for $9 billion and raised its 2026 revenue forecast for the third straight time on Wednesday

EQT will buy Range Resources in an all-stock deal that creates the largest vertically integrated U.S. gas producer, with 9 Bcfe a day of Appalachian gas.

Oilfield services giant SLB (NYSE: SLB) reported better-than-expected third-quarter earnings on Friday

European natural gas prices climbed to nearly 90 euros per MWh, the highest since 2022, as Middle East escalation and low storage threaten winter supply.